Independence Realty Trust (IRT) 10-K 3 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		69,035,969
Entity Public Float			$ 326,001,833.17

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investments in real estate:
Investments in real estate, at cost	$ 1,249,356	$ 1,372,015
Accumulated depreciation	(51,511)	(39,638)
Investments in real estate, net	1,197,845	1,332,377
Real estate held for sale (see Note 4)	60,786
Cash and cash equivalents	20,892	38,301
Restricted cash	5,518	5,413
Accounts receivable and other assets	5,211	3,362
Derivative assets	3,867
Intangible assets, net of accumulated amortization of $0 and $11,551, respectively	118	3,735
Total Assets	1,294,237	1,383,188
LIABILITIES AND EQUITY:
Indebtedness, net of unamortized discount and deferred financing costs of $6,371 and $8,920, respectively	743,817	966,611
Accounts payable and accrued expenses	14,028	19,304
Accrued interest payable	491	1,239
Dividends payable	4,297	3,006
Other liabilities	2,913	2,998
Total Liabilities	765,546	993,158
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, 68,996,070 and 47,070,678 shares issued and outstanding, including 281,000 and 117,000 unvested restricted common share awards, respectively	690	471
Additional paid in capital	564,633	378,187
Accumulated other comprehensive income (loss)	3,683	(8)
Retained earnings (accumulated deficit)	(62,181)	(14,500)
Total stockholders’ equity	506,825	364,150
Noncontrolling interests	21,866	25,880
Total Equity	528,691	390,030
Total Liabilities and Equity	$ 1,294,237	$ 1,383,188

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Intangible assets, accumulated amortization	$ 0	$ 11,551
Indebtedness, unamortized discount and deferred financing costs	$ 6,371	$ 8,920
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	68,996,070	47,070,678
Common stock, shares outstanding	68,996,070	47,070,678
Unvested restricted common share awards	281,000	117,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUE:
Rental income	$ 137,416	$ 98,216	$ 44,834
Tenant reimbursement income	5,587	4,401	1,924
Other income	10,356	6,959	2,413
Property management	29
Total revenue	153,388	109,576	49,171
EXPENSES:
Property operating expenses	63,148	46,281	21,636
Property management expenses	4,847	3,674	1,759
General and administrative expenses	3,422	2,177	1,137
Asset management fees	7,442	5,613	1,736
Acquisition and integration expenses	43	13,555	1,842
Depreciation and amortization expense	34,824	28,094	12,520
Total expenses	113,726	99,394	40,630
Operating income	39,662	10,182	8,541
Interest expense	(35,535)	(23,553)	(8,496)
Interest income	(4)	19	17
Net gains (losses) on sale of assets	31,776	6,412
TSRE financing extinguishment and employee separation expenses		(27,508)
Gain (loss) on extinguishment of debt	(1,210)
Management internalization expense	(44,976)
Gains (losses) on TSRE merger and property acquisitions	732	64,604	2,882
Net income (loss):	(9,555)	30,156	2,944
(Income) loss allocated to noncontrolling interest	(246)	(1,914)	(4)
Net income (loss) allocable to common shares	$ (9,801)	$ 28,242	$ 2,940
Earnings (loss) per share:
Basic	$ (0.19)	$ 0.78	$ 0.14
Diluted	$ (0.19)	$ 0.78	$ 0.14
Weighted-average shares:
Basic	52,182,427	36,153,673	21,315,928
Diluted	52,182,427	36,160,274	21,532,671

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (9,555)	$ 30,156	$ 2,944
Other comprehensive income (loss):
Change in fair value of interest rate hedges	3,354	(8)
Realized (gains) losses on interest rate hedges reclassified to earnings	492	0	0
Total other comprehensive income	3,846	(8)
Comprehensive income (loss) before allocation to noncontrolling interests	(5,709)	30,148	2,944
Allocation to noncontrolling interests	(401)	(1,914)	(4)
Comprehensive income (loss) allocable to common shares	$ (6,110)	$ 28,234	$ 2,940

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Total Stockholders' Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2013	$ 74,908	$ 96	$ 78,112		$ (3,300)	$ 74,908
Beginning Balance (in Shares) at Dec. 31, 2013		9,652,540
Net income (loss)	2,944				2,940	2,940	$ 4
Distribution to noncontrolling interest declared	(204)						(204)
Common dividends declared	(16,368)				(16,368)	(16,368)
Issuance of noncontrolling interests	11,961						11,961
Issuance of common shares, net	189,587	$ 221	189,366			189,587
Issuance of common shares, net (in Shares)		22,098,536
Stock compensation expense	206	$ 1	205			206
Stock compensation expense (in Shares)		49,000
Ending Balance at Dec. 31, 2014	263,034	$ 318	267,683		(16,728)	251,273	11,761
Ending Balance (in Shares) at Dec. 31, 2014		31,800,076
Net income (loss)	30,156				28,242	28,242	1,914
Distribution to noncontrolling interest declared	(1,300)						(1,300)
Common dividends declared	(26,014)				(26,014)	(26,014)
Other comprehensive income	(8)			$ (8)		(8)
Issuance of noncontrolling interests	13,998						13,998
Conversion of noncontrolling interest to common shares			493			493	(493)
Conversion of noncontrolling interest to common shares (in Shares)		52,933
Issuance of common shares, net	109,668	$ 152	109,516			109,668
Issuance of common shares, net (in Shares)		15,105,669
Stock compensation expense	496	$ 1	495			496
Stock compensation expense (in Shares)		112,000
Ending Balance at Dec. 31, 2015	$ 390,030	$ 471	378,187	(8)	(14,500)	364,150	25,880
Ending Balance (in Shares) at Dec. 31, 2015	47,070,678	47,070,678
Net income (loss)	$ (9,555)				(9,801)	(9,801)	246
Distribution to noncontrolling interest declared	(2,124)						(2,124)
Common dividends declared	(37,880)				(37,880)	(37,880)
Other comprehensive income	3,846			3,691		3,691	155
Common share activity related to equity compensation	(143)		(143)			(143)
Common share activity related to equity compensation(in Shares)		(28,869)
Conversion of noncontrolling interest to common shares		$ 2	2,289			2,291	(2,291)
Conversion of noncontrolling interest to common shares (in Shares)		245,980
Issuance of common shares, net	245,452	$ 288	245,164			245,452
Issuance of common shares, net (in Shares)		28,750,000
Repurchase of common shares	(62,156)	$ (73)	(62,083)			(62,156)
Repurchase of common shares (in Shares)		(7,269,719)
Stock compensation expense	1,222	$ 2	1,220			1,222
Stock compensation expense (in Shares)		228,000
Ending Balance at Dec. 31, 2016	$ 528,691	$ 690	$ 564,633	$ 3,683	$ (62,181)	$ 506,825	$ 21,866
Ending Balance (in Shares) at Dec. 31, 2016	68,996,070	68,996,070

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ (9,555)	$ 30,156	$ 2,944
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation and amortization	34,824	28,094	12,520
Amortization of deferred financing costs and premium on indebtedness, net	2,757	389	(660)
Stock compensation expense	1,222	495	206
Net (gains) losses on sale of assets	(31,776)	(6,412)
Net (gains) losses on extinguishment of debt	1,210
TSRE financing extinguishment expenses		23,219
(Gains) losses on TSRE merger and property acquisitions	(732)	(64,604)	(2,882)
Changes in assets and liabilities:
Accounts receivable and other assets	(477)	5,570	764
Accounts payable and accrued expenses	(4,328)	3,362	2,670
Accrued interest payable	(715)	1,060	(14)
Other liabilities	37	(2,604)	176
Net cash provided by operating activities	(7,533)	18,725	15,724
Cash flows from investing activities:
Acquisition of real estate properties		(24,746)	(299,881)
Disposition of real estate properties	39,690	17,524
Acquisition of advisory and management contracts	(143)
TSRE merger, net of cash acquired		(137,096)
Capital expenditures	(10,663)	(8,941)	(4,158)
Deposit paid for future acquisition	(1,000)
(Increase) decrease in restricted cash	(105)	(207)	(3,298)
Cash flow used in investing activities	27,779	(153,466)	(307,337)
Cash flows from financing activities:
Proceeds (payments) from issuance of common stock	245,309	(188)	189,587
Payments related to repurchase of common stock	(62,156)
TSRE financing extinguishment expenses		(23,219)
Proceeds from Secured Credit Facility and mortgage indebtedness	209,481	488,725	154,650
Secured Credit Facility and mortgage principal repayments	(390,089)	(272,751)	(26,001)
Payments for deferred financing costs	(1,485)	(7,998)	(89)
Distributions on common stock	(36,575)	(25,103)	(14,978)
Distributions to noncontrolling interests	(2,140)	(1,187)	(127)
Net cash from financing activities	(37,655)	158,279	303,042
Net change in cash and cash equivalents	(17,409)	23,538	11,429
Cash and cash equivalents, beginning of period	38,301	14,763	3,334
Cash and cash equivalents, end of the period	20,892	38,301	14,763
Supplemental cash flow information:
Cash paid for interest	33,034	22,105	9,170
Non-cash decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock	2,290	493
Distributions declared but not paid	$ 4,297	3,006	1,982
Value of common stock issued		109,857
Value of limited partnership units issued in acquisitions		13,998	11,961
Mortgage debt assumed		$ 121,885	$ 66,963

Organization

Organization	12 Months Ended
	Dec. 31, 2016
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 became an internally managed REIT in December 2016. Prior to that date, we were 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” (referred to as our Advisor) until December 20, 2016. On December 20, 2016, we completed our management internalization, which was announced on September 27, 2016 as part of the agreement, or the internalization agreement, with RAIT and RAIT affiliates that provided for transactions which changed us from being externally managed to being internally managed and separated us from RAIT. The management internalization consisted of two parts: (i) our acquisition of our external advisor, which was a subsidiary of RAIT, and (ii) our acquisition of substantially all of its assets and the assumption of certain liabilities relating to the multifamily property management business of RAIT, including property management contracts relating to apartment properties owned by us, RAIT and third parties. Also, pursuant to the internalization agreement, on October 5, 2016, we repurchased all of the 7,269,719 shares of our common stock owned by certain of RAIT’s subsidiaries and retired these shares. 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 non-gateway markets 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2: Summary of Significant Accounting Policies a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations, equity and cash flows are included. Concurrent with IRT’s management internalization that was completed on December 20, 2016, IRT now has property management employees that perform regional supervision, accounting, treasury, human resources and other corporate functions. The expenses associated with these employees are presented in a separate income statement line item entitled “Property management expenses.” We have also, retroactively, adjusted historical periods to move property management fees paid to our previous property manager from property operating expenses to property management expenses. 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. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP. c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents. e. Restricted Cash Restricted cash includes tenant escrows and our funds held by lenders to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events. As of December 31, 2016 and 2015, we had $5,518 and $5,413, respectively, of restricted cash. f. Accounts Receivable and Allowance for Bad Debts We make estimates of the collectability of our accounts receivable related to base rents, expense reimbursements and other revenue. We analyze accounts receivable and historical bad debt levels, tenant credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants experiencing financial difficulties are analyzed and estimates are made in connection with expected uncollectible receivables. Our reported operating results are affected by management’s estimate of the collectability of accounts receivable. g. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets 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, generally 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 acquisition 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 related financing. Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. 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 year ended December 31, 2016, we made an adjustment related to the TSRE acquisition as described in NOTE 4: Investments in Real Estate. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the year ended December 31, 2016, we did not acquire any properties and, therefore, did not acquire any in-place leases. During the twelve month period ended December 31, 2015, we acquired in-place leases with a value of $7,690 related to our acquisitions that are discussed further in NOTE 4: Investments in Real Estate. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2016, 2015 and 2014 we recorded $3,735, $7,206 and $3,778 of amortization expense for intangible assets, respectively. During the year ended December 31, 2016, $7,471 of intangible assets became fully amortized and were written off. Impairment of Long-Lived Assets Management evaluates the recoverability of its investment in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured. Management reviews its long-lived assets on an ongoing basis and evaluates the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recorded when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets 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 Depreciation expense for real estate assets are 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. For the years ended December 31, 2016, 2015 and 2014 we recorded $31,089, $20,888 and $8,742 of depreciation expense, respectively. h. Revenue and Expenses Minimum rents are recognized on an accrual basis, over the terms of the related leases on a straight-line basis. Any above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. Recoveries from residential tenants for utility costs are recognized as revenue in the period that the applicable costs are incurred. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. Georgia, Kentucky, North Carolina, Oklahoma, South Carolina, Tennessee and Texas comprised 9.22%, 11.21%, 13.38%, 7.91%, 8.57%, 13.33%, and 11.88%, respectively, of our rental revenue for the year ended December 31, 2016. For the year ended December 31, 2016 and 2015, we recognized revenues of $189 and $322, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. For the years ended December 31, 2016, 2015 and 2014, we incurred $1,749, $1,399, and $675 of advertising expenses, respectively. i. 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. As this technique utilizes current credit spreads for various maturities and types of loans, which are generally unobservable, this is classified as a Level 3 fair vale measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The fair value of our secured credit facility, term loan facility, cash and cash equivalents and restricted cash as of December 31, 2016 and 2015 approximated their respective unpaid principal balances due to the nature of these instruments. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value inputs for the secured credit facility and the term loan facility are classified as Level 2 fair value measurements within the fair value hierarchy. The fair value of derivatives is based on a discounted cash flows technique and is classified as a Level 2 fair value measurement within the fair value hierarchy. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2016 As of December 31, 2015 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 20,892 $ 20,892 $ 38,301 $ 38,301 Restricted cash 5,518 5,518 5,413 5,413 Derivative assets 3,867 3,867 24 24 Liabilities Debt: Secured credit facility 147,280 150,000 267,155 271,500 Term loan — — 118,418 120,000 Mortgages 596,537 588,523 581,038 589,320 Derivative liabilities — — — — j. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. As of January 1, 2016, we adopted the accounting standard classified under FASB ASC Topic 835, “Interest” which required deferred financing costs to be presented on the balance sheet as a direct deduction from indebtedness. This resulted in the reclassification of the amounts presented as deferred financing costs as of December 31, 2015 from deferred financing costs to indebtedness on our consolidated balance sheet. k. Income Taxes We have elected to be taxed as a REIT beginning with the taxable year ended December 31, 2011. Accordingly, we recorded no income tax expense for the years ended December 31, 2016, 2015 and 2014. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. For the year ended December 31, 2016, 93% of dividends were characterized as total capital gain distribution, 7% were characterized as ordinary income and 0% were characterized as return of capital. For the year ended December 31, 2015, 17% of dividends were characterized as total capital gain distribution and 83% were characterized as return of capital. For the year ended December 31, 2014, 35% of dividends were characterized as ordinary taxable income and 65% were characterized as return of capital. l. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Subtopic 505-50, “Equity – Equity Payments to Non-Employees” and FASB ASC Topic 718, “Compensation—Stock Compensation”. We did not have any employees prior to the management internalization on December 20, 2016 and therefore accounted for stock-based compensation as nonemployee awards. Stock-based compensation cost for nonemployee awards is measured at the grant date based on the fair value of the award and is revalued at the end of each accounting period. The expense is recognized over the requisite service period, which is the vesting period. Any share-based compensation awards granted to employees are measured based on the grant-date fair value of the award and we record compensation expense for the entire award on a straight line basis, over the related vesting period, for the entire award. For awards granted to nonemployees who subsequently became employees, the fair value of the awards were revalued on the date the employment status change occurred and the resulting compensation expense is recognized on a straight line basis over the remaining vesting period, for the entire award. m. Noncontrolling Interest Our noncontrolling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present noncontrolling interest in our consolidated balance sheet within equity but separate from shareholders’ equity. Any noncontrolling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at the greater of historical cost or their redemption value. n. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges (or designated as fair value hedges), or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness. o. Recent Accounting Pronouncements 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 accounting standard applies to all contracts with customers, except those that are within the scope of other Topics in the FASB ASC. During 2016 and 2017, the FASB issued four amendments to this to this accounting standard which provide further clarification to this accounting standard. These standards amending FASB ASC Topic 606 are currently effective for annual reporting periods beginning after December 15, 2017. Management is currently evaluating the impact that these standards may have on our consolidated financial statements. In January 2016, the FASB issued an accounting standard classified under FASB ASC Topic 825, “Financial Instruments”. This accounting standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Among other things, the amendment (i) eliminates certain disclosure requirements for financial instruments measured at amortized cost; (ii) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (iii) requires separate presentation, in other comprehensive income, of the change in fair value of a liability, when the fair value option has been elected, resulting from a change in the instrument-specific credit risk; and (iv) requires separate presentation of financial instruments by measurement category and form. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for the separate presentation of changes in fair value due to changes in instrument-specific credit risk. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. This accounting standard amends lease accounting by requiring the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this standard is permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 815, “Derivatives and Hedging”. This accounting standard clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Management does not expect this standard to have a significant impact on our consolidated financial statements. In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 815, “Derivatives and Hedging”. This accounting standard clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. This accounting standard clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. This standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Management does not expect this standard to have a significant impact on our consolidated financial statements. In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation”. This accounting standard simplifies several aspects of the accounting for share-based payment award transactions, including: (i) income tax consequences; (ii) classification of awards as either equity or liabilities; and (iii) classification on the statement of cash flows. This standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In August 2016, the FASB issued an accounting standard classified under FASB ASC Topic 230, “Statement of Cash Flows”. This accounting standard provides guidance on eight specific cash flow issues: (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (iii) contingent consideration payments made after a business combination; (iv) proceeds from the settlement of insurance claims; (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (vi) distributions received from equity method investees; (vii) beneficial interests in securitization transactions and (viii) separately identifiable cash flows and application of the predominance principle. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impact that this standard may have on our consolidated statement of cash flows. In October 2016, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. The amendments in this accounting standard provide guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The amendments in this accounting standard do not change the characteristics of a primary beneficiary in current GAAP. A primary beneficiary of a VIE has both of the following characteristics: (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. If a reporting entity satisfies the first characteristic of a primary beneficiary (such that it is the single decision maker of a VIE), the amendments in this accounting standard require that the reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include all of its direct variable interest in a VIE and, on a proportionate basis, its indirect variable interest in a VIE held through related parties, including related parties that are under common control with the reporting entity. If after performing that assessment, a reporting entity that is the single decision maker of a VIE concludes that it does not have the characteristics of a primary beneficiary, the amendments continue to require that the reporting entity evaluate whether it and one or more of its related parties under common control, as a group, have the characteristics of a primary beneficiary. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In January 2017, the FASB issued an accounting standard classified under FASB ASC Topic 805, “Business Combinations’. The amendments in this accounting standard clarify the definition of a business by more clearly outlining the requirements for an integrated set of assets and activities to be considered a business and by establishing a practical framework to determine when the integrated set of assets and activities is a business. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2017, including interim periods with those fiscal years. Early adoption is permitted for transactions not yet reflected in the financial statements. Management is currently evaluating the impact this standard will have on our consolidated financial statements.

