Independence Realty Trust (IRT) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	IRT
Entity Registrant Name	INDEPENDENCE REALTY TRUST, INC
Entity Central Index Key	1,466,085
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		47,070,678

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015		Dec. 31, 2014
Investments in real estate:
Investments in real estate, at cost	$ 1,400,892	[1]	$ 689,112
Accumulated depreciation	(35,304)	[1]	(23,376)
Investments in real estate, net	1,365,588	[1]	665,736
Cash and cash equivalents	16,939		14,763
Restricted cash	7,330		5,206
Accounts receivable and other assets	5,153		2,270
Intangible assets, net of accumulated amortization of $7,743 and $4,346, respectively	7,544		3,251
Deferred costs, net of accumulated amortization of $792 and $505, respectively	10,701		2,924
Total Assets	1,413,255		694,150
LIABILITIES AND EQUITY:
Indebtedness	993,908		418,901
Accounts payable and accrued expenses	18,724		8,353
Accrued interest payable	558		49
Dividends payable	2,427		1,982
Other liabilities	3,183		1,831
Total Liabilities	$ 1,018,800		$ 431,116
Stockholders’ equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively
Common stock, $0.01 par value; 300,000,000 shares authorized, 47,070,678 and 31,800,076 shares issued and outstanding, including 124,000 and 36,000 unvested restricted common share awards, respectively	$ 471		$ 318
Additional paid-in capital	377,989		267,683
Accumulated other comprehensive income	5
Retained earnings (accumulated deficit)	(10,174)		(16,728)
Total stockholders’ equity	368,291		251,273
Noncontrolling interests	26,164		11,761
Total Equity	394,455		263,034
Total Liabilities and Equity	$ 1,413,255		$ 694,150
[1]	As of September 30, 2015, includes a parcel of land acquired with the TSRE merger that is held-for-sale and has a carrying amount of $3,283 and a fair value of $3,350.

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Intangible assets, accumulated amortization	$ 7,743	$ 4,346
Deferred costs, accumulated amortization	$ 792	$ 505
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	47,070,678	31,800,076
Common stock, shares outstanding	47,070,678	31,800,076
Unvested restricted common share awards	124,000	36,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE:
Rental income	$ 22,758	$ 11,872	$ 62,469	$ 29,838
Tenant reimbursement income	1,039	505	2,980	1,307
Other income	1,695	672	4,418	1,677
Total revenue	25,492	13,049	69,867	32,822
EXPENSES:
Property operating expenses	11,945	6,144	32,557	15,706
General and administrative expenses	546	248	1,468	794
Asset management fees	1,259	445	3,731	1,092
Acquisition expenses	12,830	687	13,031	1,201
Depreciation and amortization expense	4,704	3,309	16,462	8,664
Total expenses	31,284	10,833	67,249	27,457
Operating income	(5,792)	2,216	2,618	5,365
Interest expense	(5,094)	(2,281)	(13,393)	(5,510)
Interest income	18	7	19	12
TSRE financing extinguishment and employee separation expenses	(27,508)		(27,508)
Gains (losses) on TSRE merger and property acquisitions	64,012		64,012	2,882
Net income (loss):	25,636	(58)	25,748	2,749
(Income) loss allocated to noncontrolling interest	(1,621)	2	(1,629)	2
Net income (loss) allocable to common shares	$ 24,015	$ (56)	$ 24,119	$ 2,751
Earnings (loss) per share:
Basic	$ 0.71	$ 0	$ 0.74	$ 0.14
Diluted	$ 0.71	$ 0	$ 0.74	$ 0.14
Weighted-average shares:
Basic	33,962,015	24,011,540	32,516,470	19,004,591
Diluted	33,962,015	24,011,540	32,520,684	19,040,301

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 25,636	$ (58)	$ 25,748	$ 2,749
Other comprehensive income (loss):
Change in fair value of interest rate hedges	5		5
Total other comprehensive income	5		5
Comprehensive income (loss) before allocation to noncontrolling interests	25,641	(58)	25,753	2,749
Allocation to noncontrolling interests	(1,621)		(1,629)
Comprehensive income (loss)	$ 24,020	$ (58)	$ 24,124	$ 2,749

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Shares	Additional Paid In Capital	Accumulated Other Comprehensive Income	Retained Earnings (Deficit)	Total Stockholders' Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2014	$ 263,034	$ 318	$ 267,683		$ (16,728)	$ 251,273	$ 11,761
Beginning Balance (in Shares) at Dec. 31, 2014	31,800,076	31,800,076
Net income	$ 25,748				24,119	24,119	1,629
Common dividends declared	(17,565)				(17,565)	(17,565)
Other comprehensive income	5			$ 5		5
Stock compensation expense	297		297			297
Common shares issued, net	109,669	$ 153	109,516			109,669
Common shares issued, net (in Shares)		15,217,669
Issuance of noncontrolling interests	13,998						13,998
Converson of noncontrolling interest to common shares			493			493	(493)
Converson of noncontrolling interest to common shares (in shares)		52,933
Distributions to noncontrolling interests	(731)						(731)
Ending Balance at Sep. 30, 2015	$ 394,455	$ 471	$ 377,989	$ 5	$ (10,174)	$ 368,291	$ 26,164
Ending Balance (in shares) at Sep. 30, 2015	47,070,678	47,070,678

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 25,748	$ 2,749
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation and amortization	16,462	8,664
Amortization of deferred financing costs and premium on indebtedness, net	(339)	(478)
Stock compensation expense	297	175
TSRE financing extinguishment expenses	23,219
(Gains) losses on TSRE merger and property acquisitions	(64,012)	(2,882)
Changes in assets and liabilities:
Accounts receivable and other assets	3,332	(78)
Accounts payable and accrued expenses	2,302	2,415
Accrued interest payable	379	(33)
Other liabilities	(2,421)	(35)
Net cash provided by operating activities	4,967	10,497
Cash flows from investing activities:
Acquisition of real estate properties	(24,746)	(178,158)
TSRE merger, net of cash acquired	(137,094)
Capital expenditures	(5,641)	(2,522)
(Increase) in restricted cash	(2,124)	(3,427)
Cash flow used in investing activities	(169,605)	(184,107)
Cash flows from financing activities:
Debt issuances	488,725	100,917
Debt repayments	(272,295)	(20,618)
(Payments related to) proceeds from issuance of common stock	(190)	134,881
TSRE financing extinguishment expenses	(23,219)
(Payments) for deferred financing costs	(8,356)	(75)
Distributions on common stock	(17,166)	(9,981)
Distributions to noncontrolling interests	(685)	(62)
Net cash from financing activities	166,814	205,062
Net change in cash and cash equivalents	2,176	31,452
Cash and cash equivalents, beginning of period	14,763	3,334
Cash and cash equivalents, end of the period	16,939	34,786
Supplemental cash flow information:
Cash paid for interest	13,354	6,022
Non-cash decrease in noncontrolling interest from conversion of common limited partnership units to share of common stock	493
Mortgage debt assumed	$ 121,885	$ 66,963

