Independence Realty Trust (IRT) 10-K 24 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
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		220,970,696
Entity Public Float			$ 1,909,810,530
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, par value $0.01 per share
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	MD
Document Transition Report	false
Document Annual Report	true
ICFR Auditor Attestation Flag	true
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Philadelphia, Pennsylvania
Documents Incorporated by Reference	Portions of the proxy statement for registrant’s 2022 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, 2021	Dec. 31, 2020
Investments in real estate:
Investments in real estate, at cost	$ 6,462,355	$ 1,916,770
Accumulated depreciation	(243,475)	(208,618)
Investments in real estate, net	6,218,880	1,708,152
Real estate held for sale	61,560
Investment in real estate under development	41,777	0
Cash and cash equivalents	35,972	8,751
Restricted cash	29,699	4,864
Investments in unconsolidated real estate entities	24,999
Other assets	38,052	12,338
Derivative assets	2,488
Intangible assets, net of accumulated amortization of $4,779 and $0, respectively	53,269	792
Total Assets	6,506,696	1,734,897
LIABILITIES AND EQUITY:
Indebtedness, net	2,705,336	945,686
Accounts payable and accrued expenses	106,332	25,416
Accrued interest payable	7,175	1,976
Dividends payable	16,792	12,257
Derivative liabilities	11,896	29,842
Other liabilities	17,089	6,949
Total Liabilities	2,864,620	1,022,126
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; 500,000,000 shares authorized, 220,753,735 and 101,803,762 shares issued and outstanding, including 269,622 and 339,468 unvested restricted common share awards, respectively	2,208	1,018
Additional paid-in capital	3,678,903	919,615
Accumulated other comprehensive income (loss)	(11,940)	(33,822)
Retained earnings (accumulated deficit)	(188,410)	(178,751)
Total stockholders’ equity	3,480,761	708,060
Noncontrolling interests	161,315	4,711
Total Equity	3,642,076	712,771
Total Liabilities and Equity	$ 6,506,696	$ 1,734,897

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Intangible assets, accumulated amortization	$ 4,779	$ 0
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	500,000,000	500,000,000
Common stock, shares issued	220,753,735	101,803,762
Common stock, shares outstanding	220,753,735	101,803,762
Unvested restricted common share awards	269,622	339,468

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE:
Rental and other property revenue	$ 249,492	$ 211,167	$ 202,620
Other revenue	760	739	603
Total revenue	250,252	211,906	203,223
EXPENSES:
Property operating expenses	93,252	82,978	79,568
Property management expenses	9,539	8,494	7,726
General and administrative expenses	18,610	15,095	12,745
Depreciation and amortization expense	76,909	60,687	52,815
Abandoned deal costs		130
Casualty losses	359	711	0
Total expenses	198,669	168,095	152,854
Interest expense	(36,401)	(36,488)	(39,226)
Gain on sale (loss on impairment) of real estate assets, net	87,671	7,554	35,211
Loss on extinguishment of debt	(10,261)
Merger and integration costs	(47,063)
Net income:	45,529	14,877	46,354
Income allocated to noncontrolling interest	(940)	(109)	(458)
Net income allocable to common shares	$ 44,589	$ 14,768	$ 45,896
Earnings per share:
Basic	$ 0.41	$ 0.16	$ 0.51
Diluted	$ 0.41	$ 0.16	$ 0.51
Weighted-average shares:
Basic	108,552,185	93,660,086	89,799,238
Diluted	109,831,520	94,688,440	90,417,486

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 45,529	$ 14,877	$ 46,354
Other comprehensive income (loss):
Change in fair value of interest rate hedges	13,481	(16,472)	(15,571)
Realized gains (losses) on interest rate hedges reclassified to earnings	8,136	(5,352)	1,139
Total other comprehensive income (loss)	21,617	(21,824)	(14,432)
Comprehensive income (loss) before allocation to noncontrolling interests	67,146	(6,947)	31,922
Allocation to noncontrolling interests	(675)	(8)	(141)
Comprehensive income (loss)	$ 66,471	$ (6,955)	$ 31,781

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, 2018	$ 630,045	$ 892	$ 742,429	$ 2,016	$ (122,342)	$ 622,995	$ 7,050
Beginning Balance (in Shares) at Dec. 31, 2018		89,184,443
Net income	46,354				45,896	45,896	458
Common dividends declared	(65,079)				(65,079)	(65,079)
Other comprehensive income	(14,432)			(14,115)		(14,115)	(317)
Stock compensation	3,166	$ 1	3,165			3,166
Stock compensation (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	(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
Net income	14,877				14,768	14,768	109
Common dividends declared	(51,994)				(51,994)	(51,994)
Other comprehensive income	(21,824)			(21,723)		(21,723)	(101)
Stock compensation	5,635	$ 2	5,633			5,635
Stock compensation (in Shares)		237,683
Repurchase of shares related to equity award tax withholding	(1,490)	$ (1)	(1,489)			(1,490)
Repurchase of shares related to equity award tax withholding (in shares)		(51,532)
Conversion of noncontrolling interest to common shares		$ 1	1,371			1,372	(1,372)
Conversion of noncontrolling interest to common shares (in Shares)		196,974
Issuance of common shares, net	148,213	$ 105	148,108			148,213
Issuance of common shares, net (in Shares)		10,350,000
Distribution to noncontrolling interest declared	(403)						(403)
Ending Balance at Dec. 31, 2020	$ 712,771	$ 1,018	919,615	(33,822)	(178,751)	708,060	4,711
Ending Balance (in shares) at Dec. 31, 2020	101,803,762	101,803,762
Beginning Balance (in Shares) at Dec. 31, 2020	0
Net income	$ 45,529				44,589	44,589	940
Common dividends declared	(54,248)				(54,248)	(54,248)
Other comprehensive income	21,617			21,882		21,882	(265)
Stock compensation	7,346	$ 3	7,343			7,346
Stock compensation (in Shares)		327,375
Issuance of IROP Units related to acquisitions	157,200						157,200
Repurchase of shares related to equity award tax withholding	(2,927)	$ (2)	(2,925)			(2,927)
Repurchase of shares related to equity award tax withholding (in shares)		(159,191)
Conversion of noncontrolling interest to common shares		$ 1	857			858	(858)
Conversion of noncontrolling interest to common shares (in Shares)		122,154
Issuance of common shares, net	2,755,201	$ 1,188	2,754,013			2,755,201
Issuance of common shares, net (in Shares)		118,659,635
Distribution to noncontrolling interest declared	(413)						(413)
Ending Balance at Dec. 31, 2021	$ 3,642,076	$ 2,208	$ 3,678,903	$ (11,940)	$ (188,410)	$ 3,480,761	$ 161,315
Ending Balance (in shares) at Dec. 31, 2021	220,753,735	220,753,735

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Stockholders Equity [Abstract]
Common dividends declared per share	$ 0.48	$ 0.54	$ 0.72
Distribution to noncontrolling interest declared per share	$ 0.48	$ 0.54	$ 0.72

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 45,529	$ 14,877	$ 46,354
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation and amortization expense	76,909	60,687	52,815
Accretion of loan discounts and premiums, net	(501)
Amortization of deferred financing costs, net	1,640	1,448	1,423
Stock compensation expense	7,227	5,564	3,116
(Gain on sale) loss on impairment of real estate assets, net	(87,671)	(7,554)	(35,211)
Loss on extinguishment of debt	10,261
Amortization related to derivative instruments	1,274	1,200	690
Casualty losses	359	711	0
Changes in assets and liabilities:
Other assets	(523)	(2,428)	1,344
Accounts payable and accrued expenses	(3,633)	754	3,490
Accrued interest payable	2,085	(182)	1,542
Other liabilities	(699)	(118)	(562)
Net cash provided by operating activities	52,257	74,959	75,001
Cash flows from investing activities:
Acquisition of real estate properties	(139,516)	(145,278)	(128,908)
Acquisition of STAR, net of cash acquired	(186,122)
Investments in unconsolidated real estate entities	(24,999)
Disposition of real estate properties, net	177,486	58,137	68,137
Capital expenditures	(42,973)	(37,399)	(45,625)
Cash flow used in investing activities	(216,124)	(124,540)	(106,396)
Cash flows from financing activities:
Proceeds from issuance of common stock	317,024	148,213	20,981
Proceeds from unsecured credit facility and term loan	594,500	195,501	234,059
Credit facility repayments	(302,301)	(197,000)	(153,500)
Mortgage principal repayments	(312,877)	(39,785)	(4,284)
Payments for deferred financing costs	(14,889)	(50)	(1,446)
Distributions on common stock	(49,832)	(56,146)	(64,745)
Distributions to noncontrolling interests	(294)	(480)	(640)
Payment for debt extinguishment	(12,481)
Repurchase of shares related to equity award tax withholding	(2,927)	(1,490)	(642)
Net cash provided by financing activities	215,923	48,763	29,783
Net change in cash and cash equivalents, and restricted cash	52,056	(818)	(1,612)
Cash and cash equivalents, and restricted cash, beginning of period	13,615	14,433	16,045
Cash and cash equivalents, and restricted cash, end of the period	65,671	13,615	14,433
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet
Cash and cash equivalents	35,972	8,751	9,888
Restricted cash	29,699	4,864	4,545
Total cash, cash equivalents, and restricted cash, end of period	65,671	13,615	14,433
Supplemental cash flow information:
Cash paid for interest	29,227	34,105	37,531
Supplemental disclosure of noncash investing and financing activities:
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock	858	1,372	78
Distributions declared but not paid	16,792	12,257	16,491
Assets acquired in STAR Merger	4,770,698
Liabilities assumed in STAR Merger	1,886,791
Value of common stock issued in STAR Merger	2,438,177
Value of limited partnership units issued in STAR Merger	157,200
Initial measurement of operating lease right of use assets	672	169	2,812
Initial measurement of operating lease liabilities	672	169	3,176
Capital expenditure accrual	$ 4,603	$ 413	$ 804

Organization

Organization	12 Months Ended
	Dec. 31, 2021
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, 2021, we owned and operated 123 (unaudited) multifamily apartment properties, totaling 36,831 (unaudited) units across non-gateway U.S. markets, including Atlanta, Columbus, Dallas, Denver, Houston, Indianapolis, Louisville, Memphis, Oklahoma City, and Raleigh As used herein, the terms “we,” “our” and “us” refer to IRT and, as required by context, IROP and their subsidiaries. On July 26, 2021, we, together with IROP, and IRSTAR Sub, LLC, a wholly-owned subsidiary of IRT (“IRT Merger Sub”), entered into an agreement and plan of merger (the “Merger Agreement”) with Steadfast Apartment REIT, Inc. (“STAR”) and its operating partnership, Steadfast Apartment REIT Operating Partnership, L.P. (“STAR OP”). Consummation of the mergers provided for in the Merger Agreement (which we refer to collectively as the “STAR Merger”) was subject to customary closing conditions, including, among others, receipt of IRT stockholder approval and STAR stockholder approval, which occurred on December 13, 2021. The STAR Merger closed on December 16, 2021. For further discussion, see Note 3: IRT and STAR Merger.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020, we had $29,699 and $4,864, respectively, of restricted cash. f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal costs, that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets In accordance with FASB ASC Topic 805 (“ASC 805”), the properties we acquire are generally accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the related financing. We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the year ended December 31, 2021 and 2020, we acquired in-place leases with a value of $58,806 and $1,013, respectively, related to our acquisitions that are discussed further in Note 3: IRT and STAR Merger and Note 4: 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, 2021, 2020 and 2019, we recorded $5,125, $631, and $1,599 of amortization expense for intangible assets, respectively. For the years ended December 31, 2021, 2020, and 2019, we wrote-off fully amortized intangible assets of $1,549, $1,171, and $1,846, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $53,269 for 2022. Business Combinations For properties we acquire or transaction we entered into that are accounted for as business combinations, we apply the acquisition method of accounting under ASC 805, which requires the identification of the acquiror, the determination of the acquisition date, and the recognition and measurement, at fair value, of the assets acquired and liabilities assumed. To the extent that the fair value of net assets acquired differs from the fair value of consideration paid, ASC 805 requires the recognition of goodwill or a gain from a bargain purchase, if any. Impairment of Long-Lived Assets Management evaluates the recoverability of 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 (e.g., hold period) and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. 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 furniture, fixtures, and equipment. For the years ended December 31, 2021, 2020 and 2019, we recorded $70,578, $60,056 and $51,216 of depreciation expense, respectively. For the years ended December 31, 2021, 2020, and 2019, we wrote-off fully depreciated fixed assets of $4,607, $3,921, and $940, respectively. Casualty Loss Occasionally, we incur losses at our communities from wind storms, floods, fires and similar hazards. Sometimes, a portion of these losses are not fully covered by our insurance policies due to deductibles. In these cases, we estimate the carrying value of the damaged property and record a casualty loss for the difference between the estimated carrying value and the insurance proceeds. During the year ended December 31, 2021, 2020 and 2019, we incurred $359, $711, and $0 of casualty losses. g. Investment in real estate under development We capitalize direct and indirect project costs incurred during the development period such as construction, insurance, architectural, legal, interest costs, and real estate taxes. At such time as the development is considered substantially complete, the capitalization of certain indirect costs such as real estate taxes, interest costs, and all project-related costs in real estate under development are reclassified to investments in real estate. As of December 31, 2021 and 2020, the carrying value of our investments in real estate under development totaled $41,777 and $0, respectively, and was recorded as a separate line item on the face of our consolidated balance sheet. h. Investments in unconsolidated real estate entities We invest in joint ventures in which we exercise significant influence but do not control the major decisions of the joint venture. Therefore, we account for these investments using the equity method of accounting. Under the equity method of accounting, the investments are carried at cost plus our share of net earnings or losses. As of December 31, 2021, we had two joint ventures in Richmond, VA and Nashville, TN. The carrying value of our investments in unconsolidated real estate entities totaled $24,999 as of December, 31, 2021 and was recorded as a separate line item on the face of our consolidated balance sheet. We recognized no income or losses from equity method investments during the years ended December 31, 2021 and 2020. i. 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 certain other service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2021 2020 2019 Rental revenue (1) $ 240,829 $ 203,512 $ 195,120 Other property revenue (2) 8,663 7,655 7,500 Other revenue 760 739 603 Total revenue $ 250,252 $ 211,906 $ 203,223 (1) Amounts include all revenue streams derived from lease and non-lease components 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 FASB ASC Topic 606. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Georgia, Texas, Florida, Tennessee, Ohio, and Kentucky comprised 17.02%, 10.52%, 10.34%, 10.08%, 9.72%, 9.29%, and 9.08%, respectively, of our rental revenue for the year ended December 31, 2021. W e make ongoing estimates of the collectability of our During the year ended December 31, 2021 and 2020, we recorded a $629 and $927 provision for bad debts to appropriately reflect management’s estimate for uncollectible accounts. The provision for bad debts was recorded as a reduction to rental and other property revenue in our consolidated statements of operations. The total adjustment to rental and other property income for the years ended December 31, 2021, 2020, and 2019 were $2,862, $1,842, and $1,142 respectively. For the years ended December 31, 2021, 2020, and 2019, we recognized revenues of $88, $208, and $156, 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, 2021, 2020 and 2019, we incurred $2,511, $2,338, and $2,350 of advertising expenses, respectively. j. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 : Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 : Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 : Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value inputs for our unsecured credit facility and our term loans 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: As of December 31, 2021 As of December 31, 2020 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 35,972 $ 35,972 $ 8,751 $ 8,751 Restricted cash 29,699 29,699 4,864 4,864 Derivative assets 2,488 2,488 - - Liabilities Debt: Unsecured Revolver 274,109 274,109 183,110 184,802 Unsecured Term loans 497,951 497,951 298,759 300,000 Secured credit facilities 664,618 668,352 - - Mortgages 1,268,658 1,282,495 463,817 479,929 Derivative liabilities 11,896 11,896 29,842 29,842 k. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. l. Income Taxes We have elected to be taxed as a REIT. Accordingly, we recorded no income tax expense for the years ended December 31, 2021, 2020 and 2019. 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, 2021, 100% of dividends were characterized as capital gain distributions and 0% were characterized as ordinary income. For the year ended December 31, 2020, 20% of dividends were characterized as capital gain distributions, 37% were characterized as ordinary income and 43% were characterized as return of capital. 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. m. 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. n. 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. o. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure, as well as, to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including any derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income (loss) and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges, the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness. p. 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, equipment, and other operational items 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. All these leases are accounted for as operating leases. As of December 31, 2021, we had $2,919 of operating lease right-of-use assets and $3,255 of operating lease liabilities. As of December 31, 2020, we had $2,649 of operating lease right-of-use assets and $3,002 of operating lease liabilities. 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 $706, $616, and $589, respectively, of total operating lease expense for years ended December 31, 2021, 2020, and 2019 which is recorded within property management expense and general and administrative expenses in our consolidated statements of operations. q. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. Adopted Within these Financial Statements In March 2020, the FASB issued an accounting standard classified under FASB ASC Topic 848, “Reference Rate Reform.” The amendments in this update contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. Beginning in the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