Management Internalization

Management Internalization	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Management Internalization	NOTE 3: Management Internalization As previously discussed in Note 1, on December 20, 2016, we completed our management internalization, which consisted of two parts: (i) our acquisition of our external advisor, which was a subsidiary of RAIT, and (ii) our acquisition of substantially all of its assets and the assumption of certain liabilities relating to the multifamily property management business of RAIT, including property management contracts relating to apartment properties owned by us, RAIT and third parties. In accounting for the management internalization transaction, we first evaluated the net assets that were acquired. The assets that were acquired included $118 of customer list intangible assets related to third party property management contracts and $25 of other assets. There were no liabilities that were required to be recognized. We also considered pre-existing relationships that were settled as part of the transaction, which included the advisory agreement and our properties’ property management agreements. In evaluating the amount by which these contracts were favorable or unfavorable to us, we compared the actual amounts historically paid and that would be owed under these agreements to a range of potential market arrangements and then applying a discount rate to the two sets of cash flows. The most significant difference between our agreements and the potential markets arrangements observed was our inability to terminate the advisory agreement until October 1, 2020 as well as the advisory agreement’s termination fee. The impact of this difference led to the conclusion that these agreements were unfavorable to us, on a present value basis, by more than $43,000, which was the purchase price for the management internalization. Accordingly, the difference between estimated fair value of the net assets acquired of $143 and the consideration transferred of $43,000 represents the settlement of pre-existing relationships between us and RAIT. Accordingly, the difference of $42,857 was recognized as a loss in our income statement as management internalization expense. As part of our management internalization, we incurred $2,119 of acquisition-related expenses. These acquisition-related expenses were recognized in earnings immediately and are included within management internalization expense. The table below presents the revenue, net income, and earnings per share effect of the business combination on a pro forma basis as if the combination occurred on January 1, 2015. The pro forma results are not necessarily indicative of the results which actually would have occurred if the business combination 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 Year Ended December For the Year Ended December Pro forma total revenue (unaudited) $ 154,482 $ 110,541 Pro forma net income (loss) allocable to common shares (unaudited) 36,850 (14,126 ) Earnings (loss) per share attributable to common shareholders: Basic-pro forma (unaudited) $ 0.71 $ (0.39 ) Diluted-pro forma (unaudited) $ 0.71 $ (0.39 )

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2016
Banking And Thrift [Abstract]
Investments in Real Estate	NOTE 4: Investments in Real Estate As of December 31, 2016, our investments in real estate and real estate held for sale consisted of 46 apartment properties (unaudited). The table below summarizes our investments in real estate: 2016 2015 Depreciable (In years) Land $ 165,120 $ 190,585 - Building 1,066,611 1,168,453 40 Furniture, fixtures and equipment 17,625 12,977 5-10 Total investment in real estate $ 1,249,356 $ 1,372,015 Accumulated depreciation (51,511 ) (39,638 ) Investments in real estate, net $ 1,197,845 $ 1,332,377 As of December 31, 2016, we had investments in real estate valued at $60,786 classified as held for sale. Acquisitions On May 1, 2015 we acquired a 236 unit (unaudited) residential community located in Indianapolis, Indiana known as Bayview Club. We On September 17, 2015 the merger with TSRE closed, as part of this merger we acquired 19 properties containing 4,989 units (unaudited). Net assets acquired was $328,240 and fair value of the consideration transferred totaled $263,636, consisting of $109,857 of common shares and $13,998 of IRT OP units, and cash consideration of $139,781. As the fair value of the net assets acquired exceeded the fair value of the consideration, we recognized a gain from a bargain purchase of $64,604. During the first quarter of 2016, we received additional information regarding estimates we had made for certain accrued expenses related to our acquisition of Trade Street Residential, or the TSRE acquisition, that was completed on September 17, 2015. This information led to an increase in the fair value of the net assets we acquired of $91, which was recognized during the year ended December 31, 2016. During the third quarter of 2016, we finalized our purchase accounting process related to the TSRE acquisition. As part of this process, we received additional information regarding estimates we had made for certain accrued expenses related to the TSRE acquisition which led to an increase in fair value of the net assets we acquired of $641, which we recognized during the year ended December 31, 2016. On February 27, 2017, we acquired a 216 unit (unaudited) residential community located in Tampa, Florida for a purchase price of $29,750 exclusive of closing costs. Dispositions During the year ended December 31, 2016 we recognized a $9 loss related to the sale of a multifamily property which occurred in the prior year as we settled remaining amounts with buyers. The below table summarizes the dispositions for the year ended December 31, 2016 and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale: Net income (loss) allocable to common shares Property Name Date of Sale Sale Price Gain (loss) on sale For the Year Ended December 31, 2016 Cumberland Glen (1) 02/18/2016 $ 18,000 $ 2,452 $ 35 Belle Creek 04/07/2016 23,000 14,191 252 Tresa 05/05/2016 47,000 15,142 354 Total $ 88,000 $ 31,785 $ 641 (1) Gain (loss) on sale related to this property includes a defeasance premium of $1,343. On December 22, 2015, we disposed of one multi-family real estate property for a total sale price of $33,600. We recorded a gain on the sale of this asset of $6,420. On October 15, 2015, we sold a parcel of land acquired in the TSRE merger for $3,350. After considering actual closing costs, we recognized a loss on the sale of this asset of $8.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Indebtedness	NOTE 5: Indebtedness The following tables contains summary information concerning our indebtedness as of December 31, 2016: Debt: Outstanding Unamortized Discount and Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Secured credit facility (1)(2) $ 150,000 $ (2,720 ) $ 147,280 Floating 3.0% 1.7 Mortgages-Fixed rate 600,188 (3,651 ) 596,537 Fixed 3.8% 6.7 Total Debt $ 750,188 $ (6,371 ) $ 743,817 3.6% 5.7 (1) The secured credit facility total capacity is $312,500, of which $150,000 was outstanding as of December 31, 2016. (2) As of December 31, 2016, IRT maintained a float-to-fixed interest rate swap with a $150,000 notional amount. This swap, which expires on June 17, 2021 and has a fixed rate of 1.145%, has converted $150,000 of our floating rate debt to fixed rate debt. Original maturities on or before December 31, Debt: 2017 2018 2019 2020 2021 Thereafter Secured credit facility $ - $ 150,000 $ - $ - $ - $ - Mortgages-Fixed rate 2,799 3,551 4,599 15,897 114,254 459,088 Total $ 2,799 $ 153,551 $ 4,599 $ 15,897 $ 114,254 $ 459,088 As of December 31, 2016 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, 2015: Debt: Outstanding Unamortized Discount and Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Secured credit facility (1) $ 271,500 $ (4,345 ) $ 267,155 Floating 2.9% 2.7 Bridge term loan 120,000 (1,582 ) 118,418 Floating 5.4% 0.7 Mortgages-Fixed rate 545,956 (2,993 ) 542,963 Fixed 3.8% 6.9 Mortgages-Floating rate 38,075 - 38,075 Floating 2.8% 5.4 Total Debt $ 975,531 $ (8,920 ) $ 966,611 3.7% 4.9 (1) The secured credit facility total capacity was $325,000, of which $271,500 was outstanding as of December 31, 2015. As of December 31, 2016, the weighted average interest rate of our mortgage indebtedness was 3.8%. As of December 31, 2016 and December 31, 2015, RAIT held $0 and $38,075 of our mortgage indebtedness, respectively. For the years ended December 31, 2016 and 2015, we paid approximately $361 and $965, respectively, of interest to RAIT. There was no accrued interest payable outstanding as of December 31, 2016. Secured Credit Facility As of September 17, 2015, the HNB facility was terminated and repaid in full. The facility, which was originally entered into on October 25, 2013 had a 3-year term, bore interest at LIBOR plus 2.50% and contained customary financial covenants for this type of revolving credit agreement. On September 17, 2015, IROP entered into a credit agreement with KeyBank with respect to a $325,000 senior secured credit facility In March of 2016, IROP drew down $8,000 on the secured credit facility, which was used to repay $6,000 of the interim facility, discussed below. In March of 2016, IROP drew down $45,476 on the secured credit facility, which was used to satisfy the existing mortgages and closing costs relating to the Oklahoma City portfolio of properties which were acquired in 2014. In May of 2016, IROP repaid $77,665 on the secured credit facility with the proceeds received from entering into permanent financing relating to Aston, Avenues at Craig Ranch and Waterstone at Big Creek which were all acquired in 2015. In October of 2016, IROP paid down $107,335 on the secured credit facility with the proceeds received from a public offering. See Note 7: Stockholder Equity and Non-Controlling Interest. In October of 2016, IROP drew down $10,000 on the secured credit facility. On December 21, 2016, IROP entered into an Increase Agreement with KeyBank which amended the terms of the previous $325,000 senior secured credit facility In February of 2017, IROP drew down $22,000 on the secured credit facility in connection with a property acquisition. In addition to certain negative covenants, our lending facility with Key Bank has financial covenants that require us to (i) maintain a consolidated leverage ratio below thresholds described in the debt agreement, (ii) maintain a minimum consolidated fixed charge coverage ratio, (iii) maintain a minimum consolidated tangible net worth, and (iv) maintain a minimum liquidity amount. Additionally, the covenants limit (i) the amount of distributions that IRT can make to a percentage of Funds from Operations (as such term is described in the debt agreement), (ii) the amount of recourse indebtedness that may be incurred by us, (iii) the amount of unhedged variable rate indebtedness that may be incurred, and requires us to maintain a pledge of collateral base of properties with an occupancy level of not less than 85% as security for the facility. Term Loan On September 17, 2015, IROP entered into a credit agreement with KeyBank with respect to a $120,000 senior interim term loan facility, or the interim facility. IROP incurred upfront deferred costs of $2,092 associated with this facility. The interim facility was amended and restated to replace the interim facility with a $40,000 senior secured term loan on June 24, 2016. Upon entering into the term loan, IROP borrowed $40,000, using $416 to pay closing costs and $33,512 to repay the remaining balance under the interim facility. The maturity date of the term loan is September 17, 2018, subject to acceleration in the event of customary events of default. The term loan requires monthly payments of interest only through June 30, 2017. IROP is required to reduce the principal amount outstanding under the term loan by $100 per month beginning July 2017 and must apply 50% of all net proceeds from equity issuances, sales of assets, or refinancings of assets towards repaying the term loan. At IROP’s option, borrowings under the term loan will bear interest at a rate equal to either (i) LIBOR plus a margin of 400 basis points, or (ii) a base rate plus a margin of 300 basis points. IROP may prepay the term loan, in whole or in part, at any time without fee or penalty, except for breakage costs associated with LIBOR borrowings. In January and February of 2016, IROP repaid $23,784 of the interim facility subsequent to two property dispositions. In April and May of 2016, IROP repaid $30,000 of the interim facility subsequent to two property dispositions. In May of 2016, IROP repaid $26,704 of the interim facility subsequent to the permanent financing of two properties with seven and ten year fixed-rate mortgages. In October of 2016, IROP repaid the $40,000 term loan in full with the proceeds received from a public offering. See Note 7: Stockholder Equity and Non-Controlling Interest. Mortgages-Fixed Rate In February of 2016, we repaid $6,659 of mortgage indebtedness as part of the disposition of our Cumberland property. In March of 2016, we repaid $43,694 of mortgage indebtedness related to the Oklahoma City portfolio of properties we acquired in 2014 through a refinancing whereby IROP drew down on the secured credit facility. On May 26, 2016, we entered into a loan agreement for a $25,050 loan secured by a first mortgage on our Aston property. The loan bears interest at a rate of 3.4% per annum, provides for monthly payments of interest only through December 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures June 2023. On May 17, 2016, we entered into a loan agreement for a $31,250 loan secured by a first mortgage on our Avenues at Craig Ranch property. The loan bears interest at a rate of 3.3% per annum, provides for monthly payments of interest only through May 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures June 2023. On May 20, 2016, we entered into a loan agreement for a $49,680 loan secured by a first mortgage on our Waterstone at Big Creek property. The loan bears interest at a rate of 3.7% per annum, provides for monthly payments of interest only through June 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures June 2026. 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.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 6: Derivative Financial Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. Interest Rate Swaps and Caps We have entered into an interest rate cap contract and an interest rate swap contract to hedge interest rate exposure on floating rate indebtedness. 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. Through June 23, 2016, this interest rate cap was designated as a cash flow hedge. Through that date, we concluded that this hedging relationship was highly effective in offsetting interest rate fluctuations associated with the identified indebtedness and, using the hypothetical derivative method, did not recognize any ineffectiveness. On June 24, 2016, this interest rate cap was de-designated and, as of June 30, 2016, this interest rate cap was accounted for as a freestanding derivative. The change in fair value of this interest cap was $24 for the twelve months ended December 31, 2016. On June 24, 2016, we entered into an interest rate swap contract with a notional value of $150 million, a strike rate of 1.145% and a maturity date of June 17, 2021. We designated this interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. 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. The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2016 and December 31, 2015: December 31, 2016 As of December 31, 2015 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Cash flow hedges: Interest rate swap $ 150,000 $ 3,867 $ — $ — $ — $ — Interest rate cap — — 200,000 24 — 150,000 3,867 — 200,000 24 — Freestanding derivatives: Interest rate cap 200,000 — — — — — Net fair value $ 350,000 $ 3,867 $ — $ 200,000 $ 24 $ — Effective interest rate swaps and caps are reported in accumulated other comprehensive income and the fair value of these hedge agreements is included in other assets or other liabilities. For interest rate swaps and caps that are considered effective hedges, we reclassified realized losses of $492, $0 and $0 to earnings within interest expense for the twelve months ended December 31, 2016, 2015 & 2014, respectively. For interest rate swaps and caps that are considered effective hedges, we expect $292 to be reclassified out of accumulated other comprehensive income to earnings over the next 12 months.