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Organization	NOTE 1: Organization Independence Realty Trust, Inc. was formed on March 26, 2009 as a Maryland corporation that has elected to be taxed as a real estate investment trust, or REIT, commencing with the taxable year ended December 31, 2011. We are externally managed by a subsidiary of RAIT Financial Trust, or RAIT, a publicly traded Maryland REIT whose common shares are listed on the New York Stock Exchange under the symbol “RAS.” As used herein, the terms “we,” “our” and “us” refer to Independence Realty Trust, Inc. and, as required by context, Independence Realty Operating Partnership, LP, which we refer to as IROP, and their subsidiaries. We own apartment properties in geographic submarkets that we believe support strong occupancy and have the potential for growth in rental rates. We seek to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. We own substantially all of our assets and conduct our operations through IROP, of which we are the sole general partner. On September 17, 2015, we completed the merger, or the TSRE merger, with Trade Street Residential, Inc., or TSRE, whereby we acquired TSRE. Pursuant to the TSRE merger, (i) a subsidiary of IROP merged into the operating partnership subsidiary of TSRE, or the TSR OP, with TSR OP continuing as the surviving entity, and (ii) TSRE merged with and an IRT’s subsidiary, with our subsidiary continuing as the surviving entity and a wholly-owned subsidiary of IRT.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2: Summary of Significant Accounting Policies a. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2014 included in our Annual Report on Form 10-K. 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 results of operations for the interim periods presented are not necessarily indicative of the results for the full year. Certain prior period amounts have been reclassified to conform with the current period presentation. b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and other wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. 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. Investments in Real Estate Allocation of Purchase Price of Acquired Assets We account for acquisitions of properties that meet the definition of a business pursuant to Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 805, “Business Combinations”. The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities associated with the real estate acquired. Transaction costs and fees incurred related to acquisitions are expensed as incurred. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the loan. Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. Based on these estimates, we allocate the initial purchase price to the applicable assets and liabilities. As final information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation, in no case later than twelve months of the acquisition date. During the three and nine month period ended September 30, 2015, we did not make any adjustments to purchase price allocations. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. During the three and nine month period ended September 30, 2015, we acquired in-place leases with a value of $7,471 and $7,690, respectively, related to our acquisitions that are discussed further in NOTE 3: TSRE Merger and NOTE 4: Investments in Real Estate. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the three and nine-months ended September 30, 2015 we recorded $109 and $3,397 of amortization expense for intangible assets, respectively. For the three and nine-month periods ended September 30, 2014 we recorded $983 and $2,927 of amortization expense for intangible assets, respectively. As of September 30, 2015, we expect to record additional amortization expense on current in-place lease intangible assets of $3,809 and $3,735 for the remainder of 2015 and 2016, respectively. 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 evaluates the long-lived assets on an ongoing basis and records an impairment charge when there is an indicator of impairment. 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 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. Depreciation and Amortization 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 to ten years for equipment and fixtures. Expenditures for tenant improvements are capitalized and amortized over the initial term of each lease. For the three and nine-months ended September 30, 2015 we recorded $4,594 and $13,064 of depreciation expense, respectively. For the three and nine-month periods ended September 30, 2014 we recorded $2,326 and $5,737 of depreciation expense, respectively. e. 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 the 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 inputs 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. 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, including derivative contracts. 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. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique, which classifies this as a level 3 liability within the fair value hierarchy. The carrying value and fair value of mortgage indebtedness as of September 30, 2015 was $602,408 and $597,547, respectively. The carrying value and fair value of mortgage indebtedness as of December 31, 2014 was $400,509 and $411,311, respectively. The fair value of secured credit facility, bridge term loan, cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments. f. 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. 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 our derivative instruments at fair value. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portion of the derivative is reported in other comprehensive income and changes in the ineffective portion, if any, is recognized in earnings. For derivatives not designated as hedges (or designated as fair value hedges), the change in fair value of the derivative instrument is 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. On September 30, 2015, we entered into an interest rate cap contract with a notional value of $200 million, a strike rate of 3.0% based on 1-month LIBOR and a maturity date of October 17, 2017 to hedge our interest rate exposure on floating rate indebtedness. We designated this interest rate cap 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. As of September 30, 2015, this derivative had a fair value of $0.04 million and we concluded that this hedging relationship was and will continue to be highly effective, and using the hypothetical derivative method, did not recognize any ineffectiveness. As of September 30, 2015, less than $0.01 million was reported in accumulated other comprehensive income. During the three-month and nine-month periods ended September 30, 2015 no amounts have been reclassified out of accumulated other comprehensive income to earnings. g. Recent Accounting Pronouncements On January 1, 2015, we adopted the accounting standard classified under FASB ASC Topic 205, “Presentation of Financial Statements”. This accounting standard amends existing guidance to change reporting requirements for discontinued operations by requiring the disposal of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2014. The adoption of this standard did not have a material effect on our consolidated financial statements. In May 2014, the FASB issued an accounting standard classified under FASB ASC Topic 606, “Revenue from Contracts with Customers”. This accounting standard generally replaces existing guidance by requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard is currently effective for annual reporting periods beginning after December 15, 2016. On July 9, 2015, the FASB affirmed its proposal to defer the effective date of this accounting standard by one year. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In February 2015, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. This accounting standard amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. This standard considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The standard amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity’s related parties affect the consolidation conclusion. This standard also clarifies how to determine whether equity holders as a group have power over an entity. This standard is effective for interim and annual reporting periods beginning after December 15, 2015, with an early adoption permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In April 2015, the FASB issued an accounting standard classified under FASB ASC Topic 835, “Interest”. This accounting standard amends existing guidance to change reporting requirements for debt issuance costs by requiring debt issuance costs to be presented on the balance sheet as a direct deduction from the debt liability. This standard is effective for interim and annual reporting periods beginning after December 15, 2015, with an early adoption permitted. Retrospective application to prior periods is required. Management does not expect that this accounting standard will have a significant impact on our consolidated financial statements. In September 2015, the FASB issued an accounting standard classified under FASB ASC Topic 805, “Business Combinations”. This accounting standard amends existing guidance related to measurement period adjustments by requiring the adjustments to be recognized prospectively with disclosure of the impact of the adjustments had they been applied previously. This standard is effective for interim and annual reporting beginning after December 15, 2015, with early adoption permitted. As this standard only applies to measurement period adjustments that occur after the effective date, this standard is not expected to have a material impact on our consolidated financial statements.

TSRE Merger

TSRE Merger	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
TSRE Merger	NOTE 3: TSRE Merger As previously discussed in Note 1, the TSRE merger closed on September 17, 2015. The preliminary fair value of the assets and liabilities acquired on acquired on September 17, 2015 was as follows: Investments in real estate $ 682,237 Cash assumed 2,685 Accounts receivable and other assets 6,123 Intangible assets 7,471 Indebtedness (359,495 ) Accounts payable and accrued expenses (7,581 ) Accrued interest payable (130 ) Other liabilities (3,662 ) Net assets acquired $ 327,648 The fair value of the consideration transferred on September 17, 2015 was as follows: Cash consideration for TSRE merger $ 139,781 Equity consideration for TSRE merger 123,855 Total $ 263,636 The fair value of the equity consideration transferred was comprised of $109,857 of common shares and $13,998 of IRT OP units. The fair value was based on the price of our common shares upon completion of the merger. As the fair value of the net assets acquired exceeded the fair value of the consideration transferred, we recognized a gain from a bargain purchase of $64,012. In determining whether a gain from a bargain purchase was appropriate, we reassessed whether we correctly identified all of the assets acquired and all of the liabilities assumed from TSRE. We determined that we correctly identified all of the assets acquired and all of the liabilities assumed from TSRE and, as a result, a gain from a bargain purchase was appropriate. The gain from a bargain purchase was a result of the following: (i) the fair value of IRT’s common stock at closing was lower than the negotiated price pursuant to the TSRE merger Agreement (resulting in approximately $34 million of the gain), and (ii), the fair value of the 19 TSRE properties acquired, which was supported by appraisals and broker opinions of value received, was higher than the expectation that served as a basis for the negotiated purchase price (resulting in approximately $30 million of the gain, primarily due to the use of current, market-based capitalization rates). The $359,495 of indebtedness acquired was comprised of $237,610 of indebtedness that we paid off at the closing of the TSRE merger and $121,885 of indebtedness that remained on our balance sheet, which was recognized at its fair value. As part of the TSRE merger, we incurred $12,530 of acquisition expenses, which were recognized in earnings immediately. We also incurred $23,219 of expenses associated with extinguishing financing arrangements and $4,289 of expenses associated with employee separations. The initial purchase accounting is based on our preliminary assessment, which may differ when final information becomes available. We believe that the information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. We have received appraisals or broker opinions of value for all of the properties acquired and have performed fair value analyses for the liabilities assumed. We expect to complete the purchase accounting process as soon as practicable, but no later than one year from the date of acquisition. Unaudited pro forma financial information relating to the 19 TSRE properties acquired on September 17, 2015 has been included in Note 4: Investments in Real Estate.

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2015
Banking And Thrift [Abstract]
Investments in Real Estate	NOTE 4: Investments in Real Estate As of September 30, 2015, our investments in real estate consisted of 50 apartment properties with 14,044 units (unaudited). The table below summarizes our investments in real estate: As 2015 As of December 31, 2014 Depreciable (In years) Land (1) $ 199,488 $ 112,600 — Building 1,190,856 570,475 40 Furniture, fixtures and equipment 10,548 6,037 5-10 Total investment in real estate $ 1,400,892 $ 689,112 Accumulated depreciation (35,304 ) (23,376 ) Investments in real estate, net $ 1,365,588 $ 665,736 (1) As of September 30, 2015, includes a parcel of land acquired with the TSRE merger that is held-for-sale and has a carrying amount of $3,283 and a fair value of $3,350. Acquisitions On May 1, 2015, we acquired a 236-unit (unaudited) apartment residential community located in Indianapolis, Indiana. We acquired the property for an aggregate purchase price of $25,250 exclusive of closing costs. Upon acquisition, we recorded the investment in real estate, including any related working capital and intangible assets, at fair value of $25,250 and did not record a gain. As previously discussed, we completed the TSRE merger on September 17, 2015. As part of the TSRE merger we acquired 19 properties containing 4,989 units (unaudited). See Note 3: TSRE Merger for details on the assets acquired, liabilities assumed and consideration paid as part of the TSRE merger. The following table summarizes the aggregate fair value of the assets and liabilities associated with all of the properties acquired during the nine-month period ended September 30, 2015, on the date of each acquisition, for the real estate accounted for under FASB ASC Topic 805. Description Fair Value of Assets Acquired During the Nine-Month Period Ended September 30, 2015 Assets acquired: Investments in real estate $ 707,268 Cash and cash equivalents 2,685 Accounts receivable and other assets 6,210 Intangible assets 7,690 Total assets acquired $ 723,853 Liabilities assumed: Indebtedness $ 359,495 Accounts payable and accrued expenses 8,069 Accrued interest payable 130 Other liabilities 3,764 Total liabilities assumed $ 371,458 Estimated fair value of net assets acquired $ 352,395 The table below presents the revenue and net income (loss) for the properties acquired during the nine-month period ended September 30, 2015 as reported in our consolidated financial statements. For the Three-Month Period Ended September For the Nine-Month Period Ended September Property Total revenue Net income (loss) allocable to common shares Total revenue Net income (loss) allocable to common shares TSRE portfolio $ 2,668 $ 1,539 $ 2,668 $ 1,539 Bayview Club 546 (175 ) 1,143 53 Total $ 3,214 $ 1,364 $ 3,811 $ 1,592 The table below presents the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2014. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods: Description For the Three-Month Period Ended September For the Three-Month Period Ended September Pro forma total revenue (unaudited) 16,735 15,033 Pro forma net income (loss) allocable to common shares (unaudited) 4,702 2,961 Earnings (loss) per share attributable to common shareholders: Basic-pro forma (unaudited) 0.14 0.12 Diluted-pro forma (unaudited) 0.13 0.12 Description For the Nine-Month Period Ended September For the Nine-Month Period Ended September Pro forma total revenue (unaudited) 50,653 45,098 Pro forma net income (loss) allocable to common shares (unaudited) 13,237 8,882 Earnings (loss) per share attributable to common shareholders: Basic-pro forma (unaudited) $ 0.41 $ 0.47 Diluted-pro forma (unaudited) $ 0.39 $ 0.47 Dispositions On October 15, 2015, we sold a parcel of land acquired in the TSRE merger for $3,350.