IRT and STAR Merger

IRT and STAR Merger	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
IRT and STAR Merger	NOTE 3: IRT and STAR Merger On December 16, 2021, the STAR Merger closed. In the STAR Merger, each share of common stock, par value $0.01 per share, of STAR issued and outstanding immediately prior to the STAR Merger was converted into 0.905 newly issued shares of IRT common stock, par value $0.01 per share, with cash paid in lieu of fractional shares. In addition, each then outstanding unit of limited partnership of STAR OP (other than units owned by STAR) was automatically converted into 0.905 common units of limited partnership of IROP (each such unit, an “IROP unit”). Following the STAR Merger, continuing IRT common stockholders and IROP unitholders, as a group, held approximately 53% of the issued and outstanding shares of common stock of the combined company and former STAR common stockholders and STAR OP unitholders, as a group, held approximately 47% (assuming, in each case, an exchange of each IROP unit for a share of IRT common stock). The STAR Merger was consummated in order to increase the scale and scope of our business, provide enhanced portfolio diversification and exposure to high growth markets, and to unlocked synergies. Through the STAR Merger, we acquired 68 apartment communities that contain 21,394 units and two apartment communities that are under development and that will contain upon completion an aggregate of 621 units (unaudited). The consolidated net assets and results of operations of STAR are included in our consolidated financial statements from the closing date of December 16, 2021, going forward. The following table summarizes the purchase price of STAR as of the date of the STAR Merger: Common Stock OP Units Amount Shares of STAR common stock and STAR OP common units exchanged 110,188,893 7,104,399 117,293,292 Exchange ratio 0.905 0.905 0.905 Shares of IRT common stock and IRT OP common units issued 99,720,948 6,429,481 106,150,429 Closing stock price of IRT on December 15, 2021 $ 24.45 $ 24.45 $ 24.45 Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units $ 2,438,177 $ 157,200 $ 2,595,378 STAR indebtedness paid off in connection with the Mergers 288,530 Consideration transferred $ 2,883,908 Fair value of STAR debt assumed by IRT 1,793,614 Total purchase price $ 4,677,522 We accounted for the STAR Merger as a business combination under the acquisition method of accounting under ASC 805, which requires, among other things, the assets and liabilities assumed to be recognized at their fair values as of the acquisition date. Management engaged a third-party valuation specialist to assist with the fair value assessment of the investments in real estate, which included an allocation of the purchase price. Similar to management’s methods, the third party generally used income, market, and cost approaches to determine the fair value of the assets acquired. The third party used stabilized NOI and market specific capitalization and discount rates. Management reviewed the inputs used by the third party specialist as well as the allocation of the purchase price provided by the third party to ensure reasonableness and that the procedures were performed in accordance with management’s policy. The allocation of the purchase price is based on management’s assessment, which may differ as more information becomes available. Subsequent adjustments made to the purchase price allocation, if any, are made within the allocation period, which typically does not exceed one year. The following table shows the purchase price allocation of STAR’s identifiable assets and liabilities assumed as of the date of the STAR Merger: Amount Assets: Real estate held for investment $ 4,547,608 Real estate held for development 38,949 Cash and cash equivalents 69,179 Restricted cash 33,228 Other assets 23,596 Derivative assets 90 Intangible assets 58,048 Total assets $ 4,770,698 Liabilities: Indebtedness $ 1,793,614 Accounts payable and accrued liabilities 79,099 Accrued interest payable 3,113 Other liabilities 10,965 Total liabilities 1,886,791 Net assets acquired $ 2,883,907 For the period from December 16, 2021 through December 31, 2021, STAR contributed $15,589 of revenues and $18,388 of net loss to our results of operations, inclusive of certain merger and integration costs. We incurred total merger and integration related expenses of $47,063 for the year ended December 31, 2021. These amounts were expensed as incurred, and are included in the consolidated statements of operations in the item titled “Merger and integration costs”, and primarily consist of advisory fees, employee severance costs, and attorney fees. The following unaudited condensed pro forma operating information is presented as if the STAR Merger occurred in 2020 and had been included in operations as of January 1, 2020. This pro forma information does not purport to represent what the actual results of the Company would have been had the STAR Merger occurred on this date, nor does it purport to predict the results of operations for future periods. Unaudited Year Ended December 31, 2021 2020 Revenue $ 591,292 $ 540,516 Net income (loss) (a) $ 103,932 $ (44,899 ) Net (income) loss attributable to noncontrolling interests $ (3,426 ) $ 1,480 Net income (loss) attributable to common stockholders $ 100,506 $ (43,419 ) Net income (loss) attributable to common stockholders per share - basic and diluted $ 0.45 $ (0.22 ) (a) Contemporaneously with the closing of the STAR Merger, we hired 485 employees, previously employed by STAR, to operate the properties acquired in the STAR Merger in addition to serving in corporate positions.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Investments in Real Estate	NOTE 4: Investments in Real Estate As of December 31, 2021, our investments in real estate consisted of 123 apartment properties (unaudited). The table below summarizes real estate held for investment: 2021 2020 Depreciable (In years) Land $ 567,507 $ 251,365 - Building 5,622,492 1,527,535 40 Furniture, fixtures and equipment 272,356 137,870 5-10 Total investments in real estate $ 6,462,355 $ 1,916,770 Accumulated depreciation (243,475 ) (208,618 ) Investments in real estate, net $ 6,218,880 $ 1,708,152 As of December 31, 2021, we owned four properties that were classified as held for sale. The sale of these properties occurred during January and February of 2022. The table below summarizes our held for sale properties. Property Name - Market Net Carrying Value Units (unaudited) Sale Price Riverchase - Indianapolis, IN $ 17,713 216 $ 31,000 Heritage Park - Oklahoma City, OK 16,606 453 48,500 Raindance - Oklahoma City, OK 13,251 504 47,500 Haverford Place - Louisville, KY 13,990 160 31,050 Total $ 61,560 1,333 $ 158,050 Acquisitions The below table summarizes asset acquisitions for the year ended December 31, 2021: Property Name Date of Purchase Market Units (unaudited) Purchase Price Solis City Park 05/18/2021 Charlotte, NC 272 $ 66,544 Cyan Craig Ranch 06/08/2021 Dallas, TX 322 73,372 Total 594 $ 139,916 As discussed in Note 3: IRT And STAR Merger, we acquired 68 properties (unaudited) comprised of 21,394 units (unaudited) that were accounted for as a business combination. The following table summarizes the aggregate fair value of the assets and liabilities associated with asset acquisition of pr operties during the year ended December 31, 20 2 1 , on the date of acquisition. Description Fair Value of Assets Acquired During the Year Ended December 31, 2021 Assets acquired: Investments in real estate (a) $ 139,336 Other assets 33 Intangible assets 757 Total assets acquired $ 140,126 Liabilities assumed: Accounts payable and accrued expenses $ 795 Other liabilities 100 Total liabilities assumed 895 Estimated fair value of net assets acquired $ 139,231 (a) Includes $177 of property related acquisition costs capitalized during the year ended December 31, 2021. The below table summarizes asset acquisitions for the year ended December 31, 2020: Property Name Date of Purchase Market Units (unaudited) Purchase Price Adley at Craig Ranch 02/11/2020 Dallas, TX 251 $ 51,204 Legacy at Jones Farm 12/01/2020 Huntsville, AL 421 94,027 Total 672 $ 145,231 Dispositions The below table summarizes the dispositions for the year ended December 31, 2021: Property Name Date of Sale Sale Price Gain on sale (1) King's Landing 07/28/2021 $ 40,100 $ 11,566 Crestmont 12/13/2021 48,500 33,067 Creekside 12/16/2021 91,000 43,104 Total $ 179,600 $ 87,737 (1) The gain for these properties is net of $2,312 of defeasance costs and debt prepayment costs. The below table summarizes the dispositions for the year ended December 31, 2020: Property Name Date of Sale Sale Price Gain (impairment loss) on sale Trails at Signal Mountain 10/27/2020 $ 20,000 $ 6,237 Live Oak Trace (1) 11/10/2020 25,400 (1,931 ) Lakeshore on the Hill 11/23/2020 14,330 3,537 Total $ 59,730 $ 7,843 (1) Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020. The below table summarizes the dispositions for the year ended December 31, 201 9 : Property Name Date of Sale Sale Price Gain 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 for these properties is net of $7,417 of defeasance and debt prepayment costs.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Indebtedness	NOTE 5: Indebtedness The following tables contains summary information concerning our indebtedness as of December 31, 2021: Debt: Outstanding Unamortized Debt Issuance Costs Loan (Discount)/Premiums Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured Revolver (1) $ 277,003 $ (2,894 ) $ - $ 274,109 Floating 1.5% 4.1 Unsecured term loans 500,000 (2,049 ) - 497,951 Floating 1.4% 3.2 Secured Credit Facilities (2) 635,128 (2,840 ) 32,330 664,618 Floating/Fixed 4.0% 6.9 Mortgages 1,238,612 (9,210 ) 39,256 1,268,658 Fixed 3.9% 6.1 Total Debt $ 2,650,743 $ (16,993 ) $ 71,586 $ 2,705,336 3.2% 5.6 (1) The unsecured revolver total capacity is $500,000, of which $277,003 was outstanding as of December 31, 2021. (2) The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2021, respectively. As of December 31, 2021 we were in compliance with all financial covenants contained in our indebtedness. Original maturities on or before December 31, Debt: 2022 2023 2024 2025 2026 Thereafter Unsecured credit facility $ - $ - $ - $ - $ 277,003 $ - Unsecured term loans - - 300,000 - 200,000 - Secured Credit Facilities (1) - - - 3,525 10,493 621,110 Mortgages 9,038 10,998 108,082 168,989 131,666 809,839 Total $ 9,038 $ 10,998 $ 408,082 $ 172,514 $ 619,162 $ 1,430,949 (1) Includes the PNC MCFA and Newmark MCFA assumed in the STAR Merger. The following tables contains summary information concerning our indebtedness as of December 31, 2020: Debt: Outstanding Unamortized Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 184,802 $ (1,692 ) $ 183,110 Floating 1.6% 2.4 Unsecured term loans 300,000 (1,241 ) 298,759 Floating 1.5% 3.3 Mortgages 465,092 (1,275 ) 463,817 Fixed 3.9% 3.2 Total Debt $ 949,894 $ (4,208 ) $ 945,686 2.7% 3.1 (1) The unsecured credit facility total capacity was $350,000, of which $184,802 was outstanding as of December 31, 2020. Unsecured Credit Facility and Revolving Line of Credit On December 14, 2021, we entered into a Third Amended, Restated and Consolidated Credit Agreement (the "Third Restated Credit Agreement") which provides for a $1,000,000 unsecured credit facility (the “Facility”) that consists of a $500,000 revolving line of credit (the “Unsecured Revolver”), a $200,000 senior term loan, a $200,000 term loan and a $100,000 term loan, (together, the “Unsecured Term Loans”), primarily to (1) increase the borrowing capacity under the Unsecured Revolver from $350,000 to $500,000, (2) extend the maturity date of the Unsecured Revolver from May 9, 2023 to January 31, 2026 and (3) consolidate the Unsecured Term Loans into one combined agreement. We have the right to increase the aggregate amount of the Third Restated Credit Agreement from $1,000,000 to $1,500,000, subject to certain terms and conditions. We may prepay the Third Restated Credit Agreement, in whole or in part, at any time without prepayment fee or penalty . Borrowings under the Unsecured Revolver bear interest at a rate equal to either (i) the 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 and borrowings under the Unsecured Term Loans bear interest at a rate equal to either (i) the LIBOR rate plus a margin of 120 to 190 basis points, or (ii) a base rate plus a margin of 20 to 90 basis points . The applicable margin will be determined based upon IROP’s consolidated leverage ratio. The Unsecured Revolver requires monthly payments of interest only, but requires mandatory prepayments under certain circumstances, as set forth in the Third Restated Credit Agreement. At the time of closing, based on IROP’s consolidated leverage ratio, the applicable margin was 125 basis points for the Unsecured Revolver and was 120 basis points for the Unsecured Term Loans. We recognized the restructuring of the Third Restated Credit Agreement as a modification of debt and incurred deferred financing costs of $1,886 associated with the transaction. On May 18, 2021, we entered into a Second Amended and Restated Credit Agreement (the “Second Restated Credit Agreement”) which provided for a $550,000 unsecured credit facility that consisted of a $350,000 revolving line of credit and a new $200,000 senior term loan. We recognized the refinance of the revolving line of credit as a modification of debt. The senior term loan was accounted for as an issuance of new debt. We incurred upfront costs of $1,200 associated with this transaction. The Second Restated Credit Agreement was replaced by the Third Restated Credit Agreement. On May 9, 2019, we entered into a new $350,000 unsecured credit facility that consists entirely of a revolving line of credit (the “Unsecured Credit Facility”), refinancing and terminating a previous unsecured credit facility. We recognized the refinance as a modification of our prior unsecured credit facility and incurred deferred financing costs of $1,129 associated with this transaction. This unsecured credit facility was replaced by the Second Restated Credit Agreement. In addition to certain negative covenants, the Third Restated Credit Agreement has financial covenants that require us to (i) maintain a consolidated leverage ratio below specified thresholds, (ii) maintain a minimum consolidated fixed charge coverage ratio, and (iii) maintain a minimum consolidated tangible net worth, (iv) and maintain secured and unsecured leverage ratios below specified thresholds. Additionally, the covenants (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), (b) and the ratio of unencumbered asset adjusted net operating income to unsecured interest expense. Term Loans On December 14, 2021, we entered into the Third Restated Credit Agreement, discussed above, which consolidated the Unsecured Term Loans into the Third Restated Credit Agreement. There were no material changes to the terms of the Unsecured Term Loans, including aggregate amounts or maturity dates, in connection with their consolidation under the Third Restated Credit Agreement. On October 30, 2018, we entered into an agreement for a one of the three Unsecured Term Loans, specifically the $200,000 unsecured term loan, which matures on January 17, 2024. We incurred upfront deferred costs of $821 associated with this term loan. The interest rate on this term loan is LIBOR plus a spread of 1.20% – 1.90% based on our consolidated leverage ratio. At closing, we drew $150,000 under the loan. The remaining $50,000 was drawn in February 2019. We applied proceeds of both draws to reduce outstanding borrowings under our Unsecured Credit Facility. On November 20, 2017, we entered into an agreement for one of the three Unsecured Term Loans, specifically the $100,000 unsecured term loan, which matures on November 20, 2024. We incurred upfront deferred costs of $917 associated with this term loan. In November 2019, this loan was amended to reduce the interest spread. We incurred $257 of upfront deferred costs associated with th is amendment. The interest rate on th is unsecured term loan is LIBOR plus a spread of % – % based on our consolidated lever age ratio. Secured Credit Facilities PNC Secured Credit Facility On December 16, 2021, in connection with the STAR Merger, we assumed the PNC MCFA, a fixed rate multifamily note and other loan documents for the benefit of PNC Bank. The PNC MCFA provided for a fixed rate loan in the aggregate principal amount of $79,170 that accrues interest at 2.82% per annum and has a maturity date of July 1, 2030. As of December 31, 2021, the outstanding principal balance was $76,248. Newmark Secured Credit Facility On December 16, 2021, in connection with the STAR Merger, we assumed the Newmark MCFA, which includes four tranches: (1) a fixed rate loan in the aggregate principal amount of $331,001 that accrues interest at 4.43% per annum; (2) a fixed rate loan in the aggregate principal amount of $137,917 that accrues interest at 4.57% per annum; (3) a variable rate loan in the aggregate principal amount of $49,493 that accrues interest at the one-month LIBOR plus 1.70% per annum; and (4) a fixed rate loan in the aggregate principal amount of $40,468 that accrues interest at 3.34% per annum. The first three tranches have a maturity date of August 1, 2028, and the fourth tranche has a maturity date of March 1, 2030, unless in each case the maturity date is accelerated in accordance with the terms of the loan documents. Interest only payments are payable monthly through August 1, 2025 and April 1, 2027 on the first three tranches and fourth tranche, respectively, with interest and principal payments due monthly thereafter. Mortgages The following tables summarizes the mortgage payoffs during the years ended December 31, 2021 and 2020. Property Date Amount Interest Rate Millenia 700 7/9/2020 $ 32,117 4.07 % Crestmont 3/1/2021 5,975 5.70 % Brier Creek 4/5/2021 13,629 4.20 % Walnut Hill 7/1/2021 18,650 3.42 % Kings Landing 7/28/2021 19,618 3.96 % Lenox Place 7/30/2021 15,991 3.73 % Stonebridge Crossing 10/1/2021 19,370 3.41 % Aston 11/30/2021 24,141 3.40 % Runaway Bay 11/30/2021 8,542 3.59 % Avenues at Craig Ranch 11/30/2021 29,765 3.28 % Creekside Corners Apartments 12/16/2021 22,437 4.56 % Jamestown at St. Matthews 12/16/2021 22,098 3.59 % Oxmoor Apartments 12/16/2021 34,591 3.59 % Creekstone at RTP 12/17/2021 20,779 3.88 % Fountains Southend 12/17/2021 19,884 4.31 % Talison Row at Daniel Island 12/17/2021 30,334 4.06 % $ 337,921 3.83 % Amount Weighted Average Interest Rate Mortgage payoffs in 2020 $ 32,117 4.07 % Mortgage payoffs in 2021 305,804 3.81 % $ 337,921 3.83 % In connections with mortgage debt prepaid during November and December 2021, we incurred losses on extinguishment of debt totaling $10,261.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 6: Derivative Financial Instruments The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2021 and 2020: As of December 31, 2021 As of December 31, 2020 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 $ — 6,463 $ 150,000 $ — $ 694 Interest rate collars 250,000 — 5,433 250,000 — 13,331 Forward interest rate swaps — 2,488 — — — 15,817 Total $ 400,000 $ 2,488 11,896 $ 400,000 $ — $ 29,842 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 interest rate swap became effective on June 17, 2021 and has 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. On June 24, 2016, we entered into an interest rate swap contract with a notional value of $150,000, a strike rate of 1.145% which was subsequently reduced to 1.1325% and a maturity date of June 17, 2021. We designated this interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. Interest rate collar On October 17, 2018, we purchased an interest rate collar with an initial notional value of $100,000, a 2.50% cap and 2.25% floor, and a maturity date of January 17, 2024. The notional value was adjusted to $150,000 in November 2018. We designated this interest rate collar as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. On November 17, 2017, we purchased an interest rate collar with a notional value of $100,000, a 2.00% cap 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. 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 swaps On March 2, 2020, we entered into a forward-starting interest rate swap with a notional value of $150,000 and a strike rate of 0.985%. This forward interest rate swap has an effective date of May 17, 2022 and a maturity date of May 17, 2027. 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 (loss) 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 ($8,136), ($5,352) and $1,139 to earnings within interest expense for the years ended December 31, 2021, 2020 and 2019, respectively. For interest rate swaps that are considered effective hedges, losses of $7,700 are expected to be reclassified out of accumulated other comprehensive income (loss) to earnings over the next 12 months.

