Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 20, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36041 | ||
Entity Registrant Name | INDEPENDENCE REALTY TRUST, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 26-4567130 | ||
Entity Address, Address Line One | 1835 Market Street | ||
Entity Address, Address Line Two | Suite 2601 | ||
Entity Address, City or Town | Philadelphia | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19103 | ||
City Area Code | 267 | ||
Local Phone Number | 270-4800 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | IRT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,702,536,546 | ||
Entity Common Stock, Shares Outstanding | 224,326,585 | ||
Documents Incorporated by Reference | Portions of the proxy statement for registrant’s 2023 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. | ||
Entity Central Index Key | 0001466085 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Philadelphia, Pennsylvania |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments in real estate: | ||
Investments in real estate, at cost | $ 6,615,243 | $ 6,462,355 |
Accumulated depreciation | (425,034) | (243,475) |
Investments in real estate, net | 6,190,209 | 6,218,880 |
Real estate held for sale | 35,777 | 61,560 |
Investment in real estate under development | 105,518 | 41,777 |
Cash and cash equivalents | 16,084 | 35,972 |
Restricted cash | 27,933 | 29,699 |
Investments in unconsolidated real estate entities | 80,220 | 24,999 |
Other assets | 34,846 | 38,052 |
Derivative assets | 41,109 | 2,488 |
Intangible assets, net of accumulated amortization of $700 and $4,779, respectively | 399 | 53,269 |
Total Assets | 6,532,095 | 6,506,696 |
LIABILITIES AND EQUITY: | ||
Indebtedness, net | 2,631,645 | 2,705,336 |
Accounts payable and accrued expenses | 109,677 | 106,332 |
Accrued interest payable | 7,713 | 7,175 |
Dividends payable | 32,189 | 16,792 |
Derivative liabilities | 0 | 11,896 |
Other liabilities | 13,004 | 17,089 |
Total Liabilities | 2,794,228 | 2,864,620 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 50,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively | 0 | 0 |
Common stock, $0.01 par value; 500,000,000 shares authorized, 224,064,940 and 220,753,735 shares issued and outstanding, including 232,134 and 269,622 unvested restricted common share awards, respectively | 2,241 | 2,208 |
Additional paid-in capital | 3,751,056 | 3,678,903 |
Accumulated other comprehensive income (loss) | 35,102 | (11,940) |
Retained earnings (accumulated deficit) | (191,735) | (188,410) |
Total stockholders’ equity | 3,596,664 | 3,480,761 |
Noncontrolling interests | 141,203 | 161,315 |
Total Equity | 3,737,867 | 3,642,076 |
Total Liabilities and Equity | $ 6,532,095 | $ 6,506,696 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Intangible assets, accumulated amortization | $ 700 | $ 4,779 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 224,064,940 | 220,753,735 |
Common stock, shares outstanding (in shares) | 224,064,940 | 220,753,735 |
Unvested restricted common share awards (in shares) | 232,134 | 269,622 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE: | |||
Rental and other property revenue | $ 627,414 | $ 249,492 | $ 211,167 |
Other revenue | 1,111 | 760 | 739 |
Total revenue | 628,525 | 250,252 | 211,906 |
EXPENSES: | |||
Property operating expenses | 232,275 | 93,252 | 82,978 |
Property management expenses | 24,033 | 9,539 | 8,494 |
General and administrative expenses | 26,260 | 18,610 | 15,095 |
Depreciation and amortization expense | 252,849 | 76,909 | 60,687 |
Abandoned deal costs | 0 | 0 | 130 |
Casualty (gains) losses, net | (8,866) | 359 | 711 |
Total expenses | 526,551 | 198,669 | 168,095 |
Interest expense | (86,955) | (36,401) | (36,488) |
Gain on sale (loss on impairment) of real estate assets, net | 111,756 | 87,671 | 7,554 |
Loss on extinguishment of debt | 0 | (10,261) | 0 |
Merger and integration costs | (5,505) | (47,063) | 0 |
Other income, net | 1,558 | 0 | 0 |
Loss from investments in unconsolidated real estate entities | (2,169) | 0 | 0 |
Net income: | 120,659 | 45,529 | 14,877 |
Income allocated to noncontrolling interest | (3,410) | (940) | (109) |
Net income allocable to common shares | $ 117,249 | $ 44,589 | $ 14,768 |
Earnings per share: | |||
Basic (in dollars per share) | $ 0.53 | $ 0.41 | $ 0.16 |
Diluted (in dollars per share) | $ 0.53 | $ 0.41 | $ 0.16 |
Weighted-average shares: | |||
Basic (in shares) | 221,965,460 | 108,552,185 | 93,660,086 |
Diluted (in shares) | 223,119,937 | 109,831,520 | 94,688,440 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 120,659 | $ 45,529 | $ 14,877 |
Other comprehensive income (loss): | |||
Change in fair value of interest rate hedges | 49,671 | 13,481 | (16,472) |
Realized (losses) gains on interest rate hedges reclassified to earnings | (1,296) | 8,136 | (5,352) |
Total other comprehensive income (loss) | 48,375 | 21,617 | (21,824) |
Comprehensive income (loss) before allocation to noncontrolling interests | 169,034 | 67,146 | (6,947) |
Allocation to noncontrolling interests | (4,743) | (675) | (8) |
Comprehensive income (loss) | $ 164,291 | $ 66,471 | $ (6,955) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Total Stockholders’ Equity | Preferred Shares | Common Shares | Additional Paid In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2019 | 0 | |||||||
Beginning balance at Dec. 31, 2019 | $ 619,757 | $ 613,279 | $ 0 | $ 911 | $ 765,992 | $ (12,099) | $ (141,525) | $ 6,478 |
Beginning balance (in shares) at Dec. 31, 2019 | 91,070,637 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 14,877 | 14,768 | 14,768 | 109 | ||||
Common dividends declared | (51,994) | (51,994) | (51,994) | |||||
Other comprehensive income | (21,824) | (21,723) | (21,723) | (101) | ||||
Stock compensation (in shares) | 237,683 | |||||||
Stock compensation | 5,635 | 5,635 | $ 2 | 5,633 | ||||
Repurchase of shares related to equity award tax withholding (in shares) | (51,532) | |||||||
Repurchase of shares related to equity award tax withholding | (1,490) | (1,490) | $ (1) | (1,489) | ||||
Conversion of noncontrolling interest to common shares (in shares) | 196,974 | |||||||
Conversion of noncontrolling interest to common shares | 0 | 1,372 | $ 1 | 1,371 | (1,372) | |||
Issuance of common shares, net (in shares) | 10,350,000 | |||||||
Issuance of common shares, net | 148,213 | 148,213 | $ 105 | 148,108 | ||||
Distribution to noncontrolling interest declared | (403) | (403) | ||||||
Ending balance (in shares) at Dec. 31, 2020 | 0 | |||||||
Ending balance at Dec. 31, 2020 | 712,771 | 708,060 | $ 0 | $ 1,018 | 919,615 | (33,822) | (178,751) | 4,711 |
Ending balance (in shares) at Dec. 31, 2020 | 101,803,762 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 45,529 | 44,589 | 44,589 | 940 | ||||
Common dividends declared | (54,248) | (54,248) | (54,248) | |||||
Other comprehensive income | 21,617 | 21,882 | 21,882 | (265) | ||||
Stock compensation (in shares) | 327,375 | |||||||
Stock compensation | 7,346 | 7,346 | $ 3 | 7,343 | ||||
Issuance of IROP Units related to acquisitions | 157,200 | 157,200 | ||||||
Repurchase of shares related to equity award tax withholding (in shares) | (159,191) | |||||||
Repurchase of shares related to equity award tax withholding | (2,927) | (2,927) | $ (2) | (2,925) | ||||
Conversion of noncontrolling interest to common shares (in shares) | 122,154 | |||||||
Conversion of noncontrolling interest to common shares | 0 | 858 | $ 1 | 857 | (858) | |||
Issuance of common shares, net (in shares) | 118,659,635 | |||||||
Issuance of common shares, net | 2,755,201 | 2,755,201 | $ 1,188 | 2,754,013 | ||||
Distribution to noncontrolling interest declared | $ (413) | (413) | ||||||
Ending balance (in shares) at Dec. 31, 2021 | 0 | 0 | ||||||
Ending balance at Dec. 31, 2021 | $ 3,642,076 | 3,480,761 | $ 0 | $ 2,208 | 3,678,903 | (11,940) | (188,410) | 161,315 |
Ending balance (in shares) at Dec. 31, 2021 | 220,753,735 | 220,753,735 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 120,659 | 117,249 | 117,249 | 3,410 | ||||
Common dividends declared | (120,574) | (120,574) | (120,574) | |||||
Other comprehensive income | 48,375 | 47,042 | 47,042 | 1,333 | ||||
Stock compensation (in shares) | 421,564 | |||||||
Stock compensation | 8,044 | 8,044 | $ 3 | 8,041 | ||||
Repurchase of shares related to equity award tax withholding (in shares) | (52,526) | |||||||
Repurchase of shares related to equity award tax withholding | (5,969) | (5,969) | (5,969) | |||||
Conversion of noncontrolling interest to common shares (in shares) | 890,669 | |||||||
Conversion of noncontrolling interest to common shares | 0 | 21,460 | $ 9 | 21,451 | (21,460) | |||
Issuance of common shares, net (in shares) | 2,051,498 | |||||||
Issuance of common shares, net | 48,651 | 48,651 | $ 21 | 48,630 | ||||
Distribution to noncontrolling interest declared | $ (3,395) | (3,395) | ||||||
Ending balance (in shares) at Dec. 31, 2022 | 0 | 0 | ||||||
Ending balance at Dec. 31, 2022 | $ 3,737,867 | $ 3,596,664 | $ 0 | $ 2,241 | $ 3,751,056 | $ 35,102 | $ (191,735) | $ 141,203 |
Ending balance (in shares) at Dec. 31, 2022 | 224,064,940 | 224,064,940 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Common dividends declared (in dollars per share) | $ 0.54 | $ 0.48 | $ 0.54 |
Distribution to noncontrolling interest declared (in dollars per share) | $ 0.54 | $ 0.48 | $ 0.54 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 120,659 | $ 45,529 | $ 14,877 |
Adjustments to reconcile net income to cash flow from operating activities: | |||
Depreciation and amortization | 252,849 | 76,909 | 60,687 |
Accretion of loan discounts and premiums, net | (11,005) | (501) | 0 |
Amortization of deferred financing costs, net | 3,729 | 1,640 | 1,448 |
Stock compensation expense | 7,893 | 7,227 | 5,564 |
(Gain on sale) loss on impairment of real estate assets, net | (111,756) | (87,671) | (7,554) |
Loss on extinguishment of debt | 0 | 10,261 | 0 |
Amortization related to derivative instruments | 1,281 | 1,274 | 1,200 |
Casualty (gains) losses, net | (8,866) | 359 | 711 |
Equity in loss from investments in unconsolidated real estate entities | 2,169 | 0 | 0 |
Other income | (1,059) | 0 | 0 |
Changes in assets and liabilities: | |||
Other assets | (33) | (523) | (2,428) |
Accounts payable and accrued expenses | (2,495) | (3,633) | 754 |
Accrued interest payable | 538 | 2,085 | (182) |
Other liabilities | (4,367) | (699) | (118) |
Net cash provided by operating activities | 249,537 | 52,257 | 74,959 |
Cash flows from investing activities: | |||
Acquisition of real estate properties | (201,777) | (139,516) | (145,278) |
Acquisition of STAR, net of cash acquired | 0 | (186,122) | 0 |
Investments in unconsolidated real estate entities | (60,796) | (24,999) | 0 |
Distributions received from investments in unconsolidated real estate entities | 3,406 | 0 | 0 |
Disposition of real estate properties, net | 253,560 | 177,486 | 58,137 |
Capital expenditures | (83,979) | (42,973) | (37,399) |
Additions to real estate under development | (61,760) | 0 | 0 |
Proceeds from insurance claims | 15,580 | 0 | 0 |
Net cash used in investing activities | (135,766) | (216,124) | (124,540) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 48,651 | 317,024 | 148,213 |
Proceeds from unsecured credit facility and term loan | 707,500 | 594,500 | 195,501 |
Credit facility repayments | (718,525) | (302,301) | (197,000) |
Mortgage principal repayments | (53,365) | (312,877) | (39,785) |
Payments for deferred financing costs | (1,670) | (14,889) | (50) |
Distributions on common stock | (105,829) | (49,832) | (56,146) |
Distributions to noncontrolling interests | (2,743) | (294) | (480) |
Payment for debt extinguishment | 0 | (12,481) | 0 |
Repurchase of shares related to equity award tax withholding | (5,969) | (2,927) | (1,490) |
Payments for forward interest rate collars | (3,475) | 0 | 0 |
Net cash (used in) provided by financing activities | (135,425) | 215,923 | 48,763 |
Net change in cash, cash equivalents and restricted cash | (21,654) | 52,056 | (818) |
Cash, cash equivalents and restricted cash, beginning of period | 65,671 | 13,615 | 14,433 |
Cash, cash equivalents and restricted cash, end of period | 44,017 | 65,671 | 13,615 |
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet | |||
Cash and cash equivalents | 16,084 | 35,972 | 8,751 |
Restricted cash | 27,933 | 29,699 | 4,864 |
Total cash, cash equivalents, and restricted cash, end of period | 44,017 | 65,671 | 13,615 |
Supplemental cash flow information: | |||
Cash paid for interest | 96,383 | 29,227 | 34,105 |
Supplemental disclosure of noncash investing and financing activities: | |||
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock | 21,460 | 858 | 1,372 |
Distributions declared but not paid | 32,189 | 16,792 | 12,257 |
Assets acquired in STAR Merger | 0 | 4,770,698 | 0 |
Liabilities assumed in STAR Merger | 0 | 1,886,791 | 0 |
Value of common stock issued in STAR Merger | 0 | 2,438,177 | 0 |
Value of limited partnership units issued in STAR Merger | 0 | 157,200 | 0 |
Initial measurement of operating lease right of use assets | 753 | 672 | 169 |
Initial measurement of operating lease liabilities | 753 | 672 | 169 |
Capital Expenditures Incurred but Not yet Paid | $ 18,889 | $ 4,603 | $ 413 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Independence Realty Trust, Inc. (“IRT”), is a self-administered and self-managed Maryland real estate investment trust (“REIT”) which was formed on March 26, 2009. Our primary purposes are to acquire, own, operate, improve and manage multifamily apartment communities in non-gateway markets. As of December 31, 2022, we owned and operated 120 (unaudited) multifamily apartment properties that contain 35,526 (unaudited) units across non-gateway U.S. markets, including Atlanta, Columbus, Dallas, Denver, Houston, Indianapolis, Nashville, Oklahoma City, Raleigh-Durham, and Tampa. In addition, as of December 31, 2022, we owned interests in five unconsolidated joint ventures that are developing multifamily apartment communities. We own all of our assets and conduct substantially all of our operations through Independence Realty Operating Partnership, LP (“IROP”), of which we are the sole general partner. As used herein, the terms “we,” “our” and “us” refer to IRT and, as required by context, IROP and their subsidiaries. On July 26, 2021, IRT together with IROP, and IRSTAR Sub, LLC, a wholly-owned subsidiary of IRT (“IRT Merger Sub”), entered into an agreement and plan of merger (the “Merger Agreement”) with Steadfast Apartment REIT, Inc. (“STAR”) and its operating partnership, Steadfast Apartment REIT Operating Partnership, L.P. (“STAR OP”). Consummation of the mergers provided for in the Merger Agreement (which we refer to collectively as the “STAR Merger”) was subject to customary closing conditions, including, among others, receipt of IRT stockholder approval and STAR stockholder approval, which occurred on December 13, 2021. The STAR Merger closed on December 16, 2021. For further discussion, see Note 3: IRT and STAR Merger. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those described in the footnotes. b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity of which we are the primary beneficiary. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP. c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with original maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents. e. Restricted Cash Restricted cash includes escrows of our funds held by lenders to fund certain expenditures, such as real estate taxes and insurance, or to be released at our discretion upon the occurrence of certain pre-specified events. As of December 31, 2022 and 2021, we had $27,933 and $29,699, respectively, of restricted cash. f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal costs, that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable, and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets In accordance with FASB ASC Topic 805 (“ASC 805”), we evaluate our real estate acquisitions to determine if they should be accounted for as a business or a group of assets. The evaluation includes an initial screen to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If the screen is met, the acquisition is not a business. The properties we have acquired met the screen test and are accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the related financing. We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. The value assigned to these intangible assets is amortized over the assumed lease up period, typically six months. During the year ended December 31, 2022 and 2021, we acquired in-place leases with a value of $1,136 and $58,806, respectively, related to our acquisitions that are discussed further in Note 3: IRT and STAR Merger and Note 4: Investments in Real Estate. For the years ended December 31, 2022, 2021 and 2020, we recorded $54,006, $5,125, and $631 of amortization expense for intangible assets, respectively. For the years ended December 31, 2022, 2021, and 2020, we wrote-off fully amortized intangible assets of $58,085, $1,549, and $1,171, respectively. Business Combinations For properties we acquire or transactions we enter into that are accounted for as business combinations, we apply the acquisition method of accounting under ASC 805, which requires the identification of the acquiror, the determination of the acquisition date, and the recognition and measurement, at fair value, of the assets acquired and liabilities assumed. To the extent that the fair value of net assets acquired differs from the fair value of consideration paid, ASC 805 requires the recognition of goodwill or a gain from a bargain purchase, if any. Impairment of Long-Lived Assets Management evaluates the recoverability of our investment in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured. Management reviews our long-lived assets on an ongoing basis and evaluates the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recorded when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets (e.g., hold period) and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. For the years ended December 31, 2022, 2021, and 2020, we recorded impairment charges of $3,529, $0, and $1,840, respectively. Depreciation Expense Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five wrote-off fully depreciated fixed assets Casualty Related Costs Occasionally, we incur losses at our communities from wind storms, floods, fires and similar hazards. Sometimes, a portion of these losses are not fully covered by our insurance policies due to deductibles. In these cases, we estimate the carrying value of the damaged property and record a casualty loss for the difference between the estimated carrying value and the insurance proceeds. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is recorded in casualty (gains) losses, net when the proceeds are received. During the year ended December 31, 2022, 2021 and 2020, we recognized/incurred $(8,866), $359, and $711 of casualty (gains) losses, net. g. Investments in Real Estate Under Development We capitalize direct and indirect project costs incurred during the development period such as construction, insurance, architectural, legal, interest costs, and real estate taxes. At such time as the development is considered substantially complete, the capitalization of certain indirect costs such as real estate taxes, interest costs, and all project-related costs in real estate under development are reclassified to investments in real estate. For the years ended December 31, 2022, 2021, and 2020, we recorded $2,291, $1,336, and $0, respectively, of capitalized interest expense, on our investments in real estate under development. As of December 31, 2022 and 2021, the carrying value of our two investments in real estate under development in Denver, Colorado totaled $105,518 and $41,777, respectively, and was recorded as a separate line item in our consolidated balance sheet. h. Investments in Unconsolidated Real Estate Entities We have entered into joint ventures with unrelated third parties to acquire, develop, own, operate, and manage real estate assets. Our joint ventures are funded with a combination of debt and equity. We will consolidate entities that we control as well as any variable interest entity where we are the primary beneficiary. Under the VIE model, we will consolidate an entity when we have the ability to direct the activities of the VIE and the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, we consolidate an entity when we control the entity through ownership of a majority voting interest. We separately analyzed the initial accounting for each investment in unconsolidated entity and concluded that each are a voting interest entity. Our equity interest varies for each joint venture between 50% to 90% but, in each case, we share control of the major decisions that most significantly impact the joint ventures with our partners. Since we do not control the joint venture through our ownership interest, they are accounted for under the equity method of accounting, and are included in investments in unconsolidated real estate entities on the consolidated balance sheets. Under the equity method of accounting, the investments are carried at cost plus our share of net earnings or losses. For the years ended December 31, 2022, 2021, and 2020, we recorded $1,601, $339, and $0, respectively, of capitalized interest expense, on our investments in unconsolidated real estate entities in our consolidated balance sheet. i. Revenue and Expenses Rental and Other Property Revenue We apply FASB ASC Topic 842, “Leases” (“ASC 842”) with respect to our accounting for rental income. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. We have elected to account for lease (i.e. fixed payments including base rent) and non-lease components (i.e. tenant reimbursements and certain other service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2022 2021 2020 Rental revenue (1) $ 601,201 $ 240,829 $ 203,512 Other property revenue (2) 26,213 8,663 7,655 Other revenue 1,111 760 739 Total revenue $ 628,525 $ 250,252 $ 211,906 (1) Amounts include all revenue streams derived from lease and non-lease components accounted for under ASC 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASB ASC Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). Geographic Concentration (Unaudited) Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Georgia, Texas, Florida, Tennessee, Ohio, and Kentucky comprised 9.02%, 15.36%, 20.46%, 4.92%, 8.91%, 7.43%, and 5.38%, respectively, of our rental revenue for the year ended December 31, 2022. We make ongoing estimates of the collectability of our base rents, tenant reimbursements, and other service fees included within rental and other property revenue. If collectability is not probable for revenue streams accounted for under FASB ASC Topic 842, we adjust rental and other property income for the amount of uncollectible revenue. For revenue streams accounted for under ASC 606, we apply FASB ASC Topic 326 “Financial Instruments – Credit Losses” to establish an allowance for estimated expected credit losses. Advertising Expenses For the years ended December 31, 2022, 2021 and 2020, we incurred $5,414, $2,511, and $2,338 of advertising expenses, respectively. j. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 : Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 : Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 : Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value of our unsecured credit facility, term loans, and mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. There were no transfers between levels in the fair value hierarchy for the years ended December 31, 2022, and 2021. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: As of December 31, 2022 As of December 31, 2021 Financial Instrument Carrying Estimated Carrying Estimated Assets Cash and cash equivalents $ 16,084 $ 16,084 $ 35,972 $ 35,972 Restricted cash 27,933 27,933 29,699 29,699 Derivative assets 41,109 41,109 2,488 2,488 Liabilities Debt: Unsecured Revolver 164,283 169,842 274,109 274,109 Unsecured Term loans 596,612 611,265 497,951 497,951 Secured credit facilities 660,542 580,332 664,618 668,352 Mortgages 1,210,208 1,088,579 1,268,658 1,282,495 Derivative liabilities — — 11,896 11,896 k. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. l. Office Leases In accordance with FASB ASC Topic 842, “Leases”, lessees are required to recognize a right-of-use asset and a lease liability on the balance sheet at the lease commencement date for all leases, except those leases with terms of less than a year. We lease corporate office space under leases with terms of up to 10 years and that may include extension options, but that do not include any residual value guarantees or restrictive covenants. As of December 31, 2022, we have $3,079 of operating lease right-of-use assets and $3,401 of operating lease liabilities related to our corporate office leases. The operating lease right-of-use assets are presented within other assets other liabilities m. Income Taxes We have elected to be taxed as a REIT. Accordingly, we recorded no income tax expense for the years ended December 31, 2022, 2021 and 2020. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. For the year ended December 31, 2022, 99% of dividends were characterized as capital gain distributions and 1% were characterized as ordinary income. For the year ended December 31, 2021, 100% of dividends were characterized as capital gain distributions and 0% were characterized as ordinary income. For the year ended December 31, 2020, 20% of dividends were characterized as capital gain distributions, 37% were characterized as ordinary income and 43% were characterized as return of capital. n. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”. Any stock-based compensation awards granted are measured based on the grant-date fair value of the award and compensation expense for the entire award is recognized on a straight-line basis over the requisite service period, which is the vesting period, for the entire award. Certain of our stock-based compensation awards provide for accelerated vesting upon retirement. In these cases, we recognize compensation expense on a straight-line basis over the period from grant date to the date the employee will become retirement eligible. If the grantee is retirement eligible at the time they receive an award, the full amount of compensation expense is recognized immediately on the grant date. o. Noncontrolling Interest Our noncontrolling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present noncontrolling interest in our consolidated balance sheet within equity but separate from stockholders’ equity. Any noncontrolling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at the greater of historical cost or their redemption value. p. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure, as well as, to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including any derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income (loss) and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges, the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness. q. Employee Retention Credit Under the terms of the March 27, 2020 Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), we were eligible and applied for assistance in the form of a refundable employee retention credit. Since applicable GAAP guidance is limited, we adopted an accounting policy by analogizing to International Accounting Standard 20 “Accounting for Government Grants” to recognize employee retention credits as a reimbursement of payroll related expenses within property operating expenses, property management expenses, and general and administrative expenses in our consolidated statements of operations. During the year ended December 31, 2022, we received employee retention credit refunds totaling $6,238, and recognized $738 in property operating expenses, $212 in property management expenses and $211 in general and administrative expenses representing a reimbursement of previously paid employer payroll taxes, $1,576 in property operating expenses and $12 in property management expenses representing a reimbursement for retention costs and $257 representing interest within other income (expense) in our consolidated statements of operations. The remainder is included in accounts payable and accrued expenses in our consolidated balance sheets and will be recognized on a systematic basis through December 2023 as a reimbursement of payroll related expenses attributable to off-cycle compensation increases awarded to employees beginning in July 2022 and intended to support employee retention during the pandemic and its ongoing effect on the macroeconomic environment. r. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. Adopted Within these Financial Statements In March 2020, the FASB issued an accounting standard classified under FASB ASC Topic 848, “Reference Rate Reform.” The amendments in this update contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. Beginning in the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 has no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. |
IRT and STAR Merger
IRT and STAR Merger | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
IRT and STAR Merger | IRT and STAR Merger On December 16, 2021, the STAR Merger closed. In the STAR Merger, each share of common stock, par value $0.01 per share, of STAR issued and outstanding immediately prior to the STAR Merger was converted into 0.905 newly issued shares of IRT common stock, par value $0.01 per share, with cash paid in lieu of fractional shares. In addition, each then outstanding unit of limited partnership of STAR OP (other than units owned by STAR) was automatically converted into 0.905 common units of limited partnership of IROP (each such unit, an “IROP unit”). Following the STAR Merger, continuing IRT common stockholders and IROP unitholders, as a group, held approximately 53% of the issued and outstanding shares of common stock of the combined company and former STAR common stockholders and STAR OP unitholders, as a group, held approximately 47% (assuming, in each case, an exchange of each IROP unit for a share of IRT common stock). The STAR Merger was consummated in order to increase the scale and scope of our business, provide enhanced portfolio diversification and exposure to high growth markets, and to unlock synergies. Through the STAR Merger, we acquired 68 apartment communities that contained 21,394 units and two apartment communities that are under development and that will contain upon completion an aggregate of 621 units (unaudited). The consolidated net assets and results of operations of STAR are included in our consolidated financial statements from the closing date of December 16, 2021, going forward. The following table summarizes the purchase price of STAR as of the date of the STAR Merger: Common Stock OP Units Amount Shares of STAR common stock and STAR OP common units exchanged 110,188,893 7,104,399 117,293,292 Exchange ratio 0.905 0.905 0.905 Shares of IRT common stock and IRT OP common units issued 99,720,948 6,429,481 106,150,429 Closing stock price of IRT on December 15, 2021 $ 24.45 $ 24.45 $ 24.45 Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units $ 2,438,177 $ 157,200 $ 2,595,378 STAR indebtedness paid off in connection with the Mergers 288,530 Consideration transferred $ 2,883,908 Fair value of STAR debt assumed by IRT 1,793,614 Total purchase price $ 4,677,522 We accounted for the STAR Merger as a business combination under the acquisition method of accounting under ASC 805, which requires, among other things, the assets and liabilities assumed to be recognized at their fair values as of the acquisition date. Management engaged a third-party valuation specialist to assist with the fair value assessment of the investments in real estate, which included an allocation of the purchase price. Similar to management’s methods, the third party generally used income, market, and cost approaches to determine the fair value of the assets acquired. The third party used stabilized NOI and market specific capitalization and discount rates. Management reviewed the inputs used by the third party specialist as well as the allocation of the purchase price provided by the third party to ensure reasonableness and that the procedures were performed in accordance with management’s policy. The following table shows the purchase price allocation of STAR’s identifiable assets and liabilities assumed as of the date of the STAR Merger: Amount Assets: Real estate held for investment $ 4,547,608 Real estate held for development 38,949 Cash and cash equivalents 69,179 Restricted cash 33,228 Other assets 23,596 Derivative assets 90 Intangible assets 58,048 Total assets $ 4,770,698 Liabilities: Indebtedness $ 1,793,614 Accounts payable and accrued liabilities 79,099 Accrued interest payable 3,113 Other liabilities 10,965 Total liabilities 1,886,791 Net assets acquired $ 2,883,907 For the period from December 16, 2021 through December 31, 2021, STAR contributed $15,589 of revenues and $18,388 of net loss to our results of operations, inclusive of certain merger and integration costs. We incurred total merger and integration related expenses of $5,505 and $47,063 for the years ended December 31, 2022, and 2021, respectively. These amounts were expensed as incurred, and are included in the consolidated statements of operations in the item titled “Merger and integration costs”, and primarily consist of technology migration and implementation costs, consulting and professional fees and employee severance costs. The following unaudited pro forma operating information is presented as if the STAR Merger occurred in 2021 and had been included in operations as of January 1, 2020. This pro forma information does not purport to represent what the actual results of the Company would have been had the STAR Merger occurred on this date, nor does it purport to predict the results of operations for future periods. Unaudited Year Ended December 31, 2021 2020 Revenue $ 591,292 $ 540,516 Net income (loss) (a) $ 103,932 $ (44,899) Net (income) loss attributable to noncontrolling interests $ (3,426) $ 1,480 Net income (loss) attributable to common stockholders $ 100,506 $ (43,419) Net income (loss) attributable to common stockholders per share - basic and diluted $ 0.45 $ (0.22) (a) Contemporaneously with the closing of the STAR Merger, we hired 485 employees, previously employed by STAR, to operate the properties acquired in the STAR Merger in addition to serving in corporate positions. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Investments in Real Estate | Investments in Real Estate As of December 31, 2022, our investments in real estate consisted of 120 apartment properties (unaudited) that contain 35,526 units (unaudited). The following table summarizes our investments in real estate: 2022 2021 Depreciable Lives Land $ 579,094 $ 567,507 — Building 5,695,711 5,622,492 40 Furniture, fixtures and equipment 340,438 272,356 5-10 Total investments in real estate $ 6,615,243 $ 6,462,355 Accumulated depreciation (425,034) (243,475) Investments in real estate, net $ 6,190,209 $ 6,218,880 As of December 31, 2022, we owned one property that was classified as held for sale. We expect the sale of this property to occur in the first quarter of 2023 and the proceeds from the sale will be used to reduce indebtedness. The table below summarizes our held for sale properties. Property Name - Market Net Carrying Value Units (unaudited) Eagle Lake Landing - Indianapolis, IN $ 35,777 277 Acquisitions The below table summarizes asset acquisitions for the year ended December 31, 2022: Property Name Date of Purchase Market Units (unaudited) Purchase Price Views of Music City (phase I) 04/06/2022 Nashville, TN 96 $ 25,440 Cyan Mallard Creek 08/16/2022 Charlotte, NC 234 80,000 The Enclave at Tranquility Lake 09/13/2022 Tampa, FL 348 98,000 Total 678 $ 203,440 On April 6, 2022, we acquired Views of Music City (phase I), a 96-unit property (unaudited) located in Nashville, TN for $25,440. Views of Music City (phase I) was acquired from one of our unconsolidated joint ventures. On account of our equity interest in this joint venture, we received $4,428 of the sales proceeds, comprised of $3,406 as a return of capital and $1,022 as a preferred return on capital. In accordance with ASC 970-323-30-7, we recorded the preferred return on capital as a reduction to the carrying value of the purchased real estate, deferring the gain which will be recognized as income on a pro rata basis as the real estate is depreciated or when it is sold to a third party. The following table summarizes the aggregate fair value of the assets and liabilities associated with asset acquisition of properties during the year ended December 31, 2022, on the date of acquisition. Description Fair Value of Assets Acquired During the Year Ended December 31, 2022 Assets acquired: Investments in real estate $ 201,611 Other assets 229 Intangible assets 1,136 Total assets acquired $ 202,976 Liabilities assumed: Accounts payable and accrued expenses $ 872 Other liabilities 327 Total liabilities assumed 1,199 Estimated FV of net assets acquired $ 201,777 The below table summarizes asset acquisitions for the year ended December 31, 2021: Property Name Date of Purchase Market Units (unaudited) Purchase Price Vesta City Park 05/18/2021 Charlotte, NC 272 $ 66,544 Cyan Craig Ranch 06/08/2021 Dallas, TX 322 73,372 Total 594 $ 139,916 As discussed in Note 3: IRT And STAR Merger, we acquired 68 properties (unaudited) comprised of 21,394 units (unaudited) that were accounted for as a business combination. The below table summarizes asset acquisitions for the year ended December 31, 2020: Property Name Date of Purchase Market Units (unaudited) Purchase Price Adley at Craig Ranch 2/11/2020 Dallas, TX 251 $ 51,204 Legacy at Jones Farm 12/1/2020 Huntsville, AL 421 94,027 Total 672 $ 145,231 Dispositions The below table summarizes the dispositions for the year ended December 31, 2022: Property Name Date of Sale Sale Price Gain (loss) on Sale (1) Riverchase 01/18/2022 $ 31,000 $ 12,901 Heritage Park 02/02/2022 48,500 31,366 Raindance 02/02/2022 47,500 33,748 Haverford 02/02/2022 31,050 16,697 Meadows Apartments 10/26/2022 57,000 20,573 Sycamore Terrace (2) 12/06/2022 42,000 (3,529) Total $ 257,050 $ 111,756 (1) The gain (loss) for these properties is net of $409 of defeasance and debt prepayment gains. (2) Impairment charge recognized following a fourth quarter amendment to the purchase and sale agreement which resulted in the carrying value of the property exceeding its fair value. The below table summarizes the dispositions for the year ended December 31, 2021: Property Name Date of Sale Sale Price Gain on Sale (1) King's Landing 07/28/2021 $ 40,100 $ 11,566 Crestmont 12/13/2021 48,500 33,067 Creekside 12/16/2021 91,000 43,104 Total $ 179,600 $ 87,737 (1) The gain for these properties is net of $2,312 of defeasance costs and debt prepayment costs. The below table summarizes the dispositions for the year ended December 31, 2020: Property Name Date of Sale Sale Price Gain (loss) on Sale (1) Trails at Signal Mountain 10/27/2020 $ 20,000 $ 6,237 Live Oak Trace (1) 11/10/2020 25,400 (1,931) Lakeshore on the Hill 11/23/2020 14,330 3,537 Total $ 59,730 $ 7,843 (1) Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020. |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Real Estate | Investments in Unconsolidated Real Estate As of December 31, 2022, our investments in unconsolidated real estate entities had aggregate land, building, and construction in progress costs capitalized of $206,986 and aggregate construction debt of $91,554. We do not guarantee any debt, capital payout or other obligations associated with our joint ventures. 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 $2,169, $0, and $0 from equity method investments during the years ended December 31, 2022, 2021, and 2020, and these losses were recorded in loss from investments in unconsolidated real estate entities in our consolidated statements of operations. The following table summarizes our investments in unconsolidated real estate entities as of December 31, 2022 and December 31, 2021: Carrying Value As Of Investments in Unconsolidated Real Estate Entities Location Units (1) (Unaudited) IRT Ownership Interest December 31, 2022 December 31, 2021 Metropolis at Innsbrook Richmond, VA 402 84.8 % $ 17,331 $ 14,632 Views of Music City II / The Crockett Nashville, TN 408 50.0 % 11,363 10,368 Virtuoso Huntsville, AL 178 90.0 % 14,422 — Lakeline Station Austin, TX 378 90.0 % 25,292 — The Mustang Dallas, TX 275 85.0 % 11,812 — Total 1,641 $ 80,220 $ 24,999 (1) Represents the total number of units after development is complete and each property is placed in service. As of December 31, 2022 the Virtuoso investment’s development is complete and has ongoing operations. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The following tables contain summary information concerning our consolidated indebtedness as of December 31, 2022: Debt: Outstanding Principal Unamortized Debt Issuance Costs Unamortized Loan (Discount)/Premiums Carrying Amount Type Weighted Average Rate (3) Weighted Unsecured revolver (1) $ 165,978 $ (1,695) $ — $ 164,283 Floating 4.9% 3.1 Unsecured term loans 600,000 (3,388) — 596,612 Floating 5.1% 4.5 Secured credit facilities (2) 635,128 (2,256) 27,670 660,542 Floating/Fixed 4.3% 5.9 Mortgages 1,185,246 (7,305) 32,267 1,210,208 Fixed 3.9% 5.2 Total Debt $ 2,586,352 $ (14,644) $ 59,937 $ 2,631,645 4.5% 5.1 (1) The unsecured revolver total capacity is $500,000, of which $165,978 was outstanding as of December 31, 2022. (2) The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2022, respectively. (3) Represents the weighted average of the contractual interest rates in effect as of quarter-end without regard to any interest rate swaps or collars. Our total weighted average effective interest rate as of the year ended December 31, 2022, after giving effect to the impact of interest rate swaps and collars, and excluding the impact of loan premium amortization and discount accretion was 4.1%. As of December 31, 2022 we were in compliance with all financial covenants contained in our consolidated indebtedness. Original maturities on or before December 31, Debt: 2023 2024 2025 2026 2027 Thereafter Unsecured revolver $ — $ — $ — $ 165,978 $ — $ — Unsecured term loans — — — 200,000 — 400,000 Secured credit facilities — — 3,525 10,493 11,462 609,648 Mortgages 9,677 69,012 173,910 144,942 15,943 771,762 Total $ 9,677 $ 69,012 $ 177,435 $ 521,413 $ 27,405 $ 1,781,410 The following tables contains summary information concerning our consolidated indebtedness as of December 31, 2021: Debt: Outstanding Principal Unamortized Debt Issuance Costs Unamortized Loan (Discount)/Premiums Carrying Amount Type Weighted Average Rate (3) Weighted Unsecured revolver (1) $ 277,003 $ (2,894) $ — $ 274,109 Floating 1.5% 4.1 Unsecured term loans 500,000 (2,049) — 497,951 Floating 1.4% 3.2 Secured credit facilities (2) 635,128 (2,840) 32,330 664,618 Floating/Fixed 4.0% 6.9 Mortgages 1,238,612 (9,210) 39,256 1,268,658 Fixed 3.9% 6.1 Total Debt $ 2,650,743 $ (16,993) $ 71,586 $ 2,705,336 3.2% 5.6 (1) The unsecured credit facility total capacity was $500,000, of which $277,003 was outstanding as of December 31, 2021. (2) The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2021, respectively. (3) Represents the weighted average of the contractual interest rates in effect as of quarter-end without regard to any interest rate swaps or collars. Our total weighted average effective interest rate as of the year ended December 31, 2021, after giving effect to the impact of interest rate swaps and collars, and excluding the impact of loan premium amortization and discount accretion was 2.9%. Unsecured Credit Facility and Revolving Line of Credit On July 25, 2022, we entered into the Fourth Amended, Restated and Consolidated Credit Agreement (the “Fourth Restated Credit Agreement”) which amended and restated in its entirety the Third Amended and Restated Credit Agreement dated as of December 14, 2021 (the “Third Restated Credit Agreement”). The Fourth Restated Credit Agreement provides for an aggregate amount available for borrowing of $1,100,000, which consists of (i) a $500,000 unsecured revolving credit facility with a January 31, 2026 scheduled maturity date (the “Revolving Credit Facility”), (ii) a $400,000 term loan with a January 28, 2028 maturity date (the “2028 Term Loan”); and (iii) a $200,000 term loan with a May 18, 2026 maturity date (the “2026 Term Loan”). The Fourth Restated Credit Agreement represents an increase of $100,000 over the Third Restated Credit Agreement which provided for (i) the Revolving Credit Facility, (ii) the 2026 Term Loan, and (iii) two additional term loans of $200,000 and $100,000, which had maturity dates of January 17, 2024 and November 20, 2024, respectively (collectively, the “2024 Term Loans”). Proceeds of the new 2028 Term Loan were used to (i) repay and retire the 2024 Term Loans, and (ii) reduce $100,000 of outstanding borrowings under the Revolving Credit Facility. In addition, the Fourth Restated Credit Agreement changed the LIBOR interest rate option to SOFR. The Fourth Restated Credit Agreement otherwise continues, without material change, the 2026 Term Loan and the Revolving Credit Facility. We recognized the restructuring of the Fourth Restated Credit Agreement as a modification of debt for all lenders except for one and incurred deferred financing costs of $1,477 associated with the transaction. We recognized the portion of debt associated with the lender no longer participating in the Fourth Restated Credit Agreement as an extinguishment of debt and wrote off their de minimis deferred financing costs. Borrowings under the 2028 Term Loan bear interest at a rate equal to either (i) the SOFR rate plus a margin of 115 to 180 basis points, or (ii) a base rate plus a margin of 15 to 80 basis points. These margins represent a 5-basis point decrease from those applicable to the term loans that were repaid and retired. The margin for borrowings under the Revolving Credit Facility and the 2026 Term Loan remained unchanged, with (1) Revolving Credit Facility borrowings bearing interest at a rate equal to either (i) the SOFR rate plus a margin of 125 to 200 basis points, or (ii) a base rate plus a margin of 25 to 100 basis points; and (2) 2026 Term Loan borrowings bearing interest at a rate equal to either (i) the SOFR rate plus a margin of 120 to 190 basis points, or (ii) a base rate plus a margin of 20 to 90 basis points. The applicable margin will be determined based upon IROP’s consolidated leverage ratio. At the time of closing, based on IROP’s consolidated leverage ratio, the applicable margin was 125 basis points for the Revolving Credit Facility, 120 basis points for the 2026 Term Loan and 115 basis points for the 2028 Term Loan. IROP has the right to request an increase in the aggregate amount of the Fourth Restated Credit Agreement from $1,100,000 to up to $1,500,000, subject to certain terms and conditions, including receipt of commitments from one or more lenders, whether or not currently parties to the Fourth Restated Credit Agreement, to provide such increased amounts, which increase may be allocated, at IROP’s option, to the Revolving Credit Facility and/or to one or more of the Term Loans, in accordance with the Fourth Restated Credit Agreement. On December 14, 2021, we entered into the Third Restated Credit Agreement which provided for a $1,000,000 unsecured credit facility (the “Facility”) that consisted of a $500,000 revolving line of credit (the “Unsecured Revolver”), a $200,000 senior term loan, a $200,000 term loan and a $100,000 term loan, (together, the “Unsecured Term Loans”), primarily to (1) increase the borrowing capacity under the Unsecured Revolver from $350,000 to $500,000, (2) extend the maturity date of the Unsecured Revolver from May 9, 2023 to January 31, 2026 and (3) consolidate the Unsecured Term Loans into one combined agreement. We recognized the restructuring of the Third Restated Credit Agreement as a modification of debt and incurred deferred financing costs of $1,886 associated with the transaction. The Third Restated Credit Agreement was replaced by the Fourth Restated Credit Agreement as described above. On May 18, 2021, we entered into a Second Amended and Restated Credit Agreement (the “Second Restated Credit Agreement”) which provided for a $550,000 unsecured credit facility that consisted of a $350,000 revolving line of credit and a new $200,000 senior term loan. We recognized the refinance of the revolving line of credit as a modification of debt. The senior term loan was accounted for as an issuance of new debt. We incurred upfront costs of $1,200 associated with this transaction. The Second Restated Credit Agreement was replaced by the Third Restated Credit Agreement. On May 9, 2019, we entered into a $350,000 unsecured credit facility that consisted entirely of a revolving line of credit (the “Unsecured Credit Facility”), refinancing and terminating a previous unsecured credit facility. We recognized the refinance as a modification of our prior unsecured credit facility and incurred deferred financing costs of $1,129 associated with this transaction. This unsecured credit facility was replaced by the Second Restated Credit Agreement. In addition to certain negative covenants, the Fourth Restated Credit Agreement has financial covenants that require us to (i) maintain a consolidated leverage ratio below specified thresholds, (ii) maintain a minimum consolidated fixed charge coverage ratio, and (iii) maintain a minimum consolidated tangible net worth, (iv) and maintain secured and unsecured leverage ratios below specified thresholds. Additionally, the covenants limit (a) the amount of distributions that IRT can make to a percentage of Funds from Operations (as such term is described in the debt agreement), (b) and the ratio of unencumbered asset adjusted net operating income to unsecured interest expense. Term Loans On July 25, 2022, we entered into the Fourth Restated Credit Agreement, discussed above, which amended and restated in its entirety the Third Restated Credit Agreement. On December 14, 2021, we entered into the Third Restated Credit Agreement, discussed above, which consolidated the Unsecured Term Loans into the Third Restated Credit Agreement. There were no material changes to the terms of the Unsecured Term Loans, including aggregate amounts or maturity dates, in connection with their consolidation under the Third Restated Credit Agreement. On October 30, 2018, we entered into an agreement for a one of the three Unsecured Term Loans, specifically the $200,000 unsecured term loan, which matures on January 17, 2024. We incurred upfront deferred costs of $821 associated with this term loan. The interest rate on this term loan is LIBOR plus a spread of 1.20% – 1.90% based on our consolidated leverage ratio. At closing, we drew $150,000 under the loan. The remaining $50,000 was drawn in February 2019. We applied proceeds of both draws to reduce outstanding borrowings under our Unsecured Credit Facility. On November 20, 2017, we entered into an agreement for one of the three Unsecured Term Loans, specifically the $100,000 unsecured term loan, which matures on November 20, 2024. We incurred upfront deferred costs of $917 associated with this term loan. In November 2019, this loan was amended to reduce the interest spread. We incurred $257 of upfront deferred costs associated with this amendment. The interest rate on this unsecured term loan is LIBOR plus a spread of 1.20% – 1.90% based on our consolidated leverage ratio. Secured Credit Facilities PNC Secured Credit Facility On December 16, 2021, in connection with the STAR Merger, we assumed the PNC MCFA, a fixed rate multifamily note and other loan documents for the benefit of PNC Bank. The PNC MCFA provided for a fixed rate loan in the aggregate principal amount of $79,170 that accrues interest at 2.82% per annum and has a maturity date of July 1, 2030. As of December 31, 2022, the outstanding principal balance was $76,248. Newmark Secured Credit Facility On December 16, 2021, in connection with the STAR Merger, we assumed the Newmark MCFA, which includes four tranches: (1) a fixed rate loan in the aggregate principal amount of $331,001 that accrues interest at 4.43% per annum; (2) a fixed rate loan in the aggregate principal amount of $137,917 that accrues interest at 4.57% per annum; (3) a variable rate loan in the aggregate principal amount of $49,493 that accrues interest at the one-month LIBOR plus 1.70% per annum; and (4) a fixed rate loan in the aggregate principal amount of $40,468 that accrues interest at 3.34% per annum. The first three tranches have a maturity date of August 1, 2028, and the fourth tranche has a maturity date of March 1, 2030, unless in each case the maturity date is accelerated in accordance with the terms of the loan documents. Interest only payments are payable monthly through August 1, 2025 and April 1, 2027 on the first three tranches and fourth tranche, respectively, with interest and principal payments due monthly thereafter. Mortgages The following table summarizes the mortgage payoffs during the years ended December 31, 2022 and 2021. Amount Weighted Average Interest Rate Mortgage payoffs in 2021 $ 305,804 3.81 % Mortgage payoffs in 2022 46,046 3.60 % $ 351,850 3.78 % In connection with mortgage debt prepaid during the year-ended December 31, 2021, we incurred losses on extinguishment of debt totaling $10,261. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2022 and 2021: As of December 31, 2022 As of December 31, 2021 Notional Fair Value of Fair Value of Notional Fair Value of Fair Value of Cash flow hedges: Interest rate swaps $ 300,000 $ 26,099 — $ 150,000 $ 2,488 $ 6,463 Interest rate collars 250,000 8,317 — 250,000 — 5,433 Forward interest rate collars 200,000 6,693 — — — — Total $ 750,000 $ 41,109 — $ 400,000 $ 2,488 $ 11,896 Interest rate swaps On May 9, 2019, we entered into a forward starting interest rate swap contract with a notional value of $150,000 and a strike rate of 2.176%. The interest rate swap became effective on June 17, 2021 and has a maturity date of June 17, 2026. We designated this interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. On March 2, 2020, we entered into a forward starting interest rate swap contract with a notional value of $150,000 and a strike rate of 0.985%. The interest rate swap became effective on May 17, 2022 and has a maturity date of May 17, 2027. We designated this interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. On June 24, 2016, we entered into an interest rate swap contract with a notional value of $150,000, a strike rate of 1.145% which was subsequently reduced to 1.1325% and a maturity date of June 17, 2021. We designated this interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. Interest rate collar On October 17, 2018, we purchased an interest rate collar with an initial notional value of $100,000, a 2.50% cap and 2.25% floor, and a maturity date of January 17, 2024. The notional value was adjusted to $150,000 in November 2018. We designated this interest rate collar as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. On November 17, 2017, we purchased an interest rate collar with a notional value of $100,000, a 2.00% cap, 1.25% floor, and a maturity date of November 17, 2024. We designated this interest rate collar as a cash flow hedge and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. Forward interest rate collars On July 12, 2022, we entered into forward starting interest rate collars with a total notional value of $200,000, a cap rate of 2.50%, a floor rate of 1.50% and a maturity date of January 17, 2028. The effective date for $100,000 of the forward interest rate collars is January 17, 2024 and November 17, 2024, for the other $100,000. We designated these forward interest rate collars as cash flow hedges at inception and determined that the hedges are highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. For interest rate swaps and collars that are considered effective hedges, we reclassified realized gains (losses) of $(1,296), $8,136 and $(5,352) to earnings within interest expense for the years ended December 31, 2022, 2021 and 2020, respectively. For interest rate swaps that are considered effective hedges, gains of $14,809 are expected to be reclassified out of accumulated other comprehensive income (loss) to earnings over the next 12 months. Effective interest rate swaps and collars are reported in accumulated other comprehensive income (loss) and the fair value of these hedge agreements is included in other assets or other liabilities. |
Stockholder Equity and Noncontr
Stockholder Equity and Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholder Equity and Noncontrolling Interest | Stockholder Equity and Noncontrolling Interest Stockholder Equity On November 13, 2020, we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock having an aggregate offering price of up to $150,000 (the “ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Under the ATM Program, we may also enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis. We entered into forward sale transactions under the ATM Program on November 1, 2021 and on March 7, 2022 each for the forward sale of 1,000,000 shares of our common stock. Subject to our right to elect net share settlement, we physically settled the forward sale transactions on September 28, 2022. As of December 31, 2022, approximately $56,836 remained available for issuance under the ATM Program. The following table summarizes our sales transactions under the ATM Program as of December 31, 2022. Forward Sale Transaction Date Number of Shares Sold Expiration Date of Forward Contract Number of Shares Settled Settlement Date Settlement Price, Net of Commissions Proceeds, Net of Commissions November 1, 2021 676,500 12/15/22 676,500 9/28/22 $ 23.32 $ 15,775 November 1, 2021 323,500 12/15/22 323,500 9/28/22 24.17 7,818 March 7, 2022 1,000,000 3/31/23 1,000,000 9/28/22 26.34 26,342 2,000,000 2,000,000 $ 49,935 We evaluated the accounting for the forward sale transactions under FASB ASC Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”. As the forward sale transactions are considered indexed to our own equity and since they meet the equity classification conditions in ASC 815-40-25, the forward sale transactions have been classified as equity. On May 18, 2022, our Board of Directors authorized a common stock repurchase program (the “Stock Repurchase Program”) covering up to $250,000 in shares of our common stock. Under the Stock Repurchase Program, we, in our discretion, may purchase our shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors, including the price and availability of our shares, trading volumes and general market conditions. The Stock Repurchase Program has no time limit and may be suspended or discontinued at any time. During the year ended December 31, 2022, we had no repurchases of shares under the Stock Repurchase Program. As of December 31, 2022, we had $250,000 in shares of our common stock remaining authorized for purchase under the Stock Repurchase Program. On July 27, 2021, we entered into an underwriting agreement with Barclays Capital Inc. and BMO Capital Markets Corp., as representatives of the several underwriters named therein (collectively, the “Underwriters”), BMO Capital Markets Corp., in its capacity as agent (in such capacity, the “Forward Seller”) for Bank of Montreal, as forward counterparty (the “Forward Counterparty”) related to the offering of an aggregate of 16,100,000 shares of our common stock at a price to the Underwriters of $17.04 per share consisting of 16,100,000 shares of common stock offered by the Forward Seller in connection with the forward sale agreements described below (inclusive of 2,100,000 shares offered pursuant to the Underwriters’ option to purchase additional shares, which was exercised in full). In connection with the offering, we also entered into two forward sale agreements. The first forward sale agreement (the “Initial Forward Sale Agreement”), dated July 27, 2021, with the Forward Seller and Forward Counterparty, and the second forward sale agreement (the “Additional Forward Sale Agreement”, together with the Initial Forward Sale Agreement, the “Forward Sale Agreements”), dated June 29, 2021, with the Forward Seller and the Forward Counterparty. In connection with the Forward Sale Agreements, the Forward Seller borrowed from third parties and sold to the Underwriters an aggregate of 16,100,000 shares of our common stock that was sold in the offering. On December 14, 2021, the forward sale transactions were all physically settled and we issued 16,100,000 shares of common stock for a total of $271,820 in net proceeds. Our board of directors declared the following dividends in 2022: Quarter Declaration Date Record Date Payment Date Dividend Declared First quarter 2022 March 14, 2022 April 1, 2022 April 22, 2022 $ 0.12 Second quarter 2022 May 18, 2022 July 1, 2022 July 22, 2022 $ 0.14 Third quarter 2022 September 12, 2022 September 30, 2022 October 21, 2022 $ 0.14 Fourth quarter 2022 December 12, 2022 December 30, 2022 January 20, 2023 $ 0.14 Our board of directors declared the following dividends in 2021: Quarter Declaration Date Record Date Payment Date Dividend Declared First quarter 2021 March 15, 2021 April 2, 2021 April 23, 2021 $ 0.12 Second quarter 2021 June 14, 2021 July 2, 2021 July 23, 2021 $ 0.12 Third quarter 2021 September 13, 2021 October 1, 2021 October 22, 2021 $ 0.12 Fourth quarter 2021 December 2, 2021 December 15, 2021 January 14, 2022 $ 0.10 Fourth quarter 2021 December 2, 2021 December 30, 2021 January 21, 2022 $ 0.02 Noncontrolling Interest During 2022, holders of IROP units exchanged 890,669 units for 890,669 shares of our common stock. As of December 31, 2022, 6,091,171 IROP units held by unaffiliated third parties were outstanding. During 2021, we issued 6,429,481 IROP units in connection with the STAR Merger. Also during 2021, holders of IROP units exchanged 122,154 units for 122,154 shares of our common stock. As of December 31, 2021, 6,981,841 IROP units held by unaffiliated third parties were outstanding. Our board of directors declared the following distributions on our operating partnership’s LP units during 2022: Quarter Declaration Date Record Date Payment Date Dividend Declared First quarter 2022 March 14, 2022 April 1, 2022 April 22, 2022 $ 0.12 Second quarter 2022 May 18, 2022 July 1, 2022 July 22, 2022 $ 0.14 Third quarter 2022 