Mortgage Indebtedness

Mortgage Indebtedness	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Mortgage Indebtedness	NOTE 5: Indebtedness The following tables contains summary information concerning our indebtedness as of September 30, 2015: Debt: Outstanding Carrying Type Weighted Average Rate Weighted Average Maturity (in years) Secured credit facility (1) $ 271,500 $ 271,500 Floating 2.6% 3.0 Bridge term loan 120,000 120,000 Floating 5.2% 1.0 Mortgages-Fixed rate 563,721 564,333 Fixed 3.8% 7.0 Mortgages-Floating rate 38,075 38,075 Floating 2.4% 5.6 Total Debt $ 993,296 $ 993,908 3.6% 5.1 (1) The secured credit facility total capacity is $325.0 million, of which $271.5 million was drawn as of September 30, 2015. Original maturities on or before December 31, Debt: 2015 2016 2017 2018 2019 Thereafter Secured credit facility $ - $ - $ - $ 271,500 $ - $ - Bridge term loan - 120,000 - - - - Mortgages-Fixed rate 498 45,385 3,267 4,079 20,245 490,247 Mortgages-Floating rate - - - - - 38,075 Total $ 498 $ 165,385 $ 3,267 $ 275,579 $ 20,245 $ 528,322 As of September 30, 2015 we were in compliance with all financial covenants contained in our indebtedness. The following tables contains summary information concerning our indebtedness as of December 31, 2014: Debt: Outstanding Carrying Type Rate Weighted Average Maturity (in years) Secured credit facility (1) $ 18,392 $ 18,392 Floating 2.7% 1.8 Mortgages-Fixed rate 360,902 362,434 Fixed 3.8% 7.5 Mortgages-Floating rate 38,075 38,075 Floating 2.4% 6.3 Total Debt $ 417,369 $ 418,901 3.6% 7.1 (1) The secured credit facility total capacity was $30.0 million, of which $18.4 million was drawn as of December 31, 2014. As of December 31, 2014 we were in compliance with all financial covenants contained in our indebtedness. The weighted average interest rate of our mortgage indebtedness was 3.7% as of September 30, 2015. As of September 30, 2015, RAIT held $38,075 of our mortgage indebtedness while $563,721 was held by third parties. As of December 31, 2014, RAIT held $38,075 of our mortgage indebtedness while $360,902 was held by third parties. For each of the three and nine-months ended September 30, 2015 we paid approximately $243 and $722 respectively, of interest to RAIT. For each of the three and nine-months ended September 30, 2014 we paid approximately $241 and $723 respectively, of interest to RAIT. Mortgage Indebtedness On January 27, 2015 we entered into a loan agreement for a $22,900 loan secured by a first mortgage on our Iron Rock Ranch property. The loan bears interest at a rate of 3.4% per annum, provides for monthly payments of interest only until the maturity date of February 1, 2025. On April 13, 2015 we entered into a loan agreement for a $20,527 loan secured by a first mortgage on our Stonebridge at the Ranch property. The loan bears interest at a rate of 3.2% per annum, provides for monthly payments of interest only until the maturity date of May 1, 2025. On September 17, 2015, in connection with the TSRE Merger, we acquired Creekstone at RTP and assumed an existing loan secured by the property with a fair value of $23,250. The loan bears interest at a fixed rate of 3.9% per annum, provides for monthly payments of interest only through June 10, 2016 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on June 10, 2023. On September 17, 2015, in connection with the TSRE Merger, we acquired Fountains Southend and assumed an existing loan secured by the property with a fair value of $23,750. The loan bears interest at a fixed rate of 4.3% per annum, provides for monthly payments of interest only through February 5, 2017 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on February 5, 2024. On September 17, 2015, in connection with the TSRE Merger, we acquired IRT Millenia and assumed an existing loan secured by the property with a fair value of $25,000. The loan bears interest at a fixed rate of 3.8% per annum, provides for monthly payments of interest only through April 5, 2018 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on March 5, 2021. In connection with our acquisition of IRT Millenia, we also entered into a supplemental loan agreement for a $4,175 loan secured by the property. The supplemental loan bears interest at a fixed rate of 4.3% per annum, provides for monthly payments of interest only through May 5, 2018 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on March 5, 2021. On September 17, 2015, in connection with the TSRE Merger, we acquired Talison Row and assumed an existing loan secured by the property with a fair value of $33,635. The loan bears interest at a fixed rate of 4.1% per annum, provides for monthly payments of interest only through September 10, 2016. Beginning September 11, 2016 principal and interest payments are required monthly based on a 30 year amortization schedule until the maturity date of September 10, 2023. On September 17, 2015, in connection with the TSRE Merger, we acquired Aventine Greenville and entered into a loan agreement for $30,600 secured by the property. The loan bears interest at a fixed rate of 3.2% per annum, provides for monthly payments of interest only through November 4, 2016. Beginning November 5, 2016 principal and interest payments are required monthly based on a 30 year amortization schedule until the maturity date of March 5, 2021. On September 17, 2015, in connection with the TSRE Merger, we acquired Waterstone at Brier Creek and assumed an existing loan secured by the property with a fair value of $16,250. The loan bears interest at a fixed rate of 3.7% per annum, provides for monthly payments of interest only through the maturity date of April 5, 2022. In connection with our acquisition of Waterstone at Brier Creek, we also entered into a supplemental loan agreement for a $4,175 loan secured by the property. The supplemental loan bears interest at a fixed rate of 4.2% per annum, provides for monthly payments of interest only until the maturity date of April 5, 2022. Secured Credit Facility During the three- and nine-months ended September 30, 2015, we repaid $14,848 and $33,240, respectively, against our secured credit facility, or the HNB facility, with The Huntington National Bank. During the three and nine-months ended September 30, 2015, we borrowed $14,848 against the HNB facility. As of September 17, 2015, the HNB facility was terminated. On September 17, 2015, we entered into a credit agreement with respect to a $325 million senior secured credit facility On September 17, 2015, we entered into a credit agreement with respect to a $120 million senior interim term loan facility, or the KeyBank interim facility. The KeyBank interim facility is structured as a 364-day secured term loan facility (with a maturity extension option for an additional six months under certain circumstances) available in a single draw. IROP may prepay the KeyBank interim facility, in whole or in part, at any time without fee or penalty (other than as provided in a separate fee letter with the lenders), except for breakage costs associated with LIBOR borrowings. The KeyBank interim facility is secured by pledges of certain of the equity interests of IROP’s current and future subsidiaries and joint ventures (on a best-available basis to the extent such equity interests can be pledged pursuant to IRT’s existing debt agreements) and a pledge of the proceeds of all equity issuances by IRT. At IROP’s option, borrowings under the KeyBank interim facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 500 basis points, or (ii) a base rate plus a margin of 400 basis points. If IROP elects to extend its maturity, at IROP’s option, the KeyBank interim facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 650 basis points, or (ii) a base rate plus a margin of 550 basis points. The KeyBank interim facility requires monthly payments of interest only. IROP is required to reduce the principal amount outstanding under the KeyBank interim facility to no greater than $100.0 million within six months of closing and must apply 100% of all net proceeds from equity issuances, sales of assets, or refinancing of assets towards repaying the KeyBank Interim Facility. At September 30, 2015, the KeyBank interim facility bears interest at 500 basis points over 1-month LIBOR and there was $0 of availability under the KeyBank interim facility.

Stockholder Equity and NonContr

Stockholder Equity and NonControlling Interests	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholder Equity and NonControlling Interests	NOTE 6: Shareholder Equity and Non-Controlling Interests Stockholder Equity Common Shares On September 17, 2015, IRT completed the TSRE merger. As a result of the Merger, each outstanding share of TSRE common stock was converted automatically into the right to receive (a) $3.80 in cash and (b) 0.4108 shares of IRT Common Stock, plus cash in lieu of fractional shares. IRT issued 15,110,994 shares of IRT common stock as equity consideration in the merger. On January 19, 2015, our board of directors declared the following dividends: Month Record Date Payment Date Dividend Declared Per Share January 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 February 27 2015 March 16, 2015 $ 0.06 March 2015 March 31, 2015 April 15, 2015 $ 0.06 On April 13, 2015, our board of directors declared the following dividends: Month Record Date Payment Date Dividend Declared Per Share April 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 June 30, 2015 July 15, 2015 $ 0.06 On July 1, 2015, our board of directors declared dividends for July, August and September 2015. On September 4, 2015 our board of directors approved the division of the September 2015 monthly dividend of $0.06 per share into two prorated dividends in preparation of the expected closing of the TSRE merger, as follows: Month Record Date Payment Date Dividend Declared Per Share July 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 15, 2015 October 15, 2015 $ 0.034 September 2015 September 30, 2015 October 15, 2015 $ 0.026 On October 19, 2015 our board of directors declared the following dividends: Month Record Date Payment Date Dividend Declared Per Share October 2015 October 30, 2015 November 16, 2015 $ 0.06 November 2015 November 30, 2015 December 15, 2015 $ 0.06 December 2015 December 31, 2015 January 15, 2016 $ 0.06 Non-controlling Interest On September 17, 2015, immediately prior to the TSRE merger, the sole third party holder of units of TSR OP units contributed all of their TSR OP units to IROP in exchange for 1,925,419 of IROP units, plus cash in lieu of fractional IROP units, valued at $13,998. As of September 30, 2015, there were 3,154,935 IROP Units outstanding with a redemption value of $22,747, based on IRT’s stock price as of September 30, 2015.