Stockholder Equity and Noncontr

Stockholder Equity and Noncontrolling Interest	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholder Equity and Noncontrolling Interest	NOTE 7: Stockholder Equity and Noncontrolling Interest Stockholder Equity On July 27, 2021, we entered into an underwriting agreement with Barclays Capital Inc. and BMO Capital Markets Corp., as representatives of the several underwriters named therein (collectively, the “Underwriters”), BMO Capital Markets Corp., in its capacity as agent (in such capacity, the “Forward Seller”) for Bank of Montreal, as forward counterparty (the “Forward Counterparty”) related to the offering of an aggregate of 16,100,000 shares of our common stock at a price to the Underwriters of $17.04 per share consisting of 16,100,000 shares of common stock offered by the Forward Seller in connection with the forward sale agreements described below (inclusive of 2,100,000 shares offered pursuant to the Underwriters’ option to purchase additional shares, which was exercised in full). In connection with the offering, we also entered into two forward sale agreements. The first forward sale agreement (the “Initial Forward Sale Agreement”), dated July 27, 2021, with the Forward Seller and Forward Counterparty, and the second forward sale agreement (the “Additional Forward Sale Agreement”, together with the Initial Forward Sale Agreement, the “Forward Sale Agreements”), dated July 29, 2021, with the Forward Seller and the Forward Counterparty. In connection with the Forward Sale Agreements, the Forward Seller borrowed from third parties and sold to the Underwriters an aggregate of 16,100,000 shares of our common stock that was sold in the offering. On December 14, 2021, the forward sale transactions were all physically settled and we issued 16,100,000 shares of common stock for a total of $271,820 in net proceeds. On November 13, 2020, we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock having an aggregate offering price of up to $150,000 (the “ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Under the ATM Program, we may also enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis. During the fourth quarter of 2020 and the first half of 2021, we sold 2,932,000 shares on a forward basis under the ATM program. On June 29, 2021, the forward sale transactions were all physically settled and we issued 2,932,000 shares of common stock for a total of $41,671 in net proceeds. On November 1, 2021, we entered into a forward sale transaction under the ATM Program for the forward sale of 1,000,000 shares of our common stock that have not yet been settled. Subject to our right to elect net share settlement, we expect to physically settle the forward sale transaction by the maturity date (December 15, 2022) set forth in the forward sale transaction placement notice. Assuming the forward sales transaction is physically settled in full utilizing the December 31, 2021 forward sale price of $23.78 per share, net of sales commissions, we expect to receive net proceeds of approximately $23,780, subject to adjustment in accordance with the forward sale transaction. We evaluated the accounting for the forward sale transactions under FASB ASC Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”. As the forward sale transactions are considered indexed to our own equity and since they meet the equity classification conditions in ASC 815-40-25, the forward sale transactions have been classified as equity. We filed Articles of Amendment with the State Department of Assessments and Taxation of Maryland to increase the number of authorized shares of common stock, $0.01 par value, from 300,000,000 shares to 500,000,000 shares, effective July 27, 2021. The Articles of Amendment did not increase the number of authorized shares of preferred stock, $0.01 par value, which remains at 50,000,000. On February 20, 2020, we entered into an underwriting agreement with KeyBanc Capital Markets Inc. and BMO Capital Markets Corp., as representatives of the several underwriters named therein (collectively, the “2020 Underwriters”), BMO Capital Markets Corp. (the “2020 Forward Seller”), and Bank of Montreal (the “2020 Forward Counterparty”) relating to the offering of an aggregate of 10,350,000 shares of our common stock at a price to the 2020 Underwriters of $14.688 per share, consisting of 10,350,000 shares of our common stock offered by the 2020 Forward Seller in connection with the forward sale agreements described below (including 1,350,000 shares of our common stock offered pursuant to the 2020 Underwriters’ option to purchase additional shares of our common stock, which was exercised in full). We completed the offering on February 24, 2020. We did not initially receive any proceeds from the sale of our common stock by the 2020 Forward Seller In connection with the offering, we also entered into two forward sale agreements, the first forward sale agreement (the “Initial Forward Sale Agreement”), dated February 20, 2020, with the 2020 Forward Seller and the 2020 Forward Counterparty, and the second forward sale agreement (the “Additional Forward Sale Agreement”, together with the Initial Forward Sale Agreement, the “2020 Forward Sale Agreements”), dated February 20, 2020, with the 2020 Forward Seller and the 2020 Forward Counterparty. In connection with the 2020 Forward Sale Agreements, the 2020 Forward Seller or its affiliate borrowed from third parties and sold to the 2020 Underwriters an aggregate of 10,350,000 shares of our common stock that was sold in the offering. On March 31, 2020, we physically settled $50,000 under the 2020 Forward Sale Agreements by issuing 3,406,000 shares of our common stock. On December 28, 2020, we settled $98,775 by issuing the remaining 6,944,000 shares of our common stock. We evaluated the accounting for forward sale agreements under FASB ASC Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”. As the Forward Sale Agreements are considered indexed to our own equity and since they meet the equity classification conditions in ASC 815, the Forward Sale Agreements have been classified as equity. Our board of directors declared the following dividends in 2021: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2021 March 15, 2021 April 2, 2021 April 23, 2021 $ 0.12 Second quarter 2021 June 14, 2021 July 2, 2021 July 23, 2021 $ 0.12 Third quarter 2021 September 13, 2021 October 1, 2021 October 22, 2021 $ 0.12 Fourth quarter 2021 December 2, 2021 December 15, 2021 January 14, 2022 $ 0.10 Fourth quarter 2021 December 2, 2021 December 30, 2021 January 21, 2022 $ 0.02 Our board of directors declared the following dividends in 2020: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2020 March 16, 2020 April 2, 2020 April 24, 2020 $ 0.18 Second quarter 2020 June 15, 2020 July 2, 2020 July 24, 2020 $ 0.12 Third quarter 2020 September 15, 2020 October 2, 2020 October 23, 2020 $ 0.12 Fourth quarter 2020 December 14, 2020 December 30, 2020 January 22, 2021 $ 0.12 Noncontrolling Interest During 2021, we issued 6,429,481 IROP units in connection with the STAR Merger. Also during 2021, holders of IROP units exchanged 122,154 units for 122,154 shares of our common stock. As of December 31, 2021, 6,981,841 IROP units held by unaffiliated third parties were outstanding. During 2020, holders of IROP units exchanged 196,974 units for 196,974 shares of our common stock. As of December 31, 2020, 674,517 IROP units held by unaffiliated third parties were outstanding. Our board of directors declared the following distributions on our operating partnership’s LP units during 2021: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Unit First quarter 2021 March 15, 2021 April 2, 2021 April 23, 2021 $ 0.12 Second quarter 2021 June 14, 2021 July 2, 2021 July 23, 2021 $ 0.12 Third quarter 2021 September 13, 2021 October 1, 2021 October 22, 2021 $ 0.12 Fourth quarter 2021 December 2, 2021 December 15, 2021 January 14, 2022 $ 0.10 Fourth quarter 2021 December 2, 2021 December 30, 2021 January 21, 2022 $ 0.02 Our board of directors declared the following distributions on our operating partnership’s LP units during 2020: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2020 March 16, 2020 April 2, 2020 April 24, 2020 $ 0.18 Second quarter 2020 June 15, 2020 July 2, 2020 July 24, 2020 $ 0.12 Third quarter 2020 September 15, 2020 October 2, 2020 October 23, 2020 $ 0.12 Fourth quarter 2020 December 14, 2020 December 30, 2020 January 22, 2021 $ 0.12