September 12, 2022 September 30, 2022 October 21, 2022 $ 0.14 Fourth quarter 2022 December 12, 2022 December 30, 2022 January 20, 2023 $ 0.14 Our board of directors declared the following distributions on our operating partnership’s LP units during 2021: Quarter Declaration Date Record Date Payment Date Dividend Declared First quarter 2021 March 15, 2021 April 2, 2021 April 23, 2021 $ 0.12 Second quarter 2021 June 14, 2021 July 2, 2021 July 23, 2021 $ 0.12 Third quarter 2021 September 13, 2021 October 1, 2021 October 22, 2021 $ 0.12 Fourth quarter 2021 December 2, 2021 December 15, 2021 January 14, 2022 $ 0.10 Fourth quarter 2021 December 2, 2021 December 30, 2021 January 21, 2022 $ 0.02 |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Compensation Plans | Equity Compensation Plans On May 18, 2022, our stockholders approved our 2022 Long Term Incentive Plan (the “2022 Incentive Plan”) which replaced the 2016 Long Term Incentive Plan (the “Prior Plan,”, collectively known as the “Incentive Plan”). No new awards may be made under the Prior Plan, although awards outstanding under the Prior Plan will remain subject to the terms of the Prior Plan. The 2022 Incentive Plan provides for grants of equity and equity-based awards to our employees, officers, directors, consultants and other service providers, and such awards may take the form of restricted or unrestricted shares of common stock, non-qualified stock options, incentive stock options, restricted stock units (“RSUs”), stock appreciation rights (“SARs”), dividend equivalents and other equity and cash-based awards. A maximum of 8,000,000 shares of our common stock (plus up to an additional 1,280,610 shares of our common stock, to the extent that shares subject to outstanding awards under the Prior Plan are recycled into the 2022 Incentive Plan) may be awarded under the 2022 Incentive Plan, subject to customary adjustment for stock splits, reverse stock splits and similar corporate events or transactions affecting shares of our common stock. Under the Incentive Plan, we have granted restricted shares, RSUs, and PSUs. For the years ended December 31, 2022, 2021 and 2020 we recognized $8,044, $7,346 and $5,635 of stock compensation expense, respectively. In 2021, our PSU and RSU award agreements were revised to provide for accelerated vesting upon retirement, as defined in the award agreements. Due to this revision, the stock compensation expense associated with any such award granted to a retirement eligible employee is recognized in full on the date of grant. During the years ended December 31, 2022, 2021, and 2020, $2,422, $2,112, and $1,667 of stock compensation was recognized with respect to awards granted to retirement eligible employees. The restricted shares and RSUs granted under the 2022 Incentive Plan generally vest over a two three 2022 2021 2020 Number Weighted Average Grant Date Fair Number Weighted Average Grant Date Fair Number Weighted Average Grant Date Fair Balance, January 1, 404,988 $ 13.75 406,849 $ 11.68 326,541 $ 9.54 Granted 269,150 23.07 514,177 20.08 282,735 12.85 Vested (223,785) 14.40 (475,426) 18.82 (164,026) 9.32 Forfeited (54,871) 21.38 (40,612) 13.78 (38,401) 12.20 Balance, December 31, (1) 395,482 $ 18.67 404,988 $ 13.75 406,849 $ 11.68 (1) The outstanding award balance above included 163,348, 135,336, and 67,381 RSUs as of December 31, 2022, 2021, and 2020, respectively. Subsequent to December 31, 2022, 242,447 restricted stock awards and RSUs valued at a weighted-average price of $19.09, or $4,629 in the aggregate were awarded to employees. These awards vest over a two As of December 31, 2022, the unearned compensation cost relating to unvested restricted common share awards and RSUs was $3,260, which will be recognized over a weighted-average period of 2 years. The estimated fair value of restricted common share awards, and RSUs, vested during 2022, 2021, and 2020 was $5,452, $7,208, and $2,076, respectively. The PSUs granted under the Incentive Plan have a three-year performance period and are generally based on (1) market performance as measured by total stockholder return for 70% of the award and (2) a subjective performance condition tied to achievement of specified individual criteria for 30% of the award. The PSUs vest 50% upon the Compensation Committee’s determination as to the satisfaction of the performance criteria (which shall be within two months of the last day of the performance period) and 50% on the first anniversary of the last day of the performance period, subject to continued service through such dates. A summary of PSU activity is presented below. 2022 2021 2020 Number Weighted Average Grant Date Fair Number Weighted Average Grant Date Fair Number Weighted Average Grant Date Fair Balance, January 1, 944,907 $ 9.32 882,076 $ 8.21 717,677 $ 7.52 Granted (1) 198,099 20.67 257,230 12.45 202,145 11.77 Change in awards based on performance (2) 96,923 8.89 145,911 7.04 75,488 7.12 Vested (425,022) 6.47 (340,310) 7.04 (113,234) 7.12 Forfeited 26,612 20.35 — — — — Balance, December 31, 841,519 $ 13.74 944,907 $ 9.32 882,076 $ 8.21 (1) PSUs granted reflects the number of awards assuming target performance. The actual number of awards earned is based on actual performance during the three (2) Represents the change in the numbers of PSUs earned based on performance achievement for the performance period. Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2022 2021 2020 Dividend yield 5.4% 6.4% 6.1% Volatility (a) 32.0% 33.0% 22.0% Expected term 2.9 years 2.8 years 2.8 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 25% to 45%. The Company estimates future expenses associated with PSUs outstanding at December 31, 2022 to be $2,262, which will be recognized over a weighted-average period of 2.5 years. The estimated fair value of PSUs vested during 2022, 2021, and 2020 was $10,458, $4,750, and $1,862. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The following table presents a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2022, 2021 and 2020: For the Years Ended December 31, 2022 2021 2020 Net income $ 120,659 $ 45,529 $ 14,877 Income allocated to noncontrolling interest (3,410) (940) (109) Net income allocable to common shares 117,249 44,589 14,768 Weighted-average shares outstanding—Basic 221,965,460 108,552,185 93,660,086 Dilutive securities 1,154,477 1,279,336 1,028,354 Weighted-average shares outstanding—Diluted 223,119,937 109,831,520 94,688,440 Earnings per share—Basic $ 0.53 $ 0.41 $ 0.16 Earnings per share—Diluted $ 0.53 $ 0.41 $ 0.16 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2022 Total revenue $ 150,362 $ 154,763 $ 160,600 $ 162,799 Net income (loss) 76,880 (7,399) 16,653 34,524 Net income (loss) allocable to common shares 74,600 (7,205) 16,223 33,631 Total earnings per share—Basic (1) $ 0.34 $ (0.03) $ 0.07 $ 0.15 Total earnings per share—Diluted (1) $ 0.34 $ (0.03) $ 0.07 $ 0.15 2021 Total revenue $ 55,112 $ 57,444 $ 60,780 $ 76,916 Net income (loss) 1,093 3,407 11,564 29,465 Net income (loss) allocable to common shares 1,086 3,386 11,502 28,615 Total earnings per share—Basic (1) $ 0.01 $ 0.03 $ 0.11 $ 0.23 Total earnings per share—Diluted (1) $ 0.01 $ 0.03 $ 0.11 $ 0.23 (1) The summation of quarterly per share amounts may not equal the full year amounts due to rounding. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment ReportingWe have identified one operating segment and have determined that we have one reportable segment. As a group, our executive officers act as the Chief Operating Decision Maker (“CODM”). The CODM reviews operating results to make decisions about all investments and resources and to assess performance for the entire company. Our portfolio consists of one reportable segment, investments in real estate through the mechanism of ownership. The CODM manages and reviews our operations as one unit. Resources are allocated without regard to the underlying structure of any investment, but rather after evaluating such economic characteristics as returns on investment, leverage ratios, current portfolio mix, degrees of risk, income tax consequences and opportunities for growth. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation We are subject to various legal proceedings and claims that arise in the ordinary course of our business operations. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, we currently believe the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or cash flows. See “Part I. Item 3. Legal Proceedings.” Other Matters To the extent that a natural disaster or similar event occurs with more than a remote risk of having a material impact on the consolidated financial statements, we will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability. Lease Obligations We lease office space in Philadelphia, PA, Chicago, IL, and Irvine, CA. As of December 31, 2022, the weighted average term of our lease obligations was 6.1 years. The following table, sets forth as of December 31, 2022, the annual minimum rent due pursuant to these leases for each of the next five years and thereafter: Year Amount 2023 $ 844 2024 692 2025 482 2026 480 2027 486 Thereafter 2,042 Total $ 5,026 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Number of Properties Initial Cost Cost of Improvements Gross Carrying Amount Accumulated Market Land Building Land Building Land Building Encumbrances (a) Year(s) of Acquisition Asheville, NC 1 $ 2,750 $ 25,225 $ — $ 1,235 $ 2,750 $ 26,460 $ (5,107) 2015 Atlanta, GA 13 102,866 903,813 — 55,055 102,866 958,868 (57,014) (b) 2015-2021 Austin, TX 1 3,857 48,719 — 3,206 3,857 51,925 (1,665) 2021 Birmingham, AL 2 10,682 213,996 — 7,234 10,682 221,230 (6,942) (b) 2021 Charleston, SC 2 9,260 69,104 — 2,844 9,260 71,948 (13,733) 2015 Charlotte, NC 3 17,352 170,531 — 1,333 17,352 171,864 (10,347) 2015 - 2022 Chattanooga, TN 1 3,683 32,370 — 889 3,683 33,259 (1,005) (b) 2021 Chicago, IL 1 5,587 82,485 — 2,054 5,587 84,539 (2,524) (b) 2021 Cincinnati, OH 2 6,939 111,937 — 3,228 6,939 115,165 (3,473) 2021 Columbus, OH 10 28,870 308,917 — 29,418 28,870 338,335 (31,490) (b) 2014 - 2021 Dallas, TX 14 68,829 749,578 — 30,937 68,829 780,515 (39,969) (b) 2015 - 2021 Denver, CO 9 45,373 537,301 — 22,645 45,373 559,946 (18,067) (b) 2021 Fort Wayne, IN 1 2,590 39,542 — 2,008 2,590 41,550 (1,415) (b) 2021 Greenville, SC 1 7,330 111,833 — 4,002 7,330 115,835 (3,665) 2021 Houston, TX 7 29,049 284,339 — 8,688 29,049 293,027 (8,941) (b) 2021 Huntsville, AL 3 20,794 166,020 — 2,876 20,794 168,896 (9,250) 2015 - 2021 Indianapolis, IN (c) 8 24,888 284,590 — 16,601 24,888 301,191 (20,613) (b) 2012 - 2021 Lexington, KY 3 9,467 145,715 — 4,659 9,467 150,374 (4,652) 2021 Louisville, KY 4 21,228 102,521 — 24,815 21,228 127,336 (35,876) (b) 2014 - 2014 Memphis, TN 4 10,730 124,023 — 24,544 10,730 148,567 (33,611) 2014 - 2015 Myrtle Beach, SC - Wilmington, NC 3 4,580 55,797 — 7,389 4,580 63,186 (10,492) (b) 2017 Nashville, TN 5 33,939 318,936 — 12,595 33,939 331,531 (10,166) (b) 2021 - 2022 Norfolk, VA 1 2,808 50,093 — 1,157 2,808 51,250 (1,516) (b) 2021 Oklahoma City, OK 8 17,099 280,770 — 20,698 17,099 301,468 (18,668) (b) 2014 - 2021 Orlando, FL 1 5,500 41,752 — 2,886 5,500 44,639 (8,803) 2015 Raleigh - Durham, NC 6 34,409 199,323 — 21,560 34,409 220,883 (40,432) 2014 - 2019 San Antonio, TX 1 4,604 50,501 — 1,935 4,604 52,436 (1,706) 2021 Tampa-St. Petersburg, FL 5 45,554 218,130 1,081 26,033 46,635 244,162 (24,955) 2017 - 2022 120 $ 580,617 $ 5,727,861 $ 1,081 $ 342,524 $ 581,698 $ 6,070,385 $ (426,097) (a) Encumbrances exclude the principal balance of $635,128 and associated deferred financing costs related to the secured credit facilities. (b) Represents properties with gross assets of $3,538,113 and mortgage note indebtedness of $1,185,246. (c) Includes one property classified as held for sale as of December 31, 2022. Investments in Real Estate December 31, 2022 (1) December 31, 2021 December 31, 2020 Balance, beginning of period $ 6,534,563 $ 1,916,770 $ 1,796,365 Additions during period: Acquisitions 201,611 4,686,943 145,340 Improvements to land and building 85,227 43,035 35,783 Deductions during period: Dispositions of real estate (161,836) (106,916) (56,797) Asset write-offs (7,482) (5,269) (3,921) Balance, end of period: $ 6,652,083 $ 6,534,563 $ 1,916,770 Accumulated Depreciation December 31, 2022 (1) December 31, 2021 December 31, 2020 Balance, beginning of period $ 254,123 $ 208,618 $ 158,435 Depreciation expense 197,539 70,156 59,717 Dispositions of real estate (18,083) (19,382) (5,613) Asset write-off (7,482) (5,269) (3,921) Balance, end of period: $ 426,097 $ 254,123 $ 208,618 (1) Includes one property classified as held for sale as of December 31, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those described in the footnotes. |
Principles of Consolidation | b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity of which we are the primary beneficiary. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP. |
Use of Estimates | c. Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash and Cash Equivalents | d. Cash and Cash EquivalentsCash and cash equivalents include cash held in banks and highly liquid investments with original maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. |
Restricted Cash | e. Restricted CashRestricted cash includes escrows of our funds held by lenders to fund certain expenditures, such as real estate taxes and insurance, or to be released at our discretion upon the occurrence of certain pre-specified events. |
Investments in Real Estate | f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal costs, that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable, and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets In accordance with FASB ASC Topic 805 (“ASC 805”), we evaluate our real estate acquisitions to determine if they should be accounted for as a business or a group of assets. The evaluation includes an initial screen to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If the screen is met, the acquisition is not a business. The properties we have acquired met the screen test and are accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the related financing. We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. The value assigned to these intangible assets is amortized over the assumed lease up period, typically six months. During the year ended December 31, 2022 and 2021, we acquired in-place leases with a value of $1,136 and $58,806, respectively, related to our acquisitions that are discussed further in Note 3: IRT and STAR Merger and Note 4: Investments in Real Estate. For the years ended December 31, 2022, 2021 and 2020, we recorded $54,006, $5,125, and $631 of amortization expense for intangible assets, respectively. For the years ended December 31, 2022, 2021, and 2020, we wrote-off fully amortized intangible assets of $58,085, $1,549, and $1,171, respectively. Business Combinations For properties we acquire or transactions we enter into that are accounted for as business combinations, we apply the acquisition method of accounting under ASC 805, which requires the identification of the acquiror, the determination of the acquisition date, and the recognition and measurement, at fair value, of the assets acquired and liabilities assumed. To the extent that the fair value of net assets acquired differs from the fair value of consideration paid, ASC 805 requires the recognition of goodwill or a gain from a bargain purchase, if any. Impairment of Long-Lived Assets Management evaluates the recoverability of our investment in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured. Management reviews our long-lived assets on an ongoing basis and evaluates the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recorded when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets (e.g., hold period) and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. For the years ended December 31, 2022, 2021, and 2020, we recorded impairment charges of $3,529, $0, and $1,840, respectively. Depreciation Expense Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five wrote-off fully depreciated fixed assets Casualty Related Costs |
Investment in Real Estate Under Development | g. Investments in Real Estate Under DevelopmentWe capitalize direct and indirect project costs incurred during the development period such as construction, insurance, architectural, legal, interest costs, and real estate taxes. At such time as the development is considered substantially complete, the capitalization of certain indirect costs such as real estate taxes, interest costs, and all project-related costs in real estate under development are reclassified to investments in real estate. |
Investments in Unconsolidated Real Estate Entities | h. Investments in Unconsolidated Real Estate EntitiesWe have entered into joint ventures with unrelated third parties to acquire, develop, own, operate, and manage real estate assets. Our joint ventures are funded with a combination of debt and equity. We will consolidate entities that we control as well as any variable interest entity where we are the primary beneficiary. Under the VIE model, we will consolidate an entity when we have the ability to direct the activities of the VIE and the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, we consolidate an entity when we control the entity through ownership of a majority voting interest. We separately analyzed the initial accounting for each investment in unconsolidated entity and concluded that each are a voting interest entity. Our equity interest varies for each joint venture between 50% to 90% but, in each case, we share control of the major decisions that most significantly impact the joint ventures with our partners. Since we do not control the joint venture through our ownership interest, they are accounted for under the equity method of accounting, and are included in investments in unconsolidated real estate entities on the consolidated balance sheets. Under the equity method of accounting, the investments are carried at cost plus our share of net earnings or losses. |
Revenue and Expenses | i. Revenue and Expenses Rental and Other Property Revenue We apply FASB ASC Topic 842, “Leases” (“ASC 842”) with respect to our accounting for rental income. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. We have elected to account for lease (i.e. fixed payments including base rent) and non-lease components (i.e. tenant reimbursements and certain other service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2022 2021 2020 Rental revenue (1) $ 601,201 $ 240,829 $ 203,512 Other property revenue (2) 26,213 8,663 7,655 Other revenue 1,111 760 739 Total revenue $ 628,525 $ 250,252 $ 211,906 (1) Amounts include all revenue streams derived from lease and non-lease components accounted for under ASC 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASB ASC Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). Geographic Concentration (Unaudited) Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Georgia, Texas, Florida, Tennessee, Ohio, and Kentucky comprised 9.02%, 15.36%, 20.46%, 4.92%, 8.91%, 7.43%, and 5.38%, respectively, of our rental revenue for the year ended December 31, 2022. We make ongoing estimates of the collectability of our base rents, tenant reimbursements, and other service fees included within rental and other property revenue. If collectability is not probable for revenue streams accounted for under FASB ASC Topic 842, we adjust rental and other property income for the amount of uncollectible revenue. For revenue streams accounted for under ASC 606, we apply FASB ASC Topic 326 “Financial Instruments – Credit Losses” to establish an allowance for estimated expected credit losses. Advertising Expenses For the years ended December 31, 2022, 2021 and 2020, we incurred $5,414, $2,511, and $2,338 of advertising expenses, respectively. |
Fair Value of Financial Instruments | . Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 : Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 : Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 : Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. Given that cash and cash equivalents and restricted cash are short term in |
Deferred Financing Costs | . Deferred Financing CostsCosts incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. |
Office Leases | . Office LeasesIn accordance with FASB ASC Topic 842, “Leases”, lessees are required to recognize a right-of-use asset and a lease liability on the balance sheet at the lease commencement date for all leases, except those leases with terms of less than a year. We lease corporate office space under leases with terms of up to 10 years and that may include extension options, but that do not include any residual value guarantees or restrictive covenants. As of December 31, 2022, we have $3,079 of operating lease right-of-use assets and $3,401 of operating lease liabilities related to our corporate office leases. The operating lease right-of-use assets are presented within other assets other liabilities |