Equity Compensation Plans

Equity Compensation Plans	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Compensation Plans	NOTE 7: Equity Compensation Plans Long Term Incentive Plan On April 5, 2011, our board of directors approved and adopted the Long Term Incentive Plan, or the incentive plan, and the Independent Directors Compensation Plan, or the director plan. Our incentive plan provides for the grants of awards to our directors, officers and full-time employees (in the event we ever have employees), full-time employees of our advisor and its affiliates, full-time employees of entities that provide services to our advisor, directors of our advisor or of entities that provide services to it, certain of our consultants and certain consultants to our advisor and its affiliates or to entities that provide services to our advisor. The incentive plan authorizes the grant of restricted or unrestricted shares of our common stock, non-qualified and incentive stock options, restricted stock units, stock appreciation rights, dividend equivalents and other stock- or cash-based awards. On July 29, 2013, our board of directors and stockholders approved the amendment and restatement of our incentive plan to reduce the number of shares of common stock issuable thereunder to 800,000 shares. Under the director plan, which operates as a sub-plan of our incentive plan, each of our independent directors will receive 3,000 shares of common stock annually. In addition, our independent directors may elect to receive their annual cash fee in the form of our common shares or a combination of common shares and cash. On May 14, 2015, our compensation committee made a stock grant under the director plan so that our independent directors received 12,000 shares of our common stock, in the aggregate valued at $107 using our closing stock price of $8.89. These awards vested immediately. On May 14, 2014, our compensation committee made a stock grant under the director plan so that our independence directors received 9,000 shares of our common stock, in the aggregate valued at $81 using our closing stock price of $8.95. These awards vested immediately. On February 18, 2015, the compensation committee of IRT awarded 100,000 shares of restricted common stock, valued at $935 using IRT’s closing stock price of $9.35, and awarded 300,000 stock appreciation rights, or SARs, valued at $219 based on the Black-Scholes option pricing model at the date of grant, to persons affiliated with our advisor, including our executive officers. These awards generally vest over three-year periods.

Related Party Transactions and

Related Party Transactions and Arrangements	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	NOTE 8: Related Party Transactions and Arrangements Fees and Expenses Paid to Our Advisor Effective as of May 7, 2013, we entered into the Second Amended and Restated Advisory Agreement, or the amended and restated advisory agreement, with our external advisor. Pursuant to the terms of the amended advisory agreement, our advisor was compensated as follows: · Quarterly base management fee of 0.1875% of average gross real estate assets as of the last day of such quarter. Average gross real estate assets means the average of the aggregate book value of our real estate assets before reserves for depreciation or other similar noncash reserves and excluding the book values attributable to the eight properties that were acquired prior to August 16, 2013. We compute average gross real estate assets by taking the average of these book values at the end of each month during the quarter for which we are calculating the fee. The fee is payable quarterly in an amount equal to 0.1875% of average gross real estate assets as of the last day of such quarter. For the three and nine-months ended September 30, 2015, our advisor earned $1,259 and $3,306 of asset management fees, respectively. For the three and nine-months ended September 30, 2014, our advisor earned $445 and $938 of asset management fees, respectively. · An incentive fee based on our pre-incentive fee core funds from operations, or Core FFO, a non-GAAP measure, as defined in the advisory agreement. The incentive fee is computed at the end of each fiscal quarter as follows: · no incentive fee in any fiscal quarter in which our pre-incentive fee Core FFO does not exceed the hurdle rate of 1.75% (7% annualized) of the cumulative gross amount of equity capital we have obtained; and · 20% of the amount of our pre-incentive fee Core FFO that exceeds 1.75% (7% annualized) of the cumulative gross proceeds from the issuance of equity securities we have obtained. · For the three and nine-month periods ended September 30, 2015 our advisor earned $0 and $425 of incentive fees, respectively. For the three and nine-months ended September 30, 2014 our advisor earned $0 and $154 of incentive fees. These fees are included within asset management fees in our consolidated statements of operations. As of September 30, 2015 and December 31, 2014 we had liabilities payable to our advisor for base management fees and incentive fees of $0 and $644, respectively, which is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. As of September 25, 2015 we entered into the Second Amendment to the Second Amended and Restated Advisory Agreement. The Second Amendment amends the advisory agreement to extend its term to October 1, 2020, and so that, for periods subsequent to October 1, 2015, our advisor will be compensated as follows: · Quarterly base management fee of 0.375% of our cumulative equity raised; and · Quarterly incentive fee equal to 20% of our Core FFO in excess of $0.20 per share. Property Management Fees Paid to Our Property Manager We have entered into property management agreements with RAIT Residential, or our property manager, which is majority owned by RAIT, with respect to each of our properties. Pursuant to the property management agreements, we pay our property manager property management and leasing fees on a monthly basis of an amount up to 4.0% of the gross revenues from the property for each month. Additionally, we may pay our property manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. Each management agreement has an initial one year term, subject to automatic one-year renewals unless either party gives prior notice of its desire to terminate the management agreement. For the three and nine-months ended September 30, 2015 our property manager earned $861 and $2,381, respectively, of property management and leasing fees. For the three and nine-month periods ended September 30, 2014 our property manager earned $471 and $1,203, respectively, of property management and leasing fees. As of September 30, 2015 and December 31, 2014, we had liabilities payable to our property manager for property management and leasing fees of $336 and $205, respectively, which is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 9: Earnings (Loss) Per Share The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three and nine-month periods ended September 30, 2015 and 2014: For the Three-Month Periods Ended September 30 For the Nine-Month Periods Ended September 30 2015 2014 2015 2014 Net Income (loss) $ 25,636 $ (58 ) $ 25,748 $ 2,749 (Income) loss allocated to non-controlling interests (1,621 ) 2 (1,629 ) 2 Net Income (loss) allocable to common shares 24,015 (56 ) 24,119 2,751 Weighted-average shares outstanding—Basic 33,962,015 24,011,540 32,516,470 19,004,591 Weighted-average shares outstanding—Diluted 33,962,015 24,011,540 32,520,684 19,040,301 Earnings (loss) per share—Basic $ 0.71 $ (0.00 ) $ 0.74 $ 0.14 Earnings (loss) per share—Diluted $ 0.71 $ (0.00 ) $ 0.74 $ 0.14 Certain IROP units, stock appreciation rights, or SARs, and unvested shares were excluded from the earnings (loss) per share computation because their effect would have been anti-dilutive, totaling 3,278,935 and 3,184,326 for the three and nine-month period ended September 30, 2015, and 54,268 for the three-month period ended September 30, 2014.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 10: Commitments and Contingencies Litigation From time to time, we are party to various lawsuits, claims for negligence and other legal proceedings that arise in the ordinary course of our business. On June 11, 2015, three purported stockholders filed a complaint in the Circuit Court of Maryland for Baltimore City on behalf of a putative class of TSRE stockholders and naming as defendants TSRE’s Board of Directors, or the individual defendants, and TSRE. On July 15, 2015, the plaintiffs amended their complaint and added Monarch Alternative Capital, LP, Senator Investment Group, LP, and BHR Capital LLC, or the shareholder defendants, as defendants. The amended complaint generally alleges that, in connection with the acquisition of TSRE by IRT, the individual defendants breached their fiduciary duties by approving an acquisition that was financially unfair to TSRE’s stockholders and by conducting a sale process in which the individual defendants had conflicts of interest. The amended complaint also alleges that the shareholder defendants aided and abetted the individual defendants’ alleged breaches of their fiduciary duties and were unjustly enriched by the TSRE merger. The amended complaint seeks, among other things, compensatory damages, pre- and post-judgment interest, an order requiring that the individual defendants affiliated with the shareholder defendants disgorge all profits, compensation and other benefits obtained by them as a result of their conduct in connection with the TSRE merger, and an award of the plaintiffs’ costs and disbursements of this action, including attorney’s fees. On September 25, 2015 the defendants moved to dismiss the amended complaint. By stipulation of the parties, plaintiffs’ opposition is due November 20, 2015 and defendants’ reply is due December 11, 2015. A hearing on defendants’ motions to dismiss has been scheduled for January 29, 2016. IRT, as successor by the TSRE merger to TSRE, and the individual defendants intend to vigorously defend against the claim. No assurance can be given that the matter will be resolved favorably to us. We have included in our loss contingency an estimate of probable loss relating to our legal defense costs in connection with this matter, but currently cannot reasonably estimate any further possible loss, or any range of reasonably possible loss, in connection with this matter. In addition, we are subject to various other 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 other 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. 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.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2014 included in our Annual Report on Form 10-K. 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 results of operations for the interim periods presented are not necessarily indicative of the results for the full year. Certain prior period amounts have been reclassified to conform with the current period presentation.
Principles of Consolidation	b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and other wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	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.
Investments in Real Estate	d. Investments in Real Estate Allocation of Purchase Price of Acquired Assets We account for acquisitions of properties that meet the definition of a business pursuant to Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 805, “Business Combinations”. The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities associated with the real estate acquired. Transaction costs and fees incurred related to acquisitions are expensed as incurred. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the loan. Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. Based on these estimates, we allocate the initial purchase price to the applicable assets and liabilities. As final information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation, in no case later than twelve months of the acquisition date. During the three and nine month period ended September 30, 2015, we did not make any adjustments to purchase price allocations. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. During the three and nine month period ended September 30, 2015, we acquired in-place leases with a value of $7,471 and $7,690, respectively, related to our acquisitions that are discussed further in NOTE 3: TSRE Merger and NOTE 4: Investments in Real Estate. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the three and nine-months ended September 30, 2015 we recorded $109 and $3,397 of amortization expense for intangible assets, respectively. For the three and nine-month periods ended September 30, 2014 we recorded $983 and $2,927 of amortization expense for intangible assets, respectively. As of September 30, 2015, we expect to record additional amortization expense on current in-place lease intangible assets of $3,809 and $3,735 for the remainder of 2015 and 2016, respectively. 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 evaluates the long-lived assets on an ongoing basis and records an impairment charge when there is an indicator of impairment. 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 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. Depreciation and Amortization 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 to ten years for equipment and fixtures. Expenditures for tenant improvements are capitalized and amortized over the initial term of each lease. For the three and nine-months ended September 30, 2015 we recorded $4,594 and $13,064 of depreciation expense, respectively. For the three and nine-month periods ended September 30, 2014 we recorded $2,326 and $5,737 of depreciation expense, respectively.
Fair Value of Financial Instruments	e. 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 the 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 inputs 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. 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, including derivative contracts. 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. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique, which classifies this as a level 3 liability within the fair value hierarchy. The carrying value and fair value of mortgage indebtedness as of September 30, 2015 was $602,408 and $597,547, respectively. The carrying value and fair value of mortgage indebtedness as of December 31, 2014 was $400,509 and $411,311, respectively. The fair value of secured credit facility, bridge term loan, cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments.
Derivative Instruments	f. 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. 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 our derivative instruments at fair value. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portion of the derivative is reported in other comprehensive income and changes in the ineffective portion, if any, is recognized in earnings. For derivatives not designated as hedges (or designated as fair value hedges), the change in fair value of the derivative instrument is 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. On September 30, 2015, we entered into an interest rate cap contract with a notional value of $200 million, a strike rate of 3.0% based on 1-month LIBOR and a maturity date of October 17, 2017 to hedge our interest rate exposure on floating rate indebtedness. We designated this interest rate cap 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. As of September 30, 2015, this derivative had a fair value of $0.04 million and we concluded that this hedging relationship was and will continue to be highly effective, and using the hypothetical derivative method, did not recognize any ineffectiveness. As of September 30, 2015, less than $0.01 million was reported in accumulated other comprehensive income. During the three-month and nine-month periods ended September 30, 2015 no amounts have been reclassified out of accumulated other comprehensive income to earnings.
Recent Accounting Pronouncements	g. Recent Accounting Pronouncements On January 1, 2015, we adopted the accounting standard classified under FASB ASC Topic 205, “Presentation of Financial Statements”. This accounting standard amends existing guidance to change reporting requirements for discontinued operations by requiring the disposal of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2014. The adoption of this standard did not have a material effect on our consolidated financial statements. In May 2014, the FASB issued an accounting standard classified under FASB ASC Topic 606, “Revenue from Contracts with Customers”. This accounting standard generally replaces existing guidance by requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard is currently effective for annual reporting periods beginning after December 15, 2016. On July 9, 2015, the FASB affirmed its proposal to defer the effective date of this accounting standard by one year. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In February 2015, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. This accounting standard amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. This standard considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The standard amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity’s related parties affect the consolidation conclusion. This standard also clarifies how to determine whether equity holders as a group have power over an entity. This standard is effective for interim and annual reporting periods beginning after December 15, 2015, with an early adoption permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In April 2015, the FASB issued an accounting standard classified under FASB ASC Topic 835, “Interest”. This accounting standard amends existing guidance to change reporting requirements for debt issuance costs by requiring debt issuance costs to be presented on the balance sheet as a direct deduction from the debt liability. This standard is effective for interim and annual reporting periods beginning after December 15, 2015, with an early adoption permitted. Retrospective application to prior periods is required. Management does not expect that this accounting standard will have a significant impact on our consolidated financial statements. In September 2015, the FASB issued an accounting standard classified under FASB ASC Topic 805, “Business Combinations”. This accounting standard amends existing guidance related to measurement period adjustments by requiring the adjustments to be recognized prospectively with disclosure of the impact of the adjustments had they been applied previously. This standard is effective for interim and annual reporting beginning after December 15, 2015, with early adoption permitted. As this standard only applies to measurement period adjustments that occur after the effective date, this standard is not expected to have a material impact on our consolidated financial statements.