Equity Compensation Plans

Equity Compensation Plans	12 Months Ended
	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Compensation Plans	NOTE 8: Equity Compensation Plans In May 2016, our stockholders 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 Plan was extended to May 12, 2026. Under the Incentive Plan, we have granted restricted shares, RSUs, SARs, and PSUs. For the years ended December 31, 2021, 2020 and 2019 we recognized $7,346, $5,635 and $3,166 of stock compensation expense, respectively. In 2020, our PSU and RSU award agreements were revised to provide for accelerated vesting upon retirement, as defined in the award agreements. Due to this revision, the stock compensation expense associated with any such award granted to a retirement eligible employee is recognized in full on the date of grant. During the year ended December 31, 2021 and 2020, $2,112 and $1,667 of stock compensation was recognized with respect to awards granted to retirement eligible employees. The restricted shares and RSUs granted under the Incentive Plan generally vest over a two, 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 award and RSU activity is presented below. 2021 2020 2019 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, 406,849 $ 11.68 326,541 $ 9.54 303,819 $ 8.22 Granted 514,177 20.08 282,735 12.85 213,744 10.39 Vested (475,426 ) 18.82 (164,026 ) 9.32 (174,367 ) 9.27 Forfeited (40,612 ) 13.78 (38,401 ) 12.20 (16,655 ) 9.75 Balance, December 31, (1) 404,988 $ 13.75 406,849 $ 11.68 326,541 $ 9.54 (1) The outstanding award balance above included 135,366, 67,381, and 0 RSUs as of December 31, 2021, 2020, and 2019, respectively. Subsequent to December 31, 2021, 202,100 restricted stock awards and RSUs valued at a weighted-average price of $23.55, or $4,759 in the aggregate were awarded to employees. These awards vest over a two or four-year As of December 31, 2021, the unearned compensation cost relating to unvested restricted common share awards and RSUs was $2,284, which will be recognized over a weighted-average period of 1.8 years. The estimated fair value of restricted common share awards, and RSUs, vested during 2021, 2020, and 2019 was $7,208, $2,076, and $1,836, respectively. The PSUs granted under the Incentive Plan have a three-year 2021 2020 2019 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, 882,076 $ 8.21 717,677 $ 7.52 453,748 $ 7.04 Granted (1) 257,230 12.45 202,145 11.77 263,929 8.35 Change in awards based on performance (2) 145,911 7.04 75,488 7.12 — 0.00 Vested (340,310 ) 7.04 (113,234 ) 7.12 — 0.00 Balance, December 31, 944,907 $ 9.32 882,076 $ 8.21 717,677 $ 7.52 (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 (2) Represents the change in the numbers of PSUs earned based on performance achievement for the performance period. Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2021 2020 2019 Dividend yield 6.4% 6.1% 7.6% Volatility (a) 33.0% 22.0% 21.0% Expected term 2.8 years 2.8 years 2.8 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 25% to 45%. The Company estimates future expenses associated with PSUs outstanding at December 31, 2021 to be $2,181, which will be recognized over a weighted-average period of 2.4 years. The estimated fair value of PSUs vested during 2021, 2020, and 2019 was $4,750, $1,862, and $0.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019: For the Years Ended December 31, 2021 2020 2019 Net Income (loss) $ 45,529 $ 14,877 $ 46,354 (Income) loss allocated to non-controlling interests (940 ) (109 ) (458 ) Net Income (loss) allocable to common shares 44,589 14,768 45,896 Weighted-average shares outstanding—Basic 108,552,185 93,660,086 89,799,238 Dilutive securities 1,279,336 1,028,354 618,248 Weighted-average shares outstanding—Diluted 109,831,520 94,688,440 90,417,486 Earnings per share—Basic $ 0.41 $ 0.16 $ 0.51 Earnings per share—Diluted $ 0.41 $ 0.16 $ 0.51 Certain IROP units and shares deliverable under the forward sale agreements totaling 8,005,013, 1,574,517, and 871,491 for the years ended December 31, 2021, 2020 and 2019, respectively, were excluded from the earnings per share computation because their effect would have been anti-dilutive.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2021
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 2021 Total revenue $ 55,112 $ 57,444 $ 60,780 $ 76,916 Net income (loss) 1,093 3,407 11,564 29,465 Net income (loss) allocable to common shares 1,086 3,386 11,502 28,615 Total earnings per share—Basic (1) $ 0.01 $ 0.03 $ 0.11 $ 0.23 Total earnings per share—Diluted (1) $ 0.01 $ 0.03 $ 0.11 $ 0.23 2020 Total revenue $ 51,350 $ 52,268 $ 54,200 $ 54,088 Net income (loss) (374 ) 799 1,092 13,360 Net income (loss) allocable to common shares (372 ) 789 1,090 13,261 Total earnings per share—Basic (1) $ 0.00 $ 0.01 $ 0.01 $ 0.14 Total earnings per share—Diluted (1) $ 0.00 $ 0.01 $ 0.01 $ 0.14 (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, 2021
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, 2021
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, Chicago, IL, and Irvine, CA. As of December 31, 2021, the annual minimum rent due pursuant to these leases for each of the next five years and thereafter is estimated to be $595, $460, $467, $473, $480, and $2,152 respectively.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
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, 2021 (Dollars in thousands) Cost of Gross Carrying Accumulated Number of Initial Cost Improvements, Amount Depreciation- Year(s) of Market Properties Land Building Land Building Land Building Building Encumbrances (a) Acquisition Asheville, NC 1 2,750 25,225 - 1,094 2,750 26,319 (4,390 ) 2015 Atlanta, GA 13 102,866 903,813 - 40,931 102,866 944,744 (26,893 ) (b) 2015-2021 Austin, TX 1 3,857 48,719 - 1,760 3,857 50,479 (58 ) 2021 Birmingham, AL 2 10,682 213,996 - 6,266 10,682 220,262 (249 ) (b) 2021 Charleston, SC 2 9,260 69,104 - 2,384 9,260 71,488 (11,906 ) 2015 Charlotte, NC 2 8,963 99,107 - 849 8,963 99,956 (7,042 ) 2015 - 2020 Chattanooga, TN 1 3,683 32,370 - 715 3,683 33,085 (37 ) (b) 2021 Chicago, IL 1 5,587 82,485 - 1,683 5,587 84,168 (93 ) (b) 2021 Cincinnati, KY 1 2,469 37,873 - 1,091 2,469 38,964 (44 ) 2021 Cincinnati, OH 1 4,470 74,064 - 1,384 4,470 75,448 (83 ) 2021 Columbus, OH 10 28,870 308,917 - 20,851 28,870 329,768 (19,399 ) (b) 2014 - 2021 Dallas, TX 14 68,829 749,578 - 23,128 68,829 772,706 (16,819 ) (b) 2015 - 2021 Denver, CO 9 45,373 537,301 - 18,448 45,373 555,749 (636 ) (b) 2021 Fort Wayne, IN 1 2,590 39,542 - 1,771 2,590 41,313 (49 ) (b) 2021 Greenville, SC 1 7,330 111,833 - 3,394 7,330 115,227 (137 ) 2021 Houston, TX 7 29,049 284,339 - 6,543 29,049 290,882 (324 ) (b) 2021 Huntsville, AL 3 20,794 166,020 - 2,902 20,794 168,922 (4,685 ) 2015 - 2021 Indianapolis, IN 9 26,348 301,840 - 12,046 26,348 313,886 (13,732 ) (b) 2012 - 2021 Lexington, KY 3 9,467 145,715 - 3,883 9,467 149,598 (168 ) 2021 Louisville, KY 6 32,012 143,443 - 31,315 32,012 174,758 (38,617 ) (b) 2014 - 2017 Memphis, TN 4 10,730 124,023 - 19,592 10,730 143,615 (27,676 ) 2014 - 2015 Myrtle Beach, SC - Wilmington, NC 3 4,580 55,797 - 5,774 4,580 61,571 (7,934 ) (b) 2017 Nashville, TN 4 30,769 297,625 - 9,264 30,769 306,889 (348 ) (b) 2021 Norfolk, VA 1 2,808 50,093 - 960 2,808 51,053 (56 ) (b) 2021 Oklahoma City, OK 10 24,834 303,053 - 19,935 24,834 322,988 (15,621 ) (b) 2014 - 2021 Orlando, FL 1 5,500 41,752 - 2,733 5,500 44,485 (7,478 ) 2015 Raleigh - Durham, NC 6 34,409 199,323 - 17,630 34,409 216,953 (32,592 ) 2014 - 2019 San Antonio, TX 1 4,604 50,501 - 1,842 4,604 52,343 (60 ) 2021 Tampa-St. Petersburg, FL 4 33,352 133,015 - 20,049 34,629 153,064 (16,946 ) 2017 - 2019 Terra Haute, IN 1 2,519 41,648 - 1,601 2,519 43,249 (51 ) (b) 2021 123 $ 579,354 $ 5,672,114 $ — $ 281,818 $ 580,631 $ 5,953,932 $ (254,123 ) (a) Encumbrances exclude the principal balance of $635,128 and associated deferred financing costs related to the secured credit facilities. (b) Properties with gross assets of $3,737,799 unsecured $1,238,612 of mortgage notes. Investments in Real Estate December 31, December 31, 2020 December 31, 2019 Balance, beginning of period $ 1,916,770 $ 1,796,365 $ 1,745,640 Additions during period: Acquisitions 4,686,943 145,340 127,908 Improvements to land and building 43,035 35,783 45,623 Deductions during period: Dispositions of real estate (106,916 ) (56,797 ) (121,865 ) Asset write-offs (5,269 ) (3,921 ) (941 ) Balance, end of period: $ 6,534,563 $ 1,916,770 $ 1,796,365 Accumulated Depreciation December 31, December 31, 2020 December 31, 2019 Balance, beginning of period $ 208,618 $ 158,435 $ 120,202 Depreciation expense 70,156 59,717 50,955 Dispositions of real estate (19,382 ) (5,613 ) (11,781 ) Asset write-off (5,269 ) (3,921 ) (941 ) Balance, end of period: $ 254,123 $ 208,618 $ 158,435 (1) Includes properties classified as held for sale as of December 31, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020, we had $29,699 and $4,864, 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 In accordance with FASB ASC Topic 805 (“ASC 805”), the properties we acquire are generally accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the related financing. We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the year ended December 31, 2021 and 2020, we acquired in-place leases with a value of $58,806 and $1,013, respectively, related to our acquisitions that are discussed further in Note 3: IRT and STAR Merger and Note 4: 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, 2021, 2020 and 2019, we recorded $5,125, $631, and $1,599 of amortization expense for intangible assets, respectively. For the years ended December 31, 2021, 2020, and 2019, we wrote-off fully amortized intangible assets of $1,549, $1,171, and $1,846, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $53,269 for 2022. Business Combinations For properties we acquire or transaction we entered into that are accounted for as business combinations, we apply the acquisition method of accounting under ASC 805, which requires the identification of the acquiror, the determination of the acquisition date, and the recognition and measurement, at fair value, of the assets acquired and liabilities assumed. To the extent that the fair value of net assets acquired differs from the fair value of consideration paid, ASC 805 requires the recognition of goodwill or a gain from a bargain purchase, if any. Impairment of Long-Lived Assets Management evaluates the recoverability of 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 (e.g., hold period) and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. 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 furniture, fixtures, and equipment. For the years ended December 31, 2021, 2020 and 2019, we recorded $70,578, $60,056 and $51,216 of depreciation expense, respectively. For the years ended December 31, 2021, 2020, and 2019, we wrote-off fully depreciated fixed assets of $4,607, $3,921, and $940, respectively. Casualty Loss Occasionally, we incur losses at our communities from wind storms, floods, fires and similar hazards. Sometimes, a portion of these losses are not fully covered by our insurance policies due to deductibles. In these cases, we estimate the carrying value of the damaged property and record a casualty loss for the difference between the estimated carrying value and the insurance proceeds. During the year ended December 31, 2021, 2020 and 2019, we incurred $359, $711, and $0 of casualty losses.
Investment in Real Estate Under Development	g. Investment in real estate under development We capitalize direct and indirect project costs incurred during the development period such as construction, insurance, architectural, legal, interest costs, and real estate taxes. At such time as the development is considered substantially complete, the capitalization of certain indirect costs such as real estate taxes, interest costs, and all project-related costs in real estate under development are reclassified to investments in real estate. As of December 31, 2021 and 2020, the carrying value of our investments in real estate under development totaled $41,777 and $0, respectively, and was recorded as a separate line item on the face of our consolidated balance sheet.
Investments in Unconsolidated Real Estate Entities	h. Investments in unconsolidated real estate entities We invest in joint ventures in which we exercise significant influence but do not control the major decisions of the joint venture. Therefore, we account for these investments using the equity method of accounting. Under the equity method of accounting, the investments are carried at cost plus our share of net earnings or losses. As of December 31, 2021, we had two joint ventures in Richmond, VA and Nashville, TN. The carrying value of our investments in unconsolidated real estate entities totaled $24,999 as of December, 31, 2021 and was recorded as a separate line item on the face of our consolidated balance sheet. We recognized no income or losses from equity method investments during the years ended December 31, 2021 and 2020.
Revenue and Expenses	i. 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 certain other service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2021 2020 2019 Rental revenue (1) $ 240,829 $ 203,512 $ 195,120 Other property revenue (2) 8,663 7,655 7,500 Other revenue 760 739 603 Total revenue $ 250,252 $ 211,906 $ 203,223 (1) Amounts include all revenue streams derived from lease and non-lease components 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 FASB ASC Topic 606. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Georgia, Texas, Florida, Tennessee, Ohio, and Kentucky comprised 17.02%, 10.52%, 10.34%, 10.08%, 9.72%, 9.29%, and 9.08%, respectively, of our rental revenue for the year ended December 31, 2021. W e make ongoing estimates of the collectability of our During the year ended December 31, 2021 and 2020, we recorded a $629 and $927 provision for bad debts to appropriately reflect management’s estimate for uncollectible accounts. The provision for bad debts was recorded as a reduction to rental and other property revenue in our consolidated statements of operations. The total adjustment to rental and other property income for the years ended December 31, 2021, 2020, and 2019 were $2,862, $1,842, and $1,142 respectively. For the years ended December 31, 2021, 2020, and 2019, we recognized revenues of $88, $208, and $156, 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, 2021, 2020 and 2019, we incurred $2,511, $2,338, and $2,350 of advertising expenses, respectively.
Fair Value of Financial Instruments	j. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 : Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 : Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 : Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value inputs for our unsecured credit facility and our term loans 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: As of December 31, 2021 As of December 31, 2020 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 35,972 $ 35,972 $ 8,751 $ 8,751 Restricted cash 29,699 29,699 4,864 4,864 Derivative assets 2,488 2,488 - - Liabilities Debt: Unsecured Revolver 274,109 274,109 183,110 184,802 Unsecured Term loans 497,951 497,951 298,759 300,000 Secured credit facilities 664,618 668,352 - - Mortgages 1,268,658 1,282,495 463,817 479,929 Derivative liabilities 11,896 11,896 29,842 29,842
Deferred Financing Costs	k. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method.
Income Taxes	l. Income Taxes We have elected to be taxed as a REIT. Accordingly, we recorded no income tax expense for the years ended December 31, 2021, 2020 and 2019. 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, 2021, 100% of dividends were characterized as capital gain distributions and 0% were characterized as ordinary income. For the year ended December 31, 2020, 20% of dividends were characterized as capital gain distributions, 37% were characterized as ordinary income and 43% were characterized as return of capital. 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.
Share-Based Compensation	m. 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	n. 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	o. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure, as well as, to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including any derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income (loss) and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges, the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness.
Leases	p. 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, equipment, and other operational items 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. All these leases are accounted for as operating leases. As of December 31, 2021, we had $2,919 of operating lease right-of-use assets and $3,255 of operating lease liabilities. As of December 31, 2020, we had $2,649 of operating lease right-of-use assets and $3,002 of operating lease liabilities. 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 $706, $616, and $589, respectively, of total operating lease expense for years ended December 31, 2021, 2020, and 2019 which is recorded within property management expense and general and administrative expenses in our consolidated statements of operations.
Recent Accounting Pronouncements	q. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. Adopted Within these Financial Statements In March 2020, the FASB issued an accounting standard classified under FASB ASC Topic 848, “Reference Rate Reform.” The amendments in this update contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. Beginning in the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 2019 Rental revenue (1) $ 240,829 $ 203,512 $ 195,120 Other property revenue (2) 8,663 7,655 7,500 Other revenue 760 739 603 Total revenue $ 250,252 $ 211,906 $ 203,223 (1) Amounts include all revenue streams derived from lease and non-lease components 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 FASB 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: As of December 31, 2021 As of December 31, 2020 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 35,972 $ 35,972 $ 8,751 $ 8,751 Restricted cash 29,699 29,699 4,864 4,864 Derivative assets 2,488 2,488 - - Liabilities Debt: Unsecured Revolver 274,109 274,109 183,110 184,802 Unsecured Term loans 497,951 497,951 298,759 300,000 Secured credit facilities 664,618 668,352 - - Mortgages 1,268,658 1,282,495 463,817 479,929 Derivative liabilities 11,896 11,896 29,842 29,842

IRT and STAR Merger (Tables)

IRT and STAR Merger (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Summary of Purchase Price of STAR Merger	The following table summarizes the purchase price of STAR as of the date of the STAR Merger: Common Stock OP Units Amount Shares of STAR common stock and STAR OP common units exchanged 110,188,893 7,104,399 117,293,292 Exchange ratio 0.905 0.905 0.905 Shares of IRT common stock and IRT OP common units issued 99,720,948 6,429,481 106,150,429 Closing stock price of IRT on December 15, 2021 $ 24.45 $ 24.45 $ 24.45 Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units $ 2,438,177 $ 157,200 $ 2,595,378 STAR indebtedness paid off in connection with the Mergers 288,530 Consideration transferred $ 2,883,908 Fair value of STAR debt assumed by IRT 1,793,614 Total purchase price $ 4,677,522 The below table summarizes asset acquisitions for the year ended December 31, 2021: Property Name Date of Purchase Market Units (unaudited) Purchase Price Solis City Park 05/18/2021 Charlotte, NC 272 $ 66,544 Cyan Craig Ranch 06/08/2021 Dallas, TX 322 73,372 Total 594 $ 139,916 The below table summarizes asset acquisitions for the year ended December 31, 2020: Property Name Date of Purchase Market Units (unaudited) Purchase Price Adley at Craig Ranch 02/11/2020 Dallas, TX 251 $ 51,204 Legacy at Jones Farm 12/01/2020 Huntsville, AL 421 94,027 Total 672 $ 145,231
Summary of Purchase Price Allocation of Identifiable Assets and Liabilities Assumed	The following table shows the purchase price allocation of STAR’s identifiable assets and liabilities assumed as of the date of the STAR Merger: Amount Assets: Real estate held for investment $ 4,547,608 Real estate held for development 38,949 Cash and cash equivalents 69,179 Restricted cash 33,228 Other assets 23,596 Derivative assets 90 Intangible assets 58,048 Total assets $ 4,770,698 Liabilities: Indebtedness $ 1,793,614 Accounts payable and accrued liabilities 79,099 Accrued interest payable 3,113 Other liabilities 10,965 Total liabilities 1,886,791 Net assets acquired $ 2,883,907 The following table summarizes the aggregate fair value of the assets and liabilities associated with asset acquisition of pr operties during the year ended December 31, 20 2 1 , on the date of acquisition. Description Fair Value of Assets Acquired During the Year Ended December 31, 2021 Assets acquired: Investments in real estate (a) $ 139,336 Other assets 33 Intangible assets 757 Total assets acquired $ 140,126 Liabilities assumed: Accounts payable and accrued expenses $ 795 Other liabilities 100 Total liabilities assumed 895 Estimated fair value of net assets acquired $ 139,231 (a) Includes $177 of property related acquisition costs capitalized during the year ended December 31, 2021.
Summary of Unaudited Condensed Proforma Operating Information	The following unaudited condensed pro forma operating information is presented as if the STAR Merger occurred in 2020 and had been included in operations as of January 1, 2020. This pro forma information does not purport to represent what the actual results of the Company would have been had the STAR Merger occurred on this date, nor does it purport to predict the results of operations for future periods. Unaudited Year Ended December 31, 2021 2020 Revenue $ 591,292 $ 540,516 Net income (loss) (a) $ 103,932 $ (44,899 ) Net (income) loss attributable to noncontrolling interests $ (3,426 ) $ 1,480 Net income (loss) attributable to common stockholders $ 100,506 $ (43,419 ) Net income (loss) attributable to common stockholders per share - basic and diluted $ 0.45 $ (0.22 ) (a) Contemporaneously with the closing of the STAR Merger, we hired 485 employees, previously employed by STAR, to operate the properties acquired in the STAR Merger in addition to serving in corporate positions.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Summary of Investments in Real Estate	The table below summarizes real estate held for investment: 2021 2020 Depreciable (In years) Land $ 567,507 $ 251,365 - Building 5,622,492 1,527,535 40 Furniture, fixtures and equipment 272,356 137,870 5-10 Total investments in real estate $ 6,462,355 $ 1,916,770 Accumulated depreciation (243,475 ) (208,618 ) Investments in real estate, net $ 6,218,880 $ 1,708,152
Summary of Held for Sale Property	The table below summarizes our held for sale properties. Property Name - Market Net Carrying Value Units (unaudited) Sale Price Riverchase - Indianapolis, IN $ 17,713 216 $ 31,000 Heritage Park - Oklahoma City, OK 16,606 453 48,500 Raindance - Oklahoma City, OK 13,251 504 47,500 Haverford Place - Louisville, KY 13,990 160 31,050 Total $ 61,560 1,333 $ 158,050
Summary of Purchase Price of STAR Merger	The following table summarizes the purchase price of STAR as of the date of the STAR Merger: Common Stock OP Units Amount Shares of STAR common stock and STAR OP common units exchanged 110,188,893 7,104,399 117,293,292 Exchange ratio 0.905 0.905 0.905 Shares of IRT common stock and IRT OP common units issued 99,720,948 6,429,481 106,150,429 Closing stock price of IRT on December 15, 2021 $ 24.45 $ 24.45 $ 24.45 Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units $ 2,438,177 $ 157,200 $ 2,595,378 STAR indebtedness paid off in connection with the Mergers 288,530 Consideration transferred $ 2,883,908 Fair value of STAR debt assumed by IRT 1,793,614 Total purchase price $ 4,677,522 The below table summarizes asset acquisitions for the year ended December 31, 2021: Property Name Date of Purchase Market Units (unaudited) Purchase Price Solis City Park 05/18/2021 Charlotte, NC 272 $ 66,544 Cyan Craig Ranch 06/08/2021 Dallas, TX 322 73,372 Total 594 $ 139,916 The below table summarizes asset acquisitions for the year ended December 31, 2020: Property Name Date of Purchase Market Units (unaudited) Purchase Price Adley at Craig Ranch 02/11/2020 Dallas, TX 251 $ 51,204 Legacy at Jones Farm 12/01/2020 Huntsville, AL 421 94,027 Total 672 $ 145,231
Summary of Purchase Price Allocation of Identifiable Assets and Liabilities Assumed	The following table shows the purchase price allocation of STAR’s identifiable assets and liabilities assumed as of the date of the STAR Merger: Amount Assets: Real estate held for investment $ 4,547,608 Real estate held for development 38,949 Cash and cash equivalents 69,179 Restricted cash 33,228 Other assets 23,596 Derivative assets 90 Intangible assets 58,048 Total assets $ 4,770,698 Liabilities: Indebtedness $ 1,793,614 Accounts payable and accrued liabilities 79,099 Accrued interest payable 3,113 Other liabilities 10,965 Total liabilities 1,886,791 Net assets acquired $ 2,883,907 The following table summarizes the aggregate fair value of the assets and liabilities associated with asset acquisition of pr operties during the year ended December 31, 20 2 1 , on the date of acquisition. Description Fair Value of Assets Acquired During the Year Ended December 31, 2021 Assets acquired: Investments in real estate (a) $ 139,336 Other assets 33 Intangible assets 757 Total assets acquired $ 140,126 Liabilities assumed: Accounts payable and accrued expenses $ 795 Other liabilities 100 Total liabilities assumed 895 Estimated fair value of net assets acquired $ 139,231 (a) Includes $177 of property related acquisition costs capitalized during the year ended December 31, 2021.
Summary of Disposition of Property	The below table summarizes the dispositions for the year ended December 31, 2021: Property Name Date of Sale Sale Price Gain on sale (1) King's Landing 07/28/2021 $ 40,100 $ 11,566 Crestmont 12/13/2021 48,500 33,067 Creekside 12/16/2021 91,000 43,104 Total $ 179,600 $ 87,737 (1) The gain for these properties is net of $2,312 of defeasance costs and debt prepayment costs. The below table summarizes the dispositions for the year ended December 31, 2020: Property Name Date of Sale Sale Price Gain (impairment loss) on sale Trails at Signal Mountain 10/27/2020 $ 20,000 $ 6,237 Live Oak Trace (1) 11/10/2020 25,400 (1,931 ) Lakeshore on the Hill 11/23/2020 14,330 3,537 Total $ 59,730 $ 7,843 (1) Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020. The below table summarizes the dispositions for the year ended December 31, 201 9 : Property Name Date of Sale Sale Price Gain 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 for these properties is net of $7,417 of defeasance and debt prepayment costs.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Summary Information Concerning Indebtedness	The following tables contains summary information concerning our indebtedness as of December 31, 2021: Debt: Outstanding Unamortized Debt Issuance Costs Loan (Discount)/Premiums Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured Revolver (1) $ 277,003 $ (2,894 ) $ - $ 274,109 Floating 1.5% 4.1 Unsecured term loans 500,000 (2,049 ) - 497,951 Floating 1.4% 3.2 Secured Credit Facilities (2) 635,128 (2,840 ) 32,330 664,618 Floating/Fixed 4.0% 6.9 Mortgages 1,238,612 (9,210 ) 39,256 1,268,658 Fixed 3.9% 6.1 Total Debt $ 2,650,743 $ (16,993 ) $ 71,586 $ 2,705,336 3.2% 5.6 (1) The unsecured revolver total capacity is $500,000, of which $277,003 was outstanding as of December 31, 2021. (2) The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2021, respectively. As of December 31, 2021 we were in compliance with all financial covenants contained in our indebtedness. Original maturities on or before December 31, Debt: 2022 2023 2024 2025 2026 Thereafter Unsecured credit facility $ - $ - $ - $ - $ 277,003 $ - Unsecured term loans - - 300,000 - 200,000 - Secured Credit Facilities (1) - - - 3,525 10,493 621,110 Mortgages 9,038 10,998 108,082 168,989 131,666 809,839 Total $ 9,038 $ 10,998 $ 408,082 $ 172,514 $ 619,162 $ 1,430,949 (1) Includes the PNC MCFA and Newmark MCFA assumed in the STAR Merger. The following tables contains summary information concerning our indebtedness as of December 31, 2020: Debt: Outstanding Unamortized Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 184,802 $ (1,692 ) $ 183,110 Floating 1.6% 2.4 Unsecured term loans 300,000 (1,241 ) 298,759 Floating 1.5% 3.3 Mortgages 465,092 (1,275 ) 463,817 Fixed 3.9% 3.2 Total Debt $ 949,894 $ (4,208 ) $ 945,686 2.7% 3.1 (1) The unsecured credit facility total capacity was $350,000, of which $184,802 was outstanding as of December 31, 2020.
Summary of Mortgage Payoffs	The following tables summarizes the mortgage payoffs during the years ended December 31, 2021 and 2020. Property Date Amount Interest Rate Millenia 700 7/9/2020 $ 32,117 4.07 % Crestmont 3/1/2021 5,975 5.70 % Brier Creek 4/5/2021 13,629 4.20 % Walnut Hill 7/1/2021 18,650 3.42 % Kings Landing 7/28/2021 19,618 3.96 % Lenox Place 7/30/2021 15,991 3.73 % Stonebridge Crossing 10/1/2021 19,370 3.41 % Aston 11/30/2021 24,141 3.40 % Runaway Bay 11/30/2021 8,542 3.59 % Avenues at Craig Ranch 11/30/2021 29,765 3.28 % Creekside Corners Apartments 12/16/2021 22,437 4.56 % Jamestown at St. Matthews 12/16/2021 22,098 3.59 % Oxmoor Apartments 12/16/2021 34,591 3.59 % Creekstone at RTP 12/17/2021 20,779 3.88 % Fountains Southend 12/17/2021 19,884 4.31 % Talison Row at Daniel Island 12/17/2021 30,334 4.06 % $ 337,921 3.83 % Amount Weighted Average Interest Rate Mortgage payoffs in 2020 $ 32,117 4.07 % Mortgage payoffs in 2021 305,804 3.81 % $ 337,921 3.83 %