Stockholder Equity and NonContr

Stockholder Equity and NonControlling Interest	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Stockholder Equity and NonControlling Interest	NOTE 7: Stockholder Equity and Non-Controlling Interest Stockholder Equity Common Shares On October 5, 2016, we completed an underwritten public offering. We issued and sold 25,000,000 common shares, par value $0.01 per share, at a public offering price of $9.00 per common share. We received $213,389 of net proceeds of the public offering, after deducting underwriting discounts and commissions and offering expenses paid by us. On October 5, 2016, we used these proceeds as follows: (i) $40,000 of the proceeds were used to prepay in full and terminate our $40,000 senior secured term loan facility; (ii) $62,156 of the proceeds were used to repurchase and retire 7,269,719 shares of our common stock from certain of RAIT’s subsidiaries at a purchase price of $8.55 per share; (iii) $47,335 of the proceeds were used to partially pay down the $325,000 senior secured credit facility; (iv) $43,000 of the proceeds were reserved to consummate the management internalization; and (v) the remaining $20,898 was held for general corporate purposes. As part of the offering, we granted the underwriters an option, exercisable for 30 days from the date of the underwriting agreement, to purchase up to an additional 3,750,000 common shares. On October 21, 2016, the underwriters exercised their option to purchase an additional 3,750,000 common shares at a purchase price of $9.00 per common share. We received $32,062 of net proceeds, after deducting underwriting discounts and commissions. IRT also incurred $142 of expenses associated with equity awards that vested in 2016. On September 17, 2015, we 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 our common stock, plus cash in lieu of fractional shares. We issued 15,110,994 shares of our common stock as equity consideration in the merger. Our board of directors declared the following dividends in 2016: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2016 January 14, 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 January 14, 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 January 14, 2016 March 31, 2016 April 15, 2016 $ 0.06 April 2016 April 14, 2016 April 29, 2016 May 16, 2016 $ 0.06 May 2016 April 14, 2016 May 31, 2016 June 15, 2016 $ 0.06 June 2016 April 14, 2016 June 30, 2016 July 15, 2016 $ 0.06 July 2016 July 14, 2016 July 29, 2016 August 15, 2016 $ 0.06 August 2016 July 14, 2016 August 31, 2016 September 15, 2016 $ 0.06 September 2016 July 14, 2016 September 30, 2016 October 17, 2016 $ 0.06 October 2016 October 12, 2016 October 31, 2016 November 15, 2016 $ 0.06 November 2016 October 12, 2016 November 30, 2016 December 15, 2016 $ 0.06 December 2016 October 12, 2016 December 30, 2016 January 17, 2017 $ 0.06 Our board of directors declared the following dividends during the beginning of 2017: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2017 January 12, 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 January 12, 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 January 12, 2017 March 31, 2017 April 17, 2017 $ 0.06 Our board of directors declared the following dividends in 2015: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2015 January 19, 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 January 19, 2015 February 27, 2015 March 16, 2015 $ 0.06 March 2015 January 19, 2015 March 31, 2015 April 15, 2015 $ 0.06 April 2015 April 13, 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 April 13, 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 April 13, 2015 June 30, 2015 July 15, 2015 $ 0.06 July 2015 July 1, 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 July 1, 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 4, 2015 September 15, 2015 October 15, 2015 $ 0.034 September 2015 September 4, 2015 September 30, 2015 October 15, 2015 $ 0.026 October 2015 October 19, 2015 October 30, 2015 November 16, 2015 $ 0.06 November 2015 October 19, 2015 November 30, 2015 December 15, 2015 $ 0.06 December 2015 October 19, 2015 December 31, 2015 January 15, 2016 $ 0.06 Noncontrolling Interest On February 1, 2016 holders of IROP units exchanged an additional 204,115 units for 204,113 shares of our common stock with fractional units being settled in cash As of December 31, 2016, 2,908,949 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $25,948, based on IRT’s stock price of $8.92 as of December 30, 2016. During 2015, IROP exchanged 52,937 units for 52,933 shares of our common stock with fractional units being settled in cash. 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. Our board of directors declared the following distributions on our operating partnership’s LP units during 2016: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2016 January 14, 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 January 14, 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 January 14, 2016 March 31, 2016 April 15, 2016 $ 0.06 April 2016 April 14, 2016 April 29, 2016 May 16, 2016 $ 0.06 May 2016 April 14, 2016 May 31, 2016 June 15, 2016 $ 0.06 June 2016 April 14, 2016 June 30, 2016 July 15, 2016 $ 0.06 July 2016 July 14, 2016 July 29, 2016 August 15, 2016 $ 0.06 August 2016 July 14, 2016 August 31, 2016 September 15, 2016 $ 0.06 September 2016 July 14, 2016 September 30, 2016 October 17, 2016 $ 0.06 October 2016 October 12, 2016 October 31, 2016 November 15, 2016 $ 0.06 November 2016 October 12, 2016 November 30, 2016 December 15, 2016 $ 0.06 December 2016 October 12, 2016 December 30, 2016 January 17, 2017 $ 0.06 Our board of directors declared the following distributions on our operating partnership’s LP units during the beginning of 2017: Month Record Date Payment Date Dividend Declared Per Share January 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 March 31, 2017 April 17, 2017 $ 0.06 Our board of directors declared the following distributions on our operating partnership’s LP units during 2015: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2015 January 19, 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 January 19, 2015 February 27, 2015 March 16, 2015 $ 0.06 March 2015 January 19, 2015 March 31, 2015 April 15, 2015 $ 0.06 April 2015 April 13, 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 April 13, 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 April 13, 2015 June 30, 2015 July 15, 2015 $ 0.06 July 2015 July 1, 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 July 1, 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 4, 2015 September 15, 2015 October 15, 2015 $ 0.034 September 2015 September 4, 2015 September 30, 2015 October 15, 2015 $ 0.026 October 2015 October 19, 2015 October 30, 2015 November 16, 2015 $ 0.06 November 2015 October 19, 2015 November 30, 2015 December 15, 2015 $ 0.06 December 2015 October 19, 2015 December 31, 2015 January 15, 2016 $ 0.06

Equity Compensation Plans

Equity Compensation Plans	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Compensation Plans	NOTE 8: Equity Compensation Plans Long Term Incentive Plan In May 2016, our shareholders approved and our board of directors adopted an amended and restated Long Term Incentive Plan, or the incentive plan, which provides for the grants of awards to our directors, officers and full-time employees, full-time employees of our former advisor and its affiliates, full-time employees of entities that provide services to our former advisor, directors of our former advisor or of entities that provide services to it, certain of our consultants and certain consultants to our former advisor and its affiliates or to entities that provide services to our former 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. In conjunction with the amendment, the number of shares of common stock issuable under the incentive plan was increased to 4,300,000 shares and the term of the incentive plan was extended to May 12, 2026. Under the incentive plan or predecessor incentive plans, we granted restricted shares and stock appreciation rights, or SARs, to employees of our former advisor. These awards generally vested over a three-year period. In addition, we granted unrestricted shares to our directors. These awards generally vested immediately. A summary of the SARs activity of the incentive plan is presented below. 2016 2015 2014 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 351,000 $ 9.13 72,000 $ 8.20 - $ - Granted — 300,000 9.35 80,000 8.20 Expired (2,000 ) 9.35 - - - - Exercised (8,000 ) 8.20 (2,000 ) 8.20 - - Forfeited (4,000 ) 9.35 (19,000 ) 9.11 (8,000 ) - Outstanding, December 31, 337,000 $ 9.15 351,000 $ 9.13 72,000 $ 8.20 SARs exercisable at December 31, 128,998 22,000 - As of December 31, 2016, our closing common stock price was $8.92, which exceeds the exercise prices of some of the SARs. The total intrinsic value of SARs outstanding and exercisable at December 31, 2016 was $26. The following table summarizes information about the SARs outstanding and exercisable as of December 31, 2016: SARs Outstanding SARs Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life Number Exercisable Weighted Average Remaining Contractual Life $8.20 - 9.35 337,000 2.95 128,998 2.84 As of December 31, 2016, the unearned compensation cost relating to unvested SAR awards was $71. Our assumptions used in computing the fair value of the SARs issued during the years ended December 31, 2015 and 2014, using the Black-Scholes Option Pricing Model, are summarized below. There were no SARs issued during the year ended December 31, 2016. As of December 31 2015 2014 Stock Price $ 7.51 $ 9.31 Strike Price $ 8.20-9.35 $ 8.20 Risk-free interest rate 1.1 - 1.2% 1.1 % Dividend yield 9.6 % 7.7 % Volatility 34 % 21 % Expected term 1.7 - 2.5 years 2.5 years A summary of the restricted common share awards as of December 31, 2016, 2015 and 2014 of the incentive plan is presented below. 2016 2015 2014 Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 117,000 $ 9.13 36,000 $ 8.20 - $ - Granted 228,000 6.33 112,000 9.30 49,000 8.34 Vested (60,661 ) 8.62 (24,000 ) 8.55 (13,000 ) 8.72 Forfeited (3,334 ) 7.47 (7,000 ) 9.02 - - Balance, December 31, 281,005 $ 6.99 117,000 $ 9.13 36,000 $ 8.20 As of December 31, 2016, the unearned compensation cost relating to unvested restricted common share awards was $1,508. The estimated fair value of restricted common share awards vested during 2016 and 2015 was $427 and $221, respectively. For the years ended December 31, 2016, 2015 and 2014 we recognized $1,222, $495 and $206 of stock compensation expense, respectively. On February 28, 2017, our compensation committee awarded 143,679 restricted stock awards, valued at $9.19 per share, or $1,320 in the aggregate. The restricted stock awards vest over a three-year period except for 6,585 awards that vested immediately. In addition, our compensation committee awarded performance share units, or PSUs, to Eligible Officers under a newly adopted 2017 Annual Equity Award Program pursuant to the incentive plan. The number of PSUs awarded will be based on attainment of certain performance criteria over a three-year period, with 226,469 PSUs granted for achieving the maximum performance criteria.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	NOTE 9: Related Party Transactions and Arrangements Fees and Expenses Paid to Our External Advisor On December 20, 2016, in connection with our management internalization, we acquired our external Advisor and, therefore, fees and expenses to our external Advisor are no longer incurred. As of September 25, 2015, we entered into the Second Amendment to the Second Amended and Restated Advisory Agreement. The Second Amendment amended the advisory agreement to extend its term to October 1, 2020, and to provide for compensation to our external Advisor for periods subsequent to October 1, 2015, as follows: • Quarterly base management fee of 0.375% of our cumulative equity raised; and • Quarterly incentive fee equal to 20% of our core funds from operations, or Core FFO, as defined in the advisory agreement, in excess of $0.20 per share. Prior to the Second Amendment, the Second Amended and Restated Advisory Agreement, which was effective as of May 7, 2013 through September 30, 2015, provided that our external 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 computed 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 calculated the fee. • An incentive fee based on our pre-incentive fee Core FFO. The incentive fee was 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 our equity capital we have obtained; and • 20% of the amount of our pre-incentive fee Core FFO that exceeded 1.75% (7% annualized) of the cumulative gross proceeds from our issuance of equity securities. For the years ended December 31, 2016, 2015 and 2014, our external Advisor earned $7,092, $4,984, and $1,582 of asset management fees, respectively. It is noted that the quarterly asset management fee for the period ended December 31, 2016 was calculated by adjusting for the effect of the repurchase of our shares held by RAIT as described in Note 7: Stockholder Equity and Non-Controlling Interest as well as the purchase price for our management internalization as described in Note 3: Management Internlization. For the years ended December 31, 2016, 2015, and 2014 our external Advisor earned $ As of December 31, 2016 and 2015 we had liabilities payable to our external Advisor for asset management fees and incentive fees of $0 and $1,854, respectively. These liabilities are presented within accounts payable and accrued expenses in the accompanying consolidated balance sheets. Property Management Fees Paid to Our Property Manager On December 20, 2016, in connection with our management internalization, we acquired property management agreements with respect to each of our properties from RAIT Residential, our previous property manager, which is wholly owned by RAIT. We had entered into property management agreements with our previous property manager with respect to each of our properties. Pursuant to these property management agreements, we paid our previous property manager property management and leasing fees on a monthly basis up to 4.0% of the gross revenues from a property for each month. Additionally, we may have paid our previous property manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties. For the years ended December 31, 2016, 2015 and 2014 our previous property manager earned $4,769, $3,675, and $1,759 Dividends Paid to Affiliates of Our External Advisor On October 5, 2016, we repurchased and retired all 7,269,719 shares of our common stock owned by RAIT. As of December 31, 2016 and 2015, RAIT owned 0.0% and 15.5% RAIT Indebtedness During the year ended December 31, 2016, we repaid $38,075 of mortgage indebtedness with proceeds from two property dispositions. This indebtedness was held by RAIT. For the years ended December 31, 2016, we paid $486 in exit fees pursuant to the contractual terms of the mortgage indebtedness to RAIT. Also for the years ended December 31, 2016, 2015, and 2014, we paid $361 $965, and $966 respectively, of interest to RAIT. There was accrued interest payable outstanding as of December 31, 2016. Other Transactions with RAIT Subsequent to our Management Internalization (December 20, 2016 to December 31, 2016) IRT paid RAIT $50 pursuant to the shared services agreement for the period ended December 31, 2016. RAIT paid IRT $23 of property management fees. IRT reimbursed RAIT $253 for compensation expense that RAIT paid to IRT employees.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 10: Earnings (Loss) Per Share The following table presents a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2016, 2015 and 2014: For the Years Ended December 31 2016 2015 2014 Net Income (loss) $ (9,555 ) $ 30,156 $ 2,944 (Income) loss allocated to preferred shares - - - (Income) loss allocated to non-controlling interests (246 ) (1,914 ) (4 ) Net Income (loss) allocable to common shares (9,801 ) 28,242 2,940 Weighted-average shares outstanding—Basic 52,182,427 36,153,673 21,315,928 Dilutive securities - 6,601 216,743 Weighted-average shares outstanding—Diluted 52,182,427 36,160,274 21,532,671 Earnings (loss) per share—Basic $ (0.19 ) $ 0.78 $ 0.14 Earnings (loss) per share—Diluted $ (0.19 ) $ 0.78 $ 0.14 Certain IROP units, stock appreciation rights, or SARs, and unvested shares totaling 3,175,720, 3,156,184, and 1,282,450 for the years ended December 31, 2016, 2015 and 2014, respectively, were excluded from the earnings (loss) per share computation because their effect would have been anti-dilutive.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	NOTE 11: Quarterly Financial Data (Unaudited) The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2016: Total revenue $ 38,666 $ 38,327 $ 38,364 $ 38,031 Net income (loss) (46 ) 30,790 2,407 (42,706 ) Net income (loss) allocable to common shares (75 ) 28,987 2,267 (40,980 ) Total earnings (loss) per share—Basic (1) $ — $ 0.61 $ 0.05 $ (0.61 ) Total earnings (loss) per share—Diluted (1) $ — $ 0.61 $ 0.05 $ (0.61 ) 2015: Total revenue $ 21,657 $ 22,718 $ 25,492 $ 39,709 Net income (loss) (241 ) 353 25,636 4,408 Net income (loss) allocable to common shares (233 ) 337 24,015 4,123 Total earnings (loss) per share—Basic (1) $ (0.01 ) $ 0.01 $ 0.71 $ 0.09 Total earnings (loss) per share—Diluted (1) $ (0.01 ) $ 0.01 $ 0.71 $ 0.09 (1) The summation of quarterly per share amounts do not equal the full year amounts.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	NOTE 12: SEGMENT REPORTING Segments We have identified one operating segment and have determined that we have one reportable segment. As a group, our executive officers act as the Chief Operating Decision Maker or CODM. The CODM reviews operating results to make decisions about all investments and resources and to assess performance for the entire company. Our portfolio consists of one reportable segment, investments in real estate through the mechanism of ownership. The CODM manages and reviews our operations as one unit. Resources are allocated without regard to the underlying structure of any investment, but rather after evaluating such economic characteristics as returns on investment, leverage ratios, current portfolio mix, degrees of risk, income tax consequences and opportunities for growth. We have no single customer that accounts for 10% or more of revenue.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 13: COMMITMENTS AND CONTINGENCIES Litigation We are subject to various legal proceedings and claims that arise in the ordinary course of our business operations. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, we currently believe the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or cash flows . Other Matters To the extent that a natural disaster or similar event occurs with more than a remote risk of having a material impact on the consolidated financial statements, we will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability. Lease Obligations In connection with the management internalization, we assumed a lease obligation for office space in Chicago. This office serves as the headquarters for our property management function. As of December 31, 2016, the annual minimum rent due pursuant to this lease for each of the next five years and thereafter is estimated to be $148, $152, $156, $133, zero, and zero, respectively.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III Real Estate and Accumulated Depreciation As of December 31, 2016 (Dollars in thousands) Cost of Improvements, net of Gross Carrying Accumulated Encumbrances Property Initial Cost Retirements Amount Depreciation- (Unpaid Year of Life of Name Description Location Land Building Land Building Land (1) Building Building Principal) Acquisition Depreciation Crestmont Apartment Marietta, GA $ 3,254 $ 13,017 $ - $ 866 $ 3,254 $ 13,883 $ (3,317 ) $ (6,427 ) 2011 40 Runaway Bay Apartment Indianapolis, IN 3,079 12,318 - 694 3,079 13,012 (1,539 ) (9,635 ) 2012 40 Reserve at Eagle Ridge Apartment Waukegan, IL 5,800 22,743 - 592 5,800 23,335 (1,772 ) (18,850 ) 2014 40 Windrush Apartment Edmond, OK 1,677 7,464 - 244 1,677 7,708 (589 ) — 2014 40 Heritage Park Apartment Oklahoma, OK 4,234 12,232 - 891 4,234 13,123 (1,061 ) — 2014 40 Raindance Apartment Oklahoma, OK 3,503 10,051 - 730 3,503 10,781 (881 ) — 2014 40 Augusta Apartment Oklahoma, OK 1,296 9,930 - 441 1,296 10,371 (801 ) — 2014 40 Invitational Apartment Oklahoma, OK 1,924 16,852 - 569 1,924 17,421 (1,346 ) — 2014 40 Kings Landing Apartment Creve Coeur, MO 2,513 29,873 - 299 2,513 30,172 (2,095 ) (21,200 ) 2014 40 Carrington Apartment Little Rock, AR 1,715 19,526 - 914 1,715 20,440 (1,430 ) (14,235 ) 2014 40 Arbors Apartment Ridgeland, MS 4,050 15,946 - 757 4,050 16,703 (1,215 ) (13,150 ) 2014 40 Walnut Hill Apartment Cordova, TN 2,230 25,251 - 652 2,230 25,903 (1,622 ) (18,650 ) 2014 40 Lenox Place Apartment Raleigh, NC 3,480 20,482 - 450 3,480 20,932 (1,262 ) (15,991 ) 2014 40 Stonebridge Crossing Apartment Memphis, TN 3,100 26,223 - 819 3,100 27,042 (1,625 ) (19,370 ) 2014 40 Bennington Pond Apartment Groveport, OH 2,400 14,828 - 557 2,400 15,385 (875 ) (11,375 ) 2014 40 Prospect Park Apartment Louisville, KY 2,837 11,193 - 176 2,837 11,369 (588 ) (9,230 ) 2014 40 Brookside Apartment Louisville, KY 3,947 16,502 - 453 3,947 16,955 (893 ) (13,455 ) 2014 40 Jamestown Apartment Louisville, KY 7,034 27,730 - 996 7,034 28,726 (1,529 ) (22,880 ) 2014 40 Meadows Apartment Louisville, KY 6,857 30,030 - 976 6,857 31,006 (1,622 ) (24,245 ) 2014 40 Oxmoor Apartment Louisville, KY 7,411 47,095 - 906 7,411 48,001 (2,485 ) (35,815 ) 2014 40 Stonebridge at the Ranch Apartment Little Rock, AR 3,315 27,954 - 264 3,315 28,218 (1,434 ) (20,527 ) 2014 40 Iron Rock Ranch Apartment Austin, TX 5,860 28,911 - 502 5,860 29,413 (1,538 ) (22,900 ) 2014 40 Bayview Club Apartment Indianapolis, IN 2,525 22,506 - 468 2,525 22,974 (967 ) - 2015 40 Arbors River Oaks Apartment Memphis, TN 2,100 19,045 - 422 2,100 19,467 (637 ) - 2015 40 Aston Apartment Wake Forest, NC 3,450 34,333 - 76 3,450 34,409 (1,078 ) (25,050 ) 2015 40 Avenues at Craig Ranch Apartment McKinney, TX 5,500 42,054 - 114 5,500 42,168 (1,326 ) (31,250 ) 2015 40 Bridge Pointe Apartment Huntsville, AL 1,500 14,306 - 144 1,500 14,450 (460 ) - 2015 40 Creekstone at RTP Apartment Durham, NC 5,376 32,727 - 124 5,376 32,851 (1,035 ) (23,008 ) 2015 40 Fountains Southend Apartment Charlotte, NC 4,368 37,254 - 63 4,368 37,317 (1,170 ) (23,750 ) 2015 40 Fox Trails Apartment Plano, TX 5,700 21,944 - 320 5,700 22,264 (716 ) - 2015 40 Lakeshore on the Hill Apartment Chattanooga, TN 925 10,212 - 181 925 10,393 (334 ) - 2015 40 Millenia 700 Apartment Orlando, FL 5,500 41,752 - 130 5,500 41,882 (1,317 ) (29,175 ) 2015 40 Miller Creek at German Town Apartment Memphis, TN 3,300 53,504 - 71 3,300 53,575 (1,679 ) - 2015 40 Pointe at Canyon Ridge Apartment Atlanta, GA 11,100 36,995 - 560 11,100 37,555 (1,208 ) - 2015 40 St James at Goose Creek Apartment Goose Creek, SC 3,780 27,695 - 264 3,780 27,959 (905 ) - 2015 40 Talison Row at Daniel Island Apartment Daniel Island, SC 5,480 41,409 - 150 5,480 41,559 (1,311 ) (33,442 ) 2015 40 The Aventine Greenville Apartment Greenville, SC 4,150 43,905 - 34 4,150 43,939 (1,376 ) (30,447 ) 2015 40 Trails at Signal Mountain Apartment Chattanooga, TN 1,200 12,895 - 288 1,200 13,183 (428 ) - 2015 40 Vue at Knoll Trail Apartment Dallas, TX 3,100 6,077 - 98 3,100 6,175 (200 ) - 2015 40 Waterstone at Brier Creek Apartment Raleigh, NC 4,200 34,651 - 87 4,200 34,738 (1,093 ) (20,425 ) 2015 40 Waterstone Big Creek Apartment Alpharetta, GA 7,600 61,971 - 85 7,600 62,056 (1,943 ) (49,680 ) 2015 40 Westmont Commons Apartment Asheville, NC 2,750 25,225 - 198 2,750 25,423 (809 ) - 2015 40 Total Investment in Real Estate $ 165,120 $ 1,066,611 $ - $ 17,625 $ 165,120 $ 1,084,236 $ (51,511 ) $ (564,162 ) Real Estate Held for Sale Copper Mill Apartment Austin, TX 3,472 13,888 - 993 3,472 14,881 (3,667 ) (6,998 ) 2011 40 Heritage Trace Apartment Newport News, 2,673 10,691 - 1,027 2,673 11,718 (2,930 ) (5,237 ) 2011 40 The Crossings Apartment Jackson, MS 4,600 17,948 - 874 4,600 18,822 (1,580 ) (15,313 ) 2013 40 Berkshire Apartment Indianapolis, IN 2,650 10,319 - 859 2,650 11,178 (1,031 ) (8,478 ) 2013 40 Total Real Estate Held for Sale $ 13,395 $ 52,846 $ - $ 3,753 $ 13,395 $ 56,599 $ (9,208 ) $ (36,026 ) Investments in Real Estate For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, Balance, beginning of period $ 1,372,015 $ 689,112 $ 190,096 Additions during period: Acquisitions — 707,268 495,998 Improvements to land and building 10,664 8,941 4,159 Deductions during period: Dispositions of real estate (63,329 ) (33,306 ) (1,141 ) Reclassification to held for sale (69,994 ) — — Balance, end of period: $ 1,249,356 $ 1,372,015 $ 689,112 Balance, end of period - held for sale: $ 69,994 $ — $ — Accumulated Depreciation For the Year Ended December For the Year Ended December For the Year Ended December Balance, beginning of period $ 39,638 $ 23,376 $ 15,775 Depreciation expense 31,085 20,888 8,742 Dispositions of real estate (10,004 ) (4,626 ) (1,141 ) Reclassification to held for sale (9,208 ) — — Balance, end of period: $ 51,511 $ 39,638 $ 23,376 Balance, end of period - held for sale: $ 9,208 $ — $ —