TSRE Merger (Tables)

TSRE Merger (Tables)	9 Months Ended
	Sep. 30, 2015
Summary of Fair Value of Assets and Liabilities	The following table summarizes the aggregate fair value of the assets and liabilities associated with all of the properties acquired during the nine-month period ended September 30, 2015, on the date of each acquisition, for the real estate accounted for under FASB ASC Topic 805. Description Fair Value of Assets Acquired During the Nine-Month Period Ended September 30, 2015 Assets acquired: Investments in real estate $ 707,268 Cash and cash equivalents 2,685 Accounts receivable and other assets 6,210 Intangible assets 7,690 Total assets acquired $ 723,853 Liabilities assumed: Indebtedness $ 359,495 Accounts payable and accrued expenses 8,069 Accrued interest payable 130 Other liabilities 3,764 Total liabilities assumed $ 371,458 Estimated fair value of net assets acquired $ 352,395
Schedule of Fair Value of Consideration Transferred	The fair value of the consideration transferred on September 17, 2015 was as follows: Cash consideration for TSRE merger $ 139,781 Equity consideration for TSRE merger 123,855 Total $ 263,636
Trade Street Residential, Inc.
Summary of Fair Value of Assets and Liabilities	As previously discussed in Note 1, the TSRE merger closed on September 17, 2015. The preliminary fair value of the assets and liabilities acquired on acquired on September 17, 2015 was as follows: Investments in real estate $ 682,237 Cash assumed 2,685 Accounts receivable and other assets 6,123 Intangible assets 7,471 Indebtedness (359,495 ) Accounts payable and accrued expenses (7,581 ) Accrued interest payable (130 ) Other liabilities (3,662 ) Net assets acquired $ 327,648

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2015
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	As of September 30, 2015, our investments in real estate consisted of 50 apartment properties with 14,044 units (unaudited). The table below summarizes our investments in real estate: As 2015 As of December 31, 2014 Depreciable (In years) Land (1) $ 199,488 $ 112,600 — Building 1,190,856 570,475 40 Furniture, fixtures and equipment 10,548 6,037 5-10 Total investment in real estate $ 1,400,892 $ 689,112 Accumulated depreciation (35,304 ) (23,376 ) Investments in real estate, net $ 1,365,588 $ 665,736 (1) As of September 30, 2015, includes a parcel of land acquired with the TSRE merger that is held-for-sale and has a carrying amount of $3,283 and a fair value of $3,350.
Summary of Fair Value of Assets and Liabilities	The following table summarizes the aggregate fair value of the assets and liabilities associated with all of the properties acquired during the nine-month period ended September 30, 2015, on the date of each acquisition, for the real estate accounted for under FASB ASC Topic 805. Description Fair Value of Assets Acquired During the Nine-Month Period Ended September 30, 2015 Assets acquired: Investments in real estate $ 707,268 Cash and cash equivalents 2,685 Accounts receivable and other assets 6,210 Intangible assets 7,690 Total assets acquired $ 723,853 Liabilities assumed: Indebtedness $ 359,495 Accounts payable and accrued expenses 8,069 Accrued interest payable 130 Other liabilities 3,764 Total liabilities assumed $ 371,458 Estimated fair value of net assets acquired $ 352,395
Schedule of Revenue and Net Income (Loss) of Properties Acquired	The table below presents the revenue and net income (loss) for the properties acquired during the nine-month period ended September 30, 2015 as reported in our consolidated financial statements. For the Three-Month Period Ended September For the Nine-Month Period Ended September Property Total revenue Net income (loss) allocable to common shares Total revenue Net income (loss) allocable to common shares TSRE portfolio $ 2,668 $ 1,539 $ 2,668 $ 1,539 Bayview Club 546 (175 ) 1,143 53 Total $ 3,214 $ 1,364 $ 3,811 $ 1,592
Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods	The table below presents the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2014. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods: Description For the Three-Month Period Ended September For the Three-Month Period Ended September Pro forma total revenue (unaudited) 16,735 15,033 Pro forma net income (loss) allocable to common shares (unaudited) 4,702 2,961 Earnings (loss) per share attributable to common shareholders: Basic-pro forma (unaudited) 0.14 0.12 Diluted-pro forma (unaudited) 0.13 0.12 Description For the Nine-Month Period Ended September For the Nine-Month Period Ended September Pro forma total revenue (unaudited) 50,653 45,098 Pro forma net income (loss) allocable to common shares (unaudited) 13,237 8,882 Earnings (loss) per share attributable to common shareholders: Basic-pro forma (unaudited) $ 0.41 $ 0.47 Diluted-pro forma (unaudited) $ 0.39 $ 0.47

Mortgage Indebtedness (Tables)

Mortgage Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Summary of Information Concerning Indebtedness that Encumbered our Properties	The following tables contains summary information concerning our indebtedness as of September 30, 2015: Debt: Outstanding Carrying Type Weighted Average Rate Weighted Average Maturity (in years) Secured credit facility (1) $ 271,500 $ 271,500 Floating 2.6% 3.0 Bridge term loan 120,000 120,000 Floating 5.2% 1.0 Mortgages-Fixed rate 563,721 564,333 Fixed 3.8% 7.0 Mortgages-Floating rate 38,075 38,075 Floating 2.4% 5.6 Total Debt $ 993,296 $ 993,908 3.6% 5.1 (1) The secured credit facility total capacity is $325.0 million, of which $271.5 million was drawn as of September 30, 2015. Original maturities on or before December 31, Debt: 2015 2016 2017 2018 2019 Thereafter Secured credit facility $ - $ - $ - $ 271,500 $ - $ - Bridge term loan - 120,000 - - - - Mortgages-Fixed rate 498 45,385 3,267 4,079 20,245 490,247 Mortgages-Floating rate - - - - - 38,075 Total $ 498 $ 165,385 $ 3,267 $ 275,579 $ 20,245 $ 528,322 As of September 30, 2015 we were in compliance with all financial covenants contained in our indebtedness. The following tables contains summary information concerning our indebtedness as of December 31, 2014: Debt: Outstanding Carrying Type Rate Weighted Average Maturity (in years) Secured credit facility (1) $ 18,392 $ 18,392 Floating 2.7% 1.8 Mortgages-Fixed rate 360,902 362,434 Fixed 3.8% 7.5 Mortgages-Floating rate 38,075 38,075 Floating 2.4% 6.3 Total Debt $ 417,369 $ 418,901 3.6% 7.1 (1) The secured credit facility total capacity was $30.0 million, of which $18.4 million was drawn as of December 31, 2014.