Income Taxes | . Income Taxes We have elected to be taxed as a REIT. Accordingly, we recorded no income tax expense for the years ended December 31, 2022, 2021 and 2020. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost |
Share-Based Compensation | . Share-Based CompensationWe account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”. Any stock-based compensation awards granted are measured based on the grant-date fair value of the award and compensation expense for the entire award is recognized on a straight-line basis over the requisite service period, which is the vesting period, for the entire award. Certain of our stock-based compensation awards provide for accelerated vesting upon retirement. In these cases, we recognize compensation expense on a straight-line basis over the period from grant date to the date the employee will become retirement eligible. If the grantee is retirement eligible at the time they receive an award, the full amount of compensation expense is recognized immediately on the grant date. |
Noncontrolling Interest | . Noncontrolling InterestOur noncontrolling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present noncontrolling interest in our consolidated balance sheet within equity but separate from stockholders’ equity. Any noncontrolling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at the greater of historical cost or their redemption value. |
Derivative Instruments | . Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure, as well as, to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including any derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income (loss) and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges, the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness. |
Employee Retention Credit | . Employee Retention CreditUnder the terms of the March 27, 2020 Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), we were eligible and applied for assistance in the form of a refundable employee retention credit. Since applicable GAAP guidance is limited, we adopted an accounting policy by analogizing to International Accounting Standard 20 “Accounting for Government Grants” to recognize employee retention credits as a reimbursement of payroll related expenses within property operating expenses, property management expenses, and general and administrative expenses in our consolidated statements of operations. During the year ended December 31, 2022, we received employee retention credit refunds totaling $6,238, and recognized $738 in property operating expenses, $212 in property management expenses and $211 in general and administrative expenses representing a reimbursement of previously paid employer payroll taxes, $1,576 in property operating expenses and $12 in property management expenses representing a reimbursement for retention costs and $257 representing interest within other income (expense) in our consolidated statements of operations. The remainder is included in accounts payable and accrued expenses in our consolidated balance sheets and will be recognized on a systematic basis through December 2023 as a reimbursement of payroll related expenses attributable to off-cycle compensation increases awarded to employees beginning in July 2022 and intended to support employee retention during the pandemic and its ongoing effect on the macroeconomic environment. |
Recent Accounting Pronouncements | . Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. Adopted Within these Financial Statements In March 2020, the FASB issued an accounting standard classified under FASB ASC Topic 848, “Reference Rate Reform.” The amendments in this update contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. Beginning in the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 has no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Disaggregated Revenue by Source | The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2022 2021 2020 Rental revenue (1) $ 601,201 $ 240,829 $ 203,512 Other property revenue (2) 26,213 8,663 7,655 Other revenue 1,111 760 739 Total revenue $ 628,525 $ 250,252 $ 211,906 (1) Amounts include all revenue streams derived from lease and non-lease components accounted for under ASC 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASB ASC Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). |
Schedule of Carrying Amount and Fair Value of Financial Instrument | The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: As of December 31, 2022 As of December 31, 2021 Financial Instrument Carrying Estimated Carrying Estimated Assets Cash and cash equivalents $ 16,084 $ 16,084 $ 35,972 $ 35,972 Restricted cash 27,933 27,933 29,699 29,699 Derivative assets 41,109 41,109 2,488 2,488 Liabilities Debt: Unsecured Revolver 164,283 169,842 274,109 274,109 Unsecured Term loans 596,612 611,265 497,951 497,951 Secured credit facilities 660,542 580,332 664,618 668,352 Mortgages 1,210,208 1,088,579 1,268,658 1,282,495 Derivative liabilities — — 11,896 11,896 |
IRT and STAR Merger (Tables)
IRT and STAR Merger (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price of STAR Merger | The following table summarizes the purchase price of STAR as of the date of the STAR Merger: Common Stock OP Units Amount Shares of STAR common stock and STAR OP common units exchanged 110,188,893 7,104,399 117,293,292 Exchange ratio 0.905 0.905 0.905 Shares of IRT common stock and IRT OP common units issued 99,720,948 6,429,481 106,150,429 Closing stock price of IRT on December 15, 2021 $ 24.45 $ 24.45 $ 24.45 Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units $ 2,438,177 $ 157,200 $ 2,595,378 STAR indebtedness paid off in connection with the Mergers 288,530 Consideration transferred $ 2,883,908 Fair value of STAR debt assumed by IRT 1,793,614 Total purchase price $ 4,677,522 |
Schedule of Purchase Price Allocation of Identifiable Assets and Liabilities Assumed | The following table shows the purchase price allocation of STAR’s identifiable assets and liabilities assumed as of the date of the STAR Merger: Amount Assets: Real estate held for investment $ 4,547,608 Real estate held for development 38,949 Cash and cash equivalents 69,179 Restricted cash 33,228 Other assets 23,596 Derivative assets 90 Intangible assets 58,048 Total assets $ 4,770,698 Liabilities: Indebtedness $ 1,793,614 Accounts payable and accrued liabilities 79,099 Accrued interest payable 3,113 Other liabilities 10,965 Total liabilities 1,886,791 Net assets acquired $ 2,883,907 |
Schedule of Unaudited Condensed Proforma Operating Information | The following unaudited pro forma operating information is presented as if the STAR Merger occurred in 2021 and had been included in operations as of January 1, 2020. This pro forma information does not purport to represent what the actual results of the Company would have been had the STAR Merger occurred on this date, nor does it purport to predict the results of operations for future periods. Unaudited Year Ended December 31, 2021 2020 Revenue $ 591,292 $ 540,516 Net income (loss) (a) $ 103,932 $ (44,899) Net (income) loss attributable to noncontrolling interests $ (3,426) $ 1,480 Net income (loss) attributable to common stockholders $ 100,506 $ (43,419) Net income (loss) attributable to common stockholders per share - basic and diluted $ 0.45 $ (0.22) (a) Contemporaneously with the closing of the STAR Merger, we hired 485 employees, previously employed by STAR, to operate the properties acquired in the STAR Merger in addition to serving in corporate positions. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Investments in Real Estate | The following table summarizes our investments in real estate: 2022 2021 Depreciable Lives Land $ 579,094 $ 567,507 — Building 5,695,711 5,622,492 40 Furniture, fixtures and equipment 340,438 272,356 5-10 Total investments in real estate $ 6,615,243 $ 6,462,355 Accumulated depreciation (425,034) (243,475) Investments in real estate, net $ 6,190,209 $ 6,218,880 |
Schedule of Held for Sale Property | The table below summarizes our held for sale properties. Property Name - Market Net Carrying Value Units (unaudited) Eagle Lake Landing - Indianapolis, IN $ 35,777 277 |
Schedule of Asset Acquisition | The below table summarizes asset acquisitions for the year ended December 31, 2022: Property Name Date of Purchase Market Units (unaudited) Purchase Price Views of Music City (phase I) 04/06/2022 Nashville, TN 96 $ 25,440 Cyan Mallard Creek 08/16/2022 Charlotte, NC 234 80,000 The Enclave at Tranquility Lake 09/13/2022 Tampa, FL 348 98,000 Total 678 $ 203,440 The following table summarizes the aggregate fair value of the assets and liabilities associated with asset acquisition of properties during the year ended December 31, 2022, on the date of acquisition. Description Fair Value of Assets Acquired During the Year Ended December 31, 2022 Assets acquired: Investments in real estate $ 201,611 Other assets 229 Intangible assets 1,136 Total assets acquired $ 202,976 Liabilities assumed: Accounts payable and accrued expenses $ 872 Other liabilities 327 Total liabilities assumed 1,199 Estimated FV of net assets acquired $ 201,777 The below table summarizes asset acquisitions for the year ended December 31, 2021: Property Name Date of Purchase Market Units (unaudited) Purchase Price Vesta City Park 05/18/2021 Charlotte, NC 272 $ 66,544 Cyan Craig Ranch 06/08/2021 Dallas, TX 322 73,372 Total 594 $ 139,916 The below table summarizes asset acquisitions for the year ended December 31, 2020: Property Name Date of Purchase Market Units (unaudited) Purchase Price Adley at Craig Ranch 2/11/2020 Dallas, TX 251 $ 51,204 Legacy at Jones Farm 12/1/2020 Huntsville, AL 421 94,027 Total 672 $ 145,231 |
Schedule of Disposition of Property | The below table summarizes the dispositions for the year ended December 31, 2022: Property Name Date of Sale Sale Price Gain (loss) on Sale (1) Riverchase 01/18/2022 $ 31,000 $ 12,901 Heritage Park 02/02/2022 48,500 31,366 Raindance 02/02/2022 47,500 33,748 Haverford 02/02/2022 31,050 16,697 Meadows Apartments 10/26/2022 57,000 20,573 Sycamore Terrace (2) 12/06/2022 42,000 (3,529) Total $ 257,050 $ 111,756 (1) The gain (loss) for these properties is net of $409 of defeasance and debt prepayment gains. (2) Impairment charge recognized following a fourth quarter amendment to the purchase and sale agreement which resulted in the carrying value of the property exceeding its fair value. The below table summarizes the dispositions for the year ended December 31, 2021: Property Name Date of Sale Sale Price Gain on Sale (1) King's Landing 07/28/2021 $ 40,100 $ 11,566 Crestmont 12/13/2021 48,500 33,067 Creekside 12/16/2021 91,000 43,104 Total $ 179,600 $ 87,737 (1) The gain for these properties is net of $2,312 of defeasance costs and debt prepayment costs. The below table summarizes the dispositions for the year ended December 31, 2020: Property Name Date of Sale Sale Price Gain (loss) on Sale (1) Trails at Signal Mountain 10/27/2020 $ 20,000 $ 6,237 Live Oak Trace (1) 11/10/2020 25,400 (1,931) Lakeshore on the Hill 11/23/2020 14,330 3,537 Total $ 59,730 $ 7,843 (1) Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020. |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and December 31, 2021: Carrying Value As Of Investments in Unconsolidated Real Estate Entities Location Units (1) (Unaudited) IRT Ownership Interest December 31, 2022 December 31, 2021 Metropolis at Innsbrook Richmond, VA 402 84.8 % $ 17,331 $ 14,632 Views of Music City II / The Crockett Nashville, TN 408 50.0 % 11,363 10,368 Virtuoso Huntsville, AL 178 90.0 % 14,422 — Lakeline Station Austin, TX 378 90.0 % 25,292 — The Mustang Dallas, TX 275 85.0 % 11,812 — Total 1,641 $ 80,220 $ 24,999 (1) Represents the total number of units after development is complete and each property is placed in service. As of December 31, 2022 the Virtuoso investment’s development is complete and has ongoing operations. |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Information Concerning Indebtedness | The following tables contain summary information concerning our consolidated indebtedness as of December 31, 2022: Debt: Outstanding Principal Unamortized Debt Issuance Costs Unamortized Loan (Discount)/Premiums Carrying Amount Type Weighted Average Rate (3) Weighted Unsecured revolver (1) $ 165,978 $ (1,695) $ — $ 164,283 Floating 4.9% 3.1 Unsecured term loans 600,000 (3,388) — 596,612 Floating 5.1% 4.5 Secured credit facilities (2) 635,128 (2,256) 27,670 660,542 Floating/Fixed 4.3% 5.9 Mortgages 1,185,246 (7,305) 32,267 1,210,208 Fixed 3.9% 5.2 Total Debt $ 2,586,352 $ (14,644) $ 59,937 $ 2,631,645 4.5% 5.1 (1) The unsecured revolver total capacity is $500,000, of which $165,978 was outstanding as of December 31, 2022. (2) The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2022, respectively. (3) Represents the weighted average of the contractual interest rates in effect as of quarter-end without regard to any interest rate swaps or collars. Our total weighted average effective interest rate as of the year ended December 31, 2022, after giving effect to the impact of interest rate swaps and collars, and excluding the impact of loan premium amortization and discount accretion was 4.1%. The following tables contains summary information concerning our consolidated indebtedness as of December 31, 2021: Debt: Outstanding Principal Unamortized Debt Issuance Costs Unamortized Loan (Discount)/Premiums Carrying Amount Type Weighted Average Rate (3) Weighted Unsecured revolver (1) $ 277,003 $ (2,894) $ — $ 274,109 Floating 1.5% 4.1 Unsecured term loans 500,000 (2,049) — 497,951 Floating 1.4% 3.2 Secured credit facilities (2) 635,128 (2,840) 32,330 664,618 Floating/Fixed 4.0% 6.9 Mortgages 1,238,612 (9,210) 39,256 1,268,658 Fixed 3.9% 6.1 Total Debt $ 2,650,743 $ (16,993) $ 71,586 $ 2,705,336 3.2% 5.6 (1) The unsecured credit facility total capacity was $500,000, of which $277,003 was outstanding as of December 31, 2021. (2) The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2021, respectively. (3) Represents the weighted average of the contractual interest rates in effect as of quarter-end without regard to any interest rate swaps or collars. Our total weighted average effective interest rate as of the year ended December 31, 2021, after giving effect to the impact of interest rate swaps and collars, and excluding the impact of loan premium amortization and discount accretion was 2.9%. |
Schedule of Maturities of Long-Term Debt | As of December 31, 2022 we were in compliance with all financial covenants contained in our consolidated indebtedness. Original maturities on or before December 31, Debt: 2023 2024 2025 2026 2027 Thereafter Unsecured revolver $ — $ — $ — $ 165,978 $ — $ — Unsecured term loans — — — 200,000 — 400,000 Secured credit facilities — — 3,525 10,493 11,462 609,648 Mortgages 9,677 69,012 173,910 144,942 15,943 771,762 Total $ 9,677 $ 69,012 $ 177,435 $ 521,413 $ 27,405 $ 1,781,410 |
Schedule of Mortgage Payoffs | The following table summarizes the mortgage payoffs during the years ended December 31, 2022 and 2021. Amount Weighted Average Interest Rate Mortgage payoffs in 2021 $ 305,804 3.81 % Mortgage payoffs in 2022 46,046 3.60 % $ 351,850 3.78 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Aggregate Amount and Estimated Net Fair Values of Our Derivative Instruments | The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2022 and 2021: As of December 31, 2022 As of December 31, 2021 Notional Fair Value of Fair Value of Notional Fair Value of Fair Value of Cash flow hedges: Interest rate swaps $ 300,000 $ 26,099 — $ 150,000 $ 2,488 $ 6,463 Interest rate collars 250,000 8,317 — 250,000 — 5,433 Forward interest rate collars 200,000 6,693 — — — — Total $ 750,000 $ 41,109 — $ 400,000 $ 2,488 $ 11,896 |
Stockholder Equity and Noncon_2
Stockholder Equity and Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Sale of Stock by Subsidiary or Equity Method Investee Disclosure | The following table summarizes our sales transactions under the ATM Program as of December 31, 2022. Forward Sale Transaction Date Number of Shares Sold Expiration Date of Forward Contract Number of Shares Settled Settlement Date Settlement Price, Net of Commissions Proceeds, Net of Commissions November 1, 2021 676,500 12/15/22 676,500 9/28/22 $ 23.32 $ 15,775 November 1, 2021 323,500 12/15/22 323,500 9/28/22 24.17 7,818 March 7, 2022 1,000,000 3/31/23 1,000,000 9/28/22 26.34 26,342 2,000,000 2,000,000 $ 49,935 |
Schedule of Dividends Declared | Our board of directors declared the following dividends in 2022: Quarter Declaration Date Record Date Payment Date Dividend Declared First quarter 2022 March 14, 2022 April 1, 2022 April 22, 2022 $ 0.12 Second quarter 2022 May 18, 2022 July 1, 2022 July 22, 2022 $ 0.14 Third quarter 2022 September 12, 2022 September 30, 2022 October 21, 2022 $ 0.14 Fourth quarter 2022 December 12, 2022 December 30, 2022 January 20, 2023 $ 0.14 Our board of directors declared the following dividends in 2021: Quarter Declaration Date Record Date Payment Date Dividend Declared First quarter 2021 March 15, 2021 April 2, 2021 April 23, 2021 $ 0.12 Second quarter 2021 June 14, 2021 July 2, 2021 July 23, 2021 $ 0.12 Third quarter 2021 September 13, 2021 October 1, 2021 October 22, 2021 $ 0.12 Fourth quarter 2021 December 2, 2021 December 15, 2021 January 14, 2022 $ 0.10 Fourth quarter 2021 December 2, 2021 December 30, 2021 January 21, 2022 $ 0.02 Noncontrolling Interest During 2022, holders of IROP units exchanged 890,669 units for 890,669 shares of our common stock. As of December 31, 2022, 6,091,171 IROP units held by unaffiliated third parties were outstanding. During 2021, we issued 6,429,481 IROP units in connection with the STAR Merger. Also during 2021, holders of IROP units exchanged 122,154 units for 122,154 shares of our common stock. As of December 31, 2021, 6,981,841 IROP units held by unaffiliated third parties were outstanding. Our board of directors declared the following distributions on our operating partnership’s LP units during 2022: Quarter Declaration Date Record Date Payment Date Dividend Declared First quarter 2022 March 14, 2022 April 1, 2022 April 22, 2022 $ 0.12 Second quarter 2022 May 18, 2022 July 1, 2022 July 22, 2022 $ 0.14 Third quarter 2022 September 12, 2022 September 30, 2022 October 21, 2022 $ 0.14 Fourth quarter 2022 December 12, 2022 December 30, 2022 January 20, 2023 $ 0.14 Our board of directors declared the following distributions on our operating partnership’s LP units during 2021: Quarter Declaration Date Record Date Payment Date Dividend Declared First quarter 2021 March 15, 2021 April 2, 2021 April 23, 2021 $ 0.12 Second quarter 2021 June 14, 2021 July 2, 2021 July 23, 2021 $ 0.12 Third quarter 2021 September 13, 2021 October 1, 2021 October 22, 2021 $ 0.12 Fourth quarter 2021 December 2, 2021 December 15, 2021 January 14, 2022 $ 0.10 Fourth quarter 2021 December 2, 2021 December 30, 2021 January 21, 2022 $ 0.02 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Common Share Awards and RSU of Incentive Plan | These awards generally vested immediately. A summary of restricted common share award and RSU activity is presented below. 2022 2021 2020 Number Weighted Average Grant Date Fair Number Weighted Average Grant Date Fair Number Weighted Average Grant Date Fair Balance, January 1, 404,988 $ 13.75 406,849 $ 11.68 326,541 $ 9.54 Granted 269,150 23.07 514,177 20.08 282,735 12.85 Vested (223,785) 14.40 (475,426) 18.82 (164,026) 9.32 Forfeited (54,871) 21.38 (40,612) 13.78 (38,401) 12.20 Balance, December 31, (1) 395,482 $ 18.67 404,988 $ 13.75 406,849 $ 11.68 (1) The outstanding award balance above included 163,348, 135,336, and 67,381 RSUs as of December 31, 2022, 2021, and 2020, respectively. |
Schedule of PSU Activity of the Incentive Plan | A summary of PSU activity is presented below. 2022 2021 2020 Number Weighted Average Grant Date Fair Number Weighted Average Grant Date Fair Number Weighted Average Grant Date Fair Balance, January 1, 944,907 $ 9.32 882,076 $ 8.21 717,677 $ 7.52 Granted (1) 198,099 20.67 257,230 12.45 202,145 11.77 Change in awards based on performance (2) 96,923 8.89 145,911 7.04 75,488 7.12 Vested (425,022) 6.47 (340,310) 7.04 (113,234) 7.12 Forfeited 26,612 20.35 — — — — Balance, December 31, 841,519 $ 13.74 944,907 $ 9.32 882,076 $ 8.21 (1) PSUs granted reflects the number of awards assuming target performance. The actual number of awards earned is based on actual performance during the three (2) Represents the change in the numbers of PSUs earned based on performance achievement for the performance period. |