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Aggregate Amount and Estimated Net Fair Values of Our Derivative Instruments	The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2021 and 2020: As of December 31, 2021 As of December 31, 2020 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 $ — 6,463 $ 150,000 $ — $ 694 Interest rate collars 250,000 — 5,433 250,000 — 13,331 Forward interest rate swaps — 2,488 — — — 15,817 Total $ 400,000 $ 2,488 11,896 $ 400,000 $ — $ 29,842

Stockholder Equity and Noncon_2

Stockholder Equity and Noncontrolling Interest (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Dividends Declared	Our board of directors declared the following dividends in 2021: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2021 March 15, 2021 April 2, 2021 April 23, 2021 $ 0.12 Second quarter 2021 June 14, 2021 July 2, 2021 July 23, 2021 $ 0.12 Third quarter 2021 September 13, 2021 October 1, 2021 October 22, 2021 $ 0.12 Fourth quarter 2021 December 2, 2021 December 15, 2021 January 14, 2022 $ 0.10 Fourth quarter 2021 December 2, 2021 December 30, 2021 January 21, 2022 $ 0.02 Our board of directors declared the following dividends in 2020: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2020 March 16, 2020 April 2, 2020 April 24, 2020 $ 0.18 Second quarter 2020 June 15, 2020 July 2, 2020 July 24, 2020 $ 0.12 Third quarter 2020 September 15, 2020 October 2, 2020 October 23, 2020 $ 0.12 Fourth quarter 2020 December 14, 2020 December 30, 2020 January 22, 2021 $ 0.12 Our board of directors declared the following distributions on our operating partnership’s LP units during 2021: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Unit First quarter 2021 March 15, 2021 April 2, 2021 April 23, 2021 $ 0.12 Second quarter 2021 June 14, 2021 July 2, 2021 July 23, 2021 $ 0.12 Third quarter 2021 September 13, 2021 October 1, 2021 October 22, 2021 $ 0.12 Fourth quarter 2021 December 2, 2021 December 15, 2021 January 14, 2022 $ 0.10 Fourth quarter 2021 December 2, 2021 December 30, 2021 January 21, 2022 $ 0.02 Our board of directors declared the following distributions on our operating partnership’s LP units during 2020: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2020 March 16, 2020 April 2, 2020 April 24, 2020 $ 0.18 Second quarter 2020 June 15, 2020 July 2, 2020 July 24, 2020 $ 0.12 Third quarter 2020 September 15, 2020 October 2, 2020 October 23, 2020 $ 0.12 Fourth quarter 2020 December 14, 2020 December 30, 2020 January 22, 2021 $ 0.12

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Restricted Common Share Awards and RSU of Incentive Plan	The restricted shares and RSUs granted under the Incentive Plan generally vest over a two, 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 award and RSU activity is presented below. 2021 2020 2019 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, 406,849 $ 11.68 326,541 $ 9.54 303,819 $ 8.22 Granted 514,177 20.08 282,735 12.85 213,744 10.39 Vested (475,426 ) 18.82 (164,026 ) 9.32 (174,367 ) 9.27 Forfeited (40,612 ) 13.78 (38,401 ) 12.20 (16,655 ) 9.75 Balance, December 31, (1) 404,988 $ 13.75 406,849 $ 11.68 326,541 $ 9.54 (1) The outstanding award balance above included 135,366, 67,381, and 0 RSUs as of December 31, 2021, 2020, and 2019, respectively.
Summary of PSU Activity of the Incentive Plan	2021 2020 2019 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, 882,076 $ 8.21 717,677 $ 7.52 453,748 $ 7.04 Granted (1) 257,230 12.45 202,145 11.77 263,929 8.35 Change in awards based on performance (2) 145,911 7.04 75,488 7.12 — 0.00 Vested (340,310 ) 7.04 (113,234 ) 7.12 — 0.00 Balance, December 31, 944,907 $ 9.32 882,076 $ 8.21 717,677 $ 7.52 (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 (2) Represents the change in the numbers of PSUs earned based on performance achievement for the performance period.
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Assumptions Used in Computing the Fair Value	Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2021 2020 2019 Dividend yield 6.4% 6.1% 7.6% Volatility (a) 33.0% 22.0% 21.0% Expected term 2.8 years 2.8 years 2.8 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 25% to 45%.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019: For the Years Ended December 31, 2021 2020 2019 Net Income (loss) $ 45,529 $ 14,877 $ 46,354 (Income) loss allocated to non-controlling interests (940 ) (109 ) (458 ) Net Income (loss) allocable to common shares 44,589 14,768 45,896 Weighted-average shares outstanding—Basic 108,552,185 93,660,086 89,799,238 Dilutive securities 1,279,336 1,028,354 618,248 Weighted-average shares outstanding—Diluted 109,831,520 94,688,440 90,417,486 Earnings per share—Basic $ 0.41 $ 0.16 $ 0.51 Earnings per share—Diluted $ 0.41 $ 0.16 $ 0.51

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2021
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 2021 Total revenue $ 55,112 $ 57,444 $ 60,780 $ 76,916 Net income (loss) 1,093 3,407 11,564 29,465 Net income (loss) allocable to common shares 1,086 3,386 11,502 28,615 Total earnings per share—Basic (1) $ 0.01 $ 0.03 $ 0.11 $ 0.23 Total earnings per share—Diluted (1) $ 0.01 $ 0.03 $ 0.11 $ 0.23 2020 Total revenue $ 51,350 $ 52,268 $ 54,200 $ 54,088 Net income (loss) (374 ) 799 1,092 13,360 Net income (loss) allocable to common shares (372 ) 789 1,090 13,261 Total earnings per share—Basic (1) $ 0.00 $ 0.01 $ 0.01 $ 0.14 Total earnings per share—Diluted (1) $ 0.00 $ 0.01 $ 0.01 $ 0.14 (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, 2021Property
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of multifamily properties owned	123
Number of units located with multifamily properties	36,831

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021USD ($)JointVenture	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Significant Accounting Policies [Line Items]
Federal Deposit Insurance Corporation deposit insurance limit per institution	$ 250,000
Restricted cash	$ 29,699,000	$ 4,864,000
Acquisition of above-market in-place leases, amortization period	6 months
Amortization expense for intangible assets	$ 5,125,000	631,000	$ 1,599,000
Write-off of fully amortized intangible assets	1,549,000	1,171,000	1,846,000
Amortization expense for intangible assets expected for 2021	53,269,000
Depreciation expense	70,578,000	60,056,000	51,216,000
Write-off of fully depreciated fixed assets	4,607,000	3,921,000	940,000
Casualty losses	359,000	711,000	0
Investments in unconsolidated real estate entities	24,999,000
Income or losses from equity method investments	0	0
Investment in real estate under development	41,777,000	0
Provision for bad debts	2,862,000	1,842,000	1,142,000
Advertising expenses	2,511,000	2,338,000	2,350,000
Income tax expense	$ 0	$ 0	$ 0
Percentage of minimum taxable income distributable to stockholders	90.00%
Subsequent disqualification period if failed to qualify as REIT	4 years
Dividends characterized as capital gain distributions	100.00%	20.00%	69.00%
Dividends characterized as ordinary income percentage	0.00%	37.00%	16.00%
Dividends characterized as return of capital		43.00%	15.00%
Topic 842
Significant Accounting Policies [Line Items]
Right-of-use assets	$ 2,919,000	$ 2,649,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Lease liability	$ 3,255,000	$ 3,002,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities	Other liabilities
Total operating lease expense	$ 706,000	$ 616,000	$ 589,000
Natural Disasters and Other Insurable Events
Significant Accounting Policies [Line Items]
Rent revenue recognized	88,000	208,000	$ 156,000
COVID-19
Significant Accounting Policies [Line Items]
Provision for bad debts	$ 629,000	927,000
Richmond, VA and Nashville, TN
Significant Accounting Policies [Line Items]
Number of joint ventures | JointVenture	2
North Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue	17.02%
Georgia
Significant Accounting Policies [Line Items]
Percentage of rental revenue	10.52%
Texas
Significant Accounting Policies [Line Items]
Percentage of rental revenue	10.34%
Florida
Significant Accounting Policies [Line Items]
Percentage of rental revenue	10.08%
Tennessee
Significant Accounting Policies [Line Items]
Percentage of rental revenue	9.72%
Ohio
Significant Accounting Policies [Line Items]
Percentage of rental revenue	9.29%
Kentucky
Significant Accounting Policies [Line Items]
Percentage of rental revenue	9.08%
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	$ 58,806,000	$ 1,013,000
Minimum | Furniture, Fixtures and Equipment
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 | Furniture, Fixtures and Equipment
Significant Accounting Policies [Line Items]
Depreciable Lives	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Disaggregated Revenue by Source (Detail) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Rental revenue	[1]									$ 240,829	$ 203,512	$ 195,120
Other property revenue	[2]									8,663	7,655	7,500
Other revenue										760	739	603
Total revenue		$ 76,916	$ 60,780	$ 57,444	$ 55,112	$ 54,088	$ 54,200	$ 52,268	$ 51,350	$ 250,252	$ 211,906	$ 203,223
[1]	Amounts include all revenue streams derived from lease and non-lease components 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 FASB ASC Topic 606.

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Carrying Amount and Fair Value (Detail) - USD ($) $ in Thousands		Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents, Carrying Amount		$ 35,972		$ 8,751	$ 9,888
Restricted cash, Carrying Amount		29,699		4,864
Derivative assets, Carrying Amount		2,488
Cash and cash equivalents, Estimated Fair Value		35,972		8,751
Restricted cash, Estimated Fair Value		29,699		4,864
Derivative assets, Estimated Fair Value		2,488
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount		2,705,336		945,686
Derivative liabilities, carrying Amount		11,896		29,842
Derivative liabilities, Estimated Fair Value		11,896		29,842
Unsecured Revolver
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount		274,109	[1]	183,110
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value		274,109		184,802
Unsecured Term Loans
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount		497,951		298,759
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value		497,951		300,000
Secured Credit Facilities
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount	[2]	664,618
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value		668,352
Mortgages
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount		1,268,658		463,817
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value		$ 1,282,495		$ 479,929
[1]	The unsecured revolver total capacity is $500,000, of which $277,003 was outstanding as of December 31, 2021.
[2]	The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2021, respectively.

IRT and STAR Merger - Additiona

IRT and STAR Merger - Additional Information (Details) $ / shares in Units, $ in Thousands	Dec. 16, 2021ApartmentApartmentUnit$ / shares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2021USD ($)$ / shares	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)$ / shares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Jul. 27, 2021$ / shares
Business Acquisition [Line Items]
Common stock, par value | $ / shares	$ 0.01	$ 0.01	$ 0.01				$ 0.01				$ 0.01	$ 0.01		$ 0.01
Revenues			$ 76,916	$ 60,780	$ 57,444	$ 55,112	$ 54,088	$ 54,200	$ 52,268	$ 51,350	$ 250,252	$ 211,906	$ 203,223
Net income			$ 29,465	$ 11,564	$ 3,407	$ 1,093	$ 13,360	$ 1,092	$ 799	$ (374)	45,529	$ 14,877	$ 46,354
STAR
Business Acquisition [Line Items]
Common stock, par value | $ / shares	$ 0.01
Conversion of stock, exchange ratio	0.905
Percentage of equity ownership held	47.00%
Number of apartment communities acquired | Apartment	68
Number of units in apartment communities acquired | ApartmentUnit	21,394
Number of apartment communities acquired under development | Apartment	2
Number of units in apartment communities acquired upon completion | ApartmentUnit	621
Revenues		$ 15,589
Net income		$ 18,388
Merger and integration related expenses											$ 47,063
STAR | OP Units
Business Acquisition [Line Items]
Conversion of stock, exchange ratio	0.905
IRT
Business Acquisition [Line Items]
Percentage of equity ownership held	53.00%

IRT and STAR Merger - Summary o

IRT and STAR Merger - Summary of Purchase Price of STAR Merger (Details) - STAR $ / shares in Units, $ in Thousands	Dec. 16, 2021USD ($)$ / sharesshares
Business Acquisition [Line Items]
Shares of STAR common stock and STAR OP common units exchanged | shares	117,293,292
Exchange ratio	0.905
Shares of IRT common stock and IRT OP common units issued | shares	106,150,429
Closing stock price of IRT on December 15, 2021 | $ / shares	$ 24.45
Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units	$ 2,595,378
STAR indebtedness paid off in connection with the Mergers	288,530
Consideration transferred	2,883,908
Fair value of STAR debt assumed by IRT	1,793,614
Total purchase price	$ 4,677,522
Common Shares
Business Acquisition [Line Items]
Shares of STAR common stock and STAR OP common units exchanged | shares	110,188,893
Exchange ratio	0.905
Shares of IRT common stock and IRT OP common units issued | shares	99,720,948
Closing stock price of IRT on December 15, 2021 | $ / shares	$ 24.45
Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units	$ 2,438,177
OP Units
Business Acquisition [Line Items]
Shares of STAR common stock and STAR OP common units exchanged | shares	7,104,399
Exchange ratio	0.905
Shares of IRT common stock and IRT OP common units issued | shares	6,429,481
Closing stock price of IRT on December 15, 2021 | $ / shares	$ 24.45
Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units	$ 157,200

IRT and STAR Merger - Summary_2

IRT and STAR Merger - Summary of Purchase Price Allocation of Identifiable Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 16, 2021
Assets:
Total assets	$ 140,126
Liabilities:
Other liabilities	100
Total liabilities	895
Net assets acquired	$ 139,231
STAR
Assets:
Real estate held for investment		$ 4,547,608
Real estate held for development		38,949
Cash and cash equivalents		69,179
Restricted cash		33,228
Other assets		23,596
Derivative assets		90
Intangible assets		58,048
Total assets		4,770,698
Liabilities:
Indebtedness		1,793,614
Accounts payable and accrued liabilities		79,099
Accrued interest payable		3,113
Other liabilities		10,965
Total liabilities		1,886,791
Net assets acquired		$ 2,883,907