Stockholder Equity and NonCon22

Stockholder Equity and NonControlling Interests (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Dividends Declared	On January 19, 2015, our board of directors declared the following dividends: Month Record Date Payment Date Dividend Declared Per Share January 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 February 27 2015 March 16, 2015 $ 0.06 March 2015 March 31, 2015 April 15, 2015 $ 0.06 On April 13, 2015, our board of directors declared the following dividends: Month Record Date Payment Date Dividend Declared Per Share April 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 June 30, 2015 July 15, 2015 $ 0.06 On July 1, 2015, our board of directors declared dividends for July, August and September 2015. On September 4, 2015 our board of directors approved the division of the September 2015 monthly dividend of $0.06 per share into two prorated dividends in preparation of the expected closing of the TSRE merger, as follows: Month Record Date Payment Date Dividend Declared Per Share July 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 15, 2015 October 15, 2015 $ 0.034 September 2015 September 30, 2015 October 15, 2015 $ 0.026 On October 19, 2015 our board of directors declared the following dividends: Month Record Date Payment Date Dividend Declared Per Share October 2015 October 30, 2015 November 16, 2015 $ 0.06 November 2015 November 30, 2015 December 15, 2015 $ 0.06 December 2015 December 31, 2015 January 15, 2016 $ 0.06

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
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 three and nine-month periods ended September 30, 2015 and 2014: For the Three-Month Periods Ended September 30 For the Nine-Month Periods Ended September 30 2015 2014 2015 2014 Net Income (loss) $ 25,636 $ (58 ) $ 25,748 $ 2,749 (Income) loss allocated to non-controlling interests (1,621 ) 2 (1,629 ) 2 Net Income (loss) allocable to common shares 24,015 (56 ) 24,119 2,751 Weighted-average shares outstanding—Basic 33,962,015 24,011,540 32,516,470 19,004,591 Weighted-average shares outstanding—Diluted 33,962,015 24,011,540 32,520,684 19,040,301 Earnings (loss) per share—Basic $ 0.71 $ (0.00 ) $ 0.74 $ 0.14 Earnings (loss) per share—Diluted $ 0.71 $ (0.00 ) $ 0.74 $ 0.14

Organization - Additional Infor

Organization - Additional Information (Detail) $ / shares in Units, $ in Billions	Sep. 17, 2015USD ($)$ / sharesshares	Sep. 30, 2015Property
Class Of Stock [Line Items]
Number of units located with multifamily properties | Property		14,044
Number of multifamily properties owned | Property		50
Trade Street Residential, Inc.
Class Of Stock [Line Items]
Common stock shares converted into right to receive cash | $ / shares	$ 3.80
Common stock shares converted into right to receive shares of IRT	0.4108
Shares issued to acquire entity	15,110,994
Trade Street Residential, Inc. | Limited Partner
Class Of Stock [Line Items]
Operating partnership units exchanged in merger	1,925,419
Minimum
Class Of Stock [Line Items]
Expected total capitalization after merger | $	$ 1.4

Summary of Significant Accoun25

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Amortization expense for intangible assets	$ 109,000	$ 983,000	$ 3,397,000	$ 2,927,000
Amortization expense for intangible assets expected for remainder of 2015	3,809,000		3,809,000
Amortization expense for intangible assets expected for remainder of 2016	3,735,000		3,735,000
Depreciation expense	4,594,000	$ 2,326,000	13,064,000	$ 5,737,000
Mortgage indebtedness, carrying amount	602,408,000		602,408,000		$ 400,509,000
Accumulated other comprehensive income	$ 5,000		$ 5,000
Cash Flow Hedge | 1-month LIBOR
Significant Accounting Policies [Line Items]
Interest rate cap strike rate	3.00%		3.00%
Cash Flow Hedge | Interest Rate Cap
Significant Accounting Policies [Line Items]
Derivative, notional amount	$ 200,000,000		$ 200,000,000
Derivative, maturity date			Oct. 17, 2017
Derivative, fair value	40,000		$ 40,000
Accumulated other comprehensive income	10,000		10,000
Reclassified out of accumulated other comprehensive income to earnings, amount	0		0
Mortgages
Significant Accounting Policies [Line Items]
Indebtedness fair value	597,547,000		$ 597,547,000		$ 411,311,000
Building and Building Improvements
Significant Accounting Policies [Line Items]
Depreciable Lives			40 years
Equipment and Fixtures | Minimum
Significant Accounting Policies [Line Items]
Depreciable Lives			5 years
Equipment and Fixtures | Maximum
Significant Accounting Policies [Line Items]
Depreciable Lives			10 years
Leases Acquired In Place
Significant Accounting Policies [Line Items]
Acquisition of above-market in-place leases	$ 7,471,000		$ 7,690,000

Schedule of Preliminary Fair Va

Schedule of Preliminary Fair Value of Assets and Liabilities Acquired (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 17, 2015
Business Acquisition [Line Items]
Investments in real estate	$ 707,268
Cash assumed	2,685
Accounts receivable and other assets	6,210
Intangible assets	7,690
Indebtedness	(359,495)
Accounts payable and accrued expenses	(8,069)
Accrued interest payable	(130)
Other liabilities	(3,764)
Net assets acquired	352,395
Trade Street Residential, Inc.
Business Acquisition [Line Items]
Investments in real estate		$ 682,237
Cash assumed		2,685
Accounts receivable and other assets		6,123
Intangible assets		7,471
Indebtedness	$ (121,885)	(359,495)
Accounts payable and accrued expenses		(7,581)
Accrued interest payable		(130)
Other liabilities		(3,662)
Net assets acquired		$ 327,648

Schedule of Fair Value of Consi

Schedule of Fair Value of Consideration Transferred (Detail) - Trade Street Residential, Inc. $ in Thousands	Sep. 17, 2015USD ($)
Business Acquisition [Line Items]
Cash consideration for TSRE merger	$ 139,781
Equity consideration for TSRE merger	123,855
Total	$ 263,636

TSRE Merger - Additional Inform

TSRE Merger - Additional Information (Detail) $ in Thousands	Sep. 17, 2015USD ($)Property	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Business Acquisition [Line Items]
Gains (losses) on TSRE merger and property acquisitions	$ 64,012	$ 64,012	$ 64,012	$ 2,882
Indebtedness		359,495	359,495
Trade Street Residential, Inc.
Business Acquisition [Line Items]
Fair value of equity consideration transferred	123,855
Indebtedness	359,495	$ 121,885	$ 121,885
Paid indebtedness	237,610
Acquisition expenses	12,530
Expenses associated with extinguishing financing arrangement	23,219
Expenses associated with employee separation	$ 4,289
Number of properties acquired | Property	19
Trade Street Residential, Inc. | TSRE Properties
Business Acquisition [Line Items]
Gains (losses) on TSRE merger and property acquisitions	$ 30,000
Common Shares | Trade Street Residential, Inc.
Business Acquisition [Line Items]
Fair value of equity consideration transferred	109,857
Gains (losses) on TSRE merger and property acquisitions	34,000
Limited Partner | Trade Street Residential, Inc.
Business Acquisition [Line Items]
Fair value of equity consideration transferred	$ 13,998

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	Oct. 15, 2015USD ($)	Sep. 17, 2015USD ($)Property	May. 01, 2015USD ($)Property	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)
Real Estate Properties [Line Items]
Number of multifamily properties owned | Property				50
Number of units located with multifamily properties | Property				14,044
Acquisition of real estate properties				$ 24,746	$ 178,158
Investments in real estate				$ 707,268
Indianapolis Indiana
Real Estate Properties [Line Items]
Number of multifamily property acquired | Property			236
Acquisition of real estate properties			$ 25,250
Indianapolis Indiana | Real Estate Investment
Real Estate Properties [Line Items]
Investments in real estate			$ 25,250
Trade Street Residential, Inc.
Real Estate Properties [Line Items]
Number of multifamily property acquired | Property		4,989
Investments in real estate		$ 682,237
Number of properties acquired | Property		19
Trade Street Residential, Inc. | Subsequent Event
Real Estate Properties [Line Items]
Parcel of land sold	$ 3,350

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015		Dec. 31, 2014
Real Estate Properties [Line Items]
Land	$ 199,488	[1]	$ 112,600
Building	1,190,856	[1]	570,475
Furniture, fixtures and equipment	10,548	[1]	6,037
Total investment in real estate	1,400,892	[1]	689,112
Accumulated depreciation	(35,304)	[1]	(23,376)
Investments in real estate, net	$ 1,365,588	[1]	$ 665,736
Building
Real Estate Properties [Line Items]
Depreciable Lives	40 years
Furniture, fixtures and equipment | Minimum
Real Estate Properties [Line Items]
Depreciable Lives	5 years
Furniture, fixtures and equipment | Maximum
Real Estate Properties [Line Items]
Depreciable Lives	10 years
[1]	As of September 30, 2015, includes a parcel of land acquired with the TSRE merger that is held-for-sale and has a carrying amount of $3,283 and a fair value of $3,350.

