Independence Realty Trust (IRT) 10-K 18 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 11, 2020	Jun. 28, 2019
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Trading Symbol	IRT
Entity Registrant Name	INDEPENDENCE REALTY TRUST, INC.
Entity Central Index Key	0001466085
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		91,133,802
Entity Public Float			$ 1,043,558,574
Entity File Number	001-36041
Entity Tax Identification Number	26-4567130
Entity Address, Address Line One	1835 Market Street
Entity Address, Address Line Two	Suite 2601
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	267
Local Phone Number	270-4800
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	MD
Document Transition Report	false
Document Annual Report	true
Documents Incorporated by Reference	Portions of the proxy statement for registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments in real estate:
Investments in real estate, at cost	$ 1,796,365	$ 1,660,423
Accumulated depreciation	(158,435)	(112,270)
Investments in real estate, net	1,637,930	1,548,153
Real estate held for sale		77,285
Cash and cash equivalents	9,888	9,316
Restricted cash	4,545	6,729
Other assets	10,380	8,802
Derivative assets	953	8,307
Intangible assets, net of accumulated amortization of $540 and $787, respectively	410	744
Total Assets	1,664,106	1,659,336
LIABILITIES AND EQUITY:
Indebtedness, net of unamortized deferred financing costs of $5,606 and $5,927, respectively	985,572	985,488
Accounts payable and accrued expenses	25,399	22,815
Accrued interest payable	2,196	719
Dividends payable	16,491	16,162
Derivative liabilities	7,769
Other liabilities	6,922	4,107
Total Liabilities	1,044,349	1,029,291
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, 91,070,637 and 89,184,443 shares issued and outstanding, including 326,541 and 303,819 unvested restricted common share awards, respectively	911	892
Additional paid in capital	765,992	742,429
Accumulated other comprehensive income (loss)	(12,099)	2,016
Retained earnings (accumulated deficit)	(141,525)	(122,342)
Total stockholders’ equity	613,279	622,995
Noncontrolling interests	6,478	7,050
Total Equity	619,757	630,045
Total Liabilities and Equity	$ 1,664,106	$ 1,659,336

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Intangible assets, accumulated amortization	$ 540	$ 787
Indebtedness, unamortized deferred financing costs	$ 5,606	$ 5,927
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	91,070,637	89,184,443
Common stock, shares outstanding	91,070,637	89,184,443
Unvested restricted common share awards	326,541	303,819

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUE:
Rental and other property revenue		$ 202,620	$ 190,712	$ 160,497
Other revenue	[1]	603	520	719
Total revenue		203,223	191,232	161,216
EXPENSES:
Property operating expenses		$ 79,568	$ 76,363	$ 64,716
Type of Cost, Good or Service [Extensible List]		us-gaap:AssetManagement1Member	us-gaap:AssetManagement1Member	us-gaap:AssetManagement1Member
Property management expenses		$ 7,726	$ 6,963	$ 6,006
General and administrative expenses		12,745	10,817	9,526
Acquisition and integration expenses				1,342
Depreciation and amortization expense		52,815	45,221	34,201
Casualty related costs			46
Total expenses		152,854	139,410	115,791
Interest expense		(39,226)	(36,006)	(28,702)
Other income (expense)			144	89
Net gains (losses) on sale of assets		35,211	10,650	18,825
Gain (loss) on extinguishment of debt				(572)
Acquisition related debt extinguishment expenses				(3,624)
Net income (loss):		46,354	26,610	31,441
(Income) loss allocated to noncontrolling interest		(458)	(322)	(1,235)
Net income (loss) allocable to common shares		$ 45,896	$ 26,288	$ 30,206
Earnings (loss) per share:
Basic		$ 0.51	$ 0.30	$ 0.41
Diluted		$ 0.51	$ 0.30	$ 0.41
Weighted-average shares:
Basic		89,799,238	87,086,585	73,338,219
Diluted		90,417,486	87,376,991	73,599,869
[1]	Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASC ASC Topic 606.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 46,354	$ 26,610	$ 31,441
Other comprehensive income (loss):
Change in fair value of interest rate hedges	(15,571)	(1,382)	845
Realized (gains) losses on interest rate hedges reclassified to earnings	1,139	(1,372)	107
Total other comprehensive income	(14,432)	(2,754)	952
Comprehensive income (loss) before allocation to noncontrolling interests	31,922	23,856	32,393
Allocation to noncontrolling interests	(141)	(178)	(1,244)
Comprehensive income (loss) allocable to common shares	$ 31,781	$ 23,678	$ 31,149

Consolidated Statements of Chan

Consolidated Statements of Changes in 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, 2016	$ 528,691	$ 690	$ 564,633	$ 3,683	$ (62,181)	$ 506,825	$ 21,866
Beginning Balance (in Shares) at Dec. 31, 2016		68,996,070
Net income (loss)	31,441				30,206	30,206	1,235
Common dividends declared ($0.72 per share)	(53,246)				(53,246)	(53,246)
Other comprehensive income	952			943		943	9
Stock compensation expense	1,968	$ 1	1,967			1,968
Stock compensation expense (in Shares)		168,010
Repurchase of shares related to equity award tax withholding	(569)	$ (1)	(568)			(569)
Repurchase of shares related to equity award tax withholding (in shares)		(59,631)
Conversion of noncontrolling interest to common shares		$ 1	619			620	(620)
Conversion of noncontrolling interest to common shares (in Shares)		64,202
Issuance of common shares, net	137,353	$ 155	137,198			137,353
Issuance of common shares, net (in Shares)		15,539,900
Issuance of noncontrolling interests	1,654						1,654
Distribution to noncontrolling interest declared ($0.72 per unit)	(2,125)						(2,125)
Ending Balance at Dec. 31, 2017	646,119	$ 846	703,849	4,626	(85,221)	624,100	22,019
Ending Balance (in shares) at Dec. 31, 2017		84,708,551
Net income (loss)	26,610				26,288	26,288	322
Common dividends declared ($0.72 per share)	(63,409)				(63,409)	(63,409)
Other comprehensive income	(2,754)			(2,610)		(2,610)	(144)
Stock compensation expense	2,560	$ 2	2,558			2,560
Stock compensation expense (in Shares)		188,196
Repurchase of shares related to equity award tax withholding	(354)		(354)			(354)
Repurchase of shares related to equity award tax withholding (in shares)		(38,712)
Conversion of noncontrolling interest to common shares		$ 21	14,485			14,506	(14,506)
Conversion of noncontrolling interest to common shares (in Shares)		2,130,244
Issuance of common shares, net	21,914	$ 23	21,891			21,914
Issuance of common shares, net (in Shares)		2,196,164
Distribution to noncontrolling interest declared ($0.72 per unit)	(641)						(641)
Ending Balance at Dec. 31, 2018	$ 630,045	$ 892	742,429	2,016	(122,342)	622,995	7,050
Ending Balance (in shares) at Dec. 31, 2018	89,184,443	89,184,443
Beginning Balance (in Shares) at Dec. 31, 2018	0
Net income (loss)	$ 46,354				45,896	45,896	458
Common dividends declared ($0.72 per share)	(65,079)				(65,079)	(65,079)
Other comprehensive income	(14,432)			(14,115)		(14,115)	(317)
Stock compensation expense	3,166	$ 1	3,165			3,166
Stock compensation expense (in Shares)		209,215
Repurchase of shares related to equity award tax withholding	(642)		(642)			(642)
Repurchase of shares related to equity award tax withholding (in shares)		(49,928)
Conversion of noncontrolling interest to common shares			78			78	(78)
Conversion of noncontrolling interest to common shares (in Shares)		9,616
Issuance of common shares, net	20,980	$ 18	20,962			20,980
Issuance of common shares, net (in Shares)		1,717,291
Distribution to noncontrolling interest declared ($0.72 per unit)	(635)						(635)
Ending Balance at Dec. 31, 2019	$ 619,757	$ 911	$ 765,992	$ (12,099)	$ (141,525)	$ 613,279	$ 6,478
Ending Balance (in shares) at Dec. 31, 2019	91,070,637	91,070,637

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Of Stockholders Equity [Abstract]
Common dividends declared per share	$ 0.72	$ 0.72	$ 0.72
Distribution to noncontrolling interest declared per share	$ 0.72	$ 0.72	$ 0.72

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Cash flows from operating activities:
Net income (loss)	$ 46,354	$ 26,610	$ 31,441
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation and amortization	52,815	45,221	34,201
Amortization of deferred financing costs, net	1,423	1,430	1,464
Stock compensation expense	3,116	2,524	1,968
Net (gains) losses on sale of assets	(35,211)	(10,650)	(18,825)
Net (gains) losses on extinguishment of debt			572
Amortization related to derivative instruments	690	(40)
Acquisition related debt extinguishment expenses			3,624
Changes in assets and liabilities:
Other assets	1,344	(514)	(1,267)
Accounts payable and accrued expenses	3,490	3,284	1,578
Accrued interest payable	1,542	469	(242)
Other liabilities	(562)	196	(190)
Net cash provided by (used in) operating activities	75,001	68,530	54,324
Cash flows from investing activities:
Acquisition of real estate properties	(128,908)	(215,833)	(221,813)
Disposition of real estate properties	68,137	26,802	44,474
Capital expenditures	(45,625)	(40,426)	(14,370)
Cash flow provided by (used in) investing activities	(106,396)	(229,457)	(191,709)
Cash flows from financing activities:
Proceeds from issuance of common stock	20,981	21,914	137,353
Proceeds from unsecured credit facility and term loan	234,059	400,000	199,690
Unsecured credit facility repayments	(153,500)	(198,262)	(145,685)
Mortgage principal repayments	(4,284)	(3,191)	(2,654)
Payments for deferred financing costs	(1,446)	(890)	(2,089)
Distributions on common stock	(64,745)	(52,476)	(52,304)
Distributions to noncontrolling interests	(640)	(658)	(2,119)
Payment for interest rate collars		(3,730)	(2,405)
Payments related to extinguishment of debt on acquisitions			(3,624)
Repurchase of shares related to equity award tax withholding	(642)	(354)	(569)
Net cash provided by (used in) financing activities	29,783	162,353	125,594
Net change in cash and cash equivalents, and restricted cash	(1,612)	1,426	(11,791)
Cash and cash equivalents, and restricted cash, beginning of period	16,045	14,619	26,410
Cash and cash equivalents, and restricted cash, end of the period	14,433	16,045	14,619
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet
Cash and cash equivalents	9,888	9,316	9,316
Restricted cash	4,545	6,729	6,729
Supplemental cash flow information:
Cash paid for interest	37,531	36,002	27,368
Supplemental disclosure of noncash investing and financing activities:
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock	78	14,506	620
Distributions declared but not paid	16,491	16,162	5,245
Value of limited partnership units issued in acquisitions			1,654
Mortgage debt assumed		54,756	18,977
Initial measurement of operating lease right of use assets	2,812
Initial measurement of operating lease liabilities	3,176
Debt extinguishment costs included in net gains (losses) on sale of assets	7,417	911	$ 4,251
Capital expenditure accrual	$ 804	$ 1,750