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations, equity and cash flows are included. Concurrent with IRT’s management internalization that was completed on December 20, 2016, IRT now has property management employees that perform regional supervision, accounting, treasury, human resources and other corporate functions. The expenses associated with these employees are presented in a separate income statement line item entitled “Property management expenses.” We have also, retroactively, adjusted historical periods to move property management fees paid to our previous property manager from property operating expenses to property management expenses.
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. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP.
Use of Estimates	c. Use of 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.
Cash and Cash Equivalents	d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents.
Restricted Cash	e. Restricted Cash Restricted cash includes tenant escrows and our funds held by lenders to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events. As of December 31, 2016 and 2015, we had $5,518 and $5,413, respectively, of restricted cash.
Accounts Receivable and Allowance for Bad Debts	f. Accounts Receivable and Allowance for Bad Debts We make estimates of the collectability of our accounts receivable related to base rents, expense reimbursements and other revenue. We analyze accounts receivable and historical bad debt levels, tenant credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants experiencing financial difficulties are analyzed and estimates are made in connection with expected uncollectible receivables. Our reported operating results are affected by management’s estimate of the collectability of accounts receivable.
Investments in Real Estate	g. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets 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, generally 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 acquisition 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 related financing. Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. 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 year ended December 31, 2016, we made an adjustment related to the TSRE acquisition as described in NOTE 4: Investments in Real Estate. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the year ended December 31, 2016, we did not acquire any properties and, therefore, did not acquire any in-place leases. During the twelve month period ended December 31, 2015, we acquired in-place leases with a value of $7,690 related to our acquisitions that are discussed further in NOTE 4: Investments in Real Estate. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2016, 2015 and 2014 we recorded $3,735, $7,206 and $3,778 of amortization expense for intangible assets, respectively. During the year ended December 31, 2016, $7,471 of intangible assets became fully amortized and were written off. Impairment of Long-Lived Assets Management evaluates the recoverability of its investment in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured. Management reviews its long-lived assets on an ongoing basis and evaluates the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recorded when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets 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 Depreciation expense for real estate assets are 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. For the years ended December 31, 2016, 2015 and 2014 we recorded $31,089, $20,888 and $8,742 of depreciation expense, respectively.
Revenue and Expenses	h. Revenue and Expenses Minimum rents are recognized on an accrual basis, over the terms of the related leases on a straight-line basis. Any above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. Recoveries from residential tenants for utility costs are recognized as revenue in the period that the applicable costs are incurred. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. Georgia, Kentucky, North Carolina, Oklahoma, South Carolina, Tennessee and Texas comprised 9.22%, 11.21%, 13.38%, 7.91%, 8.57%, 13.33%, and 11.88%, respectively, of our rental revenue for the year ended December 31, 2016. For the year ended December 31, 2016 and 2015, we recognized revenues of $189 and $322, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. For the years ended December 31, 2016, 2015 and 2014, we incurred $1,749, $1,399, and $675 of advertising expenses, respectively.
Fair Value of Financial Instruments	i. 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. As this technique utilizes current credit spreads for various maturities and types of loans, which are generally unobservable, this is classified as a Level 3 fair vale measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The fair value of our secured credit facility, term loan facility, cash and cash equivalents and restricted cash as of December 31, 2016 and 2015 approximated their respective unpaid principal balances due to the nature of these instruments. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value inputs for the secured credit facility and the term loan facility are classified as Level 2 fair value measurements within the fair value hierarchy. The fair value of derivatives is based on a discounted cash flows technique and is classified as a Level 2 fair value measurement within the fair value hierarchy. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2016 As of December 31, 2015 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 20,892 $ 20,892 $ 38,301 $ 38,301 Restricted cash 5,518 5,518 5,413 5,413 Derivative assets 3,867 3,867 24 24 Liabilities Debt: Secured credit facility 147,280 150,000 267,155 271,500 Term loan — — 118,418 120,000 Mortgages 596,537 588,523 581,038 589,320 Derivative liabilities — — — —
Deferred Costs	j. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. As of January 1, 2016, we adopted the accounting standard classified under FASB ASC Topic 835, “Interest” which required deferred financing costs to be presented on the balance sheet as a direct deduction from indebtedness. This resulted in the reclassification of the amounts presented as deferred financing costs as of December 31, 2015 from deferred financing costs to indebtedness on our consolidated balance sheet.
Income Taxes	k. Income Taxes We have elected to be taxed as a REIT beginning with the taxable year ended December 31, 2011. Accordingly, we recorded no income tax expense for the years ended December 31, 2016, 2015 and 2014. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. For the year ended December 31, 2016, 93% of dividends were characterized as total capital gain distribution, 7% were characterized as ordinary income and 0% were characterized as return of capital. For the year ended December 31, 2015, 17% of dividends were characterized as total capital gain distribution and 83% were characterized as return of capital. For the year ended December 31, 2014, 35% of dividends were characterized as ordinary taxable income and 65% were characterized as return of capital.
Share-Based Compensation	l. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Subtopic 505-50, “Equity – Equity Payments to Non-Employees” and FASB ASC Topic 718, “Compensation—Stock Compensation”. We did not have any employees prior to the management internalization on December 20, 2016 and therefore accounted for stock-based compensation as nonemployee awards. Stock-based compensation cost for nonemployee awards is measured at the grant date based on the fair value of the award and is revalued at the end of each accounting period. The expense is recognized over the requisite service period, which is the vesting period. Any share-based compensation awards granted to employees are measured based on the grant-date fair value of the award and we record compensation expense for the entire award on a straight line basis, over the related vesting period, for the entire award. For awards granted to nonemployees who subsequently became employees, the fair value of the awards were revalued on the date the employment status change occurred and the resulting compensation expense is recognized on a straight line basis over the remaining vesting period, for the entire award.
Noncontrolling Interest	m. Noncontrolling Interest Our noncontrolling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present noncontrolling interest in our consolidated balance sheet within equity but separate from shareholders’ equity. Any noncontrolling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at the greater of historical cost or their redemption value.
Derivative Instruments	n. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges (or designated as fair value hedges), or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness.
Recent Accounting Pronouncements	o. Recent Accounting Pronouncements 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 accounting standard applies to all contracts with customers, except those that are within the scope of other Topics in the FASB ASC. During 2016 and 2017, the FASB issued four amendments to this to this accounting standard which provide further clarification to this accounting standard. These standards amending FASB ASC Topic 606 are currently effective for annual reporting periods beginning after December 15, 2017. Management is currently evaluating the impact that these standards may have on our consolidated financial statements. In January 2016, the FASB issued an accounting standard classified under FASB ASC Topic 825, “Financial Instruments”. This accounting standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Among other things, the amendment (i) eliminates certain disclosure requirements for financial instruments measured at amortized cost; (ii) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (iii) requires separate presentation, in other comprehensive income, of the change in fair value of a liability, when the fair value option has been elected, resulting from a change in the instrument-specific credit risk; and (iv) requires separate presentation of financial instruments by measurement category and form. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for the separate presentation of changes in fair value due to changes in instrument-specific credit risk. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. This accounting standard amends lease accounting by requiring the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this standard is permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 815, “Derivatives and Hedging”. This accounting standard clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Management does not expect this standard to have a significant impact on our consolidated financial statements. In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 815, “Derivatives and Hedging”. This accounting standard clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. This accounting standard clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. This standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Management does not expect this standard to have a significant impact on our consolidated financial statements. In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation”. This accounting standard simplifies several aspects of the accounting for share-based payment award transactions, including: (i) income tax consequences; (ii) classification of awards as either equity or liabilities; and (iii) classification on the statement of cash flows. This standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In August 2016, the FASB issued an accounting standard classified under FASB ASC Topic 230, “Statement of Cash Flows”. This accounting standard provides guidance on eight specific cash flow issues: (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (iii) contingent consideration payments made after a business combination; (iv) proceeds from the settlement of insurance claims; (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (vi) distributions received from equity method investees; (vii) beneficial interests in securitization transactions and (viii) separately identifiable cash flows and application of the predominance principle. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impact that this standard may have on our consolidated statement of cash flows. In October 2016, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. The amendments in this accounting standard provide guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The amendments in this accounting standard do not change the characteristics of a primary beneficiary in current GAAP. A primary beneficiary of a VIE has both of the following characteristics: (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. If a reporting entity satisfies the first characteristic of a primary beneficiary (such that it is the single decision maker of a VIE), the amendments in this accounting standard require that the reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include all of its direct variable interest in a VIE and, on a proportionate basis, its indirect variable interest in a VIE held through related parties, including related parties that are under common control with the reporting entity. If after performing that assessment, a reporting entity that is the single decision maker of a VIE concludes that it does not have the characteristics of a primary beneficiary, the amendments continue to require that the reporting entity evaluate whether it and one or more of its related parties under common control, as a group, have the characteristics of a primary beneficiary. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In January 2017, the FASB issued an accounting standard classified under FASB ASC Topic 805, “Business Combinations’. The amendments in this accounting standard clarify the definition of a business by more clearly outlining the requirements for an integrated set of assets and activities to be considered a business and by establishing a practical framework to determine when the integrated set of assets and activities is a business. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2017, including interim periods with those fiscal years. Early adoption is permitted for transactions not yet reflected in the financial statements. Management is currently evaluating the impact this standard will have on our consolidated financial statements.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of Carrying Amount and Fair Value of Financial Instrument	The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2016 As of December 31, 2015 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 20,892 $ 20,892 $ 38,301 $ 38,301 Restricted cash 5,518 5,518 5,413 5,413 Derivative assets 3,867 3,867 24 24 Liabilities Debt: Secured credit facility 147,280 150,000 267,155 271,500 Term loan — — 118,418 120,000 Mortgages 596,537 588,523 581,038 589,320 Derivative liabilities — — — —

Management Internalization (Tab

Management Internalization (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
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 business combination on a pro forma basis as if the combination occurred on January 1, 2015. Description For the Year Ended December For the Year Ended December Pro forma total revenue (unaudited) $ 154,482 $ 110,541 Pro forma net income (loss) allocable to common shares (unaudited) 36,850 (14,126 ) Earnings (loss) per share attributable to common shareholders: Basic-pro forma (unaudited) $ 0.71 $ (0.39 ) Diluted-pro forma (unaudited) $ 0.71 $ (0.39 )

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2016
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: 2016 2015 Depreciable (In years) Land $ 165,120 $ 190,585 - Building 1,066,611 1,168,453 40 Furniture, fixtures and equipment 17,625 12,977 5-10 Total investment in real estate $ 1,249,356 $ 1,372,015 Accumulated depreciation (51,511 ) (39,638 ) Investments in real estate, net $ 1,197,845 $ 1,332,377
Summary of Disposition of Property's	The below table summarizes the dispositions for the year ended December 31, 2016 and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale Net income (loss) allocable to common shares Property Name Date of Sale Sale Price Gain (loss) on sale For the Year Ended December 31, 2016 Cumberland Glen (1) 02/18/2016 $ 18,000 $ 2,452 $ 35 Belle Creek 04/07/2016 23,000 14,191 252 Tresa 05/05/2016 47,000 15,142 354 Total $ 88,000 $ 31,785 $ 641 (1) Gain (loss) on sale related to this property includes a defeasance premium of $1,343.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Disclosure - Summary Information Concerning Indebtedness	The following tables contains summary information concerning our indebtedness as of December 31, 2016: Debt: Outstanding Unamortized Discount and Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Secured credit facility (1)(2) $ 150,000 $ (2,720 ) $ 147,280 Floating 3.0% 1.7 Mortgages-Fixed rate 600,188 (3,651 ) 596,537 Fixed 3.8% 6.7 Total Debt $ 750,188 $ (6,371 ) $ 743,817 3.6% 5.7 (1) The secured credit facility total capacity is $312,500, of which $150,000 was outstanding as of December 31, 2016. (2) As of December 31, 2016, IRT maintained a float-to-fixed interest rate swap with a $150,000 notional amount. This swap, which expires on June 17, 2021 and has a fixed rate of 1.145%, has converted $150,000 of our floating rate debt to fixed rate debt. Original maturities on or before December 31, Debt: 2017 2018 2019 2020 2021 Thereafter Secured credit facility $ - $ 150,000 $ - $ - $ - $ - Mortgages-Fixed rate 2,799 3,551 4,599 15,897 114,254 459,088 Total $ 2,799 $ 153,551 $ 4,599 $ 15,897 $ 114,254 $ 459,088 The following tables contains summary information concerning our indebtedness as of December 31, 2015: Debt: Outstanding Unamortized Discount and Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Secured credit facility (1) $ 271,500 $ (4,345 ) $ 267,155 Floating 2.9% 2.7 Bridge term loan 120,000 (1,582 ) 118,418 Floating 5.4% 0.7 Mortgages-Fixed rate 545,956 (2,993 ) 542,963 Fixed 3.8% 6.9 Mortgages-Floating rate 38,075 - 38,075 Floating 2.8% 5.4 Total Debt $ 975,531 $ (8,920 ) $ 966,611 3.7% 4.9 (1) The secured credit facility total capacity was $325,000, of which $271,500 was outstanding as of December 31, 2015.