IRT and STAR Merger - Summary_3

IRT and STAR Merger - Summary of Unaudited Condensed Proforma Operating Information (Details) - STAR - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition Pro Forma Information [Line Items]
Revenue	$ 591,292	$ 540,516
Net income (loss)	103,932	(44,899)
Net (income) loss attributable to noncontrolling interests	(3,426)	1,480
Net income (loss) attributable to common stockholders	$ 100,506	$ (43,419)
Net income (loss) attributable to common stockholders per share - basic and diluted	$ 0.45	$ (0.22)

IRT and STAR Merger - Summary_4

IRT and STAR Merger - Summary of Unaudited Condensed Proforma Operating Information (Parenthetical) (Details)	Dec. 16, 2021Employee
STAR
Business Acquisition Pro Forma Information [Line Items]
Number of employees hired	485

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail)	Dec. 31, 2021Property
Real Estate Properties [Line Items]
Number of multifamily properties owned	123
Number of properties acquired (unaudited)	68
Number of units in real estate property acquired	21,394
Held-for-Sale
Real Estate Properties [Line Items]
Number of multifamily properties owned	4

Investments in Real Estate - Su

Investments in Real Estate - Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Land	$ 567,507	$ 251,365
Building	5,622,492	1,527,535
Furniture, fixtures and equipment	272,356	137,870
Total investments in real estate	6,462,355	1,916,770
Accumulated depreciation	(243,475)	(208,618)
Investments in real estate, net	$ 6,218,880	$ 1,708,152
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

Investments in Real Estate - _2

Investments in Real Estate - Summary of Held for Sale Property (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Property
Real Estate Properties [Line Items]
Real estate held for sale	$ 61,560
Units (unaudited) | Property	1,333
Sale Price	$ 158,050
Riverchase | Indianapolis, IN
Real Estate Properties [Line Items]
Real estate held for sale	$ 17,713
Units (unaudited) | Property	216
Sale Price	$ 31,000
Heritage Park | Oklahoma City, OK
Real Estate Properties [Line Items]
Real estate held for sale	$ 16,606
Units (unaudited) | Property	453
Sale Price	$ 48,500
Raindance | Oklahoma City, OK
Real Estate Properties [Line Items]
Real estate held for sale	$ 13,251
Units (unaudited) | Property	504
Sale Price	$ 47,500
Haverford Place | Kentucky
Real Estate Properties [Line Items]
Real estate held for sale	$ 13,990
Units (unaudited) | Property	160
Sale Price	$ 31,050

Investments in Real Estate - _3

Investments in Real Estate - Summary of Acquisitions (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)Property
Business Acquisition [Line Items]
Units (unaudited) | Property	594	672
Purchase Price | $	$ 139,916	$ 145,231
Solis City Park | Charlotte, NC
Business Acquisition [Line Items]
Date of Purchase	May 18, 2021
Units (unaudited) | Property	272
Purchase Price | $	$ 66,544
Cyan Craig Ranch | Texas
Business Acquisition [Line Items]
Date of Purchase	Jun. 8, 2021
Units (unaudited) | Property	322
Purchase Price | $	$ 73,372
Adley at Craig Ranch | Texas
Business Acquisition [Line Items]
Date of Purchase		Feb. 11, 2020
Units (unaudited) | Property		251
Purchase Price | $		$ 51,204
Legacy at Jones Farm | Huntsville, AL
Business Acquisition [Line Items]
Date of Purchase		Dec. 1, 2020
Units (unaudited) | Property		421
Purchase Price | $		$ 94,027

Investments in Real Estate - _4

Investments in Real Estate - Summary of Aggregate Fair Value of Assets and Liabilities (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Assets:
Investments in real estate	$ 139,336	[1]
Other assets	33
Intangible assets	757
Total assets	140,126
Liabilities:
Accounts payable and accrued expenses	795
Other liabilities	100
Total liabilities	895
Net assets acquired	$ 139,231
[1]	Includes $177 of property related acquisition costs capitalized during the year ended December 31, 2021.

Investments in Real Estate - _5

Investments in Real Estate - Summary of Aggregate Fair Value of Assets and Liabilities (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Business Combinations [Abstract]
Acquisition costs related to property	$ 177

Investments in Real Estate - _6

Investments in Real Estate - Summary of Disposition of Property's (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Sale Price		$ 179,600		$ 59,730	$ 154,500
Gain (impairment loss) on sale		$ 87,737	[1]	$ 7,843	$ 35,197	[2]
King's Landing
Real Estate Properties [Line Items]
Date of Sale		Jul. 28, 2021
Sale Price		$ 40,100
Gain (impairment loss) on sale	[1]	$ 11,566
Crestmont
Real Estate Properties [Line Items]
Date of Sale		Dec. 13, 2021
Sale Price		$ 48,500
Gain (impairment loss) on sale	[1]	$ 33,067
Creekside
Real Estate Properties [Line Items]
Date of Sale		Dec. 16, 2021
Sale Price		$ 91,000
Gain (impairment loss) on sale	[1]	$ 43,104
Trails At Signal Mountain
Real Estate Properties [Line Items]
Date of Sale				Oct. 27, 2020
Sale Price				$ 20,000
Gain (impairment loss) on sale				$ 6,237
Live Oak Trace
Real Estate Properties [Line Items]
Date of Sale	[3]			Nov. 10, 2020
Sale Price	[3]			$ 25,400
Gain (impairment loss) on sale	[3]			$ (1,931)
Lakeshore on the Hill
Real Estate Properties [Line Items]
Date of Sale				Nov. 23, 2020
Sale Price				$ 14,330
Gain (impairment loss) on sale				$ 3,537
Reserve At Eagle Ridge [Member]
Real Estate Properties [Line Items]
Date of Sale					Apr. 30, 2019
Sale Price					$ 42,000
Gain (impairment loss) on sale	[2]				$ 12,294
Little Rock, AR Portfolio [Member]
Real Estate Properties [Line Items]
Date of Sale					Jul. 18, 2019
Sale Price					$ 56,500
Gain (impairment loss) on sale	[2]				$ 2,220
Iron Rock [Member]
Real Estate Properties [Line Items]
Date of Sale					Dec. 17, 2019
Sale Price					$ 56,000
Gain (impairment loss) on sale	[2]				$ 20,683
[1]	The gain for these properties is net of $2,312 of defeasance costs and debt prepayment costs.
[2]	The gain for these properties is net of $7,417 of defeasance and debt prepayment costs
[3]	Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020

Investments in Real Estate - _7

Investments in Real Estate - Summary of Disposition of Property's (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2019
Real Estate Properties [Line Items]
Gain related to property includes defeasance costs		$ 2,312	$ 7,417
Live Oak Trace
Real Estate Properties [Line Items]
Impairment charge	$ 1,840

Indebtedness - Summary Informat

Indebtedness - Summary Information Concerning Indebtedness (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		May 09, 2019
Debt Instrument [Line Items]
Outstanding Principal		$ 2,650,743		$ 949,894
Unamortized Debt Issuance Costs		(16,993)		(4,208)
Loan (Discount)/Premiums		71,586
Carrying Amount		$ 2,705,336		$ 945,686
Weighted Average Rate		3.20%		2.70%
Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)		5 years 7 months 6 days		3 years 1 month 6 days
Unsecured Revolver
Debt Instrument [Line Items]
Outstanding Principal	[1]	$ 277,003
Unamortized Debt Issuance Costs	[1]	(2,894)
Carrying Amount		$ 274,109	[1]	$ 183,110
Type	[1]	Floating
Weighted Average Rate	[1]	1.50%
Unsecured Revolver | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	[1]	4 years 1 month 6 days
Unsecured Term Loans
Debt Instrument [Line Items]
Outstanding Principal		$ 500,000		300,000
Unamortized Debt Issuance Costs		(2,049)		(1,241)
Carrying Amount		$ 497,951		$ 298,759
Type		Floating		Floating
Weighted Average Rate		1.40%		1.50%
Unsecured Term Loans | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)		3 years 2 months 12 days		3 years 3 months 18 days
Secured Credit Facilities
Debt Instrument [Line Items]
Outstanding Principal	[2]	$ 635,128
Unamortized Debt Issuance Costs	[2]	(2,840)
Loan (Discount)/Premiums	[2]	32,330
Carrying Amount	[2]	$ 664,618
Type	[2]	Floating/Fixed
Weighted Average Rate	[2]	4.00%
Secured Credit Facilities | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	[2]	6 years 10 months 24 days
Unsecured Credit Facility
Debt Instrument [Line Items]
Outstanding Principal	[3]			$ 184,802
Unamortized Debt Issuance Costs				(1,692)	[3]	$ (1,129)
Carrying Amount	[3]			$ 183,110
Type	[3]			Floating
Weighted Average Rate	[3]			1.60%
Unsecured Credit Facility | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	[3]			2 years 4 months 24 days
Mortgages
Debt Instrument [Line Items]
Outstanding Principal		$ 1,238,612		$ 465,092
Unamortized Debt Issuance Costs		(9,210)		(1,275)
Loan (Discount)/Premiums		39,256
Carrying Amount		$ 1,268,658		$ 463,817
Type		Fixed		Fixed
Weighted Average Rate		3.90%		3.90%
Mortgages | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)		6 years 1 month 6 days		3 years 2 months 12 days
[1]	The unsecured revolver total capacity is $500,000, of which $277,003 was outstanding as of December 31, 2021.
[2]	The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2021, respectively.
[3]	The unsecured credit facility total capacity was $350,000, of which $184,802 was outstanding as of December 31, 2020.

Indebtedness - Summary Inform_2

Indebtedness - Summary Information Concerning Indebtedness (Parenthetical) (Detail) - USD ($)		Dec. 31, 2021	Dec. 13, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Credit facility borrowing capacity			$ 1,000,000,000
Outstanding Principal		$ 2,650,743,000		$ 949,894,000
Unsecured Revolver
Debt Instrument [Line Items]
Credit facility borrowing capacity		500,000,000
Outstanding Principal	[1]	277,003,000
Secured Credit Facilities
Debt Instrument [Line Items]
Outstanding Principal	[2]	635,128,000
Secured Credit Facilities | PNC MCFA
Debt Instrument [Line Items]
Outstanding Principal		76,248,000
Secured Credit Facilities | Newmark MCFA
Debt Instrument [Line Items]
Outstanding Principal		$ 558,880,000
Unsecured Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity				350,000,000
Outstanding Principal	[3]			$ 184,802,000
[1]	The unsecured revolver total capacity is $500,000, of which $277,003 was outstanding as of December 31, 2021.
[2]	The secured credit facilities include the PNC secured credit facility (“PNC MCFA”) and Newmark secured credit facility (“Newmark MCFA”) assumed in the STAR Merger, of which $76,248 and $558,880 was outstanding as of December 31, 2021, respectively.
[3]	The unsecured credit facility total capacity was $350,000, of which $184,802 was outstanding as of December 31, 2020.

Indebtedness - Maturity of Inde

Indebtedness - Maturity of Indebtedness (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2022	$ 9,038
2023	10,998
2024	408,082
2025	172,514
2026	619,162
Thereafter	1,430,949
Unsecured Credit Facility
Debt Instrument [Line Items]
2026	277,003
Unsecured Term Loans
Debt Instrument [Line Items]
2024	300,000
2026	200,000
Secured Credit Facilities
Debt Instrument [Line Items]
2025	3,525	[1]
2026	10,493	[1]
Thereafter	621,110	[1]
Mortgages
Debt Instrument [Line Items]
2022	9,038
2023	10,998
2024	108,082
2025	168,989
2026	131,666
Thereafter	$ 809,839
[1]	Includes the PNC MCFA and Newmark MCFA assumed in the STAR Merger.

Indebtedness - Additional Infor

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

Dec. 16, 2021

Dec. 14, 2021

Dec. 13, 2021

Oct. 30, 2018

Nov. 20, 2017

Feb. 28, 2019

Dec. 31, 2021

Dec. 31, 2021

May 18, 2021

Dec. 31, 2020

Nov. 30, 2019

May 09, 2019

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 1,000,000,000

Deferred financing costs

$ 16,993,000

$ 16,993,000

$ 4,208,000

Loss on extinguishment of debt

10,261,000

10,261,000

Maximum

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 1,500,000,000

Unsecured Credit Facility

Debt Instrument [Line Items]

Credit facility, revolving line of credit

1,000,000,000

$ 550,000,000

$ 350,000,000

Credit facility borrowing capacity

350,000,000

Deferred financing costs

1,692,000

[1]

$ 1,129,000

Unsecured Revolver

Debt Instrument [Line Items]

Credit facility, revolving line of credit

$ 500,000,000

350,000,000

Credit facility borrowing capacity

$ 350,000,000

Maturity date

May 9, 2023

Debt interest rate

1.25%

Deferred financing costs

$ 1,886,000

Unsecured Revolver | Minimum | LIBOR Rate

Debt Instrument [Line Items]

Debt interest rate

1.25%

Unsecured Revolver | Minimum | Base Rate

Debt Instrument [Line Items]

Debt interest rate

2.50%

Unsecured Revolver | Maximum

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 500,000,000

Maturity date

Jan. 31, 2026

Unsecured Revolver | Maximum | LIBOR Rate

Debt Instrument [Line Items]

Debt interest rate

2.00%

Unsecured Revolver | Maximum | Base Rate

Debt Instrument [Line Items]

Debt interest rate

1.00%

Senior Term Loan Facility

Debt Instrument [Line Items]

Credit facility, revolving line of credit

$ 200,000,000

Term Loan

Debt Instrument [Line Items]

Credit facility, revolving line of credit

200,000,000

Unsecured Term Loans

Debt Instrument [Line Items]

Credit facility, revolving line of credit

$ 100,000,000

Credit facility borrowing capacity

$ 200,000,000

Maturity date

Jan. 17, 2024

Debt interest rate

1.20%

Deferred financing costs

2,049,000

2,049,000

$ 1,241,000

Proceeds from credit facility

$ 150,000,000

$ 50,000,000

Deferred financing costs

$ 821,000

Unsecured Term Loans | Minimum | LIBOR Rate

Debt Instrument [Line Items]

Debt interest rate

1.20%

1.20%

Unsecured Term Loans | Minimum | Base Rate

Debt Instrument [Line Items]

Debt interest rate

0.20%

Unsecured Term Loans | Maximum | LIBOR Rate

Debt Instrument [Line Items]

Debt interest rate

1.90%

1.90%

Unsecured Term Loans | Maximum | Base Rate

Debt Instrument [Line Items]

Debt interest rate

0.90%

New Unsecured Term Loan Facility

Debt Instrument [Line Items]

Credit facility, revolving line of credit

200,000,000

Deferred financing costs

$ 1,200,000

Unsecured Term Loan

Debt Instrument [Line Items]

Credit facility borrowing capacity

$ 100,000,000

Maturity date

Nov. 20, 2024

Deferred financing costs

$ 917,000

$ 257,000

Unsecured Term Loan | Minimum | LIBOR Rate

Debt Instrument [Line Items]

Debt interest rate

1.20%

Unsecured Term Loan | Maximum | LIBOR Rate

Debt Instrument [Line Items]

Debt interest rate

1.90%

PNC MCFA

Debt Instrument [Line Items]

Maturity date

Jul. 1, 2030

Aggregate principal amount

$ 79,170,000

Debt interest rate

2.82%

Outstanding principal balance

$ 76,248,000

$ 76,248,000

Newmark MCFA | Tranche One

Debt Instrument [Line Items]

Maturity date

Aug. 1, 2028

Newmark MCFA | Tranche Two

Debt Instrument [Line Items]

Maturity date

Aug. 1, 2028

Newmark MCFA | Tranche Three

Debt Instrument [Line Items]

Maturity date

Aug. 1, 2028

Newmark MCFA | Tranche Four

Debt Instrument [Line Items]

Maturity date

Mar. 1, 2030

Newmark MCFA | Fixed Interest Rate | Tranche One

Debt Instrument [Line Items]

Debt interest rate

4.43%

Aggregate principal amount

$ 331,001,000

Newmark MCFA | Fixed Interest Rate | Tranche Two

Debt Instrument [Line Items]

Debt interest rate

4.57%

Aggregate principal amount

$ 137,917,000

Newmark MCFA | Fixed Interest Rate | Tranche Four

Debt Instrument [Line Items]

Debt interest rate

3.34%

Aggregate principal amount

$ 40,468,000

Newmark MCFA | 1-month LIBOR Rate | Tranche Three

Debt Instrument [Line Items]

Debt interest rate

1.70%

Aggregate principal amount

$ 49,493,000

[1]

The unsecured credit facility total capacity was $350,000, of which $184,802 was outstanding as of December 31, 2020.