Schedule of Assumptions Used in Computing the Fair Value | Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2022 2021 2020 Dividend yield 5.4% 6.4% 6.1% Volatility (a) 32.0% 33.0% 22.0% Expected term 2.9 years 2.8 years 2.8 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 25% to 45%. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Basic and Diluted Earnings (Loss) Per Share | The following table presents a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2022, 2021 and 2020: For the Years Ended December 31, 2022 2021 2020 Net income $ 120,659 $ 45,529 $ 14,877 Income allocated to noncontrolling interest (3,410) (940) (109) Net income allocable to common shares 117,249 44,589 14,768 Weighted-average shares outstanding—Basic 221,965,460 108,552,185 93,660,086 Dilutive securities 1,154,477 1,279,336 1,028,354 Weighted-average shares outstanding—Diluted 223,119,937 109,831,520 94,688,440 Earnings per share—Basic $ 0.53 $ 0.41 $ 0.16 Earnings per share—Diluted $ 0.53 $ 0.41 $ 0.16 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2022 Total revenue $ 150,362 $ 154,763 $ 160,600 $ 162,799 Net income (loss) 76,880 (7,399) 16,653 34,524 Net income (loss) allocable to common shares 74,600 (7,205) 16,223 33,631 Total earnings per share—Basic (1) $ 0.34 $ (0.03) $ 0.07 $ 0.15 Total earnings per share—Diluted (1) $ 0.34 $ (0.03) $ 0.07 $ 0.15 2021 Total revenue $ 55,112 $ 57,444 $ 60,780 $ 76,916 Net income (loss) 1,093 3,407 11,564 29,465 Net income (loss) allocable to common shares 1,086 3,386 11,502 28,615 Total earnings per share—Basic (1) $ 0.01 $ 0.03 $ 0.11 $ 0.23 Total earnings per share—Diluted (1) $ 0.01 $ 0.03 $ 0.11 $ 0.23 (1) The summation of quarterly per share amounts may not equal the full year amounts due to rounding. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity | The following table, sets forth as of December 31, 2022, the annual minimum rent due pursuant to these leases for each of the next five years and thereafter: Year Amount 2023 $ 844 2024 692 2025 482 2026 480 2027 486 Thereafter 2,042 Total $ 5,026 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 jointVenture unit property | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of multifamily properties owned | property | 120 |
Number of units located with multifamily properties | unit | 35,526 |
Number of joint ventures | jointVenture | 5 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 property | Dec. 31, 2022 USD ($) | Dec. 31, 2022 investment | Dec. 31, 2022 | |
Significant Accounting Policies [Line Items] | |||||||
Restricted cash | $ 29,699,000 | $ 27,933,000 | |||||
Acquisition of above-market in-place leases, amortization period | 6 months | ||||||
Amortization expense for intangible assets | $ 54,006,000 | $ 5,125,000 | $ 631,000 | ||||
ImpairmentOfIntangibleAssetFiniteLivedStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag | wrote-off fully amortized intangible assets | wrote-off fully amortized intangible assets | wrote-off fully amortized intangible assets | ||||
Write-off of fully amortized intangible assets | $ 58,085,000 | $ 1,549,000 | $ 1,171,000 | ||||
Impairment charge | 3,529,000 | 0 | 1,840,000 | ||||
Depreciation expense | $ 197,539,000 | $ 70,578,000 | $ 60,056,000 | ||||
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Depreciation and amortization expense | Depreciation and amortization expense | Depreciation and amortization expense | ||||
Write-off of fully depreciated fixed assets | $ 7,482,000 | $ 4,607,000 | $ 3,921,000 | ||||
Insurance recoveries, net | 8,866,000 | ||||||
Casualty losses | 359,000 | 711,000 | |||||
Capitalized interest expenses | 2,291,000 | 1,336,000 | 0 | ||||
Investment in real estate under development | 41,777,000 | 105,518,000 | |||||
Number of real estate properties | property | 120 | ||||||
Advertising expenses | 5,414,000 | 2,511,000 | 2,338,000 | ||||
Right-of-use assets | 3,079,000 | ||||||
Lease liability | $ 3,401,000 | ||||||
Total operating lease expense | 1,320,000 | 706,000 | 616,000 | ||||
Income tax expense | $ 0 | $ 0 | $ 0 | ||||
Dividends characterized as capital gain distributions | 99% | 100% | 20% | ||||
Dividends characterized as ordinary income percentage | 1% | 0% | 37% | ||||
Dividends characterized as return of capital | 43% | ||||||
Proceeds from retention credit refunds | $ 6,238,000 | ||||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | ||||||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | ||||||
Investment in Real Estate | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of real estate properties | property | 120 | ||||||
Property Operating Expenses | |||||||
Significant Accounting Policies [Line Items] | |||||||
Proceeds from retention credit refunds | $ 738,000 | ||||||
Reimbursement in retention cost | 1,576,000 | ||||||
Property Management Expenses | |||||||
Significant Accounting Policies [Line Items] | |||||||
Proceeds from retention credit refunds | 212,000 | ||||||
Reimbursement in retention cost | 12,000 | ||||||
General and Administrative Expense | |||||||
Significant Accounting Policies [Line Items] | |||||||
Proceeds from retention credit refunds | 211,000 | ||||||
Other Income (Expense) | |||||||
Significant Accounting Policies [Line Items] | |||||||
Reimbursement in retention cost | $ 257,000 | ||||||
Charlotte, NC | Rental Revenue | Geographic Concentration Risk | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of rental revenue | 9.02% | ||||||
Georgia | Rental Revenue | Geographic Concentration Risk | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of rental revenue | 15.36% | ||||||
Dallas, TX | Rental Revenue | Geographic Concentration Risk | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of rental revenue | 20.46% | ||||||
Tampa, FL | Rental Revenue | Geographic Concentration Risk | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of rental revenue | 4.92% | ||||||
Nashville, TN | Rental Revenue | Geographic Concentration Risk | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of rental revenue | 8.91% | ||||||
Ohio | Rental Revenue | Geographic Concentration Risk | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of rental revenue | 7.43% | ||||||
Kentucky | Rental Revenue | Geographic Concentration Risk | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of rental revenue | 5.38% | ||||||
Denver, CO | Investment in Real Estate | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of real estate properties | 9 | 2 | |||||
Investments in Unconsolidated Real Estate Entities | |||||||
Significant Accounting Policies [Line Items] | |||||||
Capitalized interest expenses | $ 1,601,000 | $ 339,000 | $ 0 | ||||
Building and Building Improvements | |||||||
Significant Accounting Policies [Line Items] | |||||||
Depreciable useful life | 40 years | ||||||
Leases Acquired In Place | |||||||
Significant Accounting Policies [Line Items] | |||||||
Acquisition of above-market in-place leases | $ 1,136,000 | $ 58,806,000 | |||||
Minimum | Various Entities | |||||||
Significant Accounting Policies [Line Items] | |||||||
Equity interest ownership percentage | 50% | ||||||
Minimum | Furniture, Fixtures and Equipment | |||||||
Significant Accounting Policies [Line Items] | |||||||
Depreciable useful life | 5 years | ||||||
Maximum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Operating lease term | 10 years | ||||||
Maximum | Various Entities | |||||||
Significant Accounting Policies [Line Items] | |||||||
Equity interest ownership percentage | 90% | ||||||
Maximum | Furniture, Fixtures and Equipment | |||||||
Significant Accounting Policies [Line Items] | |||||||
Depreciable useful life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Disaggregated Revenue by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||||||||||
Rental revenue | $ 601,201 | $ 240,829 | $ 203,512 | ||||||||
Other property revenue | 26,213 | 8,663 | 7,655 | ||||||||
Other revenue | 1,111 | 760 | 739 | ||||||||
Total revenue | $ 162,799 | $ 160,600 | $ 154,763 | $ 150,362 | $ 76,916 | $ 60,780 | $ 57,444 | $ 55,112 | $ 628,525 | $ 250,252 | $ 211,906 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Carrying Amount and Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | |||
Cash and cash equivalents, Carrying Amount | $ 16,084 | $ 35,972 | $ 8,751 |
Restricted cash, Carrying Amount | 27,933 | 29,699 | |
Derivative assets, Carrying Amount | 41,109 | 2,488 | |
Cash and cash equivalents, Estimated Fair Value | 16,084 | 35,972 | |
Restricted cash, Estimated Fair Value | 27,933 | 29,699 | |
Derivative assets, Estimated Fair Value | 41,109 | 2,488 | |
Liabilities | |||
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount | 2,631,645 | 2,705,336 | |
Derivative liabilities, Carrying Amount | 0 | 11,896 | |
Derivative liabilities, Estimated Fair Value | 0 | 11,896 | |
Unsecured Revolver | |||
Liabilities | |||
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount | 164,283 | 274,109 | |
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value | 169,842 | 274,109 | |
Unsecured term loans | |||
Liabilities | |||
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount | 596,612 | 497,951 | |
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value | 611,265 | 497,951 | |
Secured credit facilities | |||
Liabilities | |||
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount | 660,542 | 664,618 | |
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value | 580,332 | 668,352 | |
Mortgages | |||
Liabilities | |||
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount | 1,210,208 | 1,268,658 | |
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value | $ 1,088,579 | $ 1,282,495 |
IRT and STAR Merger - Additiona
IRT and STAR Merger - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 16, 2021 apartmentUnit apartment $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / shares | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Total revenue | $ 162,799 | $ 160,600 | $ 154,763 | $ 150,362 | $ 76,916 | $ 60,780 | $ 57,444 | $ 55,112 | $ 628,525 | $ 250,252 | $ 211,906 | ||
Net loss | $ 34,524 | $ 16,653 | $ (7,399) | $ 76,880 | $ 29,465 | $ 11,564 | $ 3,407 | $ 1,093 | 120,659 | 45,529 | $ 14,877 | ||
STAR | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||
Conversion of stock, exchange ratio | 0.905 | ||||||||||||
Percentage of equity ownership held | 47% | ||||||||||||
Number of apartment communities acquired | apartment | 68 | ||||||||||||
Number of units in apartment communities acquired | apartmentUnit | 21,394 | ||||||||||||
Number of apartment communities acquired under development | apartment | 2 | ||||||||||||
Number of units in apartment communities acquired upon completion | apartmentUnit | 621 | ||||||||||||
Total revenue | $ 15,589 | ||||||||||||
Net loss | $ 18,388 | ||||||||||||
Merger and integration related expenses | $ 5,505 | $ 47,063 | |||||||||||
STAR | OP Units | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Conversion of stock, exchange ratio | 0.905 | ||||||||||||
IRT | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of equity ownership held | 53% |
IRT and STAR Merger - Schedule
IRT and STAR Merger - Schedule of Purchase Price of STAR Merger (Details) - STAR $ / shares in Units, $ in Thousands | Dec. 16, 2021 USD ($) $ / shares shares |
Business Acquisition [Line Items] | |
Shares of STAR common stock and STAR OP common units exchanged (in shares) | shares | 117,293,292 |
Exchange ratio | 0.905 |
Shares of IRT common stock and IRT OP common units issued (in shares) | shares | 106,150,429 |
Closing stock price of IRT (in dollars per share) | $ / shares | $ 24.45 |
Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units | $ 2,595,378 |
STAR indebtedness paid off in connection with the Mergers | 288,530 |
Consideration transferred | 2,883,908 |
Fair value of STAR debt assumed by IRT | 1,793,614 |
Total purchase price | $ 4,677,522 |
Common Shares | |
Business Acquisition [Line Items] | |
Shares of STAR common stock and STAR OP common units exchanged (in shares) | shares | 110,188,893 |
Exchange ratio | 0.905 |
Shares of IRT common stock and IRT OP common units issued (in shares) | shares | 99,720,948 |
Closing stock price of IRT (in dollars per share) | $ / shares | $ 24.45 |
Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units | $ 2,438,177 |
OP Units | |
Business Acquisition [Line Items] | |
Shares of STAR common stock and STAR OP common units exchanged (in shares) | shares | 7,104,399 |
Exchange ratio | 0.905 |
Shares of IRT common stock and IRT OP common units issued (in shares) | shares | 6,429,481 |
Closing stock price of IRT (in dollars per share) | $ / shares | $ 24.45 |
Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units | $ 157,200 |
IRT and STAR Merger - Schedul_2
IRT and STAR Merger - Schedule of Purchase Price Allocation of Identifiable Assets and Liabilities Assumed (Details) - STAR $ in Thousands | Dec. 16, 2021 USD ($) |
Assets: | |
Real estate held for investment | $ 4,547,608 |
Real estate held for development | 38,949 |
Cash and cash equivalents | 69,179 |
Restricted cash | 33,228 |
Other assets | 23,596 |
Derivative assets | 90 |
Intangible assets | 58,048 |
Total assets | 4,770,698 |
Liabilities: | |
Indebtedness | 1,793,614 |
Accounts payable and accrued liabilities | 79,099 |
Accrued interest payable | 3,113 |
Other liabilities | 10,965 |
Total liabilities | 1,886,791 |
Net assets acquired | $ 2,883,907 |
IRT and STAR Merger - Schedul_3
IRT and STAR Merger - Schedule of Unaudited Condensed Proforma Operating Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 16, 2021 employee | |
Business Acquisition Pro Forma Information [Line Items] | |||
Net income (loss) attributable to common stockholders per share - basic (in dollars per share) | $ / shares | $ (0.22) | ||
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share) | $ / shares | $ 0.45 | ||
STAR | |||
Business Acquisition Pro Forma Information [Line Items] | |||
Revenue | $ | $ 591,292 | $ 540,516 | |
Net income (loss) | $ | 103,932 | (44,899) | |
Net (income) loss attributable to noncontrolling interests | $ | (3,426) | 1,480 | |
Net income (loss) attributable to common stockholders | $ | $ 100,506 | $ (43,419) | |
Net income (loss) attributable to common stockholders per share - basic (in dollars per share) | $ / shares | $ 0.45 | ||
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share) | $ / shares | $ (0.22) | ||
Number of employees hired | employee | 485 |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Apr. 06, 2022 USD ($) unit | Dec. 31, 2022 USD ($) property unit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real Estate Properties [Line Items] | ||||
Number of multifamily properties owned | property | 120 | |||
Number of units located with multifamily properties | unit | 35,526 | |||
Number of real estate property acquired | 96 | 68 | ||
Acquisition of real estate properties | $ 25,440 | $ 201,777 | $ 139,516 | $ 145,278 |
Sale proceeds from investments in unconsolidated real estate entities | 4,428 | |||
Return of investment in unconsolidated real estate entities | 3,406 | |||
Distributions from investments in unconsolidated real estate entities | $ 1,022 | |||
Number of units in real estate property acquired | unit | 21,394 | |||
Held-for-Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of multifamily properties owned | property | 1 |
Investments in Real Estate - Sc
Investments in Real Estate - Schedule of Investments in Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate Properties [Line Items] | ||
Land | $ 579,094 | $ 567,507 |
Building | 5,695,711 | 5,622,492 |
Furniture, fixtures and equipment | 340,438 | 272,356 |
Total investments in real estate | 6,615,243 | 6,462,355 |
Accumulated depreciation | (425,034) | (243,475) |
Investments in real estate, net | $ 6,190,209 | $ 6,218,880 |
Building | ||
Real Estate Properties [Line Items] | ||
Depreciable Lives (In years) | 40 years | |
Furniture, fixtures and equipment | Minimum | ||
Real Estate Properties [Line Items] | ||
Depreciable Lives (In years) | 5 years | |
Furniture, fixtures and equipment | Maximum | ||
Real Estate Properties [Line Items] | ||
Depreciable Lives (In years) | 10 years |
Investments in Real Estate - _2
Investments in Real Estate - Schedule of Held for Sale Property (Details) $ in Thousands | Dec. 31, 2022 USD ($) jointVenture | Dec. 31, 2021 USD ($) |
Real Estate Properties [Line Items] | ||
Net Carrying Value | $ 35,777 | $ 61,560 |
Eagle Lake Landing | Eagle Lake Landing - Indianapolis, IN | ||
Real Estate Properties [Line Items] | ||
Net Carrying Value | $ 35,777 | |
Units (unaudited) | jointVenture | 277 |
Investments in Real Estate - _3
Investments in Real Estate - Schedule of Acquisitions (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) unit | Dec. 31, 2021 USD ($) unit | Dec. 31, 2020 USD ($) unit | |
Asset Acquisition [Line Items] | |||
Units (unaudited) | unit | 678 | 594 | 672 |
Purchase Price | $ | $ 203,440 | $ 139,916 | $ 145,231 |
Views of Music City (phase I) | Nashville, TN | |||
Asset Acquisition [Line Items] | |||
Units (unaudited) | unit | 96 | ||
Purchase Price | $ | $ 25,440 | ||
Cyan Mallard Creek | Charlotte, NC | |||
Asset Acquisition [Line Items] | |||
Units (unaudited) | unit | 234 | ||
Purchase Price | $ | $ 80,000 | ||
The Enclave at Tranquility Lake | Tampa, FL | |||
Asset Acquisition [Line Items] | |||
Units (unaudited) | unit | 348 | ||
Purchase Price | $ | $ 98,000 | ||
Vesta City Park | Charlotte, NC | |||
Asset Acquisition [Line Items] | |||
Units (unaudited) | unit | 272 | ||
Purchase Price | $ | $ 66,544 | ||
Cyan Craig Ranch | Dallas, TX | |||
Asset Acquisition [Line Items] | |||
Units (unaudited) | unit | 322 | ||
Purchase Price | $ | $ 73,372 | ||
Adley at Craig Ranch | Dallas, TX | |||
Asset Acquisition [Line Items] | |||
Units (unaudited) | unit | 251 | ||
Purchase Price | $ | $ 51,204 | ||
Legacy at Jones Farm | Huntsville, AL | |||
Asset Acquisition [Line Items] | |||
Units (unaudited) | unit | 421 | ||
Purchase Price | $ | $ 94,027 |
Investments in Real Estate - _4
Investments in Real Estate - Schedule of Aggregate Fair Value of Assets and Liabilities (Detail) - Views of Music City (phase I), Cyan at Mallard Creek, and The Enclave at Tranquility Lake $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Assets acquired: | |
Investments in real estate | $ 201,611 |
Other assets | 229 |
Intangible assets | 1,136 |
Total assets acquired | 202,976 |
Liabilities assumed: | |
Accounts payable and accrued expenses | 872 |
Other liabilities | 327 |
Total liabilities assumed | 1,199 |
Estimated FV of net assets acquired | $ 201,777 |
Investments in Real Estate - _5
Investments in Real Estate - Schedule of Disposition of Property's (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Properties [Line Items] | ||||
Sale Price | $ 257,050 | $ 179,600 | $ 59,730 | |
Gain (loss) on Sale | 111,756 | 87,737 | 7,843 | |
Gain related to property includes defeasance costs | 409 | 2,312 | ||
Impairment charge | 3,529 | 0 | 1,840 | |
Riverchase | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 31,000 | |||
Gain (loss) on Sale | 12,901 | |||
Heritage Park | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 48,500 | |||
Gain (loss) on Sale | 31,366 | |||
Raindance | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 47,500 | |||
Gain (loss) on Sale | 33,748 | |||
Haverford | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 31,050 | |||
Gain (loss) on Sale | 16,697 | |||
Meadows Apartments | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 57,000 | |||
Gain (loss) on Sale | 20,573 | |||
Sycamore Terrace | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 42,000 | |||
Gain (loss) on Sale | $ (3,529) | |||
King's Landing | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 40,100 | |||
Gain (loss) on Sale | 11,566 | |||
Crestmont | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 48,500 | |||
Gain (loss) on Sale | 33,067 | |||
Creekside | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 91,000 | |||
Gain (loss) on Sale | $ 43,104 | |||
Trails at Signal Mountain | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 20,000 | |||
Gain (loss) on Sale | 6,237 | |||
Live Oak Trace | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 25,400 | |||
Gain (loss) on Sale | (1,931) | |||
Impairment charge | $ 1,840 | |||
Lakeshore on the Hill | ||||
Real Estate Properties [Line Items] | ||||
Sale Price | 14,330 | |||
Gain (loss) on Sale | $ 3,537 |
Investments in Unconsolidated_3
Investments in Unconsolidated Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Aggregate land and construction in progress costs capitalized | $ 206,986 | ||
Aggregate construction debt | 91,554 | ||
Income (Loss) from Equity Method Investments | $ 2,169 | $ 0 | $ 0 |
Investments in Unconsolidated_4
Investments in Unconsolidated Real Estate - Schedule of Investments in Unconsolidated Real Estate (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) unit | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Units | unit | 1,641 | |
Investments in unconsolidated real estate entities | $ | $ 80,220 | $ 24,999 |
Metropolis at Innsbrook | Richmond, VA | ||
Schedule of Equity Method Investments [Line Items] | ||
Units | unit | 402 | |
IRT Ownership Interest | 84.80% | |