Derivative Financial Instrume27

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Aggregate Amount and Estimated Net Fair Value of Our Derivative Instruments	The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2016 and December 31, 2015: December 31, 2016 As of December 31, 2015 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Cash flow hedges: Interest rate swap $ 150,000 $ 3,867 $ — $ — $ — $ — Interest rate cap — — 200,000 24 — 150,000 3,867 — 200,000 24 — Freestanding derivatives: Interest rate cap 200,000 — — — — — Net fair value $ 350,000 $ 3,867 $ — $ 200,000 $ 24 $ —

Stockholder Equity and Noncon28

Stockholder Equity and Noncontrolling Interest (Tables)	12 Months Ended
	Dec. 31, 2016
Dividends Declared	Our board of directors declared the following dividends in 2016: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2016 January 14, 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 January 14, 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 January 14, 2016 March 31, 2016 April 15, 2016 $ 0.06 April 2016 April 14, 2016 April 29, 2016 May 16, 2016 $ 0.06 May 2016 April 14, 2016 May 31, 2016 June 15, 2016 $ 0.06 June 2016 April 14, 2016 June 30, 2016 July 15, 2016 $ 0.06 July 2016 July 14, 2016 July 29, 2016 August 15, 2016 $ 0.06 August 2016 July 14, 2016 August 31, 2016 September 15, 2016 $ 0.06 September 2016 July 14, 2016 September 30, 2016 October 17, 2016 $ 0.06 October 2016 October 12, 2016 October 31, 2016 November 15, 2016 $ 0.06 November 2016 October 12, 2016 November 30, 2016 December 15, 2016 $ 0.06 December 2016 October 12, 2016 December 30, 2016 January 17, 2017 $ 0.06 Our board of directors declared the following dividends during the beginning of 2017: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2017 January 12, 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 January 12, 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 January 12, 2017 March 31, 2017 April 17, 2017 $ 0.06 Our board of directors declared the following dividends in 2015: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2015 January 19, 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 January 19, 2015 February 27, 2015 March 16, 2015 $ 0.06 March 2015 January 19, 2015 March 31, 2015 April 15, 2015 $ 0.06 April 2015 April 13, 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 April 13, 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 April 13, 2015 June 30, 2015 July 15, 2015 $ 0.06 July 2015 July 1, 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 July 1, 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 4, 2015 September 15, 2015 October 15, 2015 $ 0.034 September 2015 September 4, 2015 September 30, 2015 October 15, 2015 $ 0.026 October 2015 October 19, 2015 October 30, 2015 November 16, 2015 $ 0.06 November 2015 October 19, 2015 November 30, 2015 December 15, 2015 $ 0.06 December 2015 October 19, 2015 December 31, 2015 January 15, 2016 $ 0.06
Noncontrolling Interests
Dividends Declared	Our board of directors declared the following distributions on our operating partnership’s LP units during 2016: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2016 January 14, 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 January 14, 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 January 14, 2016 March 31, 2016 April 15, 2016 $ 0.06 April 2016 April 14, 2016 April 29, 2016 May 16, 2016 $ 0.06 May 2016 April 14, 2016 May 31, 2016 June 15, 2016 $ 0.06 June 2016 April 14, 2016 June 30, 2016 July 15, 2016 $ 0.06 July 2016 July 14, 2016 July 29, 2016 August 15, 2016 $ 0.06 August 2016 July 14, 2016 August 31, 2016 September 15, 2016 $ 0.06 September 2016 July 14, 2016 September 30, 2016 October 17, 2016 $ 0.06 October 2016 October 12, 2016 October 31, 2016 November 15, 2016 $ 0.06 November 2016 October 12, 2016 November 30, 2016 December 15, 2016 $ 0.06 December 2016 October 12, 2016 December 30, 2016 January 17, 2017 $ 0.06 Our board of directors declared the following distributions on our operating partnership’s LP units during the beginning of 2017: Month Record Date Payment Date Dividend Declared Per Share January 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 March 31, 2017 April 17, 2017 $ 0.06 Our board of directors declared the following distributions on our operating partnership’s LP units during 2015: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2015 January 19, 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 January 19, 2015 February 27, 2015 March 16, 2015 $ 0.06 March 2015 January 19, 2015 March 31, 2015 April 15, 2015 $ 0.06 April 2015 April 13, 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 April 13, 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 April 13, 2015 June 30, 2015 July 15, 2015 $ 0.06 July 2015 July 1, 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 July 1, 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 4, 2015 September 15, 2015 October 15, 2015 $ 0.034 September 2015 September 4, 2015 September 30, 2015 October 15, 2015 $ 0.026 October 2015 October 19, 2015 October 30, 2015 November 16, 2015 $ 0.06 November 2015 October 19, 2015 November 30, 2015 December 15, 2015 $ 0.06 December 2015 October 19, 2015 December 31, 2015 January 15, 2016 $ 0.06

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of SARs Activity of the Incentive Plan	A summary of the SARs activity of the incentive plan is presented below. 2016 2015 2014 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 351,000 $ 9.13 72,000 $ 8.20 - $ - Granted — 300,000 9.35 80,000 8.20 Expired (2,000 ) 9.35 - - - - Exercised (8,000 ) 8.20 (2,000 ) 8.20 - - Forfeited (4,000 ) 9.35 (19,000 ) 9.11 (8,000 ) - Outstanding, December 31, 337,000 $ 9.15 351,000 $ 9.13 72,000 $ 8.20 SARs exercisable at December 31, 128,998 22,000 -
Schedule of Assumptions Used in Computing the Fair Value of the SARs Issued Under Black-Scholes Option Pricing Model	Our assumptions used in computing the fair value of the SARs issued during the years ended December 31, 2015 and 2014, using the Black-Scholes Option Pricing Model, are summarized below. There were no SARs issued during the year ended December 31, 2016. As of December 31 2015 2014 Stock Price $ 7.51 $ 9.31 Strike Price $ 8.20-9.35 $ 8.20 Risk-free interest rate 1.1 - 1.2% 1.1 % Dividend yield 9.6 % 7.7 % Volatility 34 % 21 % Expected term 1.7 - 2.5 years 2.5 years
SARs
Schedule Of Stock Options Outstanding And Exercisable	The following table summarizes information about the SARs outstanding and exercisable as of December 31, 2016: SARs Outstanding SARs Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life Number Exercisable Weighted Average Remaining Contractual Life $8.20 - 9.35 337,000 2.95 128,998 2.84
Restricted Stock
Summary of Restricted Common Share Awards of Incentive Plan	A summary of the restricted common share awards as of December 31, 2016, 2015 and 2014 of the incentive plan is presented below. 2016 2015 2014 Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 117,000 $ 9.13 36,000 $ 8.20 - $ - Granted 228,000 6.33 112,000 9.30 49,000 8.34 Vested (60,661 ) 8.62 (24,000 ) 8.55 (13,000 ) 8.72 Forfeited (3,334 ) 7.47 (7,000 ) 9.02 - - Balance, December 31, 281,005 $ 6.99 117,000 $ 9.13 36,000 $ 8.20

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
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 years ended December 31, 2016, 2015 and 2014: For the Years Ended December 31 2016 2015 2014 Net Income (loss) $ (9,555 ) $ 30,156 $ 2,944 (Income) loss allocated to preferred shares - - - (Income) loss allocated to non-controlling interests (246 ) (1,914 ) (4 ) Net Income (loss) allocable to common shares (9,801 ) 28,242 2,940 Weighted-average shares outstanding—Basic 52,182,427 36,153,673 21,315,928 Dilutive securities - 6,601 216,743 Weighted-average shares outstanding—Diluted 52,182,427 36,160,274 21,532,671 Earnings (loss) per share—Basic $ (0.19 ) $ 0.78 $ 0.14 Earnings (loss) per share—Diluted $ (0.19 ) $ 0.78 $ 0.14

Quarterly Financial Data (Una31

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2016: Total revenue $ 38,666 $ 38,327 $ 38,364 $ 38,031 Net income (loss) (46 ) 30,790 2,407 (42,706 ) Net income (loss) allocable to common shares (75 ) 28,987 2,267 (40,980 ) Total earnings (loss) per share—Basic (1) $ — $ 0.61 $ 0.05 $ (0.61 ) Total earnings (loss) per share—Diluted (1) $ — $ 0.61 $ 0.05 $ (0.61 ) 2015: Total revenue $ 21,657 $ 22,718 $ 25,492 $ 39,709 Net income (loss) (241 ) 353 25,636 4,408 Net income (loss) allocable to common shares (233 ) 337 24,015 4,123 Total earnings (loss) per share—Basic (1) $ (0.01 ) $ 0.01 $ 0.71 $ 0.09 Total earnings (loss) per share—Diluted (1) $ (0.01 ) $ 0.01 $ 0.71 $ 0.09 (1) The summation of quarterly per share amounts do not equal the full year amounts.

Organization - Additional Infor

Organization - Additional Information (Detail)	Sep. 27, 2016shares
Maximum
Class Of Stock [Line Items]
Common stock shares agreed to be repurchased	7,269,719

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Federal Deposit Insurance Corporation deposit insurance limit per institution	$ 250,000
Restricted cash	5,518,000	$ 5,413,000
Amortization expense for intangible assets	3,735,000	7,206,000	$ 3,778,000
Fully amortized and written off intangible assets	7,471,000
Depreciation expense	31,089,000	20,888,000	8,742,000
Advertising expenses	1,749,000	1,399,000	675,000
Income tax expense	$ 0	$ 0	$ 0
Taxable income distributable to stockholders	90.00%
Dividends characterized as capital gain distribution	93.00%	17.00%
Dividends characterized as ordinary income percentage	7.00%
Dividends characterized as return of capital	0.00%	83.00%	65.00%
Dividends characterized as ordinary taxable income			35.00%
Natural Disasters and Other Insurable Events
Significant Accounting Policies [Line Items]
Rent revenue recognized	$ 189,000	$ 322,000
Georgia
Significant Accounting Policies [Line Items]
Percentage of rental revenue	9.22%
Kentucky
Significant Accounting Policies [Line Items]
Percentage of rental revenue	11.21%
North Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue	13.38%
Oklahoma
Significant Accounting Policies [Line Items]
Percentage of rental revenue	7.91%
South Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue	8.57%
Tennessee
Significant Accounting Policies [Line Items]
Percentage of rental revenue	13.33%
Texas
Significant Accounting Policies [Line Items]
Percentage of rental revenue	11.88%
Building and Building Improvements
Significant Accounting Policies [Line Items]
Depreciable Lives	40 years
Leases Acquired In Place
Significant Accounting Policies [Line Items]
Acquisition of above-market in-place leases	$ 0	$ 7,690,000
Maximum
Significant Accounting Policies [Line Items]
Cash and cash equivalents maturity period	3 months
Maximum | Equipment and Fixtures
Significant Accounting Policies [Line Items]
Depreciable Lives	10 years
Minimum | Equipment and Fixtures
Significant Accounting Policies [Line Items]
Depreciable Lives	5 years

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Schedule of Carrying Amount and Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents, Carrying Amount	$ 20,892		$ 38,301		$ 14,763	$ 3,334
Restricted cash, Carrying Amount	5,518		5,413
Derivative assets, Carrying Amount	3,867		24
Cash and cash equivalents, Estimated Fair Value	20,892		38,301
Restricted cash, Estimated Fair Value	5,518		5,413
Derivative assets, Estimated Fair Value	3,867		24
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	743,817		966,611
Mortgages
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	596,537		581,038
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	588,523		589,320
Secured Credit Facility
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	147,280	[1],[2]	267,155	[3]
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	$ 150,000		271,500
Term Loan
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs			118,418
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value			$ 120,000
[1]	As of December 31, 2016, IRT maintained a float-to-fixed interest rate swap with a $150,000 notional amount. This swap, which expires on June 17, 2021 and has a fixed rate of 1.145%, has converted $150,000 of our floating rate debt to fixed rate debt
[2]	The secured credit facility total capacity is $312,500, of which $150,000 was outstanding as of December 31, 2016.
[3]	The secured credit facility total capacity was $325,000, of which $271,500 was outstanding as of December 31, 2015

Management Internalization - Ad

Management Internalization - Additional Information (Detail) - USD ($)	Dec. 20, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Management internalization expense	$ 2,119,000	$ 44,976,000
Management Internalization
Business Acquisition [Line Items]
Other assets	25,000
Liabilities recognized	0
Present value of unfavorable difference between actual and potential payment based on agreements.	43,000,000
Net assets acquired	143,000
Consideration transferred	43,000,000
Business acquisition loss recognized amount	42,857,000
Management Internalization | Customer List
Business Acquisition [Line Items]
Intangible assets	$ 118,000

Pro Forma of Financial Informat

Pro Forma of Financial Information Purport to Represent Result of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties Base Purchase Price [Abstract]
Pro forma total revenue (unaudited)	$ 154,482	$ 110,541
Pro forma net income (loss) allocable to common shares (unaudited)	$ 36,850	$ (14,126)
Earnings (loss) per share attributable to common shareholders:
Basic-pro forma (unaudited)	$ 0.71	$ (0.39)
Diluted-pro forma (unaudited)	$ 0.71	$ (0.39)

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	Feb. 27, 2017USD ($)Property	Dec. 22, 2015USD ($)Property	Oct. 15, 2015USD ($)	Sep. 17, 2015USD ($)Property	May 02, 2015USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	May 01, 2015Property
Real Estate Properties [Line Items]
Number of multifamily properties owned | Property							46
Investment in real estate held for sale							$ 60,786
Acquisition of real estate properties								$ 24,746	$ 299,881
Fair value of net assets acquired				$ 64,604			732	$ 64,604	$ 2,882
Gain (loss) on sale							31,785
Number of Multifamily Property Disposed | Property		1
Sale Price of Real Estate Property		$ 33,600					88,000
Gain (loss) on sale of assets		$ 6,420	$ 8
Parcel of land sold			$ 3,350
TSRE Properties
Real Estate Properties [Line Items]
Fair value of net assets acquired						$ 641	91
Multifamily Property
Real Estate Properties [Line Items]
Gain (loss) on sale							$ (9)
Trade Street Residential, Inc.
Real Estate Properties [Line Items]
Number of multifamily property acquired | Property				4,989
Number of properties acquired | Property				19
Net assets acquired				$ 328,240
Consideration transferred				263,636
Cash consideration for merger				139,781
Limited Partner | Trade Street Residential, Inc.
Real Estate Properties [Line Items]
Fair value of equity consideration transferred				13,998
Common Shares | Trade Street Residential, Inc.
Real Estate Properties [Line Items]
Fair value of equity consideration transferred				$ 109,857
Indianapolis Indiana
Real Estate Properties [Line Items]
Number of multifamily property acquired | Property										236
Acquisition of real estate properties					$ 25,250
Tampa , Florida | Subsequent Event
Real Estate Properties [Line Items]
Number of multifamily property acquired | Property	216
Acquisition of real estate properties	$ 29,750