Summary of Investments in Rea31

Summary of Investments in Real Estate (Parenthetical) (Detail) - Trade Street Residential, Inc. $ in Thousands	Sep. 30, 2015USD ($)
Real Estate Properties [Line Items]
Carrying amount, held for sale	$ 3,283
Fair value, held for sale	$ 3,350

Summary of Aggregate Fair Value

Summary of Aggregate Fair Value of Assets and Liabilities (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Assets acquired:
Investments in real estate	$ 707,268
Cash and cash equivalents	2,685
Accounts receivable and other assets	6,210
Intangible assets	7,690
Total assets acquired	723,853
Liabilities assumed:
Indebtedness	359,495
Accounts payable and accrued expenses	8,069
Accrued interest payable	130
Other liabilities	3,764
Total liabilities assumed	371,458
Net assets acquired	$ 352,395

Schedule of Revenue and Net Inc

Schedule of Revenue and Net Income (Loss) of Properties Acquired (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Real Estate Properties [Line Items]
Total revenue	$ 3,214	$ 3,811
Net income (loss) allocable to common shares	1,364	1,592
TSRE Portfolio
Real Estate Properties [Line Items]
Total revenue	2,668	2,668
Net income (loss) allocable to common shares	1,539	1,539
Bayview Club
Real Estate Properties [Line Items]
Total revenue	546	1,143
Net income (loss) allocable to common shares	$ (175)	$ 53

Pro Forma of Financial Informat

Pro Forma of Financial Information Purport to Represent Result of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate Properties Base Purchase Price [Abstract]
Pro forma total revenue (unaudited)	$ 16,735	$ 15,033	$ 50,653	$ 45,098
Pro forma net income (loss) allocable to common shares (unaudited)	$ 4,702	$ 2,961	$ 13,237	$ 8,882
Earnings (loss) per share attributable to common shareholders:
Basic-pro forma (unaudited)	$ 0.14	$ 0.12	$ 0.41	$ 0.47
Diluted-pro forma (unaudited)	$ 0.13	$ 0.12	$ 0.39	$ 0.47

Summary of Information Concerni

Summary of Information Concerning Indebtedness that Encumbered our Properties (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2015		Dec. 31, 2014
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	$ 993,296		$ 417,369
Mortgage indebtedness, carrying amount	$ 993,908		$ 418,901
Mortgage indebtedness, weighted average interest rate	3.60%		3.60%
Bridge Term Loan
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	$ 120,000
Mortgage indebtedness, carrying amount	$ 120,000
Type	Floating
Mortgage indebtedness, weighted average interest rate	5.20%
Mortgages-Fixed Rate
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	$ 563,721		$ 360,902
Mortgage indebtedness, carrying amount	$ 564,333		$ 362,434
Type	Fixed		Fixed
Mortgage indebtedness, weighted average interest rate	3.80%		3.80%
Mortgages-Floating Rate
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	$ 38,075		$ 38,075
Mortgage indebtedness, carrying amount	$ 38,075		$ 38,075
Type	Floating		Floating
Mortgage indebtedness, weighted average interest rate	2.40%		2.40%
Secured Credit Facility
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, outstanding principal	$ 271,500	[1]	$ 18,392	[2]
Mortgage indebtedness, carrying amount	$ 271,500	[1]	$ 18,392	[2]
Type	Floating	[1]	Floating	[2]
Mortgage indebtedness, weighted average interest rate	2.60%	[1]	2.70%	[2]
Weighted Average
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness, weighted average interest rate	3.70%
Mortgage indebtedness maturity (in years)	5 years 1 month 6 days		7 years 1 month 6 days
Weighted Average | Bridge Term Loan
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness maturity (in years)	1 year
Weighted Average | Mortgages-Fixed Rate
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness maturity (in years)	7 years		7 years 6 months
Weighted Average | Mortgages-Floating Rate
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness maturity (in years)	5 years 7 months 6 days		6 years 3 months 18 days
Weighted Average | Secured Credit Facility
Mortgage Loans On Real Estate [Line Items]
Mortgage indebtedness maturity (in years)	3 years	[1]	1 year 9 months 18 days	[2]
[1]	(1) The secured credit facility total capacity is $325.0 million, of which $271.5 million was drawn as of September 30, 2015.
[2]	The secured credit facility total capacity was $30.0 million, of which $18.4 million was drawn as of December 31, 2014.

Mortgage Indebtedness - Additio

Mortgage Indebtedness - Additional Information (Detail) - USD ($)

Sep. 30, 2015

Sep. 17, 2015

Apr. 13, 2015

Jan. 27, 2015

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Mortgage Loans On Real Estate [Line Items]

Secured credit facility borrowing capacity

$ 325,000,000

$ 325,000,000

$ 30,000,000

$ 325,000,000

$ 30,000,000

Credit facility withdrawals

$ 271,500,000

$ 18,400,000

Mortgage indebtedness, weighted average interest rate

3.60%

3.60%

Mortgage indebtedness, outstanding principal

993,296,000

993,296,000

$ 993,296,000

$ 417,369,000

Cash paid for interest

13,354,000

6,022,000

Mortgage indebtedness, carrying amount

602,408,000

602,408,000

$ 602,408,000

$ 400,509,000

Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

2.60%

[1]

2.70%

[2]

Mortgage indebtedness, outstanding principal

271,500,000

[1]

271,500,000

[1]

$ 271,500,000

[1]

$ 18,392,000

[2]

The Huntington National Bank

Mortgage Loans On Real Estate [Line Items]

Credit facility withdrawals

14,848,000

14,848,000

Repayment of secured credit facility

14,848,000

33,240,000

Key Bank Senior Facility | Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Secured credit facility borrowing capacity

$ 325,000,000

Secured credit facility, remaining borrowing capacity

53,500,000

53,500,000

53,500,000

Key Bank Senior Facility | Revolving Line of Credit

Mortgage Loans On Real Estate [Line Items]

Secured credit facility borrowing capacity

$ 125,000,000

Percentage of secured credit facility available for swingline loans

10.00%

Percentage of secured credit facility available for issuance of letters of credit

10.00%

Key Bank Senior Facility | Term Loan

Mortgage Loans On Real Estate [Line Items]

Secured credit facility borrowing capacity

$ 200,000,000

Secured credit facility, remaining borrowing capacity

$ 0

0

0

Key Bank Senior Facility | 1-month LIBOR | Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

2.45%

Key Bank Senior Facility | Limited Partner | Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness maturity (in years)

3 years

Increase in maximum borrowing capacity

$ 450,000,000

Secured credit facility, maturity date

Sep. 17, 2018

Key Bank Senior Facility | Limited Partner | If greater than or equal to 50% of the revolver is used

Mortgage Loans On Real Estate [Line Items]

Percentage of fee on line of credit facility outstanding

0.20%

Key Bank Senior Facility | Limited Partner | If less than 50% of the revolver is used

Mortgage Loans On Real Estate [Line Items]

Percentage of fee on line of credit facility outstanding

0.25%

Key Bank Interim Facility | Senior Interim Term Loan

Mortgage Loans On Real Estate [Line Items]

Secured credit facility borrowing capacity

$ 120,000,000

Mortgage indebtedness maturity (in years)

364 days

Secured credit facility, remaining borrowing capacity

$ 0

0

0

Key Bank Interim Facility | 1-month LIBOR | Senior Interim Term Loan

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

5.00%

Key Bank Interim Facility | Limited Partner | Senior Interim Term Loan

Mortgage Loans On Real Estate [Line Items]

Percentage of net proceeds from equity issuances, sales of assets, refinancing of assets

100.00%

Key Bank Interim Facility | Limited Partner | 1-month LIBOR | Senior Interim Term Loan

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

5.00%

Key Bank Interim Facility | Limited Partner | Base Rate | Senior Interim Term Loan

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

4.00%

Key Bank Interim Facility | Limited Partner | If IROP elects to extend its maturity | 1-month LIBOR | Senior Interim Term Loan

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

6.50%

Key Bank Interim Facility | Limited Partner | If IROP elects to extend its maturity | Base Rate | Senior Interim Term Loan

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

5.50%

Sponsor

Mortgage Loans On Real Estate [Line Items]

Cash paid for interest

243,000

$ 241,000

$ 722,000

$ 723,000

Mortgages-Floating Rate

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

2.40%

2.40%

Mortgage indebtedness, outstanding principal

$ 38,075,000

38,075,000

$ 38,075,000

$ 38,075,000

Mortgages-Fixed Rate

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

3.80%

3.80%

Mortgage indebtedness, outstanding principal

$ 563,721,000

$ 563,721,000

$ 563,721,000

$ 360,902,000

Iron Rock Ranch

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

3.40%

Mortgage indebtedness, carrying amount

$ 22,900,000

Interest payment period

Monthly

Mortgage indebtedness, maturity date

Feb. 1, 2025

Stonebridge At The Ranch

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

3.20%

Mortgage indebtedness, carrying amount

$ 20,527,000

Interest payment period

Monthly

Mortgage indebtedness, maturity date

May 1, 2025

Creekstone At R T P

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

3.90%

Mortgage indebtedness, carrying amount

$ 23,250,000

Interest payment period

Monthly

Mortgage indebtedness, maturity date

Jun. 10, 2023

Principal date

Jun. 10, 2016

Mortgage indebtedness maturity (in years)

30 years

Fountains Southend

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

4.30%

Mortgage indebtedness, carrying amount

$ 23,750,000

Interest payment period

Monthly

Mortgage indebtedness, maturity date

Feb. 5, 2024

Principal date

Feb. 5, 2017

Mortgage indebtedness maturity (in years)

30 years

I R T Millenia

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

3.80%

Mortgage indebtedness, carrying amount

$ 25,000,000

Interest payment period

Monthly

Mortgage indebtedness, maturity date

Mar. 5, 2021

Principal date

Apr. 5, 2018

Mortgage indebtedness maturity (in years)

30 years

I R T Millenia | Supplemental Loan Agreement

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

4.30%

Mortgage indebtedness, carrying amount

$ 4,175,000

Interest payment period

Monthly

Mortgage indebtedness, maturity date

Mar. 5, 2021

Principal date

May 5, 2018

Mortgage indebtedness maturity (in years)

30 years

Talison Row

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

4.10%

Mortgage indebtedness, carrying amount

$ 33,635,000

Interest payment period

Monthly

Mortgage indebtedness, maturity date

Sep. 10, 2023

Principal date

Sep. 10, 2016

Mortgage indebtedness maturity (in years)

30 years

Aventine Greenville

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

3.20%

Mortgage indebtedness, carrying amount

$ 30,600,000

Interest payment period

Monthly

Mortgage indebtedness, maturity date

Mar. 5, 2021

Principal date

Nov. 4, 2016

Mortgage indebtedness maturity (in years)