Organization

Organization	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Organization	NOTE 1: Organization Independence Realty Trust, Inc. (“IRT”), is a self-administered and self-managed Maryland real estate investment trust (“REIT”) which was formed on March 26, 2009. Our primary purposes are to acquire, own, operate, improve and manage multifamily apartment communities in non-gateway markets. As of December 31, 2019, we owned and operated 57 (unaudited) multifamily apartment properties, totaling 15,554 (unaudited) units across non-gateway U.S markets, including Atlanta, Louisville, Memphis, and Raleigh. We own substantially all of our assets and conduct our operations through Independence Realty Operating Partnership, LP, which we refer to as IROP, of which we are the sole general partner. As used herein, the terms “we,” “our” and “us” refer to Independence Realty Trust, Inc. and, as required by context, IROP and their subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
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 generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity of which we are the primary beneficiary. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP. c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with original maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents. e. Restricted Cash Restricted cash includes escrows of our funds held by lenders to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events. As of December 31, 2019 and 2018, we had $4,545 and $6,729, respectively, of restricted cash. f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal costs, that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets Effective January 1, 2018, FASB ASC Topic 805, “Business Combinations” was amended to 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. Prior to January 1, 2018, the properties we acquired were generally considered businesses and were accounted for as business combinations. Subsequent to January 1, 2018, we expect the properties we acquire to generally not be considered businesses and, therefore, to be accounted for as asset acquisitions. Under business combination accounting, the fair value of the real estate acquired is allocated to the acquired tangible assets, generally consisting of land, building and tenant improvements, identified intangible assets, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships and liabilities, based, in each case, on their fair values. Transaction costs and fees incurred related to the acquisition are expensed as incurred. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual tangible and intangible assets and liabilities acquired based upon their relative fair value. Under both business combination and asset acquisition accounting, t We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the year ended December 31, 2019 and 2018, we acquired in-place leases with a value of $1,265 and $3,074, respectively, related to our acquisitions that are discussed further in Note 3: Investments in Real Estate. The value assigned to these intangible assets is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2019, 2018 and 2017 we recorded $1,599, $3,433 and $1,536 of amortization expense for intangible assets, respectively. For the years ended December 31, 2019, 2018, and 2017 we wrote-off fully amortized intangible assets of $1,846, $4,153, and $0, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $410 for 2020. 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 is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. For the years ended December 31, 2019, 2018 and 2017 we recorded $51,216, $41,788 and $32,665 of depreciation expense, respectively. For the years ended December 31, 2019 and 2018, we wrote-off fully depreciated fixed assets of $940 and $408, respectively. g. Revenue and Expenses Rental and Other Property Revenue We apply FASB ASC Topic 842, “Leases” with respect to our accounting for rental income. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. We have elected to account for lease (i.e. fixed payments including base rent) and non-lease components (i.e. tenant reimbursements and other certain service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. As a result of this treatment, certain amounts classified within prior revenue captions tenant reimbursement income and other property income have been combined into rental and other property revenue in the consolidated statements of operations and prior period amounts have been adjusted to conform to current period presentation. The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2019 2018 2017 Rental revenue (1) $ 195,120 $ 184,330 $ 155,334 Other property revenue (2) 7,500 6,382 5,163 Other revenue (2) 603 520 719 Total revenue $ 203,223 $ 191,232 $ 161,216 (1) Amounts include all revenue streams derived from rental income and other lease income, which are accounted for under FASB ASC Topic 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASC ASC Topic 606. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Georgia, Tennessee, Kentucky, Florida, Ohio, and Texas comprised 15.76%, 13.46%, 10.92%, 9.51%, 9.47%, 9.10%, and 7.54%, respectively, of our rental revenue for the year ended December 31, 2019. We have no single customer that accounts for 10% or more of revenue. W e make ongoing estimates of the collectability of our For the years ended December 31, 2019, 2018, and 2017, we recognized revenues of $156, $195, and $110, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. Advertising Expenses For the years ended December 31, 2019, 2018 and 2017, we incurred $2,350, $2,172, and $1,806 of advertising expenses, respectively. h. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 : Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 : Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 : Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for the derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value inputs for our unsecured credit facility and our former secured credit facility are classified as Level 2 fair value measurements within the fair value hierarchy. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2019 December 31, 2018 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,888 $ 9,888 $ 9,316 $ 9,316 Restricted cash 4,545 4,545 6,729 6,729 Derivative assets 953 953 8,307 8,307 Liabilities Debt: Unsecured credit facility 183,966 186,302 153,983 155,743 Unsecured term loans 298,418 300,000 248,380 250,000 Mortgages 503,188 505,510 583,125 577,112 Derivative liabilities 7,769 7,769 - - i. 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. j. 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, 2019, 2018 and 2017. 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, 2019, 69% of dividends were characterized as capital gain distributions, 16% were characterized as ordinary income and 15% were characterized as return of capital. For the year ended December 31, 2018, 37% of dividends were characterized as capital gain distributions, 39% were characterized as ordinary income and 24% were characterized as return of capital. For the year ended December 31, 2017, 53% of dividends were classified as capital gain distributions, 36% of dividends were characterized as ordinary income and 11% were characterized as return of capital. k. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”. Any stock-based compensation awards granted are measured based on the grant-date fair value of the award and compensation expense for the entire award is recognized on a straight-line basis over the requisite service period, which is the vesting period, for the entire award. l. Noncontrolling Interest Our noncontrolling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present noncontrolling interest in our consolidated balance sheet within equity but separate from stockholders’ equity. Any noncontrolling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at the greater of historical cost or their redemption value. m. 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), 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. n. Office Leases We apply FASB ASC Topic 842, “Leases”, which requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet at the lease commencement date for all leases, except those leases with terms of less than a year. We lease corporate office space under leases with terms of up to 10 years and that may include extension options, but that do not include any residual value guarantees or restrictive covenants. As of December 31, 2019, we had $2,812 of operating lease right-of-use assets and $3,176 of operating lease liabilities related to our corporate office leases. The operating lease right-of-use assets are presented within other assets and the operating lease liabilities are presented within other liabilities in our consolidated balance sheet. We recorded $589 and $416, respectively, of total operating lease expense for years ended December 31, 2019 and 2018, which is recorded within property management expense and general and administrative expenses in our consolidated statements of operations. o. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. Adopted Within these Financial Statements In 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. Subsequently, the FASB issued amendments to this accounting standard that provided further clarification. We adopted these accounting standard updates on January 1, 2018 using the modified retrospective approach. A majority of our revenue is derived from real estate lease contracts, which are specifically excluded from the scope of these standards. The portion of our revenue that was impacted by these standards included revenue recorded within the property revenue and other property revenue, and other revenue captions of our Consolidated Statements of Operations. The adoption of these standards did not have a material impact on our consolidated financial statements and no cumulative effect adjustment was recorded upon adoption. 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. Subsequently, the FASB issued amendments to this accounting standard that required companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the statement of cash flows. We adopted these standards as of January 1, 2018. The adoption of this accounting standard resulted in an increase (decrease) in net cash used in investing activities of $942 and ($105) for the years ended December 31, 2018, and 2017, respectively. In January 2017, the FASB issued an accounting standard update under FASB ASC Topic 805, “Business Combinations” that changed the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The new definition will be applied prospectively to any transactions occurring within the period of adoption. We adopted this standard on January 1, 2018. Management expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred, with these costs instead being capitalized as part of the acquired asset. In February 2017, the FASB issued an accounting standard update under FASB ASC Topic 610 “Other Income.” The amendments in this update provided guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. This new standard reduces the number of potential accounting models that might apply and clarified which model does apply in various circumstances. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. We adopted this standard as of January 1, 2018. While partial sales are common in the real estate industry, we have never participated in a transaction of this nature, therefore, the adoption of this accounting standard had no impact on our consolidated financial statements. In May 2017, the FASB issued an accounting standard update under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update provided guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. As a result, the accounting for share-based payment award transactions could be impacted. The updated standard was adopted by us on January 1, 2018. The new definition will be applied prospectively to an award modified on or after the adoption date. The adoption of this accounting standard did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued an accounting standard update under FASB ASC Topic 815, “Derivatives and Hedging.” The amendments in this update provided guidance about the application of the hedge accounting guidance in current GAAP based on the feedback received from preparers, auditors, and other stakeholders. We early adopted this update on October 1, 2017. The adoption of this update did not have a material impact on our consolidated financial statements. In accordance with this accounting standard update, upon adoption, we revised our approach to recognizing interest expense for our interest rate swap that was designated as an off-market cash flow hedge. Rather than record interest expense based on the hypothetical derivative method with differences from actual net settlements reflected as ineffectiveness, we will record actual net settlements to interest expense adjusted for the straight-line amortization of the inception clean value of the hedging instrument over the hedge term. The result will be that no ineffectiveness will be recorded in future periods related to our off-market interest rate swap. Since we entered into the off-market hedging relationship in 2017, no transition entry was necessary upon adoption. In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. For lessees, this accounting standard amends lease accounting by requiring (1) the recognition of lease assets and lease liabilities for those leases classified as operating leases on the balance sheet and (2) additional disclosure about leasing arrangements. For lessors, the guidance under the new lease standard is substantially similar to legacy lease accounting standards. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued an amendment to the new standard, which provides a package of practical expedients that (1) allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease and (2) provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. We adopted the new standard on January 1, 2019 using the modified retrospective approach and the package of practical expedients. We did no t record a cumulative-effect adjustment on the effective date and all prior comparative periods are presented in accordance with legacy lease accounting standards. Our apartment leases, where we are lessor, continued to be accounted for as operating leases under the new standard and, therefore, there were not significant changes in accounting for these leases. For our various corporate office leases, where we are lessee, we recorded a $ 308 right of use asset and a lease liability on our consolidated balance sheets upon adoption. In June 2018, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, the accounting for share-based payment award transactions could be impacted. 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. The adoption of these standards did not have a material impact on our consolidated financial statements and no cumulative effect adjustment was recorded upon adoption.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2019
Banking And Thrift [Abstract]
Investments in Real Estate	NOTE 3: Investments in Real Estate As of December 31, 2019, our investments in real estate consisted of 57 apartment properties (unaudited). The table below summarizes our investments in real estate: 2019 2018 Depreciable (In years) Land $ 234,050 $ 209,111 - Building 1,453,052 1,384,810 40 Furniture, fixtures and equipment 109,263 66,502 5-10 Total investment in real estate $ 1,796,365 $ 1,660,423 Accumulated depreciation (158,435 ) (112,270 ) Investments in real estate, net $ 1,637,930 $ 1,548,153 Acquisitions The below table summarizes the acquisitions for the year ended December 31, 2019: Property Name Date of Purchase Market Units (unaudited) Contract Price North Park 04/30/2019 Atlanta, GA 224 $ 28,000 Rocky Creek 07/11/2019 Tampa, FL 264 48,000 Thornhill 10/01/2019 Raleigh, NC 318 52,925 Total 806 $ 128,925 The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 201 9 , on the date of acquisition. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate (a) $ 127,908 Accounts receivable and other assets 170 Intangible assets 1,266 Total assets acquired $ 129,344 Liabilities assumed: Accounts payable and accrued expenses 644 Other liabilities 312 Total liabilities assumed $ 956 Estimated fair value of net assets acquired $ 128,388 (a) Includes $249 of property related acquisition costs capitalized during the year ended December 31, 2019. On February 11, 2020, we acquired a 251-unit property located in Dallas, TX for a purchase price of $51,204. The below table summarizes the acquisitions for the year ended December 31, 2018: Property Name Date of Purchase Market Units (unaudited) Contract Price Creekside Corners (1) 01/03/2018 Atlanta, GA 444 $ 43,901 Hartshire Lakes (1) 01/03/2018 Indianapolis, IN 272 27,597 The Chelsea 01/04/2018 Columbus, OH 312 36,750 Avalon Oaks 02/27/2018 Columbus, OH 235 23,000 Bridgeview 07/11/2018 Tampa-St. Petersburg, FL 348 43,000 Collier Park 07/26/2018 Columbus, OH 232 21,200 Waterford 10/11/2018 Atlanta, GA 260 30,500 Lucerne 11/07/2018 Tampa-St. Petersburg, FL 276 47,000 Total 2,379 $ 272,948 (1) These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144 Dispositions The below table summarizes the dispositions for the year ended December 31, 2019: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Reserve at Eagle Ridge 04/30/2019 $ 42,000 $ 12,294 Little Rock, AR Portfolio 07/18/2019 56,500 2,220 Iron Rock 12/17/2019 56,000 20,683 Total $ 154,500 $ 35,197 (1) The gain (loss) for these properties is net of $7,417 of defeasance and debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2018: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Aventine Greenville 12/20/2018 $ 52,500 $ 6,119 Arbors at the Reservoir 12/27/2018 24,800 4,445 Total $ 77,300 $ 10,564 (1) The gain (loss) for these properties is net of $911 of defeasance and debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2017: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Copper Mill 5/5/2017 $ 32,000 $ 15,595 Heritage Trace 6/1/2017 11,600 (1,256 ) Berkshire Square 6/9/2017 16,000 1,510 Crossings 11/28/2017 27,200 3,061 Total $ 86,800 $ 18,910 (1) The gain (loss) for these properties is net of $4,251 of defeasance and debt prepayment costs.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Indebtedness	NOTE 4: Indebtedness The following tables contains summary information concerning our indebtedness as of December 31, 2019: Debt: Outstanding Unamortized Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 186,302 $ (2,336 ) $ 183,966 Floating 3.2% 3.4 Unsecured term loans 300,000 (1,582 ) 298,418 Floating 3.1% 4.3 Mortgages 504,876 (1,688 ) 503,188 Fixed 3.9% 4.0 Total Debt $ 991,178 $ (5,606 ) $ 985,572 3.5% 4.0 (1) The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019. Original maturities on or before December 31, Debt: 2020 2021 2022 2023 2024 Thereafter Unsecured credit facility $ - $ - $ - $ 186,302 $ - $ - Unsecured term loans - - - - 300,000 - Mortgages 8,135 76,085 70,734 107,387 72,172 170,363 Total $ 8,135 $ 76,085 $ 70,734 $ 293,689 $ 372,172 $ 170,363 As of December 31, 2019 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, 2018: Debt: Outstanding Principal Unamortized Debt Issuance Costs Carrying Amount Type Weighted Average Rate Weighted Average Maturity (in years) Unsecured credit facility (1) $ 155,743 $ (1,760 ) $ 153,983 Floating 3.9% 2.7 Unsecured term loans 250,000 (1,620 ) 248,380 Floating 4.0% 5.4 Mortgages 585,672 (2,547 ) 583,125 Fixed 3.8% 5.1 Total Debt $ 991,415 $ (5,927 ) $ 985,488 3.9% 4.8 (1) The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018. Unsecured Credit Facility and Revolving Line of Credit On September 17, 2015, we entered into a credit agreement with KeyBank National Association (“KeyBank”) with respect to a $325,000 senior secured credit facility On May 1, 2017, we entered into a $300,000 unsecured credit facility (the “Unsecured Credit Facility”), refinancing and terminating the previous Secured Credit Facility. We recognized the refinance as a partial extinguishment of our prior Secured Credit Facility and recognized a loss on extinguishment of debt of $572. On May 9, 2019, we entered into a new $350,000 unsecured credit facility that consists entirely of a revolving line of credit (the “Unsecured Revolving Line of Credit”), refinancing and terminating the previous Unsecured Credit Facility. We have the right to increase the aggregate amount of the Unsecured Revolving Line of Credit to up to $600,000. The maturity date on borrowings outstanding under the Unsecured Revolving Line of Credit is May 9, 2023, subject to our option to extend the revolving commitment for two additional 6-month periods under certain circumstances, including the payment of an extension fee. We may prepay the Unsecured Revolving Line of Credit, in whole or in part, at any time without a prepayment fee or penalty. At our option, borrowings under the Unsecured Revolving Line of Credit will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 125 to 200 basis points, or (ii) a base rate plus a margin of 25 to 100 basis points. The applicable margin is determined based upon our total consolidated leverage ratio, as defined in the agreements. At the time of closing, based on our leverage ratio, the margin spread to LIBOR was 155 basis points. We recognized the refinance as a modification of our prior unsecured credit facility and incurred deferred financing costs of $1,129 associated with this transaction. In addition to certain negative covenants, our Unsecured Revolving Line of Credit 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, and (iii) maintain a minimum consolidated tangible net worth. Additionally, the covenants (i) limit (a) the amount of distributions that IRT can make to a percentage of Funds from Operations (as such term is described in the debt agreement), and (b) the amount of unhedged variable rate indebtedness that may be incurred by us, and (ii) require us to maintain a pool of unencumbered properties with a total value of at least $100,000. We may draw upon or pay down our Unsecured Revolving Line of Credit from time-to-time based on our cash needs. Subsequent to December 31, 2019, we drew $62,000 associated with capital expenditures and a property acquisition. Term Loans On November 20, 2017, we entered into an agreement for a $100,000 unsecured term loan that matures in November 2024. We incurred upfront deferred costs of $917 associated with this facility. In November 2019, the unsecured term loan was amended, which reduced the interest spread. We incurred $257 of upfront deferred costs associated with the amendment. The interest rate on the unsecured term loan is LIBOR plus a spread of 1.20% – 1.90% based on our consolidated leverage ratio. On October 30, 2018, we entered into an agreement for a $200,000 unsecured term loan that matures in January 2024 spread of 1.20% – 1.90% based on our overall leverage ratio. At closing, the spread to LIBOR was 145 basis points. At closing, we drew $ 150,000 under the loan. The remaining $ 50,000 was drawn in February 2019. We applied proceeds of both draws to reduce outstanding borrowings under our Unsecured Credit Facility. Mortgages During the year ended December 31, 2019, in connection with three property dispositions, we extinguished property mortgages totaling $76,512. On January 3, 2018, in connection with the acquisition of our Hartshire Lakes property, we assumed a $16,000 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.68% per annum, provides for monthly payments of interest only through January 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule. The loan matures January 2025 On January 3, 2018, in connection with the acquisition of our Creekside Corners property, we assumed a $23,500 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.56% per annum, provides for monthly payments of interest only through January 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule. The loan matures January 2025 On October 11, 2018, in connection with the acquisition of our Waterford Landing property, we assumed a $15,500 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.82% per annum, provides for monthly payments of interest only through January 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule. The loan matures January 2026 During the year ended December 31, 2018, in connection with two property dispositions, we extinguished property mortgages and made partial paydowns totaling $46,772.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 5: Derivative Financial Instruments We have and may in the future 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. The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 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 $ 953 $ — $ 150,000 $ 4,751 $ — Interest rate collars 250,000 — 4,330 250,000 3,556 — Forward interest rate swap — — 3,439 — — — Total $ 400,000 $ 953 $ 7,769 $ 400,000 $ 8,307 $ — Interest rate swap On June 24, 2016, we entered into an interest rate swap contract with a notional value of $150,000, a strike rate of 1.145% 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 did not recognize any ineffectiveness associated with this cash flow hedge through April 2017. On April 17, 2017, in conjunction with the refinancing of our credit facility, we restructured our existing interest rate swap to remove the LIBOR floor. This resulted in a decrease in the strike rate to 1.1325%. The notional value and maturity date remained the same. We designated the restructured 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. Upon our early adoption of accounting standard updates to ASC Topic 815, “Derivatives and Hedging,” ineffectiveness is no longer measured or reported. Interest rate collar On October 17, 2018, we purchased an interest rate collar with an initial notional value of $100,000, a 2.50% cap and 2.25% floor, and a maturity date of January 17, 2024. The notional value was adjusted to $150,000 in November 2018. We designated this interest rate collar as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. On November 17, 2017, in connection with our new $100,000 unsecured term loan, we purchased an interest rate collar with a notional value of $100,000, a 2.00% cap and 1.25% floor, and a maturity date of November 17, 2024. We designated $50,000 of the interest rate collar as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. The other $50,000 notional value interest rate collar was accounted for as a freestanding derivative from inception. During the year ended December 31, 2017, we recognized a $94 gain within other income (expense) in our consolidated statements of operations reflecting the change in fair value of the instrument from its inception date through December 31, 2017. On January 4, 2018, we designated this other $50,000 notional value interest rate collar as a cash flow hedge and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. Forward interest rate swap On May 9, 2019, we entered into a forward-starting interest rate swap contract with a notional value of $150,000 and a strike rate of 2.176%. The forward interest rate swap has an effective date of June 17, 2021 and a maturity date of June 17, 2026. We designated this forward 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. Effective interest rate swaps and collars 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 collars that are considered effective hedges, we reclassified realized gains (losses) of $1,139, $1,372 and ($107) to earnings within interest expense for the years ended December 31, 2019, 2018 and 2017, respectively. For interest rate swaps that are considered effective hedges, we expect $1,478 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, 2019
Equity [Abstract]
Stockholder Equity and Noncontrolling Interest	NOTE 6: Stockholder Equity and Noncontrolling Interest Stockholder Equity On August 4, 2017, we entered into an At-the-Market Issuance Sales Agreement (the “ATM Sales Agreement”) with various sales agents. Pursuant to the ATM Sales Agreement, we may offer and sell shares of our common stock, $0.01 par value per share, having an aggregate offering price of up to $150,000, from time to time through the sales agents. The sales agents are entitled to compensation in an agreed amount not to exceed 2.0% of the gross sales price per share for any shares sold from time to time under the ATM Sales Agreement. We have no obligation to sell any of the shares under the ATM Sales Agreement and may at any time suspend solicitations and offers under the ATM Sales Agreement. During the year ended December 31, 2019, 1,717,291 shares were issued at an average price of $12.82 per share, resulting in $21,258 of net proceed, after deducting $434 of commissions. Pursuant to the Sales Agreement $93,549 remained available for issuance as of December 31, 2019. On September 11, 2017 in connection with the acquisition of the HPI Portfolio, we issued 12,500,000 shares of our common stock at a public offering price of $9.25 per share. We also closed on the underwriters’ option to purchase an additional 1,875,000 shares of common stock at the public offering price. As a result of the offering and exercise or the underwriters’ option, we received approximately $126,100 in net proceeds, after deducting the underwriting discount and offering expenses. Our board of directors declared the following dividends in 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 Our board of directors declared the following dividends in 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2018 December 27, 2018 January 24, 2019 $ 0.18 Noncontrolling Interest During 2019, holders of IROP units exchanged 9,616 units for 9,616 shares of our common stock. As of December 31, 2019, 871,491 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $12,271, based on IRT’s stock price of $14.08 as of December 31, 2019. During 2018, holders of IROP units exchanged 2,130,244 units for 2,130,244 shares of our common stock. As of December 31, 2018, 881,107 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $8,089, based on IRT’s stock price of $9.18 as of December 31, 2018. Our board of directors declared the following distributions on our operating partnership’s LP units during 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 Our board of directors declared the following distributions on our operating partnership’s LP units during 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2018 December 27, 2018 January 24, 2019 $ 0.18

