CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate investments
Property owned	$ 2,480,741	$ 2,420,146
Less accumulated depreciation	(625,980)	(530,703)
Total real estate investments	1,854,761	1,889,443
Cash and cash equivalents	12,030	8,630
Restricted cash	1,099	639
Other assets	45,817	27,649
TOTAL ASSETS	1,913,707	1,926,361
LIABILITIES
Accounts payable and accrued expenses	59,319	62,754
Revolving lines of credit	47,359	30,000
Notes payable, net of unamortized loan costs of $480 and $541, respectively	299,520	299,459
Mortgages payable, net of unamortized loan costs of $3,262 and $3,427, respectively	608,506	586,563
TOTAL LIABILITIES	1,014,704	978,776
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at December 31, 2024 and 2023, aggregate liquidation preference of $16,560)	16,560	16,560
Investors Real Estate Trust shareholders’ equity
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $25 per share liquidation preference, no shares issued and outstanding at December 31, 2024 and 3,881 shares issued and outstanding at December 31, 2023)	0	93,530
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,719 shares issued and outstanding at December 31, 2024 and 14,963 shares issued and outstanding at December 31, 2023)	1,269,549	1,165,694
Accumulated distributions in excess of net income	(615,242)	(548,273)
Accumulated other comprehensive loss	(407)	(1,119)
Total shareholders’ equity	653,900	709,832
Noncontrolling interests – Operating Partnership and Series E preferred units(1)	227,870	220,544
Noncontrolling interests – consolidated real estate entities	673	649
TOTAL EQUITY	882,443	931,025
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 1,913,707	$ 1,926,361