Indebtedness - Summary of Mortg

Indebtedness - Summary of Mortgage Payoffs (Details) - Mortgages $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Amount	$ 337,921
Weighted Average Interest Rate	3.83%
Mortgage Payoffs in 2020
Debt Instrument [Line Items]
Amount	$ 32,117
Weighted Average Interest Rate	4.07%
Mortgage Payoffs in 2021
Debt Instrument [Line Items]
Amount	$ 305,804
Weighted Average Interest Rate	3.81%
Millenia 700
Debt Instrument [Line Items]
Date	Jul. 9, 2020
Amount	$ 32,117
Weighted Average Interest Rate	4.07%
Crestmont
Debt Instrument [Line Items]
Date	Mar. 1, 2021
Amount	$ 5,975
Weighted Average Interest Rate	5.70%
Brier Creek
Debt Instrument [Line Items]
Date	Apr. 5, 2021
Amount	$ 13,629
Weighted Average Interest Rate	4.20%
Walnut Hill
Debt Instrument [Line Items]
Date	Jul. 1, 2021
Amount	$ 18,650
Weighted Average Interest Rate	3.42%
King's Landing
Debt Instrument [Line Items]
Date	Jul. 28, 2021
Amount	$ 19,618
Weighted Average Interest Rate	3.96%
Lenoxplace
Debt Instrument [Line Items]
Date	Jul. 30, 2021
Amount	$ 15,991
Weighted Average Interest Rate	3.73%
Stonebridge Crossing
Debt Instrument [Line Items]
Date	Oct. 1, 2021
Amount	$ 19,370
Weighted Average Interest Rate	3.41%
Aston
Debt Instrument [Line Items]
Date	Nov. 30, 2021
Amount	$ 24,141
Weighted Average Interest Rate	3.40%
Runaway Bay Apartments
Debt Instrument [Line Items]
Date	Nov. 30, 2021
Amount	$ 8,542
Weighted Average Interest Rate	3.59%
Avenues At Craig Ranch
Debt Instrument [Line Items]
Date	Nov. 30, 2021
Amount	$ 29,765
Weighted Average Interest Rate	3.28%
Creekside Corners
Debt Instrument [Line Items]
Date	Dec. 16, 2021
Amount	$ 22,437
Weighted Average Interest Rate	4.56%
Jamestown at St. Matthews
Debt Instrument [Line Items]
Date	Dec. 16, 2021
Amount	$ 22,098
Weighted Average Interest Rate	3.59%
Oxmoor Apartments
Debt Instrument [Line Items]
Date	Dec. 16, 2021
Amount	$ 34,591
Weighted Average Interest Rate	3.59%
Creekstone at RTP
Debt Instrument [Line Items]
Date	Dec. 17, 2021
Amount	$ 20,779
Weighted Average Interest Rate	3.88%
Fountains Southend
Debt Instrument [Line Items]
Date	Dec. 17, 2021
Amount	$ 19,884
Weighted Average Interest Rate	4.31%
Talison Row at Daniel Island
Debt Instrument [Line Items]
Date	Dec. 17, 2021
Amount	$ 30,334
Weighted Average Interest Rate	4.06%

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Aggregate Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - Cash Flow Hedge - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Mar. 02, 2020	May 09, 2019	Nov. 30, 2018	Oct. 17, 2018	Nov. 17, 2017	Jun. 24, 2016
Derivative Instruments Gain Loss [Line Items]
Notional	$ 400,000,000	$ 400,000,000
Fair Value of Assets	2,488,000
Fair Value of Liabilities	11,896,000	29,842,000
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Notional	150,000,000	150,000,000		$ 150,000,000				$ 150,000,000
Fair Value of Liabilities	6,463,000	694,000
Interest Rate Collar
Derivative Instruments Gain Loss [Line Items]
Notional	250,000,000	250,000,000			$ 150,000,000	$ 100,000,000	$ 100,000,000
Fair Value of Liabilities	5,433,000	13,331,000
Forward Interest Rate Swaps
Derivative Instruments Gain Loss [Line Items]
Notional			$ 150,000,000
Fair Value of Assets	$ 2,488,000
Fair Value of Liabilities		$ 15,817,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Mar. 02, 2020	May 09, 2019	Oct. 17, 2018	Nov. 17, 2017	Jun. 24, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2018	Jan. 04, 2018	Apr. 17, 2017
Derivative Instruments Gain Loss [Line Items]
Realized gains (losses) on interest rate hedges reclassified to earnings						$ 8,136,000	$ (5,352,000)	$ 1,139,000
Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative Notional Amount						400,000,000	400,000,000
Derivative Forward Interest Rate	0.985%	2.176%
Derivative, strike rate for the interest rate swap contract					1.145%						1.1325%
Cash Flow Hedge | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative Notional Amount		$ 150,000,000			$ 150,000,000	150,000,000	150,000,000
Derivative Effective Date		Jun. 17, 2021
Derivative Maturity Dates		Jun. 17, 2026			Jun. 17, 2021
Cash Flow Hedge | Interest Rate Collar
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 Dates			Jan. 17, 2024	Nov. 17, 2024
Interest rate cap strike rate			2.50%	2.00%
Floor interest rate			2.25%	1.25%
Cash Flow Hedge | Interest Rate Collar | Designated
Derivative Instruments Gain Loss [Line Items]
Derivative Notional Amount				$ 50,000,000
Cash Flow Hedge | Forward Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative Notional Amount	$ 150,000,000
Derivative Effective Date	May 17, 2022
Derivative Maturity Dates	May 17, 2027
Cash Flow Hedge | Interest Rate Swaps and Collars
Derivative Instruments Gain Loss [Line Items]
Losses expected to be reclassified out of accumulated other comprehensive income (loss) to earnings in future						$ 7,700,000
Estimated time for reclassification out of accumulated other comprehensive income (loss) to earnings						12 months
Cash Flow Hedge | Interest Rate Collar
Derivative Instruments Gain Loss [Line Items]
Derivative Notional Amount				$ 50,000,000
Cash Flow Hedge | Interest Rate Collar | Designated
Derivative Instruments Gain Loss [Line Items]
Derivative Notional Amount										$ 50,000,000

Stockholder Equity and Noncon_3

Stockholder Equity and Noncontrolling Interest - Additional Information (Detail)	Dec. 14, 2021USD ($)shares	Nov. 01, 2021shares	Jul. 27, 2021$ / sharesshares	Jun. 29, 2021USD ($)shares	Dec. 27, 2020USD ($)shares	Feb. 20, 2020Agreement$ / sharesshares	Dec. 31, 2020$ / sharesshares	Mar. 31, 2020USD ($)shares	Jun. 30, 2021shares	Dec. 31, 2021USD ($)Agreement$ / sharesshares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019shares	Dec. 16, 2021$ / shares	Jul. 26, 2021shares	Nov. 13, 2020USD ($)	May 31, 2016shares
Class Of Stock [Line Items]
At-the-market agreement to sell common shares, maximum offer price | $															$ 150,000,000
Common stock, par value | $ / shares			$ 0.01				$ 0.01			$ 0.01	$ 0.01		$ 0.01
Common stock, shares authorized			500,000,000				500,000,000			500,000,000	500,000,000			300,000,000		4,300,000
Preferred stock, par value | $ / shares			$ 0.01				$ 0.01			$ 0.01	$ 0.01
Preferred stock, shares authorized			50,000,000				50,000,000			50,000,000	50,000,000
Number of IROP unites exchanged										122,154	196,974
OP Units outstanding							674,517			6,981,841	674,517
Common Shares
Class Of Stock [Line Items]
Common stock issued										118,659,635	10,350,000	1,717,291
Conversion of noncontrolling interest to common shares (in Shares)										122,154	196,974	9,616
Steadfast Apartment REIT, Inc.
Class Of Stock [Line Items]
Stock issued in connection with merger										6,429,481
Forward Sale Agreement
Class Of Stock [Line Items]
Common stock issued										16,100,000
Number of agreements | Agreement										2
Number of shares issued	16,100,000
Net proceeds | $	$ 271,820,000
ATM Program
Class Of Stock [Line Items]
Expected settlement date of forward sales transaction		Dec. 15, 2022
ATM Program | Forward Contracts
Class Of Stock [Line Items]
Share price | $ / shares										$ 23.78
Number of shares issued		1,000,000		2,932,000			2,932,000		2,932,000
Net proceeds | $				$ 41,671,000						$ 23,780,000
2020 Forward Sale Agreement
Class Of Stock [Line Items]
Common stock issued						10,350,000
Number of agreements | Agreement						2
Number of shares issued								3,406,000
Settlement value of shares | $					$ 98,775,000			$ 50,000
Settlement of remaining shares					6,944,000
Underwriting Agreement | BMO Capital Markets and Bank of Montreal
Class Of Stock [Line Items]
Common stock issued			16,100,000
Share price | $ / shares			$ 17.04
Underwriters’ option to purchase additional shares			2,100,000
2020 Underwriting Agreement | BMO Capital Markets and Bank of Montreal
Class Of Stock [Line Items]
Common stock issued						10,350,000
Share price | $ / shares						$ 14.688
Underwriters’ option to purchase additional shares						1,350,000

Stockholder Equity and Noncon_4

Stockholder Equity and Noncontrolling Interest - Dividends Declared (Detail) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends Payable [Line Items]
Dividend Declared Per Share									$ 0.48	$ 0.54	$ 0.72
Dividend Declared
Dividends Payable [Line Items]
Declaration Date		Sep. 13, 2021	Jun. 14, 2021	Mar. 15, 2021	Dec. 14, 2020	Sep. 15, 2020	Jun. 15, 2020	Mar. 16, 2020
Record Date		Oct. 1, 2021	Jul. 2, 2021	Apr. 2, 2021	Dec. 30, 2020	Oct. 2, 2020	Jul. 2, 2020	Apr. 2, 2020
Payment Date		Oct. 22, 2021	Jul. 23, 2021	Apr. 23, 2021	Jan. 22, 2021	Oct. 23, 2020	Jul. 24, 2020	Apr. 24, 2020
Dividend Declared Per Share		$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.18
Dividend Declared | Noncontrolling Interests
Dividends Payable [Line Items]
Declaration Date		Sep. 13, 2021	Jun. 14, 2021	Mar. 15, 2021	Dec. 14, 2020	Sep. 15, 2020	Jun. 15, 2020	Mar. 16, 2020
Record Date		Oct. 1, 2021	Jul. 2, 2021	Apr. 2, 2021	Dec. 30, 2020	Oct. 2, 2020	Jul. 2, 2020	Apr. 2, 2020
Payment Date		Oct. 22, 2021	Jul. 23, 2021	Apr. 23, 2021	Jan. 22, 2021	Oct. 23, 2020	Jul. 24, 2020	Apr. 24, 2020
Dividend Declared Per Share		$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.18
Dividend Declared One
Dividends Payable [Line Items]
Declaration Date	Dec. 2, 2021
Record Date	Dec. 15, 2021
Payment Date	Jan. 14, 2022
Dividend Declared Per Share	$ 0.10
Dividend Declared One | Noncontrolling Interests
Dividends Payable [Line Items]
Declaration Date	Dec. 2, 2021
Record Date	Dec. 15, 2021
Payment Date	Jan. 14, 2022
Dividend Declared Per Share	$ 0.10
Dividend Declared Two
Dividends Payable [Line Items]
Declaration Date	Dec. 2, 2021
Record Date	Dec. 30, 2021
Payment Date	Jan. 21, 2022
Dividend Declared Per Share	$ 0.02
Dividend Declared Two | Noncontrolling Interests
Dividends Payable [Line Items]
Declaration Date	Dec. 2, 2021
Record Date	Dec. 30, 2021
Payment Date	Jan. 21, 2022
Dividend Declared Per Share	$ 0.02

Equity Compensation Plans - Add

Equity Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2022	May 31, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 27, 2021	Jul. 26, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized		4,300,000	500,000,000	500,000,000		500,000,000	300,000,000
Expiration date of Incentive Plan			May 12, 2026
Stock compensation expense			$ 7,346	$ 5,635	$ 3,166
PSU vesting percentage upon satisfaction of performance criteria			50.00%
PSU vesting percentage subject to continues service			50.00%
Restricted Stock and RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares awarded			514,177	282,735	213,744
Weighted average fair value, granted			$ 20.08	$ 12.85	$ 10.39
Unearned compensation cost			$ 2,284
Weighted average recognition period			1 year 9 months 18 days
Estimated fair value of restricted common share awards vested			$ 7,208	$ 2,076	$ 1,836
Restricted Stock and RSUs | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares awarded	202,100
Weighted average fair value, granted	$ 23.55
Grant date fair value	$ 4,759
Market Performance Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of total shareholders return			70.00%
Subjective Performance Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of individual criteria			30.00%
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation expense			$ 2,181
Shares awarded			257,230	202,145	263,929
Weighted average fair value, granted			$ 12.45	$ 11.77	$ 8.35
Weighted average recognition period			2 years 4 months 24 days
Estimated fair value			$ 4,750	$ 1,862	$ 0
Minimum | Restricted Stock and RSUs | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period	2 years
Maximum | Restricted Stock and RSUs | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period	4 years
Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards performance period			3 years
Long Term Incentive Plan | Minimum | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period		2 years
Long Term Incentive Plan | Minimum | RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period		3 years
Long Term Incentive Plan | Maximum | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period		4 years
Long Term Incentive Plan | Maximum | RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period		4 years
Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation expense			$ 2,112	$ 1,667

Equity Compensation Plans - Sum

Equity Compensation Plans - Summary of Restricted Common Share Awards and RSU of Incentive Plan (Detail) - Restricted Stock and RSUs - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Number of Shares, beginning balance	406,849	326,541	303,819
Common Share awards, granted	514,177	282,735	213,744
Common Share awards, vested	(475,426)	(164,026)	(174,367)
Common Share awards, forfeited	(40,612)	(38,401)	(16,655)
Number of Shares, ending balance	404,988	406,849	326,541
Weighted Average Grant Date Fair Value Per Share
Weighted average fair value, Balance at beginning of period	$ 11.68	$ 9.54	$ 8.22
Weighted average fair value, granted	20.08	12.85	10.39
Weighted average fair value, vested	18.82	9.32	9.27
Weighted average fair value, forfeited	13.78	12.20	9.75
Weighted average fair value, Balance at end of period	$ 13.75	$ 11.68	$ 9.54

Equity Compensation Plans - S_2

Equity Compensation Plans - Summary of Restricted Common Share Awards and RSU of Incentive Plan (Parenthetical) (Detail) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, outstanding	135,366	67,381	0

Equity Compensation Plans - S_3

Equity Compensation Plans - Summary of PSU Activity of the Incentive Plan (Detail) - Performance Share Units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Number of Shares, beginning balance	882,076	717,677	453,748
Granted	257,230	202,145	263,929
Change in awards based on performance	145,911	75,488
Vested	(340,310)	(113,234)
Number of Shares, ending balance	944,907	882,076	717,677
Weighted Average Grant Date Fair Value Per Share
Weighted average fair value, Balance at beginning of period	$ 8.21	$ 7.52	$ 7.04
Granted	12.45	11.77	8.35
Change in awards based on performance	7.04	7.12	0
Vested	7.04	7.12	0
Weighted average fair value, Balance at end of period	$ 9.32	$ 8.21	$ 7.52

Equity Compensation Plans - S_4

Equity Compensation Plans - Summary of PSU Activity of the Incentive Plan (Parenthetical) (Detail) - Performance Share Units	12 Months Ended
	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted based on target award performance period	3 years
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%

Equity Compensation Plans - S_5

Equity Compensation Plans - Summary of Assumptions Used in Computing fair value of the PSUs (Detail) - Performance Share Units	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	6.40%	6.10%	7.60%
Volatility	33.00%	22.00%	21.00%
Expected term	2 years 9 months 18 days	2 years 9 months 18 days	2 years 9 months 18 days

Equity Compensation Plans - S_6

Equity Compensation Plans - Summary of Assumptions Used in Computing fair value of the PSUs (Parenthetical) (Detail) - Performance Share Units	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	33.00%	22.00%	21.00%
Minimum | Peer Group and NAREIT
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	25.00%
Maximum | Peer Group and NAREIT
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	45.00%

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2021		Sep. 30, 2021		Jun. 30, 2021		Mar. 31, 2021		Dec. 31, 2020		Sep. 30, 2020		Jun. 30, 2020		Mar. 31, 2020		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 29,465		$ 11,564		$ 3,407		$ 1,093		$ 13,360		$ 1,092		$ 799		$ (374)		$ 45,529	$ 14,877	$ 46,354
(Income) loss allocated to non-controlling interests																	(940)	(109)	(458)
Net income allocable to common shares	$ 28,615		$ 11,502		$ 3,386		$ 1,086		$ 13,261		$ 1,090		$ 789		$ (372)		$ 44,589	$ 14,768	$ 45,896
Weighted-average shares outstanding—Basic																	108,552,185	93,660,086	89,799,238
Dilutive securities																	1,279,336	1,028,354	618,248
Weighted-average shares outstanding—Diluted																	109,831,520	94,688,440	90,417,486
Earnings per share—Basic	$ 0.23	[1]	$ 0.11	[1]	$ 0.03	[1]	$ 0.01	[1]	$ 0.14	[1]	$ 0.01	[1]	$ 0.01	[1]	$ 0	[1]	$ 0.41	$ 0.16	$ 0.51
Earnings per share—Diluted	$ 0.23	[1]	$ 0.11	[1]	$ 0.03	[1]	$ 0.01	[1]	$ 0.14	[1]	$ 0.01	[1]	$ 0.01	[1]	$ 0	[1]	$ 0.41	$ 0.16	$ 0.51
[1]	The summation of quarterly per share amounts may not equal the full year amounts due to rounding.