Equity Compensation Plans

Equity Compensation Plans	12 Months Ended
	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Compensation Plans	NOTE 7: Equity Compensation Plans In May 2016, our shareholders approved and our board of directors adopted an amended and restated Long Term Incentive Plan (the “Incentive Plan”), which provides for the grants of awards to our directors, officers, employees, and consultants. The Incentive Plan authorizes the grant of restricted or unrestricted shares of our common stock, performance share units (“PSUs”), non-qualified and incentive stock options, restricted stock units (“RSUs”) , stock appreciation rights (“SARs”), 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 P lan was extended to May 12, 2026 . Under the Incentive Plan or predecessor incentive plans, we have granted restricted shares, SARs, and PSUs. For the years ended December 31, 2019, 2018 and 2017 we recognized $3,166, $2,524 and $1,968 of stock compensation expense, respectively. The restricted shares granted under the Incentive Plan generally vested over a three or four year period. In addition, we have granted unrestricted shares to our directors. These awards generally vested immediately. A summary of restricted common share awards activity is presented below. 2019 2018 2017 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, 303,819 $ 8.22 295,847 $ 7.84 281,005 $ 6.99 Granted 213,744 10.39 233,706 8.64 168,010 9.17 Vested (174,367 ) 9.27 (175,555 ) 7.99 (142,748 ) 7.68 Forfeited (16,655 ) 9.75 (50,179 ) 8.45 (10,420 ) 8.56 Balance, December 31, 326,541 $ 9.54 303,819 $ 8.22 295,847 $ 7.84 As of December 31, 2019, the unearned compensation cost relating to unvested restricted common share awards was $2,132, which will be recognized over a weighted-average period of 2.3 years. The estimated fair value of restricted common share awards vested during 2019, 2018, and 2017 was $1,836, $1,539, and $1,319, respectively. A summary of the SARs activity of the Incentive Plan is presented below. 2019 2018 2017 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 195,000 $ 9.35 250,000 $ 9.28 337,000 $ 9.15 Granted — — — — — — Expired — — — — — — Exercised (186,000 ) 9.35 (55,000 ) 9.02 (84,000 ) 8.78 Forfeited — — — — (3,000 ) 9.35 Outstanding, December 31, 9,000 $ 9.35 195,000 $ 9.35 250,000 $ 9.28 SARs exercisable at December 31, 9,000 195,000 160,000 As of December 31, 2019, our closing common stock price was $14.08. The exercise price of all outstanding SARs was $9.35. Therefore, the total intrinsic value of SARs outstanding and exercisable at December 31, 2019 was $43 0.1 years The PSUs granted under the Incentive Plan have a three-year 2019 2018 2017 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, 453,748 $ 7.04 150,980 $ 7.12 — — Granted (1) 263,929 8.35 302,768 7.00 150,980 7.12 Forfeited — — — — — — Balance, December 31, 717,677 $ 7.52 453,748 $ 7.04 150,980 $ 7.12 (1) PSUs granted reflects the number of awards assuming target performance. The actual number of awards earned is based on actual performance during the three-year Subsequent to December 31, 2019, the compensation committee reviewed three-year Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2019 2018 2017 Dividend yield 7.6% 8.2% 8.1% Volatility (a) 21.0% 28.0% 27.0% Expected term 2.8 years 2.9 years 2.8 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 15% to 41%. The Company estimates future expenses associated with PSUs outstanding at December 31, 2019 to be $2,649, which will be recognized over a weighted-average period of 2.5 years. Subsequent to December 31, 2019, our compensation committee awarded 134,198 restricted stock awards valued at a weighted-average price of $14.35, or $1,926 in the aggregate. These awards vest over a 2 or 3-year period.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	NOTE 8: Related Party Transactions and Arrangements On December 20, 2016, we completed our management internalization, which consisted of two parts: (i) our acquisition of our former external advisor and (ii) our acquisition of substantially all assets and the assumption of certain liabilities relating to the multifamily property management business of our former external advisor, including property management contracts relating to apartment properties owned by us with our former external advisor and third parties. Given our relationship with our former external advisor prior to our management internalization, we considered our former external advisor a related party. Below are related party transactions between IRT and our former external advisor. Fees and Expenses Paid to Our Former External Advisor For the years ended December 31, 2019, 2018 and 2017, we incurred costs of $0, $0 and $727, respectively, with respect to a shared services agreement with our former external advisor, under which our former external advisor provided us with certain back office support services. The term of the shared services agreement was from December 21, 2016 to June 20, 2017, and the associated fees are included within general and administrative expenses in our consolidated statements of operations. Property Management Fees Earned from our Former External Advisor On December 20, 2016, in connection with our management internalization, we acquired property management agreements with respect to each of our properties from our former property manager, which was affiliated with our former external advisor. Subsequent to this transaction, we earned $0, $63, and $257, respectively, of property management fees from our former external advisor for the years ended December 31, 2019, 2018, and 2017. Village at Auburn Acquisition In June 2017, we acquired Village at Auburn, a 328-unit property in Raleigh-Durham, NC for $42,950 from a joint venture, of which an affiliate of our former external advisor was a controlling member.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 9: Earnings (Loss) Per Share The following table presents a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2019, 2018 and 2017: For the Years Ended December 31, 2019 2018 2017 Net Income (loss) $ 46,354 $ 26,610 $ 31,441 (Income) loss allocated to non-controlling interests (458 ) (322 ) (1,235 ) Net Income (loss) allocable to common shares 45,896 26,288 30,206 Weighted-average shares outstanding—Basic 89,799,238 87,086,585 73,338,219 Dilutive securities 618,249 290,406 261,650 Weighted-average shares outstanding—Diluted 90,417,486 87,376,991 73,599,869 Earnings (loss) per share—Basic $ 0.51 $ 0.30 $ 0.41 Earnings (loss) per share—Diluted $ 0.51 $ 0.30 $ 0.41 Certain IROP units totaling 871,491, 881,107, and 3,011,351 for the years ended December 31, 2019, 2018 and 2017, 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, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	NOTE 10: 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 2019 Total revenue $ 49,540 $ 50,956 $ 51,299 $ 51,428 Net income (loss) 2,566 14,856 4,912 24,020 Net income (loss) allocable to common shares 2,540 14,709 4,863 23,784 Total earnings (loss) per share—Basic (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 Total earnings (loss) per share—Diluted (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 2018 Total revenue $ 45,755 $ 46,889 $ 48,779 $ 49,809 Net income (loss) 3,500 3,545 4,836 14,729 Net income (loss) allocable to common shares 3,412 3,509 4,787 14,580 Total earnings (loss) per share—Basic (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 Total earnings (loss) per share—Diluted (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 (1) The summation of quarterly per share amounts may not equal the full year amounts due to rounding.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	NOTE 11: SEGMENT REPORTING 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 (“CODM”). The CODM reviews operating results to make decisions about all investments and resources and to assess performance for the entire company. Our portfolio consists of one reportable segment, investments in real estate through the mechanism of ownership. The CODM manages and reviews our operations as one unit. Resources are allocated without regard to the underlying structure of any investment, but rather after evaluating such economic characteristics as returns on investment, leverage ratios, current portfolio mix, degrees of risk, income tax consequences and opportunities for growth.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12: 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 We lease office space in Philadelphia, PA and Chicago, IL. As of December 31, 2019, the annual minimum rent due pursuant to these leases for each of the next five years and thereafter is estimated to be $495, $369, $375, $382, $388, and $2,029 respectively