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Land	$ 165,120	$ 190,585
Building	1,066,611	1,168,453
Furniture, fixtures and equipment	17,625	12,977
Total investment in real estate	1,249,356	1,372,015
Accumulated depreciation	(51,511)	(39,638)
Investments in real estate, net	$ 1,197,845	$ 1,332,377
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

Summary of Disposition of Prope

Summary of Disposition of Property's (Detail) - USD ($) $ in Thousands		Dec. 22, 2015	Dec. 31, 2016
Real Estate Properties [Line Items]
Sale Price		$ 33,600	$ 88,000
Gain (loss) on sale			31,785
Net income (loss) allocable to common shares			$ 641
Cumberland Glen
Real Estate Properties [Line Items]
Date of Sale	[1]		Feb. 18, 2016
Sale Price	[1]		$ 18,000
Gain (loss) on sale	[1]		2,452
Net income (loss) allocable to common shares	[1]		$ 35
Belle Creek
Real Estate Properties [Line Items]
Date of Sale			Apr. 7, 2016
Sale Price			$ 23,000
Gain (loss) on sale			14,191
Net income (loss) allocable to common shares			$ 252
Tresa
Real Estate Properties [Line Items]
Date of Sale			May 5, 2016
Sale Price			$ 47,000
Gain (loss) on sale			15,142
Net income (loss) allocable to common shares			$ 354
[1]	Gain (loss) on sale related to this property includes a defeasance premium of $1,343

Summary of Disposition of Pro40

Summary of Disposition of Property's (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Cumberland Glen
Real Estate Properties [Line Items]
Gain (loss) on sale related to property includes defeasance premium	$ 1,343

Summary Information Concerning

Summary Information Concerning Indebtedness (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015
Debt Instrument [Line Items]
Outstanding Principal		$ 750,188		$ 975,531
Unamortized Discount and Debt Issuance Costs		(6,371)		(8,920)
Carrying Amount		$ 743,817		$ 966,611
Weighted Average Rate		3.60%		3.70%
Bridge Term Loan
Debt Instrument [Line Items]
Outstanding Principal				$ 120,000
Unamortized Discount and Debt Issuance Costs				(1,582)
Carrying Amount				$ 118,418
Type		Floating
Weighted Average Rate				5.40%
Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)		5 years 8 months 12 days		4 years 10 months 24 days
Weighted Average | Bridge Term Loan
Debt Instrument [Line Items]
Weighted Average Maturity (in years)				8 months 12 days
Mortgages-Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 600,188		$ 545,956
Unamortized Discount and Debt Issuance Costs		(3,651)		(2,993)
Carrying Amount		$ 596,537		$ 542,963
Type		Fixed
Weighted Average Rate		3.80%		3.80%
Mortgages-Fixed Rate | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)		6 years 8 months 12 days		6 years 10 months 24 days
Mortgages-Floating Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 0		$ 38,075
Carrying Amount				$ 38,075
Type		Floating
Weighted Average Rate				2.80%
Mortgages-Floating Rate | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)				5 years 4 months 24 days
Secured Credit Facility
Debt Instrument [Line Items]
Outstanding Principal		$ 150,000	[1],[2]	$ 271,500	[3]
Unamortized Discount and Debt Issuance Costs		(2,720)	[1],[2]	(4,345)	[3]
Carrying Amount		$ 147,280	[1],[2]	$ 267,155	[3]
Type	[1],[2]	Floating
Weighted Average Rate		3.00%	[1],[2]	2.90%	[3]
Secured Credit Facility | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)		1 year 8 months 12 days	[1],[2]	2 years 8 months 12 days	[3]
[1]	As of December 31, 2016, IRT maintained a float-to-fixed interest rate swap with a $150,000 notional amount. This swap, which expires on June 17, 2021 and has a fixed rate of 1.145%, has converted $150,000 of our floating rate debt to fixed rate debt
[2]	The secured credit facility total capacity is $312,500, of which $150,000 was outstanding as of December 31, 2016.
[3]	The secured credit facility total capacity was $325,000, of which $271,500 was outstanding as of December 31, 2015

Summary Information Concernin42

Summary Information Concerning Indebtedness (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015
Debt Instrument [Line Items]
Outstanding Principal	$ 750,188,000		$ 975,531,000
Derivative, notional amount	350,000,000		200,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount	$ 150,000,000
Derivative, maturity date	Jun. 17, 2021
Derivative, fixed interest rate	1.145%
Secured Credit Facility
Debt Instrument [Line Items]
Secured credit facility borrowing capacity	$ 312,500,000		325,000,000
Outstanding Principal	$ 150,000,000	[1],[2]	$ 271,500,000	[3]
[1]	As of December 31, 2016, IRT maintained a float-to-fixed interest rate swap with a $150,000 notional amount. This swap, which expires on June 17, 2021 and has a fixed rate of 1.145%, has converted $150,000 of our floating rate debt to fixed rate debt
[2]	The secured credit facility total capacity is $312,500, of which $150,000 was outstanding as of December 31, 2016.
[3]	The secured credit facility total capacity was $325,000, of which $271,500 was outstanding as of December 31, 2015

Maturity of Indebtedness (Detai

Maturity of Indebtedness (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
2,017	$ 2,799
2,018	153,551
2,019	4,599
2,020	15,897
2,021	114,254
Thereafter	459,088
Mortgages-Fixed Rate
Debt Instrument [Line Items]
2,017	2,799
2,018	3,551
2,019	4,599
2,020	15,897
2,021	114,254
Thereafter	459,088
Secured Credit Facility
Debt Instrument [Line Items]
2,018	$ 150,000

Indebtedness - Additional Infor

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

Oct. 15, 2016

Oct. 05, 2016

Jun. 24, 2016

May 26, 2016

May 20, 2016

May 17, 2016

Mar. 15, 2016

Sep. 17, 2015

Apr. 13, 2015

Jan. 27, 2015

Oct. 25, 2013

Feb. 28, 2017

Oct. 31, 2016

May 31, 2016

Apr. 30, 2016

Mar. 31, 2016

Feb. 29, 2016

Jan. 31, 2016

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 21, 2016

Debt Instrument [Line Items]

Weighted Average Rate

3.60%

3.70%

Outstanding Principal

$ 750,188,000

$ 975,531,000

Cash paid for interest

33,034,000

22,105,000

$ 9,170,000

Accrued interest payable outstanding

491,000

1,239,000

Debt instrument repayment

$ 390,089,000

$ 272,751,000

$ 26,001,000

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

Debt Instrument [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

Debt Instrument [Line Items]

Percentage of fee on line of credit facility outstanding

0.25%

Key Bank Interim Facility

Debt Instrument [Line Items]

Repayments Of Lines Of Credit

$ 6,000,000

$ 30,000,000

$ 30,000,000

$ 23,784,000

$ 23,784,000

HNB Facility | 1-month LIBOR

Debt Instrument [Line Items]

Debt instrument interest rate

2.50%

Secured Credit Facility

Debt Instrument [Line Items]

Weighted Average Rate

3.00%

[1],[2]

2.90%

[3]

Outstanding Principal

$ 150,000,000

[1],[2]

$ 271,500,000

[3]

Secured credit facility borrowing capacity

312,500,000

325,000,000

Credit facility outstanding

$ 10,000,000

Repayments Of Lines Of Credit

$ 47,335,000

$ 107,335,000

Secured Credit Facility | Subsequent Event

Debt Instrument [Line Items]

Credit facility outstanding

$ 22,000,000

Secured Credit Facility | Key Bank Senior Facility

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 325,000,000

Deferred financing costs

4,722,000

Credit facility outstanding

$ 8,000,000

$ 45,476,000

Repayments Of Lines Of Credit

77,665,000

Secured credit facility, remaining borrowing capacity

$ 162,500,000

Secured credit facility, unused fee percentage

0.25%

Pledge of collateral security for credit facility

85.00%

Secured Credit Facility | Key Bank Senior Facility | Limited Partner

Debt Instrument [Line Items]

Increase in maximum borrowing capacity

$ 450,000,000

Weighted Average Maturity (in years)

3 years

Secured credit facility, maturity date

Sep. 17, 2018

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

Debt Instrument [Line Items]

Debt instrument interest rate

2.25%

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

Debt Instrument [Line Items]

Debt instrument interest rate

1.65%

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

Debt Instrument [Line Items]

Debt instrument interest rate

2.45%

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

Debt Instrument [Line Items]

Debt instrument interest rate

0.65%

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

Debt Instrument [Line Items]

Debt instrument interest rate

1.45%

Revolving credit agreement | Key Bank Senior Facility

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 125,000,000

$ 172,500,000

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%

Term Loan | Key Bank Senior Facility

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 200,000,000

Senior Interim Term Loan | Key Bank Interim Facility

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

120,000,000

Deferred financing costs

2,092,000

Senior Term Loan Facility

Debt Instrument [Line Items]

Repayment of term loan facility

$ 40,000,000

Senior Term Loan Facility | Key Bank Interim Facility

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 40,000,000

Secured credit facility, maturity date

Sep. 17, 2018

Credit facility outstanding

$ 40,000,000

Debt instrument closing costs

416,000

Debt instrument repayment

$ 33,512,000

Interest payment period

Monthly

Principal date

Jun. 30, 2017

Periodic principal payment monthly

$ 100,000

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

50.00%

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

Debt Instrument [Line Items]

Debt instrument interest rate

4.00%

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

Debt Instrument [Line Items]

Debt instrument interest rate

3.00%

Sponsor

Debt Instrument [Line Items]

Cash paid for interest

$ 361,000

$ 965,000

Mortgages-Floating Rate

Debt Instrument [Line Items]

Weighted Average Rate

2.80%

Outstanding Principal

$ 0

$ 38,075,000

Mortgages-Fixed Rate

Debt Instrument [Line Items]

Weighted Average Rate

3.80%

3.80%

Outstanding Principal

$ 600,188,000

$ 545,956,000

Accrued interest payable outstanding

$ 0

Debt instrument repayment

$ 43,694,000

Repayment of term loan facility

$ 6,659,000

Mortgages-Fixed Rate | Aston

Debt Instrument [Line Items]

Outstanding Principal

$ 25,050,000

Weighted Average Maturity (in years)

30 years

Interest payment period

Monthly

Principal date

Dec. 31, 2019

Debt interest rate

3.40%

Maturity date

Jun. 30, 2023

Mortgages-Fixed Rate | Craig Ranch

Debt Instrument [Line Items]

Outstanding Principal

$ 31,250,000

Weighted Average Maturity (in years)

30 years

Interest payment period

Monthly

Principal date

May 31, 2019

Debt interest rate

3.30%

Maturity date

Jun. 30, 2023

Mortgages-Fixed Rate | Big Creek

Debt Instrument [Line Items]

Outstanding Principal

$ 49,680,000

Weighted Average Maturity (in years)

30 years

Interest payment period

Monthly

Principal date

Jun. 30, 2019

Debt interest rate

3.70%

Maturity date

Jun. 30, 2026

Mortgages-Fixed Rate | Iron Rock Ranch

Debt Instrument [Line Items]

Outstanding Principal

$ 22,900,000

Interest payment period

Monthly

Debt interest rate

3.40%

Maturity date

Feb. 1, 2025

Mortgages-Fixed Rate | Stonebridge At The Ranch

Debt Instrument [Line Items]

Outstanding Principal

$ 20,527,000

Interest payment period

Monthly

Debt interest rate

3.20%

Maturity date

May 1, 2025

Mortgages-Fixed Rate | Creekstone At R T P

Debt Instrument [Line Items]

Outstanding Principal

$ 23,250,000

Weighted Average Maturity (in years)

30 years

Interest payment period

Monthly

Principal date

Jun. 10, 2016

Debt interest rate

3.90%

Maturity date

Jun. 10, 2023

Mortgages-Fixed Rate | Fountains Southend

Debt Instrument [Line Items]

Outstanding Principal

$ 23,750,000

Weighted Average Maturity (in years)

30 years

Interest payment period

Monthly

Principal date

Feb. 5, 2017

Debt interest rate

4.30%

Maturity date

Feb. 5, 2024

Mortgages-Fixed Rate | I R T Millenia

Debt Instrument [Line Items]

Outstanding Principal

$ 25,000,000

Weighted Average Maturity (in years)

30 years

Interest payment period

Monthly

Principal date

Apr. 5, 2018

Debt interest rate

3.80%

Maturity date

Mar. 5, 2021

Mortgages-Fixed Rate | I R T Millenia | Supplemental Loan Agreement

Debt Instrument [Line Items]

Outstanding Principal

$ 4,175,000

Weighted Average Maturity (in years)

30 years

Interest payment period

Monthly

Principal date

May 5, 2018

Debt interest rate

4.30%

Maturity date

Mar. 5, 2021

Mortgages-Fixed Rate | Talison Row

Debt Instrument [Line Items]

Outstanding Principal

$ 33,635,000

Weighted Average Maturity (in years)

30 years

Interest payment period

Monthly

Principal date

Sep. 10, 2016

Debt interest rate

4.10%

Maturity date

Sep. 10, 2023

Mortgages-Fixed Rate | Aventine Greenville

Debt Instrument [Line Items]

Outstanding Principal

$ 30,600,000

Weighted Average Maturity (in years)

30 years

Interest payment period

Monthly

Principal date

Nov. 4, 2016

Debt interest rate

3.20%

Maturity date

Mar. 5, 2021

Mortgages-Fixed Rate | Waterstone at Brier Creek

Debt Instrument [Line Items]

Outstanding Principal

$ 16,250,000

Interest payment period

Monthly

Debt interest rate

3.70%

Maturity date

Apr. 5, 2022

Mortgages-Fixed Rate | Waterstone at Brier Creek | Supplemental Loan Agreement

Debt Instrument [Line Items]

Outstanding Principal

$ 4,175,000

Interest payment period

Monthly

Debt interest rate

4.20%

Maturity date

Apr. 5, 2022

Mortgages-Fixed Rate | Key Bank Interim Facility

Debt Instrument [Line Items]

Repayments Of Lines Of Credit

$ 26,704,000

Mortgages-Fixed Rate | Key Bank Interim Facility | Minimum

Debt Instrument [Line Items]

Weighted Average Maturity (in years)

7 years

Mortgages-Fixed Rate | Key Bank Interim Facility | Maximum

Debt Instrument [Line Items]

Weighted Average Maturity (in years)

10 years

[1]

As of December 31, 2016, IRT maintained a float-to-fixed interest rate swap with a $150,000 notional amount. This swap, which expires on June 17, 2021 and has a fixed rate of 1.145%, has converted $150,000 of our floating rate debt to fixed rate debt

[2]

The secured credit facility total capacity is $312,500, of which $150,000 was outstanding as of December 31, 2016.

[3]

The secured credit facility total capacity was $325,000, of which $271,500 was outstanding as of December 31, 2015

Derivative Financial Instrume45

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Jun. 24, 2016	Sep. 30, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount				$ 350,000,000	$ 200,000,000
Realized (gains) losses on interest rate hedges reclassified to earnings				492,000	0	$ 0
Interest Rate Cap
Derivative Instruments Gain Loss [Line Items]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments				24,000
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount				$ 150,000,000
Derivative, maturity date				Jun. 17, 2021
Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount				$ 150,000,000	200,000,000
Derivative, strike rate for the interest rate swap contract	1.145%
Cash Flow Hedge | Interest Rate Cap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount		$ 200,000,000			$ 200,000,000
Derivative, maturity date		Oct. 17, 2017
Cash Flow Hedge | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	$ 150,000,000			$ 150,000,000
Derivative, maturity date	Jun. 17, 2021
Cash Flow Hedge | Interest Rate Swaps and Caps | Scenario, Forecast
Derivative Instruments Gain Loss [Line Items]
Reclassified out of accumulated other comprehensive income to earnings, amount			$ 292,000
Cash Flow Hedge | 1-month LIBOR
Derivative Instruments Gain Loss [Line Items]
Interest rate cap strike rate		3.00%

Derivative Financial Instrume46

Derivative Financial Instruments - Summary of Aggregate Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($)	Dec. 31, 2016	Jun. 24, 2016	Dec. 31, 2015	Sep. 30, 2015
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	$ 350,000,000		$ 200,000,000
Derivative assets, Estimated Fair Value	3,867,000		24,000
Fair Value of Assets	3,867,000
Fair Value of Assets			24,000
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	150,000,000
Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	150,000,000		200,000,000
Fair Value of Assets	3,867,000		24,000
Cash Flow Hedge | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	150,000,000	$ 150,000,000
Fair Value of Assets	3,867,000
Cash Flow Hedge | Interest Rate Cap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount			200,000,000	$ 200,000,000
Fair Value of Assets			$ 24,000
Freestanding Derivatives | Interest Rate Cap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	$ 200,000,000