Investments in unconsolidated real estate entities | $ | $ 17,331 | 14,632 |
Views of Music City II / The Crockett | Nashville, TN | ||
Schedule of Equity Method Investments [Line Items] | ||
Units | unit | 408 | |
IRT Ownership Interest | 50% | |
Investments in unconsolidated real estate entities | $ | $ 11,363 | 10,368 |
Virtuoso | Huntsville, AL | ||
Schedule of Equity Method Investments [Line Items] | ||
Units | unit | 178 | |
IRT Ownership Interest | 90% | |
Investments in unconsolidated real estate entities | $ | $ 14,422 | 0 |
Lakeline Station | Austin, TX | ||
Schedule of Equity Method Investments [Line Items] | ||
Units | unit | 378 | |
IRT Ownership Interest | 90% | |
Investments in unconsolidated real estate entities | $ | $ 25,292 | 0 |
The Mustang | Dallas, TX | ||
Schedule of Equity Method Investments [Line Items] | ||
Units | unit | 275 | |
IRT Ownership Interest | 85% | |
Investments in unconsolidated real estate entities | $ | $ 11,812 | $ 0 |
Indebtedness - Schedule of Info
Indebtedness - Schedule of Information Concerning Indebtedness (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | May 09, 2019 | Oct. 30, 2018 | |
Debt Instrument [Line Items] | ||||
Outstanding Principal | $ 2,586,352,000 | $ 2,650,743,000 | ||
Unamortized Debt Issuance Costs | (14,644,000) | (16,993,000) | ||
Unamortized Loan (Discount)/Premiums | 59,937,000 | 71,586,000 | ||
Carrying Amount | $ 2,631,645,000 | $ 2,705,336,000 | ||
Weighted Average Rate | 4.50% | 3.20% | ||
Weighted Average Maturity (in years) | 5 years 1 month 6 days | 5 years 7 months 6 days | ||
Effective interest rate, percentage | 4.10% | 2.90% | ||
Unsecured revolver | ||||
Debt Instrument [Line Items] | ||||
Outstanding Principal | $ 165,978,000 | $ 277,003,000 | ||
Unamortized Debt Issuance Costs | (1,695,000) | (2,894,000) | $ (1,129,000) | |
Unamortized Loan (Discount)/Premiums | 0 | 0 | ||
Carrying Amount | $ 164,283,000 | $ 274,109,000 | ||
Weighted Average Rate | 4.90% | 1.50% | ||
Weighted Average Maturity (in years) | 3 years 1 month 6 days | 4 years 1 month 6 days | ||
Credit facility borrowing capacity | $ 500,000,000 | $ 500,000,000 | ||
Unsecured term loans | ||||
Debt Instrument [Line Items] | ||||
Outstanding Principal | 600,000,000 | 500,000,000 | ||
Unamortized Debt Issuance Costs | (3,388,000) | (2,049,000) | ||
Unamortized Loan (Discount)/Premiums | 0 | 0 | ||
Carrying Amount | $ 596,612,000 | $ 497,951,000 | ||
Weighted Average Rate | 5.10% | 1.40% | ||
Weighted Average Maturity (in years) | 4 years 6 months | 3 years 2 months 12 days | ||
Credit facility borrowing capacity | $ 200,000,000 | |||
Secured credit facilities | ||||
Debt Instrument [Line Items] | ||||
Outstanding Principal | $ 635,128,000 | $ 635,128,000 | ||
Unamortized Debt Issuance Costs | (2,256,000) | (2,840,000) | ||
Unamortized Loan (Discount)/Premiums | 27,670,000 | 32,330,000 | ||
Carrying Amount | $ 660,542,000 | $ 664,618,000 | ||
Weighted Average Rate | 4.30% | 4% | ||
Weighted Average Maturity (in years) | 5 years 10 months 24 days | 6 years 10 months 24 days | ||
Secured credit facilities | PNC MCFA | ||||
Debt Instrument [Line Items] | ||||
Outstanding Principal | $ 76,248,000 | |||
Secured credit facilities | Newmark MCFA | ||||
Debt Instrument [Line Items] | ||||
Outstanding Principal | 558,880,000 | |||
Mortgages | ||||
Debt Instrument [Line Items] | ||||
Outstanding Principal | $ 1,185,246,000 | 1,238,612,000 | ||
Unamortized Debt Issuance Costs | (7,305,000) | (9,210,000) | ||
Unamortized Loan (Discount)/Premiums | 32,267,000 | 39,256,000 | ||
Carrying Amount | $ 1,210,208,000 | $ 1,268,658,000 | ||
Weighted Average Rate | 3.90% | 3.90% | ||
Weighted Average Maturity (in years) | 5 years 2 months 12 days | 6 years 1 month 6 days |
Indebtedness - Schedule of Matu
Indebtedness - Schedule of Maturities of Long-Term Debt (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 9,677 |
2024 | 69,012 |
2025 | 177,435 |
2026 | 521,413 |
2027 | 27,405 |
Thereafter | 1,781,410 |
Unsecured revolver | |
Debt Instrument [Line Items] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 165,978 |
2027 | 0 |
Thereafter | 0 |
Unsecured term loans | |
Debt Instrument [Line Items] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 200,000 |
2027 | 0 |
Thereafter | 400,000 |
Secured credit facilities | |
Debt Instrument [Line Items] | |
2023 | 0 |
2024 | 0 |
2025 | 3,525 |
2026 | 10,493 |
2027 | 11,462 |
Thereafter | 609,648 |
Mortgages | |
Debt Instrument [Line Items] | |
2023 | 9,677 |
2024 | 69,012 |
2025 | 173,910 |
2026 | 144,942 |
2027 | 15,943 |
Thereafter | $ 771,762 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||||||
Jul. 25, 2022 USD ($) loan | Dec. 16, 2021 USD ($) tranche | Dec. 14, 2021 USD ($) | Oct. 30, 2018 USD ($) | Nov. 20, 2017 USD ($) | Feb. 28, 2019 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 13, 2021 USD ($) | May 18, 2021 USD ($) | Nov. 30, 2019 USD ($) | May 09, 2019 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Repayments of long-term lines of credit | $ 718,525,000 | $ 302,301,000 | $ 197,000,000 | ||||||||||
Deferred financing costs | 14,644,000 | 16,993,000 | |||||||||||
Number of tranches | tranche | 4 | ||||||||||||
Number of tranches, only interest amount | tranche | 3 | ||||||||||||
Loss on extinguishment of debt | 0 | 10,261,000 | $ 0 | ||||||||||
Unsecured Revolver | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing capacity | $ 500,000,000 | $ 350,000,000 | |||||||||||
Repayments of long-term lines of credit | 100,000 | ||||||||||||
Deferred financing costs | $ 1,477,000 | ||||||||||||
Debt interest rate | 1.25% | ||||||||||||
Credit facility, revolving line of credit | $ 500,000,000 | $ 350,000,000 | |||||||||||
Maturity date | May 09, 2023 | ||||||||||||
Deferred financing costs | $ 1,886,000 | ||||||||||||
Unsecured Revolver | Minimum | SOFR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1.25% | ||||||||||||
Unsecured Revolver | Minimum | Base Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 0.25% | ||||||||||||
Unsecured Revolver | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Jan. 31, 2026 | ||||||||||||
Unsecured Revolver | Maximum | SOFR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 2% | ||||||||||||
Unsecured Revolver | Maximum | Base Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1% | ||||||||||||
Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, revolving line of credit | $ 200,000,000 | ||||||||||||
Unsecured Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing capacity | $ 500,000,000 | 500,000,000 | |||||||||||
Credit facility, revolving line of credit | $ 1,000,000,000 | 550,000,000 | $ 350,000,000 | ||||||||||
Deferred financing costs | 1,695,000 | 2,894,000 | $ 1,129,000 | ||||||||||
Senior Term Loan Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, revolving line of credit | 200,000,000 | ||||||||||||
Unsecured term loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing capacity | $ 200,000,000 | ||||||||||||
Credit facility, revolving line of credit | $ 100,000,000 | ||||||||||||
Maturity date | Jan. 17, 2024 | ||||||||||||
Deferred financing costs | 3,388,000 | $ 2,049,000 | |||||||||||
Deferred financing costs | $ 821,000 | ||||||||||||
Proceeds from credit facility | $ 150,000 | $ 50,000 | |||||||||||
Unsecured term loans | Minimum | LIBOR Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1.20% | ||||||||||||
Unsecured term loans | Maximum | LIBOR Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1.90% | ||||||||||||
New Unsecured Term Loan Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, revolving line of credit | 200,000,000 | ||||||||||||
Deferred financing costs | $ 1,200,000 | ||||||||||||
Unsecured Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing capacity | $ 100,000,000 | ||||||||||||
Maturity date | Nov. 20, 2024 | ||||||||||||
Deferred financing costs | $ 917,000 | $ 257,000 | |||||||||||
Unsecured Term Loan | Minimum | LIBOR Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1.20% | ||||||||||||
Unsecured Term Loan | Maximum | LIBOR Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1.90% | ||||||||||||
PNC MCFA | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Jul. 01, 2030 | ||||||||||||
Aggregate principal amount | $ 79,170,000 | ||||||||||||
Debt interest rate | 2.82% | ||||||||||||
Outstanding principal balance | $ 76,248,000 | ||||||||||||
Newmark MCFA | Tranche One | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Aug. 01, 2028 | ||||||||||||
Newmark MCFA | Tranche Two | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Aug. 01, 2028 | ||||||||||||
Newmark MCFA | Tranche Three | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Aug. 01, 2028 | ||||||||||||
Newmark MCFA | Tranche Four | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Mar. 01, 2030 | ||||||||||||
Newmark MCFA | Fixed Interest Rate | Tranche One | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 4.43% | ||||||||||||
Aggregate principal amount | $ 331,001,000 | ||||||||||||
Newmark MCFA | Fixed Interest Rate | Tranche Two | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 4.57% | ||||||||||||
Aggregate principal amount | $ 137,917,000 | ||||||||||||
Newmark MCFA | Fixed Interest Rate | Tranche Four | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 3.34% | ||||||||||||
Aggregate principal amount | $ 40,468,000 | ||||||||||||
Newmark MCFA | 1-month LIBOR Rate | Tranche Three | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1.70% | ||||||||||||
Aggregate principal amount | $ 49,493,000 | ||||||||||||
Fourth Amended, Restated Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing capacity | 1,100,000,000 | ||||||||||||
Increase in line of credit facility | 100,000 | ||||||||||||
Debt instrument, maximum increase amount | 1,500,000,000 | ||||||||||||
2028 Term Loan | Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing capacity | 400,000,000 | ||||||||||||
Debt interest rate | 1.15% | ||||||||||||
2028 Term Loan | Term Loan | Minimum | SOFR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1.15% | ||||||||||||
2028 Term Loan | Term Loan | Minimum | Base Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 0.15% | ||||||||||||
2028 Term Loan | Term Loan | Maximum | SOFR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1.80% | ||||||||||||
2028 Term Loan | Term Loan | Maximum | Base Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 0.80% | ||||||||||||
2026 Term Loan | Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing capacity | 200,000,000 | ||||||||||||
Debt interest rate | 1.20% | ||||||||||||
2026 Term Loan | Term Loan | Minimum | SOFR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1.20% | ||||||||||||
2026 Term Loan | Term Loan | Minimum | Base Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 0.20% | ||||||||||||
2026 Term Loan | Term Loan | Maximum | SOFR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 1.90% | ||||||||||||
2026 Term Loan | Term Loan | Maximum | Base Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate | 0.90% | ||||||||||||
January 2024 Term Loan | Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing capacity | $ 200,000,000 | ||||||||||||
Number of term loan | loan | 2 | ||||||||||||
November 2024 Term Loan | Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing capacity | $ 100,000,000 |
Indebtedness Schedule of Mortga
Indebtedness Schedule of Mortgage Payoffs (Details) - Mortgages $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |
Amount | $ 351,850 |
Weighted Average Interest Rate | 3.78% |
Mortgage payoffs in 2021 | |
Debt Instrument [Line Items] | |
Amount | $ 305,804 |
Weighted Average Interest Rate | 3.81% |
Mortgage payoffs in 2022 | |
Debt Instrument [Line Items] | |
Amount | $ 46,046 |
Weighted Average Interest Rate | 3.60% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Aggregate Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - Cash Flow Hedge - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 02, 2020 | May 09, 2019 | Nov. 30, 2018 | Oct. 17, 2018 | Nov. 17, 2017 | Jun. 24, 2016 |
Derivative Instruments Gain Loss [Line Items] | ||||||||
Notional | $ 750,000,000 | $ 400,000,000 | ||||||
Fair Value of Assets | 41,109,000 | 2,488,000 | ||||||
Fair Value of Liabilities | 0 | 11,896,000 | ||||||
Interest rate swaps | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Notional | 300,000,000 | 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||
Fair Value of Assets | 26,099,000 | 2,488,000 | ||||||
Fair Value of Liabilities | 0 | 6,463,000 | ||||||
Interest rate collars | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Notional | 250,000,000 | 250,000,000 | $ 150,000,000 | $ 100,000,000 | $ 100,000,000 | |||
Fair Value of Assets | 8,317,000 | 0 | ||||||
Fair Value of Liabilities | 0 | 5,433,000 | ||||||
Forward interest rate collars | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Notional | 200,000,000 | 0 | $ 150,000,000 | |||||
Fair Value of Assets | 6,693,000 | 0 | ||||||
Fair Value of Liabilities | $ 0 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||||||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 17, 2024 | Jan. 17, 2024 | Jul. 12, 2022 | Jun. 17, 2021 | Mar. 02, 2020 | May 09, 2019 | Nov. 30, 2018 | Oct. 17, 2018 | Nov. 17, 2017 | Jun. 24, 2016 | |
Derivative Instruments Gain Loss [Line Items] | |||||||||||||
Realized gains (losses) on interest rate hedges reclassified to earnings | $ (1,296,000) | $ 8,136,000 | $ (5,352,000) | ||||||||||
Forward Interest Rate Collar | |||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||
Interest rate cap strike rate | 2.50% | ||||||||||||
Floor interest rate | 1.50% | ||||||||||||
Cash Flow Hedge | |||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||
Notional value | 750,000,000 | 400,000,000 | |||||||||||
Strike rate | 0.985% | 2.176% | |||||||||||
Derivative, strike rate for the interest rate swap contract | 1.1325% | 1.145% | |||||||||||
Cash Flow Hedge | Interest rate swaps | |||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||
Notional value | 300,000,000 | 150,000,000 | $ 150,000,000 | $ 150,000,000 | |||||||||
Cash Flow Hedge | Forward Interest Rate Swap | |||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||
Notional value | 200,000,000 | 0 | $ 150,000,000 | ||||||||||
Cash Flow Hedge | Interest rate collars | |||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||
Notional value | 250,000,000 | $ 250,000,000 | $ 150,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||||
Interest rate cap strike rate | 2.50% | 2% | |||||||||||
Floor interest rate | 2.25% | 1.25% | |||||||||||
Cash Flow Hedge | Forward Interest Rate Collar | |||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||
Notional value | $ 200,000,000 | ||||||||||||
Cash Flow Hedge | Forward Interest Rate Collar | Forecast | |||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||
Notional value | $ 100,000,000 | $ 100,000,000 | |||||||||||
Cash Flow Hedge | Interest Rate Swaps and Collars | |||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||
Gains expected to be reclassified out of accumulated other comprehensive income (loss) to earnings in future | $ (14,809,000) | ||||||||||||
Estimated time for reclassification out of accumulated other comprehensive income (loss) to earnings | 12 months |
Stockholder Equity and Noncon_3
Stockholder Equity and Noncontrolling Interest - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Mar. 07, 2022 shares | Dec. 14, 2021 USD ($) shares | Nov. 01, 2021 shares | Jul. 27, 2021 $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 agreement shares | Dec. 31, 2020 shares | May 18, 2022 USD ($) | Nov. 13, 2020 USD ($) | |
Class Of Stock [Line Items] | |||||||||
At-the-market agreement to sell common shares, maximum offer price | $ | $ 150,000 | ||||||||
Stock repurchase program, authorized amount | $ | $ 250,000 | ||||||||
Amount remaining authorized for purchase under the stock repurchase program | $ | $ 250,000 | ||||||||
Number of IROP unites exchanged (in shares) | 890,669 | 122,154 | |||||||
OP Units outstanding (in shares) | 6,091,171 | 6,981,841 | |||||||
Common Shares | |||||||||
Class Of Stock [Line Items] | |||||||||
Issuance of common shares (in shares) | 2,051,498 | 118,659,635 | 10,350,000 | ||||||
Conversion of noncontrolling interest to common shares (in shares) | 890,669 | 122,154 | 196,974 | ||||||
Steadfast Apartment REIT, Inc. | |||||||||
Class Of Stock [Line Items] | |||||||||
Stock issued in connection with merger (in shares) | 6,429,481 | ||||||||
Underwriting Agreement | BMO Capital Markets and Bank of Montreal | |||||||||
Class Of Stock [Line Items] | |||||||||
Issuance of common shares (in shares) | 16,100,000 | ||||||||
Share price (in dollars per share) | $ / shares | $ 17.04 | ||||||||
Underwriters’ option to purchase additional shares (in shares) | 2,100,000 | ||||||||
ATM Program | |||||||||
Class Of Stock [Line Items] | |||||||||
Number of shares issued (in shares) | 2,000,000 | ||||||||
Issuance under the ATM program (in shares) | 56,836,000 | ||||||||
Net proceed of common stock | $ | $ 49,935 | ||||||||
ATM Program | Forward Contracts | |||||||||
Class Of Stock [Line Items] | |||||||||
Number of shares issued (in shares) | 1,000,000 | 1,000,000 | |||||||
Forward Sale Agreement | |||||||||
Class Of Stock [Line Items] | |||||||||
Number of shares issued (in shares) | 16,100,000 | 16,100,000 | |||||||
Issuance of common shares (in shares) | 16,100,000 | ||||||||
Number of agreements | agreement | 2 | ||||||||
Net proceed of common stock | $ | $ 271,820 |
Stockholder Equity and Noncon_4
Stockholder Equity and Noncontrolling Interest - Schedule of Sale of Stock by Subsidiary or Equity Method Investee Disclosure (Detail) - ATM Program $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Subsidiary, Sale of Stock [Line Items] | |
Number of Shares Sold (in shares) | 2,000,000 |
Number of Shares Settled (in shares) | 2,000,000 |
Proceeds, Net of Commissions | $ | $ 49,935 |
November 1, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |
Number of Shares Sold (in shares) | 676,500 |
Number of Shares Settled (in shares) | 676,500 |
Settlement Price, Net of Commissions (in dollars per share) | $ / shares | $ 23.32 |
Proceeds, Net of Commissions | $ | $ 15,775 |
November 1, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |
Number of Shares Sold (in shares) | 323,500 |
Number of Shares Settled (in shares) | 323,500 |
Settlement Price, Net of Commissions (in dollars per share) | $ / shares | $ 24.17 |
Proceeds, Net of Commissions | $ | $ 7,818 |
March 7, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |
Number of Shares Sold (in shares) | 1,000,000 |
Number of Shares Settled (in shares) | 1,000,000 |
Settlement Price, Net of Commissions (in dollars per share) | $ / shares | $ 26.34 |
Proceeds, Net of Commissions | $ | $ 26,342 |
Stockholder Equity and Noncon_5
Stockholder Equity and Noncontrolling Interest - Dividends Declared (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends Payable [Line Items] | |||||||||||
Dividend Declared Per Share (in dollars per share) | $ 0.54 | $ 0.48 | $ 0.54 | ||||||||
Dividend Declared | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Dividend Declared Per Share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | ||||
Dividend Declared | Noncontrolling Interests | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Dividend Declared Per Share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | ||||
Dividend Declared | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Dividend Declared Per Share (in dollars per share) | $ 0.10 | ||||||||||
Dividend Declared | Noncontrolling Interests | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Dividend Declared Per Share (in dollars per share) | 0.10 | ||||||||||
Dividend Declared | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Dividend Declared Per Share (in dollars per share) | 0.02 | ||||||||||
Dividend Declared | Noncontrolling Interests | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Dividend Declared Per Share (in dollars per share) | $ 0.02 |
Equity Compensation Plans - Add
Equity Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
May 31, 2016 | Feb. 24, 2023 | Feb. 23, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 18, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 8,000,000 | ||||
Stock compensation expense | $ 8,044 | $ 7,346 | $ 5,635 | ||||
PSU vesting percentage upon satisfaction of performance criteria | 50% | ||||||
PSU vesting percentage subject to continues service | 50% | ||||||
Restricted Stock and RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common Share awards, granted (in shares) | 269,150 | 514,177 | 282,735 | ||||
Weighted average fair value, granted (in dollars per share) | $ 23.07 | $ 20.08 | $ 12.85 | ||||
Unearned compensation cost | $ 3,260 | ||||||
Weighted average recognition period | 2 years | ||||||
Estimated fair value of restricted common share awards vested | $ 5,452 | $ 7,208 | $ 2,076 | ||||