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Independence Realty Trust Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2019 (Dollars in thousands) Cost of Gross Carrying Accumulated Encumbrances Property Initial Cost Improvements, Amount Depreciation- (Unpaid Year of Name Location Land Building Land Building Land Building Building Principal) Acquisition Crestmont Marietta, GA $ 3,254 $ 13,017 $ - $ 5,723 $ 3,254 $ 18,740 $ (5,590 ) $ (6,113 ) 2011 Runaway Bay Indianapolis, IN 3,079 12,318 - 1,279 3,079 13,597 (2,717 ) (8,978 ) 2012 Windrush Edmond, OK 1,677 7,464 - 841 1,677 8,305 (1,417 ) — 2014 Heritage Park Oklahoma, OK 4,234 12,232 - 2,772 4,234 15,004 (2,816 ) — 2014 Raindance Oklahoma, OK 3,503 10,051 - 2,127 3,503 12,178 (2,267 ) — 2014 Augusta Oklahoma, OK 1,296 9,930 - 1,127 1,296 11,057 (1,878 ) — 2014 Invitational Oklahoma, OK 1,924 16,852 - 2,012 1,924 18,864 (3,048 ) — 2014 Kings Landing Creve Coeur, MO 2,513 29,873 - 1,193 2,513 31,066 (4,728 ) (20,263 ) 2014 Walnut Hill Cordova, TN 2,230 25,251 - 1,632 2,230 26,883 (4,101 ) (18,650 ) 2014 Lenox Place Raleigh, NC 3,480 20,482 - 1,156 3,480 21,638 (3,158 ) (15,991 ) 2014 Stonebridge Crossing Memphis, TN 3,100 26,223 - 6,429 3,100 32,652 (4,941 ) (19,370 ) 2014 Bennington Pond Groveport, OH 2,400 14,828 - 1,290 2,400 16,118 (2,506 ) (11,375 ) 2014 Prospect Park Louisville, KY 2,837 11,193 - 828 2,837 12,021 (1,662 ) (9,230 ) 2014 Brookside Louisville, KY 3,947 16,503 - 1,134 3,947 17,637 (2,490 ) (13,455 ) 2014 Jamestown Louisville, KY 7,034 27,730 - 10,029 7,034 37,759 (6,205 ) (22,880 ) 2014 Oxmoor Louisville, KY 7,411 47,095 - 7,820 7,411 54,915 (7,634 ) (35,815 ) 2014 Meadows Louisville, KY 6,857 30,030 - 2,410 6,857 32,440 (4,590 ) (24,245 ) 2014 Bayview Club Indianapolis, IN 2,525 22,506 - 1,743 2,525 24,249 (3,222 ) — 2015 Arbors River Oaks Memphis, TN 2,100 19,045 - 2,794 2,100 21,839 (2,764 ) — 2015 Aston Wake Forest, NC 3,450 34,333 - 702 3,450 35,035 (3,851 ) (25,050 ) 2015 Avenues at Craig Ranch McKinney, TX 5,500 42,054 - 806 5,500 42,860 (4,712 ) (30,941 ) 2015 Bridge Pointe Huntsville, AL 1,500 14,306 - 665 1,500 14,971 (1,753 ) — 2015 Creekstone at RTP Durham, NC 5,376 32,727 - 627 5,376 33,354 (3,680 ) (21,713 ) 2015 Fountains Southend Charlotte, NC 4,368 37,254 - 554 4,368 37,808 (4,097 ) (22,582 ) 2015 Fox Trails Plano, TX 5,700 21,944 - 2,398 5,700 24,342 (2,946 ) — 2015 Lakeshore on the Hill Chattanooga, TN 925 10,212 - 949 925 11,161 (1,342 ) — 2015 Millenia 700 Orlando, FL 5,500 41,752 - 1,478 5,500 43,230 (4,803 ) (28,252 ) 2015 Miller Creek at German Town Memphis, TN 3,300 53,504 - 537 3,300 54,041 (5,863 ) — 2015 Pointe at Canyon Ridge Atlanta, GA 11,100 36,995 - 7,091 11,100 44,086 (5,945 ) — 2015 St James at Goose Creek Goose Creek, SC 3,780 27,695 - 874 3,780 28,569 (3,288 ) — 2015 Talison Row at Daniel Island Daniel Island, SC 5,480 41,409 - 686 5,480 42,095 (4,642 ) (31,640 ) 2015 Trails at Signal Mountain Chattanooga, TN 1,200 12,895 - 1,126 1,200 14,021 (1,678 ) — 2015 Vue at Knoll Trail Dallas, TX 3,100 6,077 - 357 3,100 6,434 (780 ) — 2015 Waterstone at Brier Creek Raleigh, NC 4,200 34,651 - 546 4,200 35,197 (3,843 ) (16,040 ) 2015 Waterstone Big Creek Alpharetta, GA 7,600 61,971 - 519 7,600 62,490 (6,739 ) (49,224 ) 2015 Westmont Commons Asheville, NC 2,750 25,225 - 682 2,750 25,907 (2,957 ) — 2015 Lakes at Northdale Tampa, FL 3,898 25,543 - 1,006 3,898 26,549 (2,056 ) — 2017 Haverford Place Lexington, KY 3,927 10,100 - 1,412 3,927 11,512 (1,022 ) — 2017 South Terrace Durham, NC 5,621 36,923 - 6,715 5,621 43,638 (3,788 ) — 2017 Cherry Grove North Myrtle Beach, SC 550 15,369 - 996 550 16,365 (1,099 ) — 2017 Kensington Commons Canal Winchester, OH 3,400 20,703 - 2,337 3,400 23,040 (1,496 ) — 2017 Schirm Farms Canal Winchester, OH 3,960 19,488 - 2,359 3,960 21,847 (1,468 ) — 2017 Riverchase Indianapolis, IN 1,460 17,250 - 794 1,460 18,044 (1,107 ) — 2017 Live Oak Trace Baton Rouge, LA 1,060 27,362 - 444 1,060 27,806 (1,548 ) — 2017 Tides at Calabash Wilmington, NC 1,880 12,214 - 436 1,880 12,650 (722 ) — 2017 Brunswick Point Wilmington, NC 2,150 28,214 - 1,819 2,150 30,033 (1,709 ) (18,828 ) 2017 Creekside Corners Lithonia, GA 6,140 37,285 - 4,486 6,140 41,771 (2,504 ) (23,169 ) 2018 Hartshire Lakes Bargersville, IN 3,070 24,210 - 960 3,070 25,170 (1,310 ) (15,780 ) 2018 The Chelsea Columbus, OH 2,739 33,698 - 450 2,739 34,148 (1,679 ) — 2018 Avalon Oaks Columbus, OH 4,189 18,301 - 1,306 4,189 19,607 (1,014 ) — 2018 Bridgeview Tampa, FL 10,671 31,953 - 4,611 10,671 36,564 (1,415 ) — 2018 Collier Park Grove City, OH 2,325 18,688 - 543 2,325 19,231 (719 ) — 2018 Waterford Landing McDonough, GA 2,867 27,477 - 982 2,867 28,459 (867 ) (15,292 ) 2018 Lucerne Brandon, FL 3,114 43,540 - 1,981 3,114 45,521 (1,328 ) — 2018 North Park Stockbridge, GA 2,848 24,933 521 2,848 25,454 (427 ) — 2019 Rocky Creek Tampa, FL 15,669 31,979 119 15,669 32,098 (336 ) — 2019 Thornhill Raleigh, NC 12,282 40,197 48 12,282 40,245 (168 ) — 2019 Total Investment in Real Estate $ 234,050 $ 1,453,052 $ — $ 109,263 $ 234,050 $ 1,562,315 $ (158,435 ) $ (504,876 ) For the year ended Investments in Real Estate December 31, December 31, December 31, Balance, beginning of period $ 1,745,640 $ 1,504,156 $ 1,319,350 Additions during period: Acquisitions 127,908 270,220 241,071 Improvements to land and building 45,623 41,587 14,368 Deductions during period: Dispositions of real estate (121,865 ) (69,915 ) (70,633 ) Asset write-offs (941 ) (408 ) — Balance, end of period: $ 1,796,365 $ 1,745,640 $ 1,504,156 For the year ended Accumulated Depreciation December 31, December 31, December 31, Balance, beginning of period $ 120,202 $ 84,097 $ 60,719 Depreciation expense 50,955 41,652 32,586 Dispositions of real estate (11,781 ) (5,139 ) (9,208 ) Asset write-off (941 ) (408 ) — Balance, end of period: $ 158,435 $ 120,202 $ 84,097 (a) Includes properties classified as held for sale as of December 31, 2018.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included.
Principles of Consolidation	b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity of which we are the primary beneficiary. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP.
Use of Estimates	c. Use of 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 original maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents.
Restricted Cash	e. Restricted Cash Restricted cash includes escrows of 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, 2019 and 2018, we had $4,545 and $6,729, respectively, of restricted cash.
Investments in Real Estate	f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal costs, that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets Effective January 1, 2018, FASB ASC Topic 805, “Business Combinations” was amended to 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. Prior to January 1, 2018, the properties we acquired were generally considered businesses and were accounted for as business combinations. Subsequent to January 1, 2018, we expect the properties we acquire to generally not be considered businesses and, therefore, to be accounted for as asset acquisitions. Under business combination accounting, the fair value of the real estate acquired is allocated to the acquired tangible assets, generally consisting of land, building and tenant improvements, identified intangible assets, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships and liabilities, based, in each case, on their fair values. Transaction costs and fees incurred related to the acquisition are expensed as incurred. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual tangible and intangible assets and liabilities acquired based upon their relative fair value. Under both business combination and asset acquisition accounting, t We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the year ended December 31, 2019 and 2018, we acquired in-place leases with a value of $1,265 and $3,074, respectively, related to our acquisitions that are discussed further in Note 3: Investments in Real Estate. The value assigned to these intangible assets is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2019, 2018 and 2017 we recorded $1,599, $3,433 and $1,536 of amortization expense for intangible assets, respectively. For the years ended December 31, 2019, 2018, and 2017 we wrote-off fully amortized intangible assets of $1,846, $4,153, and $0, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $410 for 2020. 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 is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. For the years ended December 31, 2019, 2018 and 2017 we recorded $51,216, $41,788 and $32,665 of depreciation expense, respectively. For the years ended December 31, 2019 and 2018, we wrote-off fully depreciated fixed assets of $940 and $408, respectively.
Revenue and Expenses	g. Revenue and Expenses Rental and Other Property Revenue We apply FASB ASC Topic 842, “Leases” with respect to our accounting for rental income. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. We have elected to account for lease (i.e. fixed payments including base rent) and non-lease components (i.e. tenant reimbursements and other certain service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. As a result of this treatment, certain amounts classified within prior revenue captions tenant reimbursement income and other property income have been combined into rental and other property revenue in the consolidated statements of operations and prior period amounts have been adjusted to conform to current period presentation. The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2019 2018 2017 Rental revenue (1) $ 195,120 $ 184,330 $ 155,334 Other property revenue (2) 7,500 6,382 5,163 Other revenue (2) 603 520 719 Total revenue $ 203,223 $ 191,232 $ 161,216 (1) Amounts include all revenue streams derived from rental income and other lease income, which are accounted for under FASB ASC Topic 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASC ASC Topic 606. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Georgia, Tennessee, Kentucky, Florida, Ohio, and Texas comprised 15.76%, 13.46%, 10.92%, 9.51%, 9.47%, 9.10%, and 7.54%, respectively, of our rental revenue for the year ended December 31, 2019. We have no single customer that accounts for 10% or more of revenue. W e make ongoing estimates of the collectability of our For the years ended December 31, 2019, 2018, and 2017, we recognized revenues of $156, $195, and $110, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. Advertising Expenses For the years ended December 31, 2019, 2018 and 2017, we incurred $2,350, $2,172, and $1,806 of advertising expenses, respectively.
Fair Value of Financial Instruments	h. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 : Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 : Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 : Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for the derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value inputs for our unsecured credit facility and our former secured credit facility are classified as Level 2 fair value measurements within the fair value hierarchy. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2019 December 31, 2018 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,888 $ 9,888 $ 9,316 $ 9,316 Restricted cash 4,545 4,545 6,729 6,729 Derivative assets 953 953 8,307 8,307 Liabilities Debt: Unsecured credit facility 183,966 186,302 153,983 155,743 Unsecured term loans 298,418 300,000 248,380 250,000 Mortgages 503,188 505,510 583,125 577,112 Derivative liabilities 7,769 7,769 - -
Deferred Financing Costs	i. 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.
Income Taxes	j. 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, 2019, 2018 and 2017. 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, 2019, 69% of dividends were characterized as capital gain distributions, 16% were characterized as ordinary income and 15% were characterized as return of capital. For the year ended December 31, 2018, 37% of dividends were characterized as capital gain distributions, 39% were characterized as ordinary income and 24% were characterized as return of capital. For the year ended December 31, 2017, 53% of dividends were classified as capital gain distributions, 36% of dividends were characterized as ordinary income and 11% were characterized as return of capital.
Share-Based Compensation	k. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”. Any stock-based compensation awards granted are measured based on the grant-date fair value of the award and compensation expense for the entire award is recognized on a straight-line basis over the requisite service period, which is the vesting period, for the entire award.
Noncontrolling Interest	l. Noncontrolling Interest Our noncontrolling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present noncontrolling interest in our consolidated balance sheet within equity but separate from stockholders’ equity. Any noncontrolling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at the greater of historical cost or their redemption value.
Derivative Instruments	m. 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), 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.
Office Leases	n. Office Leases We apply FASB ASC Topic 842, “Leases”, which requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet at the lease commencement date for all leases, except those leases with terms of less than a year. We lease corporate office space under leases with terms of up to 10 years and that may include extension options, but that do not include any residual value guarantees or restrictive covenants. As of December 31, 2019, we had $2,812 of operating lease right-of-use assets and $3,176 of operating lease liabilities related to our corporate office leases. The operating lease right-of-use assets are presented within other assets and the operating lease liabilities are presented within other liabilities in our consolidated balance sheet. We recorded $589 and $416, respectively, of total operating lease expense for years ended December 31, 2019 and 2018, which is recorded within property management expense and general and administrative expenses in our consolidated statements of operations.
Recent Accounting Pronouncements	o. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. Adopted Within these Financial Statements In 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. Subsequently, the FASB issued amendments to this accounting standard that provided further clarification. We adopted these accounting standard updates on January 1, 2018 using the modified retrospective approach. A majority of our revenue is derived from real estate lease contracts, which are specifically excluded from the scope of these standards. The portion of our revenue that was impacted by these standards included revenue recorded within the property revenue and other property revenue, and other revenue captions of our Consolidated Statements of Operations. The adoption of these standards did not have a material impact on our consolidated financial statements and no cumulative effect adjustment was recorded upon adoption. 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. Subsequently, the FASB issued amendments to this accounting standard that required companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the statement of cash flows. We adopted these standards as of January 1, 2018. The adoption of this accounting standard resulted in an increase (decrease) in net cash used in investing activities of $942 and ($105) for the years ended December 31, 2018, and 2017, respectively. In January 2017, the FASB issued an accounting standard update under FASB ASC Topic 805, “Business Combinations” that changed the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The new definition will be applied prospectively to any transactions occurring within the period of adoption. We adopted this standard on January 1, 2018. Management expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred, with these costs instead being capitalized as part of the acquired asset. In February 2017, the FASB issued an accounting standard update under FASB ASC Topic 610 “Other Income.” The amendments in this update provided guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. This new standard reduces the number of potential accounting models that might apply and clarified which model does apply in various circumstances. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. We adopted this standard as of January 1, 2018. While partial sales are common in the real estate industry, we have never participated in a transaction of this nature, therefore, the adoption of this accounting standard had no impact on our consolidated financial statements. In May 2017, the FASB issued an accounting standard update under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update provided guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. As a result, the accounting for share-based payment award transactions could be impacted. The updated standard was adopted by us on January 1, 2018. The new definition will be applied prospectively to an award modified on or after the adoption date. The adoption of this accounting standard did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued an accounting standard update under FASB ASC Topic 815, “Derivatives and Hedging.” The amendments in this update provided guidance about the application of the hedge accounting guidance in current GAAP based on the feedback received from preparers, auditors, and other stakeholders. We early adopted this update on October 1, 2017. The adoption of this update did not have a material impact on our consolidated financial statements. In accordance with this accounting standard update, upon adoption, we revised our approach to recognizing interest expense for our interest rate swap that was designated as an off-market cash flow hedge. Rather than record interest expense based on the hypothetical derivative method with differences from actual net settlements reflected as ineffectiveness, we will record actual net settlements to interest expense adjusted for the straight-line amortization of the inception clean value of the hedging instrument over the hedge term. The result will be that no ineffectiveness will be recorded in future periods related to our off-market interest rate swap. Since we entered into the off-market hedging relationship in 2017, no transition entry was necessary upon adoption. In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. For lessees, this accounting standard amends lease accounting by requiring (1) the recognition of lease assets and lease liabilities for those leases classified as operating leases on the balance sheet and (2) additional disclosure about leasing arrangements. For lessors, the guidance under the new lease standard is substantially similar to legacy lease accounting standards. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued an amendment to the new standard, which provides a package of practical expedients that (1) allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease and (2) provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. We adopted the new standard on January 1, 2019 using the modified retrospective approach and the package of practical expedients. We did no t record a cumulative-effect adjustment on the effective date and all prior comparative periods are presented in accordance with legacy lease accounting standards. Our apartment leases, where we are lessor, continued to be accounted for as operating leases under the new standard and, therefore, there were not significant changes in accounting for these leases. For our various corporate office leases, where we are lessee, we recorded a $ 308 right of use asset and a lease liability on our consolidated balance sheets upon adoption. In June 2018, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, the accounting for share-based payment award transactions could be impacted. 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. The adoption of these standards did not have a material impact on our consolidated financial statements and no cumulative effect adjustment was recorded upon adoption.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Disaggregated Revenue by Source	The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2019 2018 2017 Rental revenue (1) $ 195,120 $ 184,330 $ 155,334 Other property revenue (2) 7,500 6,382 5,163 Other revenue (2) 603 520 719 Total revenue $ 203,223 $ 191,232 $ 161,216 (1) Amounts include all revenue streams derived from rental income and other lease income, which are accounted for under FASB ASC Topic 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASC ASC Topic 606.
Schedule of Carrying Amount and Fair Value of Financial Instrument	. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2019 December 31, 2018 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,888 $ 9,888 $ 9,316 $ 9,316 Restricted cash 4,545 4,545 6,729 6,729 Derivative assets 953 953 8,307 8,307 Liabilities Debt: Unsecured credit facility 183,966 186,302 153,983 155,743 Unsecured term loans 298,418 300,000 248,380 250,000 Mortgages 503,188 505,510 583,125 577,112 Derivative liabilities 7,769 7,769 - -

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2019
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: 2019 2018 Depreciable (In years) Land $ 234,050 $ 209,111 - Building 1,453,052 1,384,810 40 Furniture, fixtures and equipment 109,263 66,502 5-10 Total investment in real estate $ 1,796,365 $ 1,660,423 Accumulated depreciation (158,435 ) (112,270 ) Investments in real estate, net $ 1,637,930 $ 1,548,153
Summary of Acquisitions	The below table summarizes the acquisitions for the year ended December 31, 2019: Property Name Date of Purchase Market Units (unaudited) Contract Price North Park 04/30/2019 Atlanta, GA 224 $ 28,000 Rocky Creek 07/11/2019 Tampa, FL 264 48,000 Thornhill 10/01/2019 Raleigh, NC 318 52,925 Total 806 $ 128,925 The below table summarizes the acquisitions for the year ended December 31, 2018: Property Name Date of Purchase Market Units (unaudited) Contract Price Creekside Corners (1) 01/03/2018 Atlanta, GA 444 $ 43,901 Hartshire Lakes (1) 01/03/2018 Indianapolis, IN 272 27,597 The Chelsea 01/04/2018 Columbus, OH 312 36,750 Avalon Oaks 02/27/2018 Columbus, OH 235 23,000 Bridgeview 07/11/2018 Tampa-St. Petersburg, FL 348 43,000 Collier Park 07/26/2018 Columbus, OH 232 21,200 Waterford 10/11/2018 Atlanta, GA 260 30,500 Lucerne 11/07/2018 Tampa-St. Petersburg, FL 276 47,000 Total 2,379 $ 272,948 (1) These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144
Summary of Fair Value of Assets and Liabilities	The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 201 9 , on the date of acquisition. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate (a) $ 127,908 Accounts receivable and other assets 170 Intangible assets 1,266 Total assets acquired $ 129,344 Liabilities assumed: Accounts payable and accrued expenses 644 Other liabilities 312 Total liabilities assumed $ 956 Estimated fair value of net assets acquired $ 128,388 (a) Includes $249 of property related acquisition costs capitalized during the year ended December 31, 2019.
Summary of Disposition of Property	Dispositions The below table summarizes the dispositions for the year ended December 31, 2019: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Reserve at Eagle Ridge 04/30/2019 $ 42,000 $ 12,294 Little Rock, AR Portfolio 07/18/2019 56,500 2,220 Iron Rock 12/17/2019 56,000 20,683 Total $ 154,500 $ 35,197 (1) The gain (loss) for these properties is net of $7,417 of defeasance and debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2018: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Aventine Greenville 12/20/2018 $ 52,500 $ 6,119 Arbors at the Reservoir 12/27/2018 24,800 4,445 Total $ 77,300 $ 10,564 (1) The gain (loss) for these properties is net of $911 of defeasance and debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2017: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Copper Mill 5/5/2017 $ 32,000 $ 15,595 Heritage Trace 6/1/2017 11,600 (1,256 ) Berkshire Square 6/9/2017 16,000 1,510 Crossings 11/28/2017 27,200 3,061 Total $ 86,800 $ 18,910 (1) The gain (loss) for these properties is net of $4,251 of defeasance and debt prepayment costs.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Summary Information Concerning Indebtedness	The following tables contains summary information concerning our indebtedness as of December 31, 2019: Debt: Outstanding Unamortized Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 186,302 $ (2,336 ) $ 183,966 Floating 3.2% 3.4 Unsecured term loans 300,000 (1,582 ) 298,418 Floating 3.1% 4.3 Mortgages 504,876 (1,688 ) 503,188 Fixed 3.9% 4.0 Total Debt $ 991,178 $ (5,606 ) $ 985,572 3.5% 4.0 (1) The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019. Original maturities on or before December 31, Debt: 2020 2021 2022 2023 2024 Thereafter Unsecured credit facility $ - $ - $ - $ 186,302 $ - $ - Unsecured term loans - - - - 300,000 - Mortgages 8,135 76,085 70,734 107,387 72,172 170,363 Total $ 8,135 $ 76,085 $ 70,734 $ 293,689 $ 372,172 $ 170,363 As of December 31, 2019 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, 2018: Debt: Outstanding Principal Unamortized Debt Issuance Costs Carrying Amount Type Weighted Average Rate Weighted Average Maturity (in years) Unsecured credit facility (1) $ 155,743 $ (1,760 ) $ 153,983 Floating 3.9% 2.7 Unsecured term loans 250,000 (1,620 ) 248,380 Floating 4.0% 5.4 Mortgages 585,672 (2,547 ) 583,125 Fixed 3.8% 5.1 Total Debt $ 991,415 $ (5,927 ) $ 985,488 3.9% 4.8 (1) The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018: December 31, 2019 December 31, 2018 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 $ 953 $ — $ 150,000 $ 4,751 $ — Interest rate collars 250,000 — 4,330 250,000 3,556 — Forward interest rate swap — — 3,439 — — — Total $ 400,000 $ 953 $ 7,769 $ 400,000 $ 8,307 $ —