30 years

Waterstone at Brier Creek

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

3.70%

Mortgage indebtedness, carrying amount

$ 16,250,000

Interest payment period

Monthly

Mortgage indebtedness, maturity date

Apr. 5, 2022

Waterstone at Brier Creek | Supplemental Loan Agreement

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

4.20%

Mortgage indebtedness, carrying amount

$ 4,175,000

Interest payment period

Monthly

Mortgage indebtedness, maturity date

Apr. 5, 2022

Weighted Average

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness, weighted average interest rate

3.70%

Mortgage indebtedness maturity (in years)

5 years 1 month 6 days

7 years 1 month 6 days

Weighted Average | Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness maturity (in years)

3 years

[1]

1 year 9 months 18 days

[2]

Weighted Average | Mortgages-Floating Rate

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness maturity (in years)

5 years 7 months 6 days

6 years 3 months 18 days

Weighted Average | Mortgages-Fixed Rate

Mortgage Loans On Real Estate [Line Items]

Mortgage indebtedness maturity (in years)

7 years

7 years 6 months

Minimum | Key Bank Senior Facility | Limited Partner | 1-month LIBOR | Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

1.65%

Minimum | Key Bank Senior Facility | Limited Partner | Base Rate | Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

0.65%

Maximum | Key Bank Senior Facility | Limited Partner | 1-month LIBOR | Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

2.45%

Maximum | Key Bank Senior Facility | Limited Partner | Base Rate | Secured Credit Facility

Mortgage Loans On Real Estate [Line Items]

Debt instrument interest rate

1.45%

Maximum | Key Bank Interim Facility | Limited Partner | Senior Interim Term Loan

Mortgage Loans On Real Estate [Line Items]

Principal amount outstanding

$ 100,000,000

[1]

(1) The secured credit facility total capacity is $325.0 million, of which $271.5 million was drawn as of September 30, 2015.

[2]

The secured credit facility total capacity was $30.0 million, of which $18.4 million was drawn as of December 31, 2014.

Maturity of Indebtedness (Detai

Maturity of Indebtedness (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Mortgage Loans On Real Estate [Line Items]
2,015	$ 498
2,016	165,385
2,017	3,267
2,018	275,579
2,019	20,245
Thereafter	528,322
Bridge Term Loan
Mortgage Loans On Real Estate [Line Items]
2,016	120,000
Mortgages-Fixed Rate
Mortgage Loans On Real Estate [Line Items]
2,015	498
2,016	45,385
2,017	3,267
2,018	4,079
2,019	20,245
Thereafter	490,247
Mortgages-Floating Rate
Mortgage Loans On Real Estate [Line Items]
Thereafter	38,075
Secured Credit Facility
Mortgage Loans On Real Estate [Line Items]
2,018	$ 271,500

Shareholder Equity and Non-Cont

Shareholder Equity and Non-Controlling Interest - Additional Information (Detail) - Trade Street Residential, Inc. $ / shares in Units, $ in Thousands	Sep. 17, 2015USD ($)$ / sharesshares	Sep. 04, 2015Dividend$ / shares	Sep. 30, 2015USD ($)shares	Jul. 01, 2015
Class Of Stock [Line Items]
Merger completion date			Sep. 17, 2015
Common stock shares converted into right to receive cash | $ / shares	$ 3.80
Common stock shares converted into right to receive shares of IRT	0.4108
Shares issued to acquire entity	15,110,994
Monthly dividend division on prorated basis | $ / shares		$ 0.06
Number of prorated dividends | Dividend		2
OP Units outstanding			3,154,935
OP Units redemption value | $			$ 22,747
Limited Partner
Class Of Stock [Line Items]
Operating partnership units exchanged in merger	1,925,419
OP Units value, exchanged in merger | $	$ 13,998
July 2,015
Class Of Stock [Line Items]
Dividend declared date				2015-07
August 2,015
Class Of Stock [Line Items]
Dividend declared date				2015-08
September 2,015
Class Of Stock [Line Items]
Dividend declared date				2015-09

Dividends Declared (Detail)

Dividends Declared (Detail) - $ / shares	Oct. 19, 2015	Jul. 02, 2015	Apr. 13, 2015	Jan. 19, 2015
January 2,015
Dividends Payable [Line Items]
Record Date				Jan. 30, 2015
Payment Date				Feb. 17, 2015
Dividend Declared Per Share				$ 0.06
February 2,015
Dividends Payable [Line Items]
Record Date				Feb. 27, 2015
Payment Date				Mar. 16, 2015
Dividend Declared Per Share				$ 0.06
March 2,015
Dividends Payable [Line Items]
Record Date				Mar. 31, 2015
Payment Date				Apr. 15, 2015
Dividend Declared Per Share				$ 0.06
April 2,015
Dividends Payable [Line Items]
Record Date			Apr. 30, 2015
Payment Date			May 15, 2015
Dividend Declared Per Share			$ 0.06
May 2,015
Dividends Payable [Line Items]
Record Date			May 29, 2015
Payment Date			Jun. 15, 2015
Dividend Declared Per Share			$ 0.06
June 2,015
Dividends Payable [Line Items]
Record Date			Jun. 30, 2015
Payment Date			Jul. 15, 2015
Dividend Declared Per Share			$ 0.06
July 2,015
Dividends Payable [Line Items]
Record Date		Jul. 31, 2015
Payment Date		Aug. 17, 2015
Dividend Declared Per Share		$ 0.06
August 2,015
Dividends Payable [Line Items]
Record Date		Aug. 31, 2015
Payment Date		Sep. 15, 2015
Dividend Declared Per Share		$ 0.06
September 2,015
Dividends Payable [Line Items]
Record Date		Sep. 15, 2015
Payment Date		Oct. 15, 2015
Dividend Declared Per Share		$ 0.034
September 2,015
Dividends Payable [Line Items]
Record Date		Sep. 30, 2015
Payment Date		Oct. 15, 2015
Dividend Declared Per Share		$ 0.026
October 2015 | Scenario Forecast
Dividends Payable [Line Items]
Record Date	Oct. 30, 2015
Payment Date	Nov. 16, 2015
Dividend Declared Per Share	$ 0.06
November 2015 | Scenario Forecast
Dividends Payable [Line Items]
Record Date	Nov. 30, 2015
Payment Date	Dec. 15, 2015
Dividend Declared Per Share	$ 0.06
December 2015 | Scenario Forecast
Dividends Payable [Line Items]
Record Date	Dec. 31, 2015
Payment Date	Jan. 15, 2016
Dividend Declared Per Share	$ 0.06

Equity Compensation Plans - Add

Equity Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	May. 14, 2015	Feb. 18, 2015	May. 14, 2014	Sep. 30, 2015	Dec. 31, 2014	Jul. 29, 2013	Apr. 05, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized				300,000,000	300,000,000
Shares issued to Directors							3,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock granted in period		100,000
Common stock grant date value		$ 935
Share price		$ 9.35
Awards vesting period		3 years
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		300,000
Options grant date value		$ 219
Directors Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted, shares	12,000		9,000
Stock granted, value	$ 107		$ 81
Stock granted, stock price	$ 8.89		$ 8.95
Amended and Restated Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized						800,000

Related Party Transactions an41

Related Party Transactions and Arrangements - Additional Information (Detail) $ / shares in Units, $ in Thousands	May. 07, 2013Property	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Advisor
Related Party Transaction [Line Items]
Quarterly management fee as percentage of average real estate assets	0.1875%
Number of properties excluded from computation of base management fee | Property	8
Quarterly management fee payment rate as percentage of average real estate assets	0.1875%
Asset management fees earned		$ 1,259	$ 445	$ 3,306	$ 938
Advisor incentive fee		20.00%		20.00%
Incentive fees expense for advisor		$ 0	0	$ 425	154
Management fee of our cumulative equity raised				0.375%
Internal return per share | $ / shares				$ 0.20
Advisor | Incentive Fees
Related Party Transaction [Line Items]
Incentive fees payable to advisor		0		$ 0		$ 644
Advisor | If IROP elects to extend its maturity
Related Party Transaction [Line Items]
Advisor incentive fee	0.00%
Advisor | If IROP elects to extend its maturity | Maximum
Related Party Transaction [Line Items]
Cumulative gross amount of equity capital, hurdle rate	1.75%
Cumulative gross amount of equity capital, annual hurdle rate	7.00%
Advisor | if pre-incentive fee Core FFO exceeds hurdle rate
Related Party Transaction [Line Items]
Advisor incentive fee	20.00%
Advisor | if pre-incentive fee Core FFO exceeds hurdle rate | Minimum
Related Party Transaction [Line Items]
Cumulative gross amount of equity capital, hurdle rate	1.75%
Cumulative gross amount of equity capital, annual hurdle rate	7.00%
Property Manager
Related Party Transaction [Line Items]
Percentage of gross revenues from the property				4.00%
Property management and leasing fees		861	$ 471	$ 2,381	$ 1,203
Property Manager | Accounts Payable and Accrued Expenses
Related Party Transaction [Line Items]
Property management and leasing fees payable		$ 336		$ 336		$ 205

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic And Diluted Earnings Per Share [Abstract]
Net income (loss)	$ 25,636	$ (58)	$ 25,748	$ 2,749
(Income) loss allocated to non-controlling interests	(1,621)	2	(1,629)	2
Net income (loss) allocable to common shares	$ 24,015	$ (56)	$ 24,119	$ 2,751
Weighted-average shares outstanding—Basic	33,962,015	24,011,540	32,516,470	19,004,591
Weighted-average shares outstanding—Diluted	33,962,015	24,011,540	32,520,684	19,040,301
Basic	$ 0.71	$ 0	$ 0.74	$ 0.14
Diluted	$ 0.71	$ 0	$ 0.74	$ 0.14

Earning (Loss) Per Share - Addi

Earning (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings (loss) per share, amount	3,278,935	54,268	3,184,326