Stockholder Equity and Non-Cont

Stockholder Equity and Non-Controlling Interest - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Oct. 31, 2016	Oct. 21, 2016	Oct. 05, 2016	Aug. 01, 2016	Feb. 01, 2016	Sep. 17, 2015	Oct. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class Of Stock [Line Items]
Common stock, par value								$ 0.01	$ 0.01
Net proceeds of public offering			$ 62,156
Common stock repurchased and retired shares			7,269,719
Share repurchase price per share			$ 8.55
Amount reserved to consummate management internalization			$ 43,000
Amount held for general corporate purposes			20,898
Share based compensation expense associated with vested equity awards								$ 142
Limited partnership interest received in exchange for issuance of common stock	6,059			35,808	204,115				52,937
Exchange of units to common stock	6,059			35,808	204,113
OP Units outstanding								2,908,949
OP Units redemption value								$ 25,948
Share price								$ 8.92	$ 7.51	$ 9.31
Common Shares
Class Of Stock [Line Items]
Common stock issued								28,750,000	15,105,669	22,098,536
Exchange of units to common stock								245,980	52,933
Trade Street Residential, Inc.
Class Of Stock [Line Items]
Merger completion date						Sep. 17, 2015
Common stock shares converted into right to receive cash						$ 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
OP Units value, exchanged in merger						$ 13,998
Senior Term Loan Facility
Class Of Stock [Line Items]
Repayment of term loan facility			40,000
Secured Credit Facility
Class Of Stock [Line Items]
Repayments Of Lines Of Credit			$ 47,335				$ 107,335
Credit facility outstanding amount								$ 325,000
Underwritten public offering
Class Of Stock [Line Items]
Common stock issued		3,750,000	25,000,000
Common stock, par value			$ 0.01
Public offering price per share		$ 9	$ 9
Net proceeds of public offering		$ 32,062	$ 213,389
Underwriters option exercise period			30 days

Dividends Declared (Detail)

Dividends Declared (Detail) - Dividend Declared - $ / shares

Mar. 01, 2017

Feb. 28, 2017

Jan. 31, 2017

Dec. 31, 2016

Nov. 30, 2016

Oct. 31, 2016

Sep. 30, 2016

Aug. 31, 2016

Jul. 31, 2016

Jun. 30, 2016

May 31, 2016

Apr. 30, 2016

Mar. 31, 2016

Feb. 29, 2016

Jan. 31, 2016

Dec. 31, 2015

Nov. 30, 2015

Oct. 31, 2015

Sep. 30, 2015

Sep. 15, 2015

Aug. 31, 2015

Jul. 31, 2015

Jun. 30, 2015

May 31, 2015

Apr. 30, 2015

Mar. 31, 2015

Feb. 28, 2015

Jan. 31, 2015

Dividends Payable [Line Items]

Declaration Date

Oct. 12, 2016

Oct. 12, 2016

Oct. 12, 2016

Jul. 14, 2016

Jul. 14, 2016

Jul. 14, 2016

Apr. 14, 2016

Apr. 14, 2016

Apr. 14, 2016

Jan. 14, 2016

Jan. 14, 2016

Jan. 14, 2016

Oct. 19, 2015

Oct. 19, 2015

Oct. 19, 2015

Sep. 4, 2015

Sep. 4, 2015

Jul. 1, 2015

Jul. 1, 2015

Apr. 13, 2015

Apr. 13, 2015

Apr. 13, 2015

Jan. 19, 2015

Jan. 19, 2015

Jan. 19, 2015

Record Date

Dec. 30, 2016

Nov. 30, 2016

Oct. 31, 2016

Sep. 30, 2016

Aug. 31, 2016

Jul. 29, 2016

Jun. 30, 2016

May 31, 2016

Apr. 29, 2016

Mar. 31, 2016

Feb. 29, 2016

Jan. 29, 2016

Dec. 31, 2015

Nov. 30, 2015

Oct. 30, 2015

Sep. 30, 2015

Sep. 15, 2015

Aug. 31, 2015

Jul. 31, 2015

Jun. 30, 2015

May 29, 2015

Apr. 30, 2015

Mar. 31, 2015

Feb. 27, 2015

Jan. 30, 2015

Payment Date

Jan. 17, 2017

Dec. 15, 2016

Nov. 15, 2016

Oct. 17, 2016

Sep. 15, 2016

Aug. 15, 2016

Jul. 15, 2016

Jun. 15, 2016

May 16, 2016

Apr. 15, 2016

Mar. 15, 2016

Feb. 16, 2016

Jan. 15, 2016

Dec. 15, 2015

Nov. 16, 2015

Oct. 15, 2015

Oct. 15, 2015

Sep. 15, 2015

Aug. 17, 2015

Jul. 15, 2015

Jun. 15, 2015

May 15, 2015

Apr. 15, 2015

Mar. 16, 2015

Feb. 17, 2015

Dividend Declared Per Share

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.026

$ 0.034

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

Noncontrolling Interests

Dividends Payable [Line Items]

Declaration Date

Oct. 12, 2016

Oct. 12, 2016

Oct. 12, 2016

Jul. 14, 2016

Jul. 14, 2016

Jul. 14, 2016

Apr. 14, 2016

Apr. 14, 2016

Apr. 14, 2016

Jan. 14, 2016

Jan. 14, 2016

Jan. 14, 2016

Oct. 19, 2015

Oct. 19, 2015

Oct. 19, 2015

Sep. 4, 2015

Sep. 4, 2015

Jul. 1, 2015

Jul. 1, 2015

Apr. 13, 2015

Apr. 13, 2015

Apr. 13, 2015

Jan. 19, 2015

Jan. 19, 2015

Jan. 19, 2015

Record Date

Dec. 30, 2016

Nov. 30, 2016

Oct. 31, 2016

Sep. 30, 2016

Aug. 31, 2016

Jul. 29, 2016

Jun. 30, 2016

May 31, 2016

Apr. 29, 2016

Mar. 31, 2016

Feb. 29, 2016

Jan. 29, 2016

Dec. 31, 2015

Nov. 30, 2015

Oct. 30, 2015

Sep. 30, 2015

Sep. 15, 2015

Aug. 31, 2015

Jul. 31, 2015

Jun. 30, 2015

May 29, 2015

Apr. 30, 2015

Mar. 31, 2015

Feb. 27, 2015

Jan. 30, 2015

Payment Date

Jan. 17, 2017

Dec. 15, 2016

Nov. 15, 2016

Oct. 17, 2016

Sep. 15, 2016

Aug. 15, 2016

Jul. 15, 2016

Jun. 15, 2016

May 16, 2016

Apr. 15, 2016

Mar. 15, 2016

Feb. 16, 2016

Jan. 15, 2016

Dec. 15, 2015

Nov. 16, 2015

Oct. 15, 2015

Oct. 15, 2015

Sep. 15, 2015

Aug. 17, 2015

Jul. 15, 2015

Jun. 15, 2015

May 15, 2015

Apr. 15, 2015

Mar. 16, 2015

Feb. 17, 2015

Dividend Declared Per Share

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.026

$ 0.034

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

Subsequent Event

Dividends Payable [Line Items]

Declaration Date

Jan. 12, 2017

Jan. 12, 2017

Jan. 12, 2017

Record Date

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Payment Date

Apr. 17, 2017

Mar. 15, 2017

Feb. 15, 2017

Dividend Declared Per Share

$ 0.06

$ 0.06

$ 0.06

Subsequent Event | Noncontrolling Interests

Dividends Payable [Line Items]

Record Date

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Payment Date

Apr. 17, 2017

Mar. 15, 2017

Feb. 15, 2017

Dividend Declared Per Share

$ 0.06

$ 0.06

$ 0.06

Equity Compensation Plans - Add

Equity Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2017	May 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized		4,300,000	300,000,000	300,000,000
Expiration date of Incentive Plan			May 12, 2026
Share price			$ 8.92	$ 7.51	$ 9.31
Stock compensation expense			$ 1,222	$ 495	$ 206
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value exercisable			26
Intrinsic value outstanding			26
Unearned compensation cost			$ 71
Stock issued			0
Shares issued				300,000	80,000
Weighted average fair value, granted				$ 9.35	$ 8.20
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unearned compensation cost			$ 1,508
Estimated fair value of restricted common share awards vested			$ 427	$ 221
Shares issued			228,000	112,000	49,000
Weighted average fair value, granted			$ 6.33	$ 9.30	$ 8.34
Number of awards vested immediately			60,661	24,000	13,000
Restricted Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	3 years
Shares issued	143,679
Weighted average fair value, granted	$ 9.19
Grant date fair value	$ 1,320
Number of awards vested immediately	6,585
Performance Share Units | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	3 years
Shares issued	226,469
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period		3 years

Summary of SARs Activity of the

Summary of SARs Activity of the Incentive Plan (Detail) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Number of Shares, beginning balance	351,000	72,000
Granted		300,000	80,000
Expired	(2,000)
Exercised	(8,000)	(2,000)
Forfeited	(4,000)	(19,000)	(8,000)
Number of Shares, ending balance	337,000	351,000	72,000
SARs exercisable	128,998	22,000
Weighted Average Grant Date Fair Value Per Share
Weighted average fair value, Balance at beginning of period	$ 9.13	$ 8.20
Granted		9.35	$ 8.20
Expired	9.35
Exercised	8.20	8.20
Forfeited	9.35	9.11
Weighted average fair value, Balance at end of period	$ 9.15	$ 9.13	$ 8.20

Information about SARs Outstand

Information about SARs Outstanding and Exercisable (Detail) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SARs Number Outstanding	337,000	351,000	72,000
SARs Outstanding Weighted Average Remaining Contractual Life	2 years 11 months 12 days
SARs exercisable	128,998	22,000
SARs Exercisable Weighted Average Remaining Contractual Life	2 years 10 months 2 days
Exercise Price	$ 9.15	$ 9.13	$ 8.20
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	8.20
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 9.35

Summary of Assumptions Used in

Summary of Assumptions Used in Computing fair value of the SARs (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price	$ 7.51	$ 9.31	$ 8.92
Strike Price		$ 8.20
Risk-free interest rate		1.10%
Risk-free interest rate minimum	1.10%
Risk-free interest rate maximum	1.20%
Dividend yield	9.60%	7.70%
Volatility	34.00%	21.00%
Expected term		2 years 6 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Strike Price	$ 8.20
Expected term	1 year 8 months 12 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Strike Price	$ 9.35
Expected term	2 years 6 months

Summary of Restricted Common Sh

Summary of Restricted Common Share Awards of Incentive Plan (Detail) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Number of Shares, beginning balance	117,000	36,000
Common Share awards, granted	228,000	112,000	49,000
Common Share awards, vested	(60,661)	(24,000)	(13,000)
Common Share awards, forfeited	(3,334)	(7,000)
Number of Shares, ending balance	281,005	117,000	36,000
Weighted Average Grant Date Fair Value Per Share
Weighted average fair value, Balance at beginning of period	$ 9.13	$ 8.20
Weighted average fair value, granted	6.33	9.30	$ 8.34
Weighted average fair value, vested	8.62	8.55	8.72
Weighted average fair value, forfeited	7.47	9.02
Weighted average fair value, Balance at end of period	$ 6.99	$ 9.13	$ 8.20

Related Party Transactions an54

Related Party Transactions and Arrangements - Additional Information (Detail) $ / shares in Units, $ in Thousands	Dec. 20, 2016	Oct. 05, 2016shares	May 07, 2013Property	Dec. 31, 2016USD ($)Property$ / shares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Management fee percentage				0.375%
External advisor incentive fee				20.00%
Internal return per share | $ / shares				$ 0.20
Common stock repurchased and retired shares | shares		7,269,719
Dividends paid, common stock				$ 37,880	$ 26,014	$ 16,368
Exit fees pursuant to mortgage indebtedness					23,219
Cash paid for interest				33,034	22,105	9,170
Reimbursement of compensation expense to employees				$ 1,222	$ 495	206
RAIT
Related Party Transaction [Line Items]
Ownership percentage				0.00%	15.50%
Dividends paid, common stock				$ 3,926	$ 5,234	5,126
Repayment of term loan facility				$ 38,075
Number of property dispositions | Property				2
Exit fees pursuant to mortgage indebtedness				$ 486
Expenses related to shared service agreement				50
Property management fees received				23
Reimbursement of compensation expense to employees				253
RAIT | Common Shares
Related Party Transaction [Line Items]
Common stock repurchased and retired shares | shares		7,269,719
External Advisor
Related Party Transaction [Line Items]
Management fee percentage			0.1875%
Number of properties excluded from computation of base management fee | Property			8
Asset management fees earned				7,092	4,984	1,582
Incentive fee earned by the external advisor				350	629	154
External Advisor | Incentive Fees
Related Party Transaction [Line Items]
External advisor and management fees payable				0	1,854
External Advisor | If IROP elects to extend its maturity
Related Party Transaction [Line Items]
External advisor incentive fee			0.00%
External 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%
External Advisor | if pre-incentive fee Core FFO exceeds hurdle rate
Related Party Transaction [Line Items]
External advisor incentive fee			20.00%
External 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]
Management fee percentage	4.00%
Property management and leasing fees				4,769	3,675	1,759
Property Manager | Accounts Payable and Accrued Expenses
Related Party Transaction [Line Items]
External advisor and management fees payable				0	440
Sponsor
Related Party Transaction [Line Items]
Cash paid for interest				361	965
Sponsor | RAIT
Related Party Transaction [Line Items]
Cash paid for interest				$ 361	$ 965	$ 966

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended															12 Months Ended
	Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income (loss)	$ (42,706)		$ 2,407		$ 30,790		$ (46)	$ 4,408		$ 25,636		$ 353		$ (241)		$ (9,555)	$ 30,156	$ 2,944
(Income) loss allocated to non-controlling interests																(246)	(1,914)	(4)
Net income (loss) allocable to common shares																$ (9,801)	$ 28,242	$ 2,940
Weighted-average shares outstanding—Basic																52,182,427	36,153,673	21,315,928
Dilutive securities																	6,601	216,743
Weighted-average shares outstanding—Diluted																52,182,427	36,160,274	21,532,671
Basic	$ (0.61)	[1]	$ 0.05	[1]	$ 0.61	[1]		$ 0.09	[1]	$ 0.71	[1]	$ 0.01	[1]	$ (0.01)	[1]	$ (0.19)	$ 0.78	$ 0.14
Diluted	$ (0.61)	[1]	$ 0.05	[1]	$ 0.61	[1]		$ 0.09	[1]	$ 0.71	[1]	$ 0.01	[1]	$ (0.01)	[1]	$ (0.19)	$ 0.78	$ 0.14
[1]	The summation of quarterly per share amounts do not equal the full year amounts.

Earning (Loss) Per Share - Addi

Earning (Loss) Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings (loss) per share, amount	3,175,720	3,156,184	1,282,450

Quarterly Financial Data (Detai

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended															12 Months Ended
	Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Total revenue	$ 38,031		$ 38,364		$ 38,327		$ 38,666	$ 39,709		$ 25,492		$ 22,718		$ 21,657		$ 153,388	$ 109,576	$ 49,171
Net income (loss)	(42,706)		2,407		30,790		(46)	4,408		25,636		353		(241)		$ (9,555)	$ 30,156	$ 2,944
Net income (loss) allocable to common shares	$ (40,980)		$ 2,267		$ 28,987		$ (75)	$ 4,123		$ 24,015		$ 337		$ (233)
Total earnings (loss) per share—Basic	$ (0.61)	[1]	$ 0.05	[1]	$ 0.61	[1]		$ 0.09	[1]	$ 0.71	[1]	$ 0.01	[1]	$ (0.01)	[1]	$ (0.19)	$ 0.78	$ 0.14
Total earnings (loss) per share—Diluted	$ (0.61)	[1]	$ 0.05	[1]	$ 0.61	[1]		$ 0.09	[1]	$ 0.71	[1]	$ 0.01	[1]	$ (0.01)	[1]	$ (0.19)	$ 0.78	$ 0.14
[1]	The summation of quarterly per share amounts do not equal the full year amounts.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Dec. 31, 2016USD ($)
Commitments And Contingencies Disclosure [Abstract]
Estimated annual minimum rent due in next year	$ 148
Estimated annual minimum rent due in two years	152
Estimated annual minimum rent due in three years	156
Estimated annual minimum rent due in four years	133
Estimated annual minimum rent due in five years	0
Estimated annual minimum rent due thereafter	$ 0