Stockholder Equity and Noncon_2

Stockholder Equity and Noncontrolling Interest (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Dividends Declared	Our board of directors declared the following dividends in 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 Our board of directors declared the following dividends in 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2018 December 27, 2018 January 24, 2019 $ 0.18 Our board of directors declared the following distributions on our operating partnership’s LP units during 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 Our board of directors declared the following distributions on our operating partnership’s LP units during 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2018 December 27, 2018 January 24, 2019 $ 0.18

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Common Share Awards of Incentive Plan	The restricted shares granted under the Incentive Plan generally vested over a three or four year period. In addition, we have granted unrestricted shares to our directors. These awards generally vested immediately. A summary of restricted common share awards activity is presented below. 2019 2018 2017 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, 303,819 $ 8.22 295,847 $ 7.84 281,005 $ 6.99 Granted 213,744 10.39 233,706 8.64 168,010 9.17 Vested (174,367 ) 9.27 (175,555 ) 7.99 (142,748 ) 7.68 Forfeited (16,655 ) 9.75 (50,179 ) 8.45 (10,420 ) 8.56 Balance, December 31, 326,541 $ 9.54 303,819 $ 8.22 295,847 $ 7.84
Summary of SARs Activity of the Incentive Plan	A summary of the SARs activity of the Incentive Plan is presented below. 2019 2018 2017 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 195,000 $ 9.35 250,000 $ 9.28 337,000 $ 9.15 Granted — — — — — — Expired — — — — — — Exercised (186,000 ) 9.35 (55,000 ) 9.02 (84,000 ) 8.78 Forfeited — — — — (3,000 ) 9.35 Outstanding, December 31, 9,000 $ 9.35 195,000 $ 9.35 250,000 $ 9.28 SARs exercisable at December 31, 9,000 195,000 160,000
Summary of PSU Activity of the Incentive Plan	2019 2018 2017 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, 453,748 $ 7.04 150,980 $ 7.12 — — Granted (1) 263,929 8.35 302,768 7.00 150,980 7.12 Forfeited — — — — — — Balance, December 31, 717,677 $ 7.52 453,748 $ 7.04 150,980 $ 7.12
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Assumptions Used in Computing the Fair Value	Subsequent to December 31, 2019, the compensation committee reviewed three-year Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2019 2018 2017 Dividend yield 7.6% 8.2% 8.1% Volatility (a) 21.0% 28.0% 27.0% Expected term 2.8 years 2.9 years 2.8 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 15% to 41%.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019, 2018 and 2017: For the Years Ended December 31, 2019 2018 2017 Net Income (loss) $ 46,354 $ 26,610 $ 31,441 (Income) loss allocated to non-controlling interests (458 ) (322 ) (1,235 ) Net Income (loss) allocable to common shares 45,896 26,288 30,206 Weighted-average shares outstanding—Basic 89,799,238 87,086,585 73,338,219 Dilutive securities 618,249 290,406 261,650 Weighted-average shares outstanding—Diluted 90,417,486 87,376,991 73,599,869 Earnings (loss) per share—Basic $ 0.51 $ 0.30 $ 0.41 Earnings (loss) per share—Diluted $ 0.51 $ 0.30 $ 0.41

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
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 2019 Total revenue $ 49,540 $ 50,956 $ 51,299 $ 51,428 Net income (loss) 2,566 14,856 4,912 24,020 Net income (loss) allocable to common shares 2,540 14,709 4,863 23,784 Total earnings (loss) per share—Basic (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 Total earnings (loss) per share—Diluted (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 2018 Total revenue $ 45,755 $ 46,889 $ 48,779 $ 49,809 Net income (loss) 3,500 3,545 4,836 14,729 Net income (loss) allocable to common shares 3,412 3,509 4,787 14,580 Total earnings (loss) per share—Basic (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 Total earnings (loss) per share—Diluted (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 (1) The summation of quarterly per share amounts may not equal the full year amounts due to rounding.

Organization - Additional Infor

Organization - Additional Information (Detail)	Dec. 31, 2019Property
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of multifamily properties owned	57
Number of units located with multifamily properties	15,554

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Significant Accounting Policies [Line Items]
Federal Deposit Insurance Corporation deposit insurance limit per institution	$ 250,000
Restricted cash	$ 4,545,000	$ 6,729,000
Acquisition of above-market in-place leases, amortization period	6 months
Amortization expense for intangible assets	$ 1,599,000	3,433,000	$ 1,536,000
Write-off of amortized intangible assets	1,846,000	4,153,000	0
Amortization expense for intangible assets expected for 2020	410,000
Depreciation expense	51,216,000	41,788,000	32,665,000
Write-off of fully depreciated fixed assets	940,000	408,000
Bad debt expense		644,000
Advertising expenses	2,350,000	2,172,000	1,806,000
Income tax expense	$ 0	$ 0	$ 0
Taxable income distributable to stockholders	90.00%
Dividends characterized as capital gain distributions	69.00%	37.00%	53.00%
Dividends characterized as ordinary income percentage	16.00%	39.00%	36.00%
Dividends characterized as return of capital	15.00%	24.00%	11.00%
Cumulative-effect adjustment	$ 0
Topic 842
Significant Accounting Policies [Line Items]
Right-of-use assets	$ 2,812,000			$ 308,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Lease liability	$ 3,176,000			$ 308,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities
Total operating lease expense	$ 589,000	$ 416,000
ASC Topic 230
Significant Accounting Policies [Line Items]
Increase (decrease) in net cash used in investing activities due to new accounting standard adoption		942,000	$ (105,000)
Natural Disasters and Other Insurable Events
Significant Accounting Policies [Line Items]
Rent revenue recognized	$ 156,000	195,000	$ 110,000
North Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue	15.76%
Tennessee
Significant Accounting Policies [Line Items]
Percentage of rental revenue	10.92%
Georgia
Significant Accounting Policies [Line Items]
Percentage of rental revenue	13.46%
Kentucky
Significant Accounting Policies [Line Items]
Percentage of rental revenue	9.51%
Florida
Significant Accounting Policies [Line Items]
Percentage of rental revenue	9.47%
Ohio
Significant Accounting Policies [Line Items]
Percentage of rental revenue	9.10%
Texas
Significant Accounting Policies [Line Items]
Percentage of rental revenue	7.54%
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	$ 1,265,000	$ 3,074,000
Minimum | Equipment and Fixtures
Significant Accounting Policies [Line Items]
Depreciable Lives	5 years
Maximum
Significant Accounting Policies [Line Items]
Cash and cash equivalents original maturity period	3 months
Maximum | Topic 842
Significant Accounting Policies [Line Items]
Operating lease term	10 years
Maximum | Equipment and Fixtures
Significant Accounting Policies [Line Items]
Depreciable Lives	10 years

Schedule of Disaggregated Reven

Schedule of Disaggregated Revenue by Source (Detail) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Rental revenue	[1]									$ 195,120	$ 184,330	$ 155,334
Other property revenue	[2]									7,500	6,382	5,163
Other revenue	[2]									603	520	719
Total revenue		$ 51,428	$ 51,299	$ 50,956	$ 49,540	$ 49,809	$ 48,779	$ 46,889	$ 45,755	$ 203,223	$ 191,232	$ 161,216
[1]	Amounts include all revenue streams derived from rental income and other lease income, which are accounted for under FASB ASC Topic 842.
[2]	Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASC ASC Topic 606.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Carrying Amount and Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Assets
Cash and cash equivalents, Carrying Amount	$ 9,888		$ 9,316		$ 9,316
Restricted cash, Carrying Amount	4,545		6,729
Derivative assets, Carrying Amount	953		8,307
Cash and cash equivalents, Estimated Fair Value	9,888		9,316
Restricted cash, Estimated Fair Value	4,545		6,729
Derivative assets, Estimated Fair Value	953		8,307
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	985,572		985,488
Derivative liabilities, carrying Amount	7,769
Derivative liabilities, Estimated Fair Value	7,769
Unsecured Credit Facility
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	183,966	[1]	153,983	[2]
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	186,302		155,743
Unsecured Term Loans
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	298,418		248,380
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	300,000		250,000
Mortgages
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	503,188		583,125
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	$ 505,510		$ 577,112
[1]	The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019.
[2]	The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018.

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)Property
Real Estate Properties [Line Items]
Number of multifamily properties owned	57
Units (unaudited)	806	2,379
Contract Price | $	$ 128,925	$ 272,948
Dallas, TX
Real Estate Properties [Line Items]
Date of Purchase	Feb. 11, 2020
Units (unaudited)	251
Contract Price | $	$ 51,204

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Land	$ 234,050	$ 209,111
Building	1,453,052	1,384,810
Furniture, fixtures and equipment	109,263	66,502
Total investment in real estate	1,796,365	1,660,423
Accumulated depreciation	(158,435)	(112,270)
Investments in real estate, net	$ 1,637,930	$ 1,548,153
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 Acquisitions (Detail

Summary of Acquisitions (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)Property
Business Acquisition [Line Items]
Units (unaudited) | Property		806	2,379
Contract Price | $		$ 128,925	$ 272,948
North Park | Atlanta, GA
Business Acquisition [Line Items]
Date of Purchase		Apr. 30, 2019
Units (unaudited) | Property		224
Contract Price | $		$ 28,000
Rocky Creek | Tampa-St. Petersburg, FL
Business Acquisition [Line Items]
Date of Purchase		Jul. 11, 2019
Units (unaudited) | Property		264
Contract Price | $		$ 48,000
Thornhill | Raleigh, NC
Business Acquisition [Line Items]
Date of Purchase		Oct. 1, 2019
Units (unaudited) | Property		318
Contract Price | $		$ 52,925
Creekside Corners | Atlanta, GA
Business Acquisition [Line Items]
Date of Purchase	[1]		Jan. 3, 2018
Units (unaudited) | Property	[1]		444
Contract Price | $	[1]		$ 43,901
Hartshire Lakes | Indianapolis, IN
Business Acquisition [Line Items]
Date of Purchase	[1]		Jan. 3, 2018
Units (unaudited) | Property	[1]		272
Contract Price | $	[1]		$ 27,597
The Chelsea | Columbus, OH
Business Acquisition [Line Items]
Date of Purchase			Jan. 4, 2018
Units (unaudited) | Property			312
Contract Price | $			$ 36,750
Avalon Oaks | Columbus, OH
Business Acquisition [Line Items]
Date of Purchase			Feb. 27, 2018
Units (unaudited) | Property			235
Contract Price | $			$ 23,000
Bridgeview | Tampa-St. Petersburg, FL
Business Acquisition [Line Items]
Date of Purchase			Jul. 11, 2018
Units (unaudited) | Property			348
Contract Price | $			$ 43,000
Collier Park | Columbus, OH
Business Acquisition [Line Items]
Date of Purchase			Jul. 26, 2018
Units (unaudited) | Property			232
Contract Price | $			$ 21,200
Waterford | Atlanta, GA
Business Acquisition [Line Items]
Date of Purchase			Oct. 11, 2018
Units (unaudited) | Property			260
Contract Price | $			$ 30,500
Lucerne | Tampa-St. Petersburg, FL
Business Acquisition [Line Items]
Date of Purchase			Nov. 7, 2018
Units (unaudited) | Property			276
Contract Price | $			$ 47,000
[1]	These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144

Summary of Acquisitions (Parent

Summary of Acquisitions (Parenthetical) (Detail) $ in Thousands	Sep. 03, 2017USD ($)Property	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)Property
Business Acquisition [Line Items]
Number of units in real estate properties acquired | Property		806	2,379
Purchase price | $		$ 128,925	$ 272,948
HPI Portfolio
Business Acquisition [Line Items]
Number of units in real estate properties acquired | Property	2,352
Purchase price | $	$ 228,144

Summary of Aggregate Fair Value

Summary of Aggregate Fair Value of Assets and Liabilities (Detail) $ in Thousands	Dec. 31, 2019USD ($)
Assets acquired:
Investments in real estate	$ 127,908	[1]
Accounts receivable and other assets	170
Intangible assets	1,266
Total assets acquired	129,344
Liabilities assumed:
Accounts payable and accrued expenses	644
Other liabilities	312
Total liabilities assumed	956
Estimated fair value of net assets acquired	$ 128,388
[1]	Includes $249 of property related acquisition costs capitalized during the year ended December 31, 2019.

Summary of Aggregate Fair Val_2

Summary of Aggregate Fair Value of Assets and Liabilities (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Business Combinations [Abstract]
Acquisition costs related to property	$ 249

Summary of Disposition of Prope

Summary of Disposition of Property's (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Real Estate Properties [Line Items]
Sale Price		$ 154,500		$ 77,300		$ 86,800
Gain (loss) on sale		$ 35,197	[1]	$ 10,564	[2]	$ 18,910	[3]
Aventine Greenville
Real Estate Properties [Line Items]
Date of Sale				Dec. 20, 2018
Sale Price				$ 52,500
Gain (loss) on sale	[2]			$ 6,119
Arbors At The Reservoir
Real Estate Properties [Line Items]
Date of Sale				Dec. 27, 2018
Sale Price				$ 24,800
Gain (loss) on sale	[2]			$ 4,445
Copper Mill
Real Estate Properties [Line Items]
Date of Sale						May 5, 2017
Sale Price						$ 32,000
Gain (loss) on sale	[3]					$ 15,595
Heritage Trace
Real Estate Properties [Line Items]
Date of Sale						Jun. 1, 2017
Sale Price						$ 11,600
Gain (loss) on sale	[3]					$ (1,256)
Berkshire Square
Real Estate Properties [Line Items]
Date of Sale						Jun. 9, 2017
Sale Price						$ 16,000
Gain (loss) on sale	[3]					$ 1,510
Crossings
Real Estate Properties [Line Items]
Date of Sale						Nov. 28, 2017
Sale Price						$ 27,200
Gain (loss) on sale	[3]					$ 3,061
Reserve At Eagle Ridge [Member]
Real Estate Properties [Line Items]
Date of Sale		Apr. 30, 2019
Sale Price		$ 42,000
Gain (loss) on sale	[1]	$ 12,294
Little Rock, AR Portfolio [Member]
Real Estate Properties [Line Items]
Date of Sale		Jul. 18, 2019
Sale Price		$ 56,500
Gain (loss) on sale	[1]	$ 2,220
Iron Rock [Member]
Real Estate Properties [Line Items]
Date of Sale		Dec. 17, 2019
Sale Price		$ 56,000
Gain (loss) on sale	[1]	$ 20,683
[1]	The gain (loss) for these properties is net of $7,417 of defeasance and debt prepayment premium costs.
[2]	The gain (loss) for these properties is net of $911 of defeasance and debt prepayment premium costs.
[3]	The gain (loss) for these properties is net of $4,251 of defeasance and debt prepayment costs.