Restricted Stock and RSUs | Subsequent Event | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common Share awards, granted (in shares) | 242,447 | ||||||
Weighted average fair value, granted (in dollars per share) | $ 19.09 | ||||||
Grant date fair value | $ 4,629 | ||||||
Market Performance Condition | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of total shareholders return | 70% | ||||||
Subjective Performance Condition | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of individual criteria | 30% | ||||||
Performance Share Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock compensation expense | $ 2,262 | ||||||
Common Share awards, granted (in shares) | 198,099 | 257,230 | 202,145 | ||||
Weighted average fair value, granted (in dollars per share) | $ 20.67 | $ 12.45 | $ 11.77 | ||||
Weighted average recognition period | 2 years 6 months | ||||||
Estimated fair value | $ 10,458 | $ 4,750 | $ 1,862 | ||||
Minimum | Restricted Stock and RSUs | Subsequent Event | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 2 years | ||||||
Maximum | Restricted Stock and RSUs | Subsequent Event | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | ||||||
Long Term Incentive Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock, shares authorized (in shares) | 1,280,610 | ||||||
Awards performance period | 3 years | ||||||
Long Term Incentive Plan | Minimum | Restricted Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 2 years | ||||||
Long Term Incentive Plan | Minimum | RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 3 years | ||||||
Long Term Incentive Plan | Maximum | Restricted Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | ||||||
Long Term Incentive Plan | Maximum | RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Awards vesting period | 4 years | ||||||
Employee | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock compensation expense | $ 2,422 | $ 2,112 | $ 1,667 |
Equity Compensation Plans - Sch
Equity Compensation Plans - Schedule of Restricted Common Share Awards and RSU of Incentive Plan (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock and RSUs | |||
Number of Shares | |||
Beginning balance (in shares) | 404,988 | 406,849 | 326,541 |
Granted (in shares) | 269,150 | 514,177 | 282,735 |
Vested (in shares) | (223,785) | (475,426) | (164,026) |
Forfeited (in shares) | (54,871) | (40,612) | (38,401) |
Ending balance (in shares) | 395,482 | 404,988 | 406,849 |
Weighted Average Grant Date Fair Value Per Share | |||
Beginning balance (in dollars per share) | $ 13.75 | $ 11.68 | $ 9.54 |
Granted (in dollars per share) | 23.07 | 20.08 | 12.85 |
Vested (in dollars per share) | 14.40 | 18.82 | 9.32 |
Forfeited (in dollars per share) | 21.38 | 13.78 | 12.20 |
Ending balance (in dollars per share) | $ 18.67 | $ 13.75 | $ 11.68 |
Number of shares, outstanding (in shares) | 395,482 | 404,988 | 406,849 |
RSUs | |||
Number of Shares | |||
Beginning balance (in shares) | 135,336 | 67,381 | |
Ending balance (in shares) | 163,348 | 135,336 | 67,381 |
Weighted Average Grant Date Fair Value Per Share | |||
Number of shares, outstanding (in shares) | 163,348 | 135,336 | 67,381 |
Equity Compensation Plans - S_2
Equity Compensation Plans - Schedule of PSU Activity of the Incentive Plan (Detail) - Performance Share Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | |||
Beginning balance (in shares) | 944,907 | 882,076 | 717,677 |
Granted (in shares) | 198,099 | 257,230 | 202,145 |
Change in awards based on performance (in shares) | 96,923 | 145,911 | 75,488 |
Vested (in shares) | (425,022) | (340,310) | (113,234) |
Forfeited (in shares) | 26,612 | 0 | 0 |
Ending balance (in shares) | 841,519 | 944,907 | 882,076 |
Weighted Average Grant Date Fair Value Per Share | |||
Beginning balance (in dollars per share) | $ 9.32 | $ 8.21 | $ 7.52 |
Granted (in dollars per share) | 20.67 | 12.45 | 11.77 |
Change in awards based on performance (in dollars per share) | 8.89 | 7.04 | 7.12 |
Vested (in dollars per share) | 6.47 | 7.04 | 7.12 |
Forfeited (in dollars per share) | 20.35 | 0 | 0 |
Ending balance (in dollars per share) | $ 13.74 | $ 9.32 | $ 8.21 |
Number of shares granted based on target award percentage | 3 years | ||
Minimum | |||
Weighted Average Grant Date Fair Value Per Share | |||
Number of shares granted based on target award percentage | 0% | ||
Maximum | |||
Weighted Average Grant Date Fair Value Per Share | |||
Number of shares granted based on target award percentage | 150% |
Equity Compensation Plans - S_3
Equity Compensation Plans - Schedule of Assumptions Used in Computing fair value of the PSUs (Detail) - Performance Share Units | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 5.40% | 6.40% | 6.10% |
Volatility | 32% | 33% | 22% |
Expected term | 2 years 10 months 24 days | 2 years 9 months 18 days | 2 years 9 months 18 days |
Minimum | Peer Group and NAREIT | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 25% | ||
Maximum | Peer Group and NAREIT | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 45% |
Earnings (Loss) Per Share - Rec
Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 34,524 | $ 16,653 | $ (7,399) | $ 76,880 | $ 29,465 | $ 11,564 | $ 3,407 | $ 1,093 | $ 120,659 | $ 45,529 | $ 14,877 |
Income allocated to noncontrolling interest | (3,410) | (940) | (109) | ||||||||
Net income allocable to common shares | $ 33,631 | $ 16,223 | $ (7,205) | $ 74,600 | $ 28,615 | $ 11,502 | $ 3,386 | $ 1,086 | $ 117,249 | $ 44,589 | $ 14,768 |
Weighted-average shares outstanding—Basic (in shares) | 221,965,460 | 108,552,185 | 93,660,086 | ||||||||
Dilutive securities (in shares) | 1,154,477 | 1,279,336 | 1,028,354 | ||||||||
Weighted-average shares outstanding—Diluted (in shares) | 223,119,937 | 109,831,520 | 94,688,440 | ||||||||
Earnings per share—Basic (in dollars per share) | $ 0.15 | $ 0.07 | $ (0.03) | $ 0.34 | $ 0.23 | $ 0.11 | $ 0.03 | $ 0.01 | $ 0.53 | $ 0.41 | $ 0.16 |
Earnings per share—Diluted (in dollars per share) | $ 0.15 | $ 0.07 | $ (0.03) | $ 0.34 | $ 0.23 | $ 0.11 | $ 0.03 | $ 0.01 | $ 0.53 | $ 0.41 | $ 0.16 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 6,091,171 | 8,005,013 | 1,574,517 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 162,799 | $ 160,600 | $ 154,763 | $ 150,362 | $ 76,916 | $ 60,780 | $ 57,444 | $ 55,112 | $ 628,525 | $ 250,252 | $ 211,906 |
Net income | 34,524 | 16,653 | (7,399) | 76,880 | 29,465 | 11,564 | 3,407 | 1,093 | 120,659 | 45,529 | 14,877 |
Net income (loss) allocable to common shares | $ 33,631 | $ 16,223 | $ (7,205) | $ 74,600 | $ 28,615 | $ 11,502 | $ 3,386 | $ 1,086 | $ 117,249 | $ 44,589 | $ 14,768 |
Total earnings per share—Basic (in dollars per share) | $ 0.15 | $ 0.07 | $ (0.03) | $ 0.34 | $ 0.23 | $ 0.11 | $ 0.03 | $ 0.01 | $ 0.53 | $ 0.41 | $ 0.16 |
Total earnings per share—Diluted (in dollars per share) | $ 0.15 | $ 0.07 | $ (0.03) | $ 0.34 | $ 0.23 | $ 0.11 | $ 0.03 | $ 0.01 | $ 0.53 | $ 0.41 | $ 0.16 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Commitments and Contingencies_2
Commitments and Contingencies (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Weighted average term of lease obligations | 6 years 1 month 6 days |
Amount | |
2023 | $ 844 |
2024 | 692 |
2025 | 482 |
2026 | 480 |
2027 | 486 |
Thereafter | 2,042 |
Total | $ 5,026 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 investment | Dec. 31, 2022 USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 120 | ||||
Encumbrances exclude the principal balance | $ 635,128 | ||||
Investments in Real Estate | |||||
Balance, beginning of period | $ 6,534,563 | $ 1,916,770 | $ 1,796,365 | ||
Additions during period: | |||||
Acquisitions | 201,611 | 4,686,943 | 145,340 | ||
Improvements to land and building | 85,227 | 43,035 | 35,783 | ||
Deductions during period: | |||||
Dispositions of real estate | (161,836) | (106,916) | (56,797) | ||
Asset write-offs | (7,482) | (5,269) | (3,921) | ||
Balance, end of period: | 6,652,083 | 6,534,563 | 1,916,770 | ||
Accumulated Depreciation | |||||
Balance, beginning of period | 254,123 | 208,618 | 158,435 | ||
Depreciation expense | 197,539 | 70,156 | 59,717 | ||
Dispositions of real estate | (18,083) | (19,382) | (5,613) | ||
Asset write-off | (7,482) | (5,269) | (3,921) | ||
Balance, end of period: | 426,097 | $ 254,123 | $ 208,618 | ||
Mortgages | |||||
Deductions during period: | |||||
Balance, end of period: | 1,185,246 | ||||
Unsecured revolver | |||||
Deductions during period: | |||||
Balance, end of period: | $ 3,538,113 | ||||
Investment in Real Estate | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 120 | ||||
Initial Cost, Land | 580,617 | ||||
Initial Cost, Building | 5,727,861 | ||||
Cost of Improvements, Land | 1,081 | ||||
Cost of Improvements, Building | 342,524 | ||||
Gross Carrying Amount, Land | 581,698 | ||||
Accumulated | $ (426,097) | ||||
Investment in Real Estate | Asheville, NC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Initial Cost, Land | 2,750 | ||||
Initial Cost, Building | 25,225 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 1,235 | ||||
Gross Carrying Amount, Land | 2,750 | ||||
Accumulated | $ (5,107) | ||||
Investment in Real Estate | Atlanta, GA | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 13 | ||||
Initial Cost, Land | 102,866 | ||||
Initial Cost, Building | 903,813 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 55,055 | ||||
Gross Carrying Amount, Land | 102,866 | ||||
Accumulated | $ (57,014) | ||||
Investment in Real Estate | Austin, TX | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Initial Cost, Land | 3,857 | ||||
Initial Cost, Building | 48,719 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 3,206 | ||||
Gross Carrying Amount, Land | 3,857 | ||||
Accumulated | $ (1,665) | ||||
Investment in Real Estate | Birmingham, AL | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Initial Cost, Land | 10,682 | ||||
Initial Cost, Building | 213,996 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 7,234 | ||||
Gross Carrying Amount, Land | 10,682 | ||||
Accumulated | $ (6,942) | ||||
Investment in Real Estate | Charleston, SC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Initial Cost, Land | 9,260 | ||||
Initial Cost, Building | 69,104 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 2,844 | ||||
Gross Carrying Amount, Land | 9,260 | ||||
Accumulated | $ (13,733) | ||||
Investment in Real Estate | Charlotte, NC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Initial Cost, Land | 17,352 | ||||
Initial Cost, Building | 170,531 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 1,333 | ||||
Gross Carrying Amount, Land | 17,352 | ||||
Accumulated | $ (10,347) | ||||
Investment in Real Estate | Chattanooga, TN | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Initial Cost, Land | 3,683 | ||||
Initial Cost, Building | 32,370 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 889 | ||||
Gross Carrying Amount, Land | 3,683 | ||||
Accumulated | $ (1,005) | ||||
Investment in Real Estate | Chicago, IL | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Initial Cost, Land | 5,587 | ||||
Initial Cost, Building | 82,485 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 2,054 | ||||
Gross Carrying Amount, Land | 5,587 | ||||
Accumulated | $ (2,524) | ||||
Investment in Real Estate | Cincinnati, OH | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Initial Cost, Land | 6,939 | ||||
Initial Cost, Building | 111,937 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 3,228 | ||||
Gross Carrying Amount, Land | 6,939 | ||||
Accumulated | $ (3,473) | ||||
Investment in Real Estate | Columbus, OH | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 10 | ||||
Initial Cost, Land | 28,870 | ||||
Initial Cost, Building | 308,917 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 29,418 | ||||
Gross Carrying Amount, Land | 28,870 | ||||
Accumulated | $ (31,490) | ||||
Investment in Real Estate | Dallas, TX | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 14 | ||||
Initial Cost, Land | 68,829 | ||||
Initial Cost, Building | 749,578 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 30,937 | ||||
Gross Carrying Amount, Land | 68,829 | ||||
Accumulated | $ (39,969) | ||||
Investment in Real Estate | Denver, CO | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | 9 | 2 | |||
Initial Cost, Land | 45,373 | ||||
Initial Cost, Building | 537,301 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 22,645 | ||||
Gross Carrying Amount, Land | 45,373 | ||||
Accumulated | $ (18,067) | ||||
Investment in Real Estate | Fort Wayne, IN | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Initial Cost, Land | 2,590 | ||||
Initial Cost, Building | 39,542 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 2,008 | ||||
Gross Carrying Amount, Land | 2,590 | ||||
Accumulated | $ (1,415) | ||||
Investment in Real Estate | Greenville, SC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Initial Cost, Land | 7,330 | ||||
Initial Cost, Building | 111,833 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 4,002 | ||||
Gross Carrying Amount, Land | 7,330 | ||||
Accumulated | $ (3,665) | ||||
Investment in Real Estate | Houston, TX | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 7 | ||||
Initial Cost, Land | 29,049 | ||||
Initial Cost, Building | 284,339 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 8,688 | ||||
Gross Carrying Amount, Land | 29,049 | ||||
Accumulated | $ (8,941) | ||||
Investment in Real Estate | Huntsville, AL | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Initial Cost, Land | 20,794 | ||||
Initial Cost, Building | 166,020 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 2,876 | ||||
Gross Carrying Amount, Land | 20,794 | ||||
Accumulated | $ (9,250) | ||||
Investment in Real Estate | Indianapolis, Indiana [Member] | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 8 | ||||
Initial Cost, Land | 24,888 | ||||
Initial Cost, Building | 284,590 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 16,601 | ||||
Gross Carrying Amount, Land | 24,888 | ||||
Accumulated | $ (20,613) | ||||
Investment in Real Estate | Lexington, KY | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Initial Cost, Land | 9,467 | ||||
Initial Cost, Building | 145,715 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 4,659 | ||||
Gross Carrying Amount, Land | 9,467 | ||||
Accumulated | $ (4,652) | ||||
Investment in Real Estate | Louisville, KY | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Initial Cost, Land | 21,228 | ||||
Initial Cost, Building | 102,521 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 24,815 | ||||
Gross Carrying Amount, Land | 21,228 | ||||
Accumulated | $ (35,876) | ||||
Investment in Real Estate | Memphis, TN | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Initial Cost, Land | 10,730 | ||||
Initial Cost, Building | 124,023 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 24,544 | ||||
Gross Carrying Amount, Land | 10,730 | ||||
Accumulated | $ (33,611) | ||||
Investment in Real Estate | Myrtle Beach, SC - Wilmington, NC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Initial Cost, Land | 4,580 | ||||
Initial Cost, Building | 55,797 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 7,389 | ||||
Gross Carrying Amount, Land | 4,580 | ||||
Accumulated | $ (10,492) | ||||
Investment in Real Estate | Nashville, TN | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Initial Cost, Land | 33,939 | ||||
Initial Cost, Building | 318,936 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 12,595 | ||||
Gross Carrying Amount, Land | 33,939 | ||||
Accumulated | $ (10,166) | ||||
Investment in Real Estate | Norfolk, VA | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Initial Cost, Land | 2,808 | ||||
Initial Cost, Building | 50,093 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 1,157 | ||||
Gross Carrying Amount, Land | 2,808 | ||||
Accumulated | $ (1,516) | ||||
Investment in Real Estate | Oklahoma City, OK | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 8 | ||||
Initial Cost, Land | 17,099 | ||||
Initial Cost, Building | 280,770 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 20,698 | ||||
Gross Carrying Amount, Land | 17,099 | ||||
Accumulated | $ (18,668) | ||||
Investment in Real Estate | Orlando, FL | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Initial Cost, Land | 5,500 | ||||
Initial Cost, Building | 41,752 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 2,886 | ||||
Gross Carrying Amount, Land | 5,500 | ||||
Accumulated | $ (8,803) | ||||
Investment in Real Estate | Raleigh - Durham, NC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 6 | ||||
Initial Cost, Land | 34,409 | ||||
Initial Cost, Building | 199,323 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 21,560 | ||||
Gross Carrying Amount, Land | 34,409 | ||||
Accumulated | $ (40,432) | ||||
Investment in Real Estate | San Antonio, TX | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Initial Cost, Land | 4,604 | ||||
Initial Cost, Building | 50,501 | ||||
Cost of Improvements, Land | 0 | ||||
Cost of Improvements, Building | 1,935 | ||||
Gross Carrying Amount, Land | 4,604 | ||||
Accumulated | $ (1,706) | ||||
Investment in Real Estate | Tampa-St. Petersburg, FL | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Initial Cost, Land | 45,554 | ||||
Initial Cost, Building | 218,130 | ||||
Cost of Improvements, Land | 1,081 | ||||
Cost of Improvements, Building | 26,033 | ||||
Gross Carrying Amount, Land | 46,635 | ||||
Accumulated | $ (24,955) | ||||
Investment in Real Estate | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 6,070,385 | ||||
Investment in Real Estate | Building | Asheville, NC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 26,460 | ||||
Investment in Real Estate | Building | Atlanta, GA | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 958,868 | ||||
Investment in Real Estate | Building | Austin, TX | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 51,925 | ||||
Investment in Real Estate | Building | Birmingham, AL | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 221,230 | ||||
Investment in Real Estate | Building | Charleston, SC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 71,948 | ||||
Investment in Real Estate | Building | Charlotte, NC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 171,864 | ||||
Investment in Real Estate | Building | Chattanooga, TN | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 33,259 | ||||
Investment in Real Estate | Building | Chicago, IL | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 84,539 | ||||
Investment in Real Estate | Building | Cincinnati, OH | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 115,165 | ||||
Investment in Real Estate | Building | Columbus, OH | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 338,335 | ||||
Investment in Real Estate | Building | Dallas, TX | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 780,515 | ||||
Investment in Real Estate | Building | Denver, CO | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 559,946 | ||||
Investment in Real Estate | Building | Fort Wayne, IN | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 41,550 | ||||
Investment in Real Estate | Building | Greenville, SC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 115,835 | ||||
Investment in Real Estate | Building | Houston, TX | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 293,027 | ||||
Investment in Real Estate | Building | Huntsville, AL | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 168,896 | ||||
Investment in Real Estate | Building | Indianapolis, Indiana [Member] | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 301,191 | ||||
Investment in Real Estate | Building | Lexington, KY | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 150,374 | ||||
Investment in Real Estate | Building | Louisville, KY | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 127,336 | ||||
Investment in Real Estate | Building | Memphis, TN | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 148,567 | ||||
Investment in Real Estate | Building | Myrtle Beach, SC - Wilmington, NC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 63,186 | ||||
Investment in Real Estate | Building | Nashville, TN | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 331,531 | ||||
Investment in Real Estate | Building | Norfolk, VA | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 51,250 | ||||
Investment in Real Estate | Building | Oklahoma City, OK | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 301,468 | ||||
Investment in Real Estate | Building | Orlando, FL | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 44,639 | ||||
Investment in Real Estate | Building | Raleigh - Durham, NC | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 220,883 | ||||
Investment in Real Estate | Building | San Antonio, TX | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | 52,436 | ||||
Investment in Real Estate | Building | Tampa-St. Petersburg, FL | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 244,162 |