Schedule III - Real Estate an60

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation [Line Items]
Balance, beginning of period	$ 1,372,015	$ 689,112	$ 190,096
Additions during period:
Acquisitions		707,268	495,998
Improvements to land and building	10,664	8,941	4,159
Deductions during period:
Dispositions of real estate	(63,329)	(33,306)	(1,141)
Reclassification to held for sale	(69,994)
Balance, end of period	1,249,356	1,372,015	689,112
Balance, beginning of period	39,638	23,376	15,775
Depreciation expense	31,085	20,888	8,742
Dispositions of real estate	(10,004)	(4,626)	(1,141)
Reclassification to held for sale	(9,208)
Balance, end of period	51,511	$ 39,638	$ 23,376
Investment in Real Estate
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	165,120
Initial Cost, Building	1,066,611
Gross Carrying Amount, Land	165,120
Gross Carrying Amount, Building	1,084,236
Accumulated Depreciation- Building	(51,511)
Encumbrances (Unpaid Principal)	(564,162)
Investment in Real Estate | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 17,625
Investment in Real Estate | Crestmont Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Marietta, GA
Initial Cost, Land	$ 3,254
Initial Cost, Building	13,017
Gross Carrying Amount, Land	3,254
Gross Carrying Amount, Building	13,883
Accumulated Depreciation- Building	(3,317)
Encumbrances (Unpaid Principal)	$ (6,427)
Year of Acquisition	2,011
Life of Depreciation	40 years
Investment in Real Estate | Crestmont Apartments | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 866
Investment in Real Estate | Runaway Bay Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Indianapolis, IN
Initial Cost, Land	$ 3,079
Initial Cost, Building	12,318
Gross Carrying Amount, Land	3,079
Gross Carrying Amount, Building	13,012
Accumulated Depreciation- Building	(1,539)
Encumbrances (Unpaid Principal)	$ (9,635)
Year of Acquisition	2,012
Life of Depreciation	40 years
Investment in Real Estate | Runaway Bay Apartments | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 694
Investment in Real Estate | Reserve at Eagle Ridge
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Waukegan, IL
Initial Cost, Land	$ 5,800
Initial Cost, Building	22,743
Gross Carrying Amount, Land	5,800
Gross Carrying Amount, Building	23,335
Accumulated Depreciation- Building	(1,772)
Encumbrances (Unpaid Principal)	$ (18,850)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Reserve at Eagle Ridge | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 592
Investment in Real Estate | Windrush
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Edmond, OK
Initial Cost, Land	$ 1,677
Initial Cost, Building	7,464
Gross Carrying Amount, Land	1,677
Gross Carrying Amount, Building	7,708
Accumulated Depreciation- Building	$ (589)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Windrush | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 244
Investment in Real Estate | Heritage Park
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Oklahoma, OK
Initial Cost, Land	$ 4,234
Initial Cost, Building	12,232
Gross Carrying Amount, Land	4,234
Gross Carrying Amount, Building	13,123
Accumulated Depreciation- Building	$ (1,061)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Heritage Park | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 891
Investment in Real Estate | Raindance
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Oklahoma, OK
Initial Cost, Land	$ 3,503
Initial Cost, Building	10,051
Gross Carrying Amount, Land	3,503
Gross Carrying Amount, Building	10,781
Accumulated Depreciation- Building	$ (881)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Raindance | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 730
Investment in Real Estate | Augusta
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Oklahoma, OK
Initial Cost, Land	$ 1,296
Initial Cost, Building	9,930
Gross Carrying Amount, Land	1,296
Gross Carrying Amount, Building	10,371
Accumulated Depreciation- Building	$ (801)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Augusta | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 441
Investment in Real Estate | Invitational
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Oklahoma, OK
Initial Cost, Land	$ 1,924
Initial Cost, Building	16,852
Gross Carrying Amount, Land	1,924
Gross Carrying Amount, Building	17,421
Accumulated Depreciation- Building	$ (1,346)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Invitational | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 569
Investment in Real Estate | King's Landing
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Creve Coeur, MO
Initial Cost, Land	$ 2,513
Initial Cost, Building	29,873
Gross Carrying Amount, Land	2,513
Gross Carrying Amount, Building	30,172
Accumulated Depreciation- Building	(2,095)
Encumbrances (Unpaid Principal)	$ (21,200)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | King's Landing | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 299
Investment in Real Estate | Carrington
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Little Rock, AR
Initial Cost, Land	$ 1,715
Initial Cost, Building	19,526
Gross Carrying Amount, Land	1,715
Gross Carrying Amount, Building	20,440
Accumulated Depreciation- Building	(1,430)
Encumbrances (Unpaid Principal)	$ (14,235)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Carrington | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 914
Investment in Real Estate | Arbors at the Reservoir
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Ridgeland, MS
Initial Cost, Land	$ 4,050
Initial Cost, Building	15,946
Gross Carrying Amount, Land	4,050
Gross Carrying Amount, Building	16,703
Accumulated Depreciation- Building	(1,215)
Encumbrances (Unpaid Principal)	$ (13,150)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Arbors at the Reservoir | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 757
Investment in Real Estate | Walnut Hill
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Cordova, TN
Initial Cost, Land	$ 2,230
Initial Cost, Building	25,251
Gross Carrying Amount, Land	2,230
Gross Carrying Amount, Building	25,903
Accumulated Depreciation- Building	(1,622)
Encumbrances (Unpaid Principal)	$ (18,650)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Walnut Hill | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 652
Investment in Real Estate | Lenoxplace
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Raleigh, NC
Initial Cost, Land	$ 3,480
Initial Cost, Building	20,482
Gross Carrying Amount, Land	3,480
Gross Carrying Amount, Building	20,932
Accumulated Depreciation- Building	(1,262)
Encumbrances (Unpaid Principal)	$ (15,991)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Lenoxplace | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 450
Investment in Real Estate | Stonebridge Crossing
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Memphis, TN
Initial Cost, Land	$ 3,100
Initial Cost, Building	26,223
Gross Carrying Amount, Land	3,100
Gross Carrying Amount, Building	27,042
Accumulated Depreciation- Building	(1,625)
Encumbrances (Unpaid Principal)	$ (19,370)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Stonebridge Crossing | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 819
Investment in Real Estate | Bennington Pond
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Groveport, OH
Initial Cost, Land	$ 2,400
Initial Cost, Building	14,828
Gross Carrying Amount, Land	2,400
Gross Carrying Amount, Building	15,385
Accumulated Depreciation- Building	(875)
Encumbrances (Unpaid Principal)	$ (11,375)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Bennington Pond | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 557
Investment in Real Estate | Prospect Park
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Louisville, KY
Initial Cost, Land	$ 2,837
Initial Cost, Building	11,193
Gross Carrying Amount, Land	2,837
Gross Carrying Amount, Building	11,369
Accumulated Depreciation- Building	(588)
Encumbrances (Unpaid Principal)	$ (9,230)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Prospect Park | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 176
Investment in Real Estate | Brookside
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Louisville, KY
Initial Cost, Land	$ 3,947
Initial Cost, Building	16,502
Gross Carrying Amount, Land	3,947
Gross Carrying Amount, Building	16,955
Accumulated Depreciation- Building	(893)
Encumbrances (Unpaid Principal)	$ (13,455)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Brookside | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 453
Investment in Real Estate | Jamestown
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Louisville, KY
Initial Cost, Land	$ 7,034
Initial Cost, Building	27,730
Gross Carrying Amount, Land	7,034
Gross Carrying Amount, Building	28,726
Accumulated Depreciation- Building	(1,529)
Encumbrances (Unpaid Principal)	$ (22,880)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Jamestown | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 996
Investment in Real Estate | Meadows
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Louisville, KY
Initial Cost, Land	$ 6,857
Initial Cost, Building	30,030
Gross Carrying Amount, Land	6,857
Gross Carrying Amount, Building	31,006
Accumulated Depreciation- Building	(1,622)
Encumbrances (Unpaid Principal)	$ (24,245)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Meadows | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 976
Investment in Real Estate | Oxmoor
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Louisville, KY
Initial Cost, Land	$ 7,411
Initial Cost, Building	47,095
Gross Carrying Amount, Land	7,411
Gross Carrying Amount, Building	48,001
Accumulated Depreciation- Building	(2,485)
Encumbrances (Unpaid Principal)	$ (35,815)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Oxmoor | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 906
Investment in Real Estate | Stonebridge At The Ranch
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Little Rock, AR
Initial Cost, Land	$ 3,315
Initial Cost, Building	27,954
Gross Carrying Amount, Land	3,315
Gross Carrying Amount, Building	28,218
Accumulated Depreciation- Building	(1,434)
Encumbrances (Unpaid Principal)	$ (20,527)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Stonebridge At The Ranch | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 264
Investment in Real Estate | Iron Rock Ranch
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Austin, TX
Initial Cost, Land	$ 5,860
Initial Cost, Building	28,911
Gross Carrying Amount, Land	5,860
Gross Carrying Amount, Building	29,413
Accumulated Depreciation- Building	(1,538)
Encumbrances (Unpaid Principal)	$ (22,900)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Iron Rock Ranch | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 502
Investment in Real Estate | Bayview Club
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Indianapolis, IN
Initial Cost, Land	$ 2,525
Initial Cost, Building	22,506
Gross Carrying Amount, Land	2,525
Gross Carrying Amount, Building	22,974
Accumulated Depreciation- Building	$ (967)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Bayview Club | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 468
Investment in Real Estate | Arbors River Oaks
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Memphis, TN
Initial Cost, Land	$ 2,100
Initial Cost, Building	19,045
Gross Carrying Amount, Land	2,100
Gross Carrying Amount, Building	19,467
Accumulated Depreciation- Building	$ (637)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Arbors River Oaks | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 422
Investment in Real Estate | Aston
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Wake Forest, NC
Initial Cost, Land	$ 3,450
Initial Cost, Building	34,333
Gross Carrying Amount, Land	3,450
Gross Carrying Amount, Building	34,409
Accumulated Depreciation- Building	(1,078)
Encumbrances (Unpaid Principal)	$ (25,050)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Aston | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 76
Investment in Real Estate | Avenues At Craig Ranch
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	McKinney, TX
Initial Cost, Land	$ 5,500
Initial Cost, Building	42,054
Gross Carrying Amount, Land	5,500
Gross Carrying Amount, Building	42,168
Accumulated Depreciation- Building	(1,326)
Encumbrances (Unpaid Principal)	$ (31,250)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Avenues At Craig Ranch | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 114
Investment in Real Estate | Bridge Pointe
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Huntsville, AL
Initial Cost, Land	$ 1,500
Initial Cost, Building	14,306
Gross Carrying Amount, Land	1,500
Gross Carrying Amount, Building	14,450
Accumulated Depreciation- Building	$ (460)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Bridge Pointe | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 144
Investment in Real Estate | Creekstone At R T P
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Durham, NC
Initial Cost, Land	$ 5,376
Initial Cost, Building	32,727
Gross Carrying Amount, Land	5,376
Gross Carrying Amount, Building	32,851
Accumulated Depreciation- Building	(1,035)
Encumbrances (Unpaid Principal)	$ (23,008)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Creekstone At R T P | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 124
Investment in Real Estate | Fountains Southend
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Charlotte, NC
Initial Cost, Land	$ 4,368
Initial Cost, Building	37,254
Gross Carrying Amount, Land	4,368
Gross Carrying Amount, Building	37,317
Accumulated Depreciation- Building	(1,170)
Encumbrances (Unpaid Principal)	$ (23,750)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Fountains Southend | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 63
Investment in Real Estate | Fox Trails
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Plano, TX
Initial Cost, Land	$ 5,700
Initial Cost, Building	21,944
Gross Carrying Amount, Land	5,700
Gross Carrying Amount, Building	22,264
Accumulated Depreciation- Building	$ (716)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Fox Trails | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 320
Investment in Real Estate | Lakeshore on the Hill
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Chattanooga, TN
Initial Cost, Land	$ 925
Initial Cost, Building	10,212
Gross Carrying Amount, Land	925
Gross Carrying Amount, Building	10,393
Accumulated Depreciation- Building	$ (334)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Lakeshore on the Hill | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 181
Investment in Real Estate | Millenia 700
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Orlando, FL
Initial Cost, Land	$ 5,500
Initial Cost, Building	41,752
Gross Carrying Amount, Land	5,500
Gross Carrying Amount, Building	41,882
Accumulated Depreciation- Building	(1,317)
Encumbrances (Unpaid Principal)	$ (29,175)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Millenia 700 | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 130
Investment in Real Estate | Miller Creek At German Town
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Memphis, TN
Initial Cost, Land	$ 3,300
Initial Cost, Building	53,504
Gross Carrying Amount, Land	3,300
Gross Carrying Amount, Building	53,575
Accumulated Depreciation- Building	$ (1,679)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Miller Creek At German Town | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 71
Investment in Real Estate | Pointe At Canyon Ridge
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Atlanta, GA
Initial Cost, Land	$ 11,100
Initial Cost, Building	36,995
Gross Carrying Amount, Land	11,100
Gross Carrying Amount, Building	37,555
Accumulated Depreciation- Building	$ (1,208)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Pointe At Canyon Ridge | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 560
Investment in Real Estate | St James At Goose Creek
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Goose Creek, SC
Initial Cost, Land	$ 3,780
Initial Cost, Building	27,695
Gross Carrying Amount, Land	3,780
Gross Carrying Amount, Building	27,959
Accumulated Depreciation- Building	$ (905)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | St James At Goose Creek | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 264
Investment in Real Estate | Talison Row At Daniel Island
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Daniel Island, SC
Initial Cost, Land	$ 5,480
Initial Cost, Building	41,409
Gross Carrying Amount, Land	5,480
Gross Carrying Amount, Building	41,559
Accumulated Depreciation- Building	(1,311)
Encumbrances (Unpaid Principal)	$ (33,442)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Talison Row At Daniel Island | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 150
Investment in Real Estate | The Aventine Greenville
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Greenville, SC
Initial Cost, Land	$ 4,150
Initial Cost, Building	43,905
Gross Carrying Amount, Land	4,150
Gross Carrying Amount, Building	43,939
Accumulated Depreciation- Building	(1,376)
Encumbrances (Unpaid Principal)	$ (30,447)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | The Aventine Greenville | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 34
Investment in Real Estate | Trails At Signal Mountain
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Chattanooga, TN
Initial Cost, Land	$ 1,200
Initial Cost, Building	12,895
Gross Carrying Amount, Land	1,200
Gross Carrying Amount, Building	13,183
Accumulated Depreciation- Building	$ (428)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Trails At Signal Mountain | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 288
Investment in Real Estate | Vue At Knoll Trail
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Dallas, TX
Initial Cost, Land	$ 3,100
Initial Cost, Building	6,077
Gross Carrying Amount, Land	3,100
Gross Carrying Amount, Building	6,175
Accumulated Depreciation- Building	$ (200)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Vue At Knoll Trail | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 98
Investment in Real Estate | Waterstone at Brier Creek
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Raleigh, NC
Initial Cost, Land	$ 4,200
Initial Cost, Building	34,651
Gross Carrying Amount, Land	4,200
Gross Carrying Amount, Building	34,738
Accumulated Depreciation- Building	(1,093)
Encumbrances (Unpaid Principal)	$ (20,425)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Waterstone at Brier Creek | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 87
Investment in Real Estate | Waterstone Big Creek
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Alpharetta, GA
Initial Cost, Land	$ 7,600
Initial Cost, Building	61,971
Gross Carrying Amount, Land	7,600
Gross Carrying Amount, Building	62,056
Accumulated Depreciation- Building	(1,943)
Encumbrances (Unpaid Principal)	$ (49,680)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Waterstone Big Creek | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 85
Investment in Real Estate | Westmont Commons
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Asheville, NC
Initial Cost, Land	$ 2,750
Initial Cost, Building	25,225
Gross Carrying Amount, Land	2,750
Gross Carrying Amount, Building	25,423
Accumulated Depreciation- Building	$ (809)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Westmont Commons | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 198
Real Estate Held for Sale
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	13,395
Initial Cost, Building	52,846
Gross Carrying Amount, Land	13,395
Gross Carrying Amount, Building	56,599
Accumulated Depreciation- Building	(9,208)
Encumbrances (Unpaid Principal)	(36,026)
Deductions during period:
Balance, end of period	69,994
Balance, end of period	9,208
Real Estate Held for Sale | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 3,753
Real Estate Held for Sale | Copper Mill Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Austin, TX
Initial Cost, Land	$ 3,472
Initial Cost, Building	13,888
Gross Carrying Amount, Land	3,472
Gross Carrying Amount, Building	14,881
Accumulated Depreciation- Building	(3,667)
Encumbrances (Unpaid Principal)	$ (6,998)
Year of Acquisition	2,011
Life of Depreciation	40 years
Real Estate Held for Sale | Copper Mill Apartments | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 993
Real Estate Held for Sale | Heritage Trace Apartments
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Newport News, VA
Initial Cost, Land	$ 2,673
Initial Cost, Building	10,691
Gross Carrying Amount, Land	2,673
Gross Carrying Amount, Building	11,718
Accumulated Depreciation- Building	(2,930)
Encumbrances (Unpaid Principal)	$ (5,237)
Year of Acquisition	2,011
Life of Depreciation	40 years
Real Estate Held for Sale | Heritage Trace Apartments | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 1,027
Real Estate Held for Sale | The Crossings
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Jackson, MS
Initial Cost, Land	$ 4,600
Initial Cost, Building	17,948
Gross Carrying Amount, Land	4,600
Gross Carrying Amount, Building	18,822
Accumulated Depreciation- Building	(1,580)
Encumbrances (Unpaid Principal)	$ (15,313)
Year of Acquisition	2,013
Life of Depreciation	40 years
Real Estate Held for Sale | The Crossings | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 874
Real Estate Held for Sale | Berkshire
Real Estate and Accumulated Depreciation [Line Items]
Description	Apartment
Location	Indianapolis, IN
Initial Cost, Land	$ 2,650
Initial Cost, Building	10,319
Gross Carrying Amount, Land	2,650
Gross Carrying Amount, Building	11,178
Accumulated Depreciation- Building	(1,031)
Encumbrances (Unpaid Principal)	$ (8,478)
Year of Acquisition	2,013
Life of Depreciation	40 years
Real Estate Held for Sale | Berkshire | Building
Real Estate and Accumulated Depreciation [Line Items]
Cost of Improvements, net of Retirements	$ 859