Summary of Disposition of Pro_2

Summary of Disposition of Property's (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Gain (loss) related to property includes defeasance costs	$ 7,417	$ 911	$ 4,251

Summary Information Concerning

Summary Information Concerning Indebtedness (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019		Dec. 31, 2018
Debt Instrument [Line Items]
Outstanding Principal	$ 991,178		$ 991,415
Unamortized Debt Issuance Costs	(5,606)		(5,927)
Carrying Amount	$ 985,572		$ 985,488
Weighted Average Rate	3.50%		3.90%
Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	4 years		4 years 9 months 18 days
Mortgages
Debt Instrument [Line Items]
Outstanding Principal	$ 504,876		$ 585,672
Unamortized Debt Issuance Costs	(1,688)		(2,547)
Carrying Amount	$ 503,188		$ 583,125
Type	Fixed		Fixed
Weighted Average Rate	3.90%		3.80%
Mortgages | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	4 years		5 years 1 month 6 days
Unsecured Credit Facility
Debt Instrument [Line Items]
Outstanding Principal	$ 186,302	[1]	$ 155,743	[2]
Unamortized Debt Issuance Costs	(2,336)	[1]	(1,760)	[2]
Carrying Amount	$ 183,966	[1]	$ 153,983	[2]
Type	Floating	[1]	Floating	[2]
Weighted Average Rate	3.20%	[1]	3.90%	[2]
Unsecured Credit Facility | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	3 years 4 months 24 days	[1]	2 years 8 months 12 days	[2]
Unsecured Term Loans
Debt Instrument [Line Items]
Outstanding Principal	$ 300,000		$ 250,000
Unamortized Debt Issuance Costs	(1,582)		(1,620)
Carrying Amount	$ 298,418		$ 248,380
Type	Floating		Floating
Weighted Average Rate	3.10%		4.00%
Unsecured Term Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	4 years 3 months 18 days		5 years 4 months 24 days
[1]	The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019.
[2]	The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018.

Summary Information Concernin_2

Summary Information Concerning Indebtedness (Parenthetical) (Detail) - USD ($)	Dec. 31, 2019		Dec. 31, 2018		May 01, 2017
Debt Instrument [Line Items]
Outstanding Principal	$ 991,178,000		$ 991,415,000
Unsecured Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity	350,000,000				$ 300,000,000
Outstanding Principal	$ 186,302,000	[1]	155,743,000	[2]
Secured Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity			300,000,000
Outstanding Principal			$ 155,743,000
[1]	The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019.
[2]	The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018.

Maturity of Indebtedness (Detai

Maturity of Indebtedness (Detail) $ in Thousands	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
2020	$ 8,135
2021	76,085
2022	70,734
2023	293,689
2024	372,172
Thereafter	170,363
Mortgages
Debt Instrument [Line Items]
2020	8,135
2021	76,085
2022	70,734
2023	107,387
2024	72,172
Thereafter	170,363
Unsecured Credit Facility
Debt Instrument [Line Items]
2023	186,302
Unsecured Term Loans
Debt Instrument [Line Items]
2024	$ 300,000

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)

Jan. 02, 2020USD ($)

May 09, 2019USD ($)

Oct. 30, 2018USD ($)

Oct. 11, 2018USD ($)

Jan. 03, 2018USD ($)

Nov. 20, 2017USD ($)

May 01, 2017USD ($)

Feb. 28, 2019USD ($)

Dec. 31, 2019USD ($)Property

Dec. 31, 2018USD ($)Property

Dec. 31, 2017USD ($)

Nov. 30, 2019USD ($)

Nov. 17, 2017USD ($)

Dec. 31, 2016USD ($)

Sep. 17, 2015USD ($)

Debt Instrument [Line Items]

Loss on extinguishment of debt

$ 572,000

$ 572,000

Deferred financing costs

$ 5,606,000

$ 5,927,000

Outstanding Principal

$ 991,178,000

$ 991,415,000

Hartshire Lakes

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2025

Outstanding Principal

$ 16,000,000

Debt interest rate

4.68%

Interest payment period

monthly

Debt Instrument amortization period

30 years

Outstanding Principal, fair value

$ 15,936,000

Creekside Corners

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2025

Outstanding Principal

$ 23,500,000

Debt interest rate

4.56%

Interest payment period

monthly

Debt Instrument amortization period

30 years

Outstanding Principal, fair value

$ 23,426,000

Mortgages-Fixed Rate

Debt Instrument [Line Items]

Number Of Property Dispositions | Property

3

2

Mortgage loan related to property disposition

$ 76,512,000

$ 46,772,000

Mortgages-Fixed Rate | Waterford Landing

Debt Instrument [Line Items]

Maturity date

Jan. 31, 2026

Outstanding Principal

$ 15,500,000

Debt interest rate

4.82%

Interest payment period

monthly

Debt Instrument amortization period

30 years

Outstanding Principal, fair value

$ 15,394,000

Subsequent Event

Debt Instrument [Line Items]

Proceeds from credit facility

$ 62,000,000

Secured Credit Facility

Debt Instrument [Line Items]

Credit facility borrowing capacity

300,000,000

Outstanding Principal

155,743,000

Unsecured Credit Facility

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 300,000,000

$ 350,000,000

Deferred financing costs

2,336,000

[1]

1,760,000

[2]

Outstanding Principal

186,302,000

[1]

155,743,000

[2]

Unsecured Revolving Line of Credit

Debt Instrument [Line Items]

Credit facility, revolving line of credit

$ 350,000,000

Maturity date

May 9, 2023

Unsecured revolving line of credit, option to extend additional period

6 months

Maturity term description

option to extend the revolving commitment for two additional 6-month periods under certain circumstances, including the payment of an extension fee

Deferred financing costs

$ 1,129,000

Unsecured Revolving Line of Credit | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.55%

Unsecured Revolving Line of Credit | Minimum | 1-month LIBOR Rate

Debt Instrument [Line Items]

Debt interest rate

1.25%

Unsecured Revolving Line of Credit | Minimum | Base Rate

Debt Instrument [Line Items]

Debt interest rate

2.50%

Unsecured Revolving Line of Credit | Maximum

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 600,000,000

Unsecured Revolving Line of Credit | Maximum | 1-month LIBOR Rate

Debt Instrument [Line Items]

Debt interest rate

2.00%

Unsecured Revolving Line of Credit | Maximum | Base Rate

Debt Instrument [Line Items]

Debt interest rate

1.00%

Unsecured Term Loan

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 100,000,000

$ 100,000,000

Deferred financing costs

$ 917,000

$ 257,000

Unsecured Term Loan | Minimum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.20%

Unsecured Term Loan | Maximum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.90%

Unsecured Term Loans

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 200,000,000

Maturity date

Jan. 31, 2024

Deferred financing costs

1,582,000

1,620,000

Proceeds from credit facility

$ 150,000,000

$ 50,000,000

Deferred financing costs

$ 821,000

Outstanding Principal

300,000,000

$ 250,000,000

Unsecured Term Loans | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.45%

Unsecured Term Loans | Minimum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.20%

Unsecured Term Loans | Maximum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.90%

Key Bank Senior Facility | Secured Credit Facility

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 312,500,000

$ 325,000,000

Key Bank Senior Facility | Unsecured Revolving Line of Credit

Debt Instrument [Line Items]

Pool of unencumbered properties occupancy level

$ 100,000,000

[1]

The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019.

[2]

The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018.

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Aggregate Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($)	Dec. 31, 2019	May 09, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 17, 2018	Nov. 17, 2017	Jun. 24, 2016
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	$ 400,000,000		$ 400,000,000
Fair Value of Assets	953,000
Fair Value of Liabilities	7,769,000
Fair Value of Assets			8,307,000
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	953,000		4,751,000
Cash Flow Hedge | Interest Rate Collar
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	250,000,000		250,000,000	$ 150,000,000	$ 100,000,000	$ 100,000,000
Fair Value of Assets			$ 3,556,000
Fair Value of Liabilities	4,330,000
Cash Flow Hedge | Forward Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount		$ 150,000,000
Fair Value of Liabilities	$ 3,439,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Detail) - USD ($)

May 09, 2019

Oct. 17, 2018

Nov. 17, 2017

Jun. 24, 2016

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Nov. 30, 2018

Jan. 04, 2018

Nov. 20, 2017

Apr. 17, 2017

Derivative Instruments Gain Loss [Line Items]

Derivative, strike rate for the interest rate swap contract

1.145%

1.1325%

Realized gains (losses) on interest rate hedges reclassified to earnings

$ 1,139,000

$ 1,372,000

$ (107,000)

Unsecured Term Loan

Derivative Instruments Gain Loss [Line Items]

Secured credit facility borrowing capacity

$ 100,000,000

$ 100,000,000

Cash Flow Hedge

Derivative Instruments Gain Loss [Line Items]

Derivative, notional amount

400,000,000

400,000,000

Derivative, strike rate for the forward interest rate swap contract

2.176%

Cash Flow Hedge | Other Income (Expense)

Derivative Instruments Gain Loss [Line Items]

Recognition of hedge ineffectiveness

$ 94,000

Interest Rate Swap

Derivative Instruments Gain Loss [Line Items]

Derivative, notional amount

$ 150,000,000

Derivative, maturity date

Jun. 17, 2021

Recognition of hedge ineffectiveness

0

Interest Rate Swap | Cash Flow Hedge

Derivative Instruments Gain Loss [Line Items]

Derivative, notional amount

150,000,000

150,000,000

Interest Rate Collar | Cash Flow Hedge

Derivative Instruments Gain Loss [Line Items]

Derivative, notional amount

$ 100,000,000

$ 100,000,000

$ 250,000,000

$ 250,000,000

$ 150,000,000

Derivative, maturity date

Jan. 17, 2024

Nov. 17, 2024

Interest rate cap strike rate

2.50%

2.00%

Floor interest rate

2.25%

1.25%

Interest Rate Collar | Cash Flow Hedge | Designated

Derivative Instruments Gain Loss [Line Items]

Derivative, notional amount

$ 50,000,000

Interest Rate Collar | Cash Flow Hedge

Derivative Instruments Gain Loss [Line Items]

Derivative, notional amount

$ 50,000,000

Interest Rate Collar | Cash Flow Hedge | Designated

Derivative Instruments Gain Loss [Line Items]

Derivative, notional amount

$ 50,000,000

Forward Interest Rate Swap | Cash Flow Hedge

Derivative Instruments Gain Loss [Line Items]

Derivative, notional amount

$ 150,000,000

Derivative, maturity date

Jun. 17, 2026

Derivative, effective date

Jun. 17, 2021

Interest Rate Swaps and Caps | Cash Flow Hedge | Scenario, Forecast

Derivative Instruments Gain Loss [Line Items]

Reclassified out of accumulated other comprehensive income to earnings, amount

$ 1,478,000

Stockholder Equity and Noncon_3

Stockholder Equity and Noncontrolling Interest - Additional Information (Detail) - USD ($)	Sep. 11, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 04, 2017
Class Of Stock [Line Items]
At-the-market sales agreement, common stock par value per share					$ 0.01
At-the-market agreement to sell common shares, maximum offer price					$ 150,000,000
At-the-market agreement to sell common shares, compensation to sales agents					2.00%
At-the-market sales agreement, obligation to sell common shares					$ 0
At-the-market agreement to sell common shares, remaining offer price		$ 93,549,000
Net proceeds of public offering		$ 20,981,000	$ 21,914,000	$ 137,353,000
Limited partnership interest received in exchange for issuance of common stock		9,616	2,130,244
OP Units outstanding		871,491	881,107
OP Units redemption value		$ 12,271,000	$ 8,089,000
Share price		$ 14.08	$ 9.18
Common Shares
Class Of Stock [Line Items]
Common stock issued		1,717,291	2,196,164	15,539,900
Exchange of units to common stock		9,616	2,130,244	64,202
ATM Sales Agreement
Class Of Stock [Line Items]
Shares issued		1,717,291
Average price per share		$ 12.82
Net proceeds after deducting commissions		$ 21,258,000
Commissions		$ 434,000
Underwritten public offering
Class Of Stock [Line Items]
Common stock issued	12,500,000
Common stock, par value	$ 9.25
Public offering price per share	$ 1,875,000
Net proceeds of public offering	$ 126,100,000

Dividends Declared (Detail)

Dividends Declared (Detail) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends Payable [Line Items]
Dividend Declared Per Share									$ 0.72	$ 0.72	$ 0.72
Dividend Declared
Dividends Payable [Line Items]
Declaration Date	Dec. 16, 2019	Sep. 12, 2019	Jun. 17, 2019	Mar. 18, 2019	Dec. 13, 2018	Sep. 17, 2018	Jun. 13, 2018	Mar. 13, 2018
Record Date	Dec. 26, 2019	Sep. 27, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 27, 2018	Oct. 5, 2018	Jul. 7, 2018	Apr. 4, 2018
Payment Date	Jan. 24, 2020	Oct. 25, 2019	Jul. 25, 2019	Apr. 25, 2019	Jan. 24, 2019	Oct. 19, 2018	Jul. 20, 2018	Apr. 20, 2018
Dividend Declared Per Share	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18
Dividend Declared | Noncontrolling Interests
Dividends Payable [Line Items]
Declaration Date	Dec. 16, 2019	Sep. 12, 2019	Jun. 17, 2019	Mar. 18, 2019	Dec. 13, 2018	Sep. 17, 2018	Jun. 13, 2018	Mar. 13, 2018
Record Date	Dec. 26, 2019	Sep. 27, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 27, 2018	Oct. 5, 2018	Jul. 7, 2018	Apr. 4, 2018
Payment Date	Jan. 24, 2020	Oct. 25, 2019	Jul. 25, 2019	Apr. 25, 2019	Jan. 24, 2019	Oct. 19, 2018	Jul. 20, 2018	Apr. 20, 2018
Dividend Declared Per Share	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18

Equity Compensation Plans - Add

Equity Compensation Plans - Additional Information (Detail) - USD ($)	Jan. 01, 2020	May 31, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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
Stock compensation expense			$ 3,166,000	$ 2,524,000	$ 1,968,000
Share price			$ 14.08	$ 9.18
PSU vesting percentage upon satisfaction of performance criteria			50.00%
PSU vesting percentage subject to continues service			50.00%
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unearned compensation cost			$ 2,132,000
Weighted average recognition period			2 years 3 months 18 days
Estimated fair value of restricted common share awards vested			$ 1,836,000	$ 1,539,000	$ 1,319,000
Exercise price of outstanding SARs			$ 9.54	$ 8.22	$ 7.84	$ 6.99
Shares issued			213,744	233,706	168,010
Weighted average fair value, granted			$ 10.39	$ 8.64	$ 9.17
Restricted Stock | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued	134,198
Weighted average fair value, granted	$ 14.35
Grant date fair value	$ 1,926,000
SARs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unearned compensation cost			$ 0
Intrinsic value exercisable			43,000
Intrinsic value outstanding			$ 43,000
Exercise price of outstanding SARs			$ 9.35	9.35	9.28	$ 9.15
Weighted average contractual life of outstanding SARs			1 month 6 days
Weighted average contractual life of exercisable SARs			1 month 6 days
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation expense			$ 2,649,000
Weighted average recognition period			2 years 6 months
Exercise price of outstanding SARs			$ 7.52	$ 7.04	$ 7.12
Number of shares granted based on target award performance period			3 years
Shares issued			263,929	302,768	150,980
Number of shares granted based on target award percentage					150.00%
Weighted average fair value, granted			$ 8.35	$ 7	$ 7.12
Performance Share Units | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted based on target award performance period	3 years
Shares issued	226,469
Minimum | Restricted Stock | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period	2 years
Minimum | Market Performance Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of total shareholders return			70.00%
Minimum | Subjective Performance Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of individual criteria			20.00%
Minimum | Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted based on target award percentage			0.00%
Maximum | Restricted Stock | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period	3 years
Maximum | Market Performance Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of total shareholders return			80.00%
Maximum | Subjective Performance Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of individual criteria			30.00%
Maximum | Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted based on target award percentage			150.00%
Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards performance period			3 years
Long Term Incentive Plan | Minimum | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period		3 years
Long Term Incentive Plan | Maximum | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period		4 years