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	8,005,013	1,574,517	871,491

Quarterly Financial Data (Detai

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2021		Sep. 30, 2021		Jun. 30, 2021		Mar. 31, 2021		Dec. 31, 2020		Sep. 30, 2020		Jun. 30, 2020		Mar. 31, 2020		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues	$ 76,916		$ 60,780		$ 57,444		$ 55,112		$ 54,088		$ 54,200		$ 52,268		$ 51,350		$ 250,252	$ 211,906	$ 203,223
Net income (loss)	29,465		11,564		3,407		1,093		13,360		1,092		799		(374)		45,529	14,877	46,354
Net income (loss) allocable to common shares	$ 28,615		$ 11,502		$ 3,386		$ 1,086		$ 13,261		$ 1,090		$ 789		$ (372)		$ 44,589	$ 14,768	$ 45,896
Total earnings per share—Basic	$ 0.23	[1]	$ 0.11	[1]	$ 0.03	[1]	$ 0.01	[1]	$ 0.14	[1]	$ 0.01	[1]	$ 0.01	[1]	$ 0	[1]	$ 0.41	$ 0.16	$ 0.51
Total earnings per share—Diluted	$ 0.23	[1]	$ 0.11	[1]	$ 0.03	[1]	$ 0.01	[1]	$ 0.14	[1]	$ 0.01	[1]	$ 0.01	[1]	$ 0	[1]	$ 0.41	$ 0.16	$ 0.51
[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, 2021Segment
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, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Estimated annual minimum rent due in next year	$ 595
Estimated annual minimum rent due in two years	460
Estimated annual minimum rent due in three years	467
Estimated annual minimum rent due in four years	473
Estimated annual minimum rent due in five years	480
Estimated annual minimum rent due thereafter	$ 2,152

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2021USD ($)Property		Dec. 31, 2020USD ($)		Dec. 31, 2019USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property		123
Balance, beginning of period		$ 1,916,770	[1]	$ 1,796,365		$ 1,745,640
Additions during period:
Acquisitions		4,686,943	[1]	145,340		127,908
Improvements to land and building		43,035	[1]	35,783		45,623
Deductions during period:
Dispositions of real estate		(106,916)	[1]	(56,797)		(121,865)
Asset write-offs		(5,269)	[1]	(3,921)		(941)
Balance, end of period		6,534,563	[1]	1,916,770	[1]	1,796,365
Balance, beginning of period		208,618	[1]	158,435		120,202
Depreciation expense		70,156	[1]	59,717		50,955
Dispositions of real estate		(19,382)	[1]	(5,613)		(11,781)
Asset write-off		(5,269)	[1]	(3,921)		(941)
Balance, end of period		$ 254,123	[1]	$ 208,618	[1]	$ 158,435
Investment in Real Estate
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	123
Initial Cost, Land	[2]	$ 579,354
Initial Cost, Building	[2]	5,672,114
Cost of Improvements, Building	[2]	281,818
Gross Carrying Amount, Land	[2]	580,631
Accumulated Depreciation- Building	[2]	$ (254,123)
Investment in Real Estate | Asheville, NC
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	1
Initial Cost, Land	[2]	$ 2,750
Initial Cost, Building	[2]	25,225
Cost of Improvements, Building	[2]	1,094
Gross Carrying Amount, Land	[2]	2,750
Accumulated Depreciation- Building	[2]	$ (4,390)
Year(s) of Acquisition	[2]	2015
Investment in Real Estate | Atlanta, GA
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	13
Initial Cost, Land	[2],[3]	$ 102,866
Initial Cost, Building	[2],[3]	903,813
Cost of Improvements, Building	[2],[3]	40,931
Gross Carrying Amount, Land	[2],[3]	102,866
Accumulated Depreciation- Building	[2],[3]	$ (26,893)
Investment in Real Estate | Atlanta, GA | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2015
Investment in Real Estate | Atlanta, GA | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Austin, TX
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	1
Initial Cost, Land	[2]	$ 3,857
Initial Cost, Building	[2]	48,719
Cost of Improvements, Building	[2]	1,760
Gross Carrying Amount, Land	[2]	3,857
Accumulated Depreciation- Building	[2]	$ (58)
Year(s) of Acquisition	[2]	2021
Investment in Real Estate | Birmingham, AL
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	2
Initial Cost, Land	[2],[3]	$ 10,682
Initial Cost, Building	[2],[3]	213,996
Cost of Improvements, Building	[2],[3]	6,266
Gross Carrying Amount, Land	[2],[3]	10,682
Accumulated Depreciation- Building	[2],[3]	$ (249)
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Charleston, SC
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	2
Initial Cost, Land	[2]	$ 9,260
Initial Cost, Building	[2]	69,104
Cost of Improvements, Building	[2]	2,384
Gross Carrying Amount, Land	[2]	9,260
Accumulated Depreciation- Building	[2]	$ (11,906)
Year(s) of Acquisition	[2]	2015
Investment in Real Estate | Charlotte, NC
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	2
Initial Cost, Land	[2]	$ 8,963
Initial Cost, Building	[2]	99,107
Cost of Improvements, Building	[2]	849
Gross Carrying Amount, Land	[2]	8,963
Accumulated Depreciation- Building	[2]	$ (7,042)
Investment in Real Estate | Charlotte, NC | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2]	2015
Investment in Real Estate | Charlotte, NC | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2]	2020
Investment in Real Estate | Chattanooga, TN
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	1
Initial Cost, Land	[2],[3]	$ 3,683
Initial Cost, Building	[2],[3]	32,370
Cost of Improvements, Building	[2],[3]	715
Gross Carrying Amount, Land	[2],[3]	3,683
Accumulated Depreciation- Building	[2],[3]	$ (37)
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	1
Initial Cost, Land	[2],[3]	$ 5,587
Initial Cost, Building	[2],[3]	82,485
Cost of Improvements, Building	[2],[3]	1,683
Gross Carrying Amount, Land	[2],[3]	5,587
Accumulated Depreciation- Building	[2],[3]	$ (93)
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Cincinnati, KY
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	1
Initial Cost, Land	[2]	$ 2,469
Initial Cost, Building	[2]	37,873
Cost of Improvements, Building	[2]	1,091
Gross Carrying Amount, Land	[2]	2,469
Accumulated Depreciation- Building	[2]	$ (44)
Year(s) of Acquisition	[2]	2021
Investment in Real Estate | Cincinnati, OH
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	1
Initial Cost, Land	[2]	$ 4,470
Initial Cost, Building	[2]	74,064
Cost of Improvements, Building	[2]	1,384
Gross Carrying Amount, Land	[2]	4,470
Accumulated Depreciation- Building	[2]	$ (83)
Year(s) of Acquisition	[2]	2021
Investment in Real Estate | Columbus, OH
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	10
Initial Cost, Land	[2],[3]	$ 28,870
Initial Cost, Building	[2],[3]	308,917
Cost of Improvements, Building	[2],[3]	20,851
Gross Carrying Amount, Land	[2],[3]	28,870
Accumulated Depreciation- Building	[2],[3]	$ (19,399)
Investment in Real Estate | Columbus, OH | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2014
Investment in Real Estate | Columbus, OH | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Dallas, TX
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	14
Initial Cost, Land	[2],[3]	$ 68,829
Initial Cost, Building	[2],[3]	749,578
Cost of Improvements, Building	[2],[3]	23,128
Gross Carrying Amount, Land	[2],[3]	68,829
Accumulated Depreciation- Building	[2],[3]	$ (16,819)
Investment in Real Estate | Dallas, TX | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2015
Investment in Real Estate | Dallas, TX | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Denver, CO
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	9
Initial Cost, Land	[2],[3]	$ 45,373
Initial Cost, Building	[2],[3]	537,301
Cost of Improvements, Building	[2],[3]	18,448
Gross Carrying Amount, Land	[2],[3]	45,373
Accumulated Depreciation- Building	[2],[3]	$ (636)
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Fort Wayne, IN
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	1
Initial Cost, Land	[2],[3]	$ 2,590
Initial Cost, Building	[2],[3]	39,542
Cost of Improvements, Building	[2],[3]	1,771
Gross Carrying Amount, Land	[2],[3]	2,590
Accumulated Depreciation- Building	[2],[3]	$ (49)
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Greenville, SC
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	1
Initial Cost, Land	[2]	$ 7,330
Initial Cost, Building	[2]	111,833
Cost of Improvements, Building	[2]	3,394
Gross Carrying Amount, Land	[2]	7,330
Accumulated Depreciation- Building	[2]	$ (137)
Year(s) of Acquisition	[2]	2021
Investment in Real Estate | Houston, TX
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	7
Initial Cost, Land	[2],[3]	$ 29,049
Initial Cost, Building	[2],[3]	284,339
Cost of Improvements, Building	[2],[3]	6,543
Gross Carrying Amount, Land	[2],[3]	29,049
Accumulated Depreciation- Building	[2],[3]	$ (324)
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Huntsville, AL
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	3
Initial Cost, Land	[2]	$ 20,794
Initial Cost, Building	[2]	166,020
Cost of Improvements, Building	[2]	2,902
Gross Carrying Amount, Land	[2]	20,794
Accumulated Depreciation- Building	[2]	$ (4,685)
Investment in Real Estate | Huntsville, AL | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2]	2015
Investment in Real Estate | Huntsville, AL | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2]	2021
Investment in Real Estate | Indianapolis, IN
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	9
Initial Cost, Land	[2],[3]	$ 26,348
Initial Cost, Building	[2],[3]	301,840
Cost of Improvements, Building	[2],[3]	12,046
Gross Carrying Amount, Land	[2],[3]	26,348
Accumulated Depreciation- Building	[2],[3]	$ (13,732)
Investment in Real Estate | Indianapolis, IN | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2012
Investment in Real Estate | Indianapolis, IN | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Lexington, KY
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	3
Initial Cost, Land	[2]	$ 9,467
Initial Cost, Building	[2]	145,715
Cost of Improvements, Building	[2]	3,883
Gross Carrying Amount, Land	[2]	9,467
Accumulated Depreciation- Building	[2]	$ (168)
Year(s) of Acquisition	[2]	2021
Investment in Real Estate | Louisville, KY
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	6
Initial Cost, Land	[2],[3]	$ 32,012
Initial Cost, Building	[2],[3]	143,443
Cost of Improvements, Building	[2],[3]	31,315
Gross Carrying Amount, Land	[2],[3]	32,012
Accumulated Depreciation- Building	[2],[3]	$ (38,617)
Investment in Real Estate | Louisville, KY | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2014
Investment in Real Estate | Louisville, KY | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2017
Investment in Real Estate | Memphis, TN
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	4
Initial Cost, Land	[2]	$ 10,730
Initial Cost, Building	[2]	124,023
Cost of Improvements, Building	[2]	19,592
Gross Carrying Amount, Land	[2]	10,730
Accumulated Depreciation- Building	[2]	$ (27,676)
Investment in Real Estate | Memphis, TN | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2]	2014
Investment in Real Estate | Memphis, TN | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2]	2015
Investment in Real Estate | Myrtle Beach, SC - Wilmington, NC
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	3
Initial Cost, Land	[2],[3]	$ 4,580
Initial Cost, Building	[2],[3]	55,797
Cost of Improvements, Building	[2],[3]	5,774
Gross Carrying Amount, Land	[2],[3]	4,580
Accumulated Depreciation- Building	[2],[3]	$ (7,934)
Year(s) of Acquisition	[2],[3]	2017
Investment in Real Estate | Nashville, TN
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	4
Initial Cost, Land	[2],[3]	$ 30,769
Initial Cost, Building	[2],[3]	297,625
Cost of Improvements, Building	[2],[3]	9,264
Gross Carrying Amount, Land	[2],[3]	30,769
Accumulated Depreciation- Building	[2],[3]	$ (348)
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Norfolk, VA
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	1
Initial Cost, Land	[2],[3]	$ 2,808
Initial Cost, Building	[2],[3]	50,093
Cost of Improvements, Building	[2],[3]	960
Gross Carrying Amount, Land	[2],[3]	2,808
Accumulated Depreciation- Building	[2],[3]	$ (56)
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Oklahoma City, OK
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	10
Initial Cost, Land	[2],[3]	$ 24,834
Initial Cost, Building	[2],[3]	303,053
Cost of Improvements, Building	[2],[3]	19,935
Gross Carrying Amount, Land	[2],[3]	24,834
Accumulated Depreciation- Building	[2],[3]	$ (15,621)
Investment in Real Estate | Oklahoma City, OK | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2014
Investment in Real Estate | Oklahoma City, OK | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Orlando, FL
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	1
Initial Cost, Land	[2]	$ 5,500
Initial Cost, Building	[2]	41,752
Cost of Improvements, Building	[2]	2,733
Gross Carrying Amount, Land	[2]	5,500
Accumulated Depreciation- Building	[2]	$ (7,478)
Year(s) of Acquisition	[2]	2015
Investment in Real Estate | Raleigh - Durham, NC
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	6
Initial Cost, Land	[2]	$ 34,409
Initial Cost, Building	[2]	199,323
Cost of Improvements, Building	[2]	17,630
Gross Carrying Amount, Land	[2]	34,409
Accumulated Depreciation- Building	[2]	$ (32,592)
Investment in Real Estate | Raleigh - Durham, NC | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2]	2014
Investment in Real Estate | Raleigh - Durham, NC | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2]	2019
Investment in Real Estate | San Antonio, TX
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	1
Initial Cost, Land	[2]	$ 4,604
Initial Cost, Building	[2]	50,501
Cost of Improvements, Building	[2]	1,842
Gross Carrying Amount, Land	[2]	4,604
Accumulated Depreciation- Building	[2]	$ (60)
Year(s) of Acquisition	[2]	2021
Investment in Real Estate | Tampa-St. Petersburg, FL
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2]	4
Initial Cost, Land	[2]	$ 33,352
Initial Cost, Building	[2]	133,015
Cost of Improvements, Building	[2]	20,049
Gross Carrying Amount, Land	[2]	34,629
Accumulated Depreciation- Building	[2]	$ (16,946)
Investment in Real Estate | Tampa-St. Petersburg, FL | Minimum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2]	2017
Investment in Real Estate | Tampa-St. Petersburg, FL | Maximum
Real Estate And Accumulated Depreciation [Line Items]
Year(s) of Acquisition	[2]	2019
Investment in Real Estate | Terra Haute, IN
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | Property	[2],[3]	1
Initial Cost, Land	[2],[3]	$ 2,519
Initial Cost, Building	[2],[3]	41,648
Cost of Improvements, Building	[2],[3]	1,601
Gross Carrying Amount, Land	[2],[3]	2,519
Accumulated Depreciation- Building	[2],[3]	$ (51)
Year(s) of Acquisition	[2],[3]	2021
Investment in Real Estate | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	$ 5,953,932
Investment in Real Estate | Building | Asheville, NC
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	26,319
Investment in Real Estate | Building | Atlanta, GA
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	944,744
Investment in Real Estate | Building | Austin, TX
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	50,479
Investment in Real Estate | Building | Birmingham, AL
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	220,262
Investment in Real Estate | Building | Charleston, SC
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	71,488
Investment in Real Estate | Building | Charlotte, NC
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	99,956
Investment in Real Estate | Building | Chattanooga, TN
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	33,085
Investment in Real Estate | Building | Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	84,168
Investment in Real Estate | Building | Cincinnati, KY
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	38,964
Investment in Real Estate | Building | Cincinnati, OH
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	75,448
Investment in Real Estate | Building | Columbus, OH
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	329,768
Investment in Real Estate | Building | Dallas, TX
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	772,706
Investment in Real Estate | Building | Denver, CO
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	555,749
Investment in Real Estate | Building | Fort Wayne, IN
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	41,313
Investment in Real Estate | Building | Greenville, SC
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	115,227
Investment in Real Estate | Building | Houston, TX
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	290,882
Investment in Real Estate | Building | Huntsville, AL
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	168,922
Investment in Real Estate | Building | Indianapolis, IN
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	313,886
Investment in Real Estate | Building | Lexington, KY
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	149,598
Investment in Real Estate | Building | Louisville, KY
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	174,758
Investment in Real Estate | Building | Memphis, TN
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	143,615
Investment in Real Estate | Building | Myrtle Beach, SC - Wilmington, NC
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	61,571
Investment in Real Estate | Building | Nashville, TN
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	306,889
Investment in Real Estate | Building | Norfolk, VA
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	51,053
Investment in Real Estate | Building | Oklahoma City, OK
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	322,988
Investment in Real Estate | Building | Orlando, FL
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	44,485
Investment in Real Estate | Building | Raleigh - Durham, NC
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	216,953
Investment in Real Estate | Building | San Antonio, TX
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	52,343
Investment in Real Estate | Building | Tampa-St. Petersburg, FL
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2]	153,064
Investment in Real Estate | Building | Terra Haute, IN
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	[2],[3]	$ 43,249
[1]	Includes properties classified as held for sale as of December 31, 2021.
[2]	Encumbrances exclude the principal balance of $635,128 and associated deferred financing costs related to the secured credit facilities.
[3]	Properties with gross assets of $3,737,799 unsecured $1,238,612 of mortgage notes.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2021		Dec. 31, 2020	[1]	Dec. 31, 2019	Dec. 31, 2018
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances exclude the principal balance	$ 635,128
Properties with gross assets	6,534,563	[1]	$ 1,916,770		$ 1,796,365	$ 1,745,640
Mortgage Notes
Real Estate And Accumulated Depreciation [Line Items]
Properties with gross assets	1,238,612
Unsecured Credit Facility
Real Estate And Accumulated Depreciation [Line Items]
Properties with gross assets	$ 3,737,799
[1]	Includes properties classified as held for sale as of December 31, 2021.