Summary of Restricted Common Sh

Summary of Restricted Common Share Awards of Incentive Plan (Detail) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Shares
Number of Shares, beginning balance	303,819	295,847	281,005
Common Share awards, granted	213,744	233,706	168,010
Common Share awards, vested	(174,367)	(175,555)	(142,748)
Common Share awards, forfeited	(16,655)	(50,179)	(10,420)
Number of Shares, ending balance	326,541	303,819	295,847
Weighted Average Grant Date Fair Value Per Share
Weighted average fair value, Balance at beginning of period	$ 8.22	$ 7.84	$ 6.99
Weighted average fair value, granted	10.39	8.64	9.17
Weighted average fair value, vested	9.27	7.99	7.68
Weighted average fair value, forfeited	9.75	8.45	8.56
Weighted average fair value, Balance at end of period	$ 9.54	$ 8.22	$ 7.84

Summary of SARs Activity of the

Summary of SARs Activity of the Incentive Plan (Detail) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Shares
Number of Shares, beginning balance	195,000	250,000	337,000
Exercised	(186,000)	(55,000)	(84,000)
Forfeited			(3,000)
Number of Shares, ending balance	9,000	195,000	250,000
SARs exercisable	9,000	195,000	160,000
Weighted Average Exercise Price
Weighted average fair value, Balance at beginning of period	$ 9.35	$ 9.28	$ 9.15
Exercised	9.35	9.02	8.78
Forfeited			9.35
Weighted average fair value, Balance at end of period	$ 9.35	$ 9.35	$ 9.28

Summary of PSU Activity of the

Summary of PSU Activity of the Incentive Plan (Detail) - Performance Share Units - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Shares
Number of Shares, beginning balance	453,748	150,980
Granted	263,929	302,768	150,980
Number of Shares, ending balance	717,677	453,748	150,980
Weighted Average Grant Date Fair Value Per Share
Weighted average fair value, Balance at beginning of period	$ 7.04	$ 7.12
Granted	8.35	7	$ 7.12
Weighted average fair value, Balance at end of period	$ 7.52	$ 7.04	$ 7.12

Summary of PSU Activity of th_2

Summary of PSU Activity of the Incentive Plan (Parenthetical) (Detail) - Performance Share Units	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted based on target award performance period	3 years
Number of shares granted based on target award percentage		150.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted based on target award percentage	0.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted based on target award percentage	150.00%

Summary of Assumptions Used in

Summary of Assumptions Used in Computing fair value of the PSUs (Detail) - Performance Share Units	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	7.60%	8.20%	8.10%
Volatility	21.00%	28.00%	27.00%
Expected term	2 years 9 months 18 days	2 years 10 months 24 days	2 years 9 months 18 days

Summary of Assumptions Used i_2

Summary of Assumptions Used in Computing fair value of the PSUs (Parenthetical) (Detail) - Performance Share Units	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	21.00%	28.00%	27.00%
Minimum | Peer Group and NAREIT
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	15.00%
Maximum | Peer Group and NAREIT
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	41.00%

Related Party Transactions an_2

Related Party Transactions and Arrangements - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)Property	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Asset management fees earned		$ 7,726,000	$ 6,963,000	$ 6,006,000
Number of property acquired | Property		806	2,379
Acquisition of real estate properties		$ 128,908,000	$ 215,833,000	221,813,000
Former External Advisor | North Carolina
Related Party Transaction [Line Items]
Number of property acquired | Property	328
Acquisition of real estate properties	$ 42,950,000
Former External Advisor | Management Expenses
Related Party Transaction [Line Items]
Asset management fees earned		0	63,000	257,000
Shared Services Agreement | Former External Advisor
Related Party Transaction [Line Items]
Cost incurred for service provided		$ 0	$ 0	$ 727,000
Term of agreement		December 21, 2016 to June 20, 2017

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, 2019		Sep. 30, 2019		Jun. 30, 2019		Mar. 31, 2019		Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income (loss)	$ 24,020		$ 4,912		$ 14,856		$ 2,566		$ 14,729		$ 4,836		$ 3,545		$ 3,500		$ 46,354	$ 26,610	$ 31,441
(Income) loss allocated to non-controlling interests																	(458)	(322)	(1,235)
Net income (loss) allocable to common shares	$ 23,784		$ 4,863		$ 14,709		$ 2,540		$ 14,580		$ 4,787		$ 3,509		$ 3,412		$ 45,896	$ 26,288	$ 30,206
Weighted-average shares outstanding—Basic																	89,799,238	87,086,585	73,338,219
Dilutive securities																	618,249	290,406	261,650
Weighted-average shares outstanding—Diluted																	90,417,486	87,376,991	73,599,869
Earnings (loss) per share—Basic	$ 0.26	[1]	$ 0.05	[1]	$ 0.16	[1]	$ 0.03	[1]	$ 0.16	[1]	$ 0.05	[1]	$ 0.04	[1]	$ 0.04	[1]	$ 0.51	$ 0.30	$ 0.41
Earnings (loss) per share—Diluted	$ 0.26	[1]	$ 0.05	[1]	$ 0.16	[1]	$ 0.03	[1]	$ 0.16	[1]	$ 0.05	[1]	$ 0.04	[1]	$ 0.04	[1]	$ 0.51	$ 0.30	$ 0.41
[1]	The summation of quarterly per share amounts may not equal the full year amounts due to rounding.

Earning (Loss) Per Share - Addi

Earning (Loss) Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings (loss) per share, amount	871,491	881,107	3,011,351

Quarterly Financial Data (Detai

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2019		Sep. 30, 2019		Jun. 30, 2019		Mar. 31, 2019		Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Total revenue	$ 51,428		$ 51,299		$ 50,956		$ 49,540		$ 49,809		$ 48,779		$ 46,889		$ 45,755		$ 203,223	$ 191,232	$ 161,216
Net income (loss)	24,020		4,912		14,856		2,566		14,729		4,836		3,545		3,500		46,354	26,610	31,441
Net income (loss) allocable to common shares	$ 23,784		$ 4,863		$ 14,709		$ 2,540		$ 14,580		$ 4,787		$ 3,509		$ 3,412		$ 45,896	$ 26,288	$ 30,206
Total earnings (loss) per share—Basic	$ 0.26	[1]	$ 0.05	[1]	$ 0.16	[1]	$ 0.03	[1]	$ 0.16	[1]	$ 0.05	[1]	$ 0.04	[1]	$ 0.04	[1]	$ 0.51	$ 0.30	$ 0.41
Total earnings (loss) per share—Diluted	$ 0.26	[1]	$ 0.05	[1]	$ 0.16	[1]	$ 0.03	[1]	$ 0.16	[1]	$ 0.05	[1]	$ 0.04	[1]	$ 0.04	[1]	$ 0.51	$ 0.30	$ 0.41
[1]	The summation of quarterly per share amounts may not equal the full year amounts due to rounding.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019Segment
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, 2019USD ($)
Commitments And Contingencies Disclosure [Abstract]
Estimated annual minimum rent due in next year	$ 495
Estimated annual minimum rent due in two years	369
Estimated annual minimum rent due in three years	375
Estimated annual minimum rent due in four years	382
Estimated annual minimum rent due in five years	388
Estimated annual minimum rent due thereafter	$ 2,029

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019		Dec. 31, 2018	[1]	Dec. 31, 2017
Real Estate And Accumulated Depreciation [Line Items]
Balance, beginning of period	$ 1,745,640	[1]	$ 1,504,156		$ 1,319,350
Additions during period:
Acquisitions	127,908		270,220		241,071
Improvements to land and building	45,623		41,587		14,368
Deductions during period:
Dispositions of real estate	(121,865)		(69,915)		(70,633)
Asset write-offs	(941)		(408)
Balance, end of period	1,796,365		1,745,640		1,504,156	[1]
Balance, beginning of period	120,202	[1]	84,097		60,719
Depreciation expense	50,955		41,652		32,586
Dispositions of real estate	(11,781)		(5,139)		(9,208)
Asset write-off	(941)		(408)
Balance, end of period	158,435		$ 120,202		$ 84,097	[1]
Investment in Real Estate
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost, Land	234,050
Initial Cost, Building	1,453,052
Cost of Improvements, net of Retirements	109,263
Gross Carrying Amount, Land	234,050
Accumulated Depreciation- Building	(158,435)
Encumbrances (Unpaid Principal)	(504,876)
Investment in Real Estate | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 1,562,315
Investment in Real Estate | Crestmont Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Marietta, GA
Initial Cost, Land	$ 3,254
Initial Cost, Building	13,017
Cost of Improvements, net of Retirements	5,723
Gross Carrying Amount, Land	3,254
Accumulated Depreciation- Building	(5,590)
Encumbrances (Unpaid Principal)	$ (6,113)
Year of Acquisition	2011
Investment in Real Estate | Crestmont Apartments | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 18,740
Investment in Real Estate | Runaway Bay Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Initial Cost, Land	$ 3,079
Initial Cost, Building	12,318
Cost of Improvements, net of Retirements	1,279
Gross Carrying Amount, Land	3,079
Accumulated Depreciation- Building	(2,717)
Encumbrances (Unpaid Principal)	$ (8,978)
Year of Acquisition	2012
Investment in Real Estate | Runaway Bay Apartments | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 13,597
Investment in Real Estate | Windrush
Real Estate And Accumulated Depreciation [Line Items]
Location	Edmond, OK
Initial Cost, Land	$ 1,677
Initial Cost, Building	7,464
Cost of Improvements, net of Retirements	841
Gross Carrying Amount, Land	1,677
Accumulated Depreciation- Building	$ (1,417)
Year of Acquisition	2014
Investment in Real Estate | Windrush | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 8,305
Investment in Real Estate | Heritage Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Oklahoma, OK
Initial Cost, Land	$ 4,234
Initial Cost, Building	12,232
Cost of Improvements, net of Retirements	2,772
Gross Carrying Amount, Land	4,234
Accumulated Depreciation- Building	$ (2,816)
Year of Acquisition	2014
Investment in Real Estate | Heritage Park | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 15,004
Investment in Real Estate | Raindance
Real Estate And Accumulated Depreciation [Line Items]
Location	Oklahoma, OK
Initial Cost, Land	$ 3,503
Initial Cost, Building	10,051
Cost of Improvements, net of Retirements	2,127
Gross Carrying Amount, Land	3,503
Accumulated Depreciation- Building	$ (2,267)
Year of Acquisition	2014
Investment in Real Estate | Raindance | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 12,178
Investment in Real Estate | Augusta
Real Estate And Accumulated Depreciation [Line Items]
Location	Oklahoma, OK
Initial Cost, Land	$ 1,296
Initial Cost, Building	9,930
Cost of Improvements, net of Retirements	1,127
Gross Carrying Amount, Land	1,296
Accumulated Depreciation- Building	$ (1,878)
Year of Acquisition	2014
Investment in Real Estate | Augusta | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 11,057
Investment in Real Estate | Invitational
Real Estate And Accumulated Depreciation [Line Items]
Location	Oklahoma, OK
Initial Cost, Land	$ 1,924
Initial Cost, Building	16,852
Cost of Improvements, net of Retirements	2,012
Gross Carrying Amount, Land	1,924
Accumulated Depreciation- Building	$ (3,048)
Year of Acquisition	2014
Investment in Real Estate | Invitational | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 18,864
Investment in Real Estate | Kings Landing
Real Estate And Accumulated Depreciation [Line Items]
Location	Creve Coeur, MO
Initial Cost, Land	$ 2,513
Initial Cost, Building	29,873
Cost of Improvements, net of Retirements	1,193
Gross Carrying Amount, Land	2,513
Accumulated Depreciation- Building	(4,728)
Encumbrances (Unpaid Principal)	$ (20,263)
Year of Acquisition	2014
Investment in Real Estate | Kings Landing | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 31,066
Investment in Real Estate | Walnut Hill
Real Estate And Accumulated Depreciation [Line Items]
Location	Cordova, TN
Initial Cost, Land	$ 2,230
Initial Cost, Building	25,251
Cost of Improvements, net of Retirements	1,632
Gross Carrying Amount, Land	2,230
Accumulated Depreciation- Building	(4,101)
Encumbrances (Unpaid Principal)	$ (18,650)
Year of Acquisition	2014
Investment in Real Estate | Walnut Hill | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 26,883
Investment in Real Estate | Lenoxplace
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Initial Cost, Land	$ 3,480
Initial Cost, Building	20,482
Cost of Improvements, net of Retirements	1,156
Gross Carrying Amount, Land	3,480
Accumulated Depreciation- Building	(3,158)
Encumbrances (Unpaid Principal)	$ (15,991)
Year of Acquisition	2014
Investment in Real Estate | Lenoxplace | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 21,638
Investment in Real Estate | Stonebridge Crossing
Real Estate And Accumulated Depreciation [Line Items]
Location	Memphis, TN
Initial Cost, Land	$ 3,100
Initial Cost, Building	26,223
Cost of Improvements, net of Retirements	6,429
Gross Carrying Amount, Land	3,100
Accumulated Depreciation- Building	(4,941)
Encumbrances (Unpaid Principal)	$ (19,370)
Year of Acquisition	2014
Investment in Real Estate | Stonebridge Crossing | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 32,652
Investment in Real Estate | Bennington Pond
Real Estate And Accumulated Depreciation [Line Items]
Location	Groveport, OH
Initial Cost, Land	$ 2,400
Initial Cost, Building	14,828
Cost of Improvements, net of Retirements	1,290
Gross Carrying Amount, Land	2,400
Accumulated Depreciation- Building	(2,506)
Encumbrances (Unpaid Principal)	$ (11,375)
Year of Acquisition	2014
Investment in Real Estate | Bennington Pond | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 16,118
Investment in Real Estate | Prospect Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Initial Cost, Land	$ 2,837
Initial Cost, Building	11,193
Cost of Improvements, net of Retirements	828
Gross Carrying Amount, Land	2,837
Accumulated Depreciation- Building	(1,662)
Encumbrances (Unpaid Principal)	$ (9,230)
Year of Acquisition	2014
Investment in Real Estate | Prospect Park | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 12,021
Investment in Real Estate | Brookside
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Initial Cost, Land	$ 3,947
Initial Cost, Building	16,503
Cost of Improvements, net of Retirements	1,134
Gross Carrying Amount, Land	3,947
Accumulated Depreciation- Building	(2,490)
Encumbrances (Unpaid Principal)	$ (13,455)
Year of Acquisition	2014
Investment in Real Estate | Brookside | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 17,637
Investment in Real Estate | Jamestown
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Initial Cost, Land	$ 7,034
Initial Cost, Building	27,730
Cost of Improvements, net of Retirements	10,029
Gross Carrying Amount, Land	7,034
Accumulated Depreciation- Building	(6,205)
Encumbrances (Unpaid Principal)	$ (22,880)
Year of Acquisition	2014
Investment in Real Estate | Jamestown | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 37,759
Investment in Real Estate | Oxmoor
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Initial Cost, Land	$ 7,411
Initial Cost, Building	47,095
Cost of Improvements, net of Retirements	7,820
Gross Carrying Amount, Land	7,411
Accumulated Depreciation- Building	(7,634)
Encumbrances (Unpaid Principal)	$ (35,815)
Year of Acquisition	2014
Investment in Real Estate | Oxmoor | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 54,915
Investment in Real Estate | Meadows
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Initial Cost, Land	$ 6,857
Initial Cost, Building	30,030
Cost of Improvements, net of Retirements	2,410
Gross Carrying Amount, Land	6,857
Accumulated Depreciation- Building	(4,590)
Encumbrances (Unpaid Principal)	$ (24,245)
Year of Acquisition	2014
Investment in Real Estate | Meadows | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 32,440
Investment in Real Estate | Bayview Club
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Initial Cost, Land	$ 2,525
Initial Cost, Building	22,506
Cost of Improvements, net of Retirements	1,743
Gross Carrying Amount, Land	2,525
Accumulated Depreciation- Building	$ (3,222)
Year of Acquisition	2015
Investment in Real Estate | Bayview Club | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 24,249
Investment in Real Estate | Arbors River Oaks
Real Estate And Accumulated Depreciation [Line Items]
Location	Memphis, TN
Initial Cost, Land	$ 2,100
Initial Cost, Building	19,045
Cost of Improvements, net of Retirements	2,794
Gross Carrying Amount, Land	2,100
Accumulated Depreciation- Building	$ (2,764)
Year of Acquisition	2015
Investment in Real Estate | Arbors River Oaks | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 21,839
Investment in Real Estate | Aston
Real Estate And Accumulated Depreciation [Line Items]
Location	Wake Forest, NC
Initial Cost, Land	$ 3,450
Initial Cost, Building	34,333
Cost of Improvements, net of Retirements	702
Gross Carrying Amount, Land	3,450
Accumulated Depreciation- Building	(3,851)
Encumbrances (Unpaid Principal)	$ (25,050)
Year of Acquisition	2015
Investment in Real Estate | Aston | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 35,035
Investment in Real Estate | Avenues At Craig Ranch
Real Estate And Accumulated Depreciation [Line Items]
Location	McKinney, TX
Initial Cost, Land	$ 5,500
Initial Cost, Building	42,054
Cost of Improvements, net of Retirements	806
Gross Carrying Amount, Land	5,500
Accumulated Depreciation- Building	(4,712)
Encumbrances (Unpaid Principal)	$ (30,941)
Year of Acquisition	2015
Investment in Real Estate | Avenues At Craig Ranch | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 42,860
Investment in Real Estate | Bridge Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntsville, AL
Initial Cost, Land	$ 1,500
Initial Cost, Building	14,306
Cost of Improvements, net of Retirements	665
Gross Carrying Amount, Land	1,500
Accumulated Depreciation- Building	$ (1,753)
Year of Acquisition	2015
Investment in Real Estate | Bridge Pointe | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 14,971
Investment in Real Estate | Creekstone At R T P
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Initial Cost, Land	$ 5,376
Initial Cost, Building	32,727
Cost of Improvements, net of Retirements	627
Gross Carrying Amount, Land	5,376
Accumulated Depreciation- Building	(3,680)
Encumbrances (Unpaid Principal)	$ (21,713)
Year of Acquisition	2015
Investment in Real Estate | Creekstone At R T P | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 33,354
Investment in Real Estate | Fountains Southend
Real Estate And Accumulated Depreciation [Line Items]
Location	Charlotte, NC
Initial Cost, Land	$ 4,368
Initial Cost, Building	37,254
Cost of Improvements, net of Retirements	554
Gross Carrying Amount, Land	4,368
Accumulated Depreciation- Building	(4,097)
Encumbrances (Unpaid Principal)	$ (22,582)
Year of Acquisition	2015
Investment in Real Estate | Fountains Southend | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 37,808
Investment in Real Estate | Fox Trails
Real Estate And Accumulated Depreciation [Line Items]
Location	Plano, TX
Initial Cost, Land	$ 5,700
Initial Cost, Building	21,944
Cost of Improvements, net of Retirements	2,398
Gross Carrying Amount, Land	5,700
Accumulated Depreciation- Building	$ (2,946)
Year of Acquisition	2015
Investment in Real Estate | Fox Trails | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 24,342
Investment in Real Estate | Lakeshore on the Hill
Real Estate And Accumulated Depreciation [Line Items]
Location	Chattanooga, TN
Initial Cost, Land	$ 925
Initial Cost, Building	10,212
Cost of Improvements, net of Retirements	949
Gross Carrying Amount, Land	925
Accumulated Depreciation- Building	$ (1,342)
Year of Acquisition	2015
Investment in Real Estate | Lakeshore on the Hill | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 11,161
Investment in Real Estate | Millenia 700
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Initial Cost, Land	$ 5,500
Initial Cost, Building	41,752
Cost of Improvements, net of Retirements	1,478
Gross Carrying Amount, Land	5,500
Accumulated Depreciation- Building	(4,803)
Encumbrances (Unpaid Principal)	$ (28,252)
Year of Acquisition	2015
Investment in Real Estate | Millenia 700 | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 43,230
Investment in Real Estate | Miller Creek At German Town
Real Estate And Accumulated Depreciation [Line Items]
Location	Memphis, TN
Initial Cost, Land	$ 3,300
Initial Cost, Building	53,504
Cost of Improvements, net of Retirements	537
Gross Carrying Amount, Land	3,300
Accumulated Depreciation- Building	$ (5,863)
Year of Acquisition	2015
Investment in Real Estate | Miller Creek At German Town | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 54,041
Investment in Real Estate | Pointe At Canyon Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Atlanta, GA
Initial Cost, Land	$ 11,100
Initial Cost, Building	36,995
Cost of Improvements, net of Retirements	7,091
Gross Carrying Amount, Land	11,100
Accumulated Depreciation- Building	$ (5,945)
Year of Acquisition	2015
Investment in Real Estate | Pointe At Canyon Ridge | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 44,086
Investment in Real Estate | St James At Goose Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Goose Creek, SC
Initial Cost, Land	$ 3,780
Initial Cost, Building	27,695
Cost of Improvements, net of Retirements	874
Gross Carrying Amount, Land	3,780
Accumulated Depreciation- Building	$ (3,288)
Year of Acquisition	2015
Investment in Real Estate | St James At Goose Creek | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 28,569
Investment in Real Estate | Talison Row At Daniel Island
Real Estate And Accumulated Depreciation [Line Items]
Location	Daniel Island, SC
Initial Cost, Land	$ 5,480
Initial Cost, Building	41,409
Cost of Improvements, net of Retirements	686
Gross Carrying Amount, Land	5,480
Accumulated Depreciation- Building	(4,642)
Encumbrances (Unpaid Principal)	$ (31,640)
Year of Acquisition	2015
Investment in Real Estate | Talison Row At Daniel Island | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 42,095
Investment in Real Estate | Trails At Signal Mountain
Real Estate And Accumulated Depreciation [Line Items]
Location	Chattanooga, TN
Initial Cost, Land	$ 1,200
Initial Cost, Building	12,895
Cost of Improvements, net of Retirements	1,126
Gross Carrying Amount, Land	1,200
Accumulated Depreciation- Building	$ (1,678)
Year of Acquisition	2015
Investment in Real Estate | Trails At Signal Mountain | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 14,021
Investment in Real Estate | Vue At Knoll Trail
Real Estate And Accumulated Depreciation [Line Items]
Location	Dallas, TX
Initial Cost, Land	$ 3,100
Initial Cost, Building	6,077
Cost of Improvements, net of Retirements	357
Gross Carrying Amount, Land	3,100
Accumulated Depreciation- Building	$ (780)
Year of Acquisition	2015
Investment in Real Estate | Vue At Knoll Trail | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 6,434
Investment in Real Estate | Waterstone at Brier Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Initial Cost, Land	$ 4,200
Initial Cost, Building	34,651
Cost of Improvements, net of Retirements	546
Gross Carrying Amount, Land	4,200
Accumulated Depreciation- Building	(3,843)
Encumbrances (Unpaid Principal)	$ (16,040)
Year of Acquisition	2015
Investment in Real Estate | Waterstone at Brier Creek | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 35,197
Investment in Real Estate | Waterstone Big Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Alpharetta, GA
Initial Cost, Land	$ 7,600
Initial Cost, Building	61,971
Cost of Improvements, net of Retirements	519
Gross Carrying Amount, Land	7,600
Accumulated Depreciation- Building	(6,739)
Encumbrances (Unpaid Principal)	$ (49,224)
Year of Acquisition	2015
Investment in Real Estate | Waterstone Big Creek | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 62,490
Investment in Real Estate | Westmont Commons
Real Estate And Accumulated Depreciation [Line Items]
Location	Asheville, NC
Initial Cost, Land	$ 2,750
Initial Cost, Building	25,225
Cost of Improvements, net of Retirements	682
Gross Carrying Amount, Land	2,750
Accumulated Depreciation- Building	$ (2,957)
Year of Acquisition	2015
Investment in Real Estate | Westmont Commons | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 25,907
Investment in Real Estate | Lakes at Northdale
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Initial Cost, Land	$ 3,898
Initial Cost, Building	25,543
Cost of Improvements, net of Retirements	1,006
Gross Carrying Amount, Land	3,898
Accumulated Depreciation- Building	$ (2,056)
Year of Acquisition	2017
Investment in Real Estate | Lakes at Northdale | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 26,549
Investment in Real Estate | Haverford Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Lexington, KY
Initial Cost, Land	$ 3,927
Initial Cost, Building	10,100
Cost of Improvements, net of Retirements	1,412
Gross Carrying Amount, Land	3,927
Accumulated Depreciation- Building	$ (1,022)
Year of Acquisition	2017
Investment in Real Estate | Haverford Place | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 11,512
Investment in Real Estate | South Terrace
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Initial Cost, Land	$ 5,621
Initial Cost, Building	36,923
Cost of Improvements, net of Retirements	6,715
Gross Carrying Amount, Land	5,621
Accumulated Depreciation- Building	$ (3,788)
Year of Acquisition	2017
Investment in Real Estate | South Terrace | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 43,638
Investment in Real Estate | Cherry Grove
Real Estate And Accumulated Depreciation [Line Items]
Location	North Myrtle Beach, SC
Initial Cost, Land	$ 550
Initial Cost, Building	15,369
Cost of Improvements, net of Retirements	996
Gross Carrying Amount, Land	550
Accumulated Depreciation- Building	$ (1,099)
Year of Acquisition	2017
Investment in Real Estate | Cherry Grove | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 16,365
Investment in Real Estate | Kensington Commons
Real Estate And Accumulated Depreciation [Line Items]
Location	Canal Winchester, OH
Initial Cost, Land	$ 3,400
Initial Cost, Building	20,703
Cost of Improvements, net of Retirements	2,337
Gross Carrying Amount, Land	3,400
Accumulated Depreciation- Building	$ (1,496)
Year of Acquisition	2017
Investment in Real Estate | Kensington Commons | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 23,040
Investment in Real Estate | Schirm Farms
Real Estate And Accumulated Depreciation [Line Items]
Location	Canal Winchester, OH
Initial Cost, Land	$ 3,960
Initial Cost, Building	19,488
Cost of Improvements, net of Retirements	2,359
Gross Carrying Amount, Land	3,960
Accumulated Depreciation- Building	$ (1,468)
Year of Acquisition	2017
Investment in Real Estate | Schirm Farms | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 21,847
Investment in Real Estate | Riverchase
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Initial Cost, Land	$ 1,460
Initial Cost, Building	17,250
Cost of Improvements, net of Retirements	794
Gross Carrying Amount, Land	1,460
Accumulated Depreciation- Building	$ (1,107)
Year of Acquisition	2017
Investment in Real Estate | Riverchase | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 18,044
Investment in Real Estate | Live Oak Trace
Real Estate And Accumulated Depreciation [Line Items]
Location	Baton Rouge, LA
Initial Cost, Land	$ 1,060
Initial Cost, Building	27,362
Cost of Improvements, net of Retirements	444
Gross Carrying Amount, Land	1,060
Accumulated Depreciation- Building	$ (1,548)
Year of Acquisition	2017
Investment in Real Estate | Live Oak Trace | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 27,806
Investment in Real Estate | Tides at Calabash
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, NC
Initial Cost, Land	$ 1,880
Initial Cost, Building	12,214
Cost of Improvements, net of Retirements	436
Gross Carrying Amount, Land	1,880
Accumulated Depreciation- Building	$ (722)
Year of Acquisition	2017
Investment in Real Estate | Tides at Calabash | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 12,650
Investment in Real Estate | Brunswick Point
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, NC
Initial Cost, Land	$ 2,150
Initial Cost, Building	28,214
Cost of Improvements, net of Retirements	1,819
Gross Carrying Amount, Land	2,150
Accumulated Depreciation- Building	(1,709)
Encumbrances (Unpaid Principal)	$ (18,828)
Year of Acquisition	2017
Investment in Real Estate | Brunswick Point | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 30,033
Investment in Real Estate | Creekside Corners
Real Estate And Accumulated Depreciation [Line Items]
Location	Lithonia, GA
Initial Cost, Land	$ 6,140
Initial Cost, Building	37,285
Cost of Improvements, net of Retirements	4,486
Gross Carrying Amount, Land	6,140
Accumulated Depreciation- Building	(2,504)
Encumbrances (Unpaid Principal)	$ (23,169)
Year of Acquisition	2018
Investment in Real Estate | Creekside Corners | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 41,771
Investment in Real Estate | Hartshire Lakes
Real Estate And Accumulated Depreciation [Line Items]
Location	Bargersville, IN
Initial Cost, Land	$ 3,070
Initial Cost, Building	24,210
Cost of Improvements, net of Retirements	960
Gross Carrying Amount, Land	3,070
Accumulated Depreciation- Building	(1,310)
Encumbrances (Unpaid Principal)	$ (15,780)
Year of Acquisition	2018
Investment in Real Estate | Hartshire Lakes | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 25,170
Investment in Real Estate | The Chelsea
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Initial Cost, Land	$ 2,739
Initial Cost, Building	33,698
Cost of Improvements, net of Retirements	450
Gross Carrying Amount, Land	2,739
Accumulated Depreciation- Building	$ (1,679)
Year of Acquisition	2018
Investment in Real Estate | The Chelsea | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 34,148
Investment in Real Estate | Avalon Oaks
Real Estate And Accumulated Depreciation [Line Items]
Location	Columbus, OH
Initial Cost, Land	$ 4,189
Initial Cost, Building	18,301
Cost of Improvements, net of Retirements	1,306
Gross Carrying Amount, Land	4,189
Accumulated Depreciation- Building	$ (1,014)
Year of Acquisition	2018
Investment in Real Estate | Avalon Oaks | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 19,607
Investment in Real Estate | Bridgeview
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Initial Cost, Land	$ 10,671
Initial Cost, Building	31,953
Cost of Improvements, net of Retirements	4,611
Gross Carrying Amount, Land	10,671
Accumulated Depreciation- Building	$ (1,415)
Year of Acquisition	2018
Investment in Real Estate | Bridgeview | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 36,564
Investment in Real Estate | Collier Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Grove City, OH
Initial Cost, Land	$ 2,325
Initial Cost, Building	18,688
Cost of Improvements, net of Retirements	543
Gross Carrying Amount, Land	2,325
Accumulated Depreciation- Building	$ (719)
Year of Acquisition	2018
Investment in Real Estate | Collier Park | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 19,231
Investment in Real Estate | Waterford Landing
Real Estate And Accumulated Depreciation [Line Items]
Location	McDonough, GA
Initial Cost, Land	$ 2,867
Initial Cost, Building	27,477
Cost of Improvements, net of Retirements	982
Gross Carrying Amount, Land	2,867
Accumulated Depreciation- Building	(867)
Encumbrances (Unpaid Principal)	$ (15,292)
Year of Acquisition	2018
Investment in Real Estate | Waterford Landing | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 28,459
Investment in Real Estate | Lucerne
Real Estate And Accumulated Depreciation [Line Items]
Location	Brandon, FL
Initial Cost, Land	$ 3,114
Initial Cost, Building	43,540
Cost of Improvements, net of Retirements	1,981
Gross Carrying Amount, Land	3,114
Accumulated Depreciation- Building	$ (1,328)
Year of Acquisition	2018
Investment in Real Estate | Lucerne | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 45,521
Investment in Real Estate | North Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Stockbridge, GA
Initial Cost, Land	$ 2,848
Initial Cost, Building	24,933
Cost of Improvements, net of Retirements	521
Gross Carrying Amount, Land	2,848
Accumulated Depreciation- Building	$ (427)
Year of Acquisition	2019
Investment in Real Estate | North Park | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 25,454
Investment in Real Estate | Rocky Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Initial Cost, Land	$ 15,669
Initial Cost, Building	31,979
Cost of Improvements, net of Retirements	119
Gross Carrying Amount, Land	15,669
Accumulated Depreciation- Building	$ (336)
Year of Acquisition	2019
Investment in Real Estate | Rocky Creek | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 32,098
Investment in Real Estate | Thornhill
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Initial Cost, Land	$ 12,282
Initial Cost, Building	40,197
Cost of Improvements, net of Retirements	48
Gross Carrying Amount, Land	12,282
Accumulated Depreciation- Building	$ (168)
Year of Acquisition	2019
Investment in Real Estate | Thornhill | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 40,245
[1]	Includes properties classified as held for sale as of December 31, 2018.