CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate investments
Property owned	$ 2,420,146	$ 2,534,124
Less accumulated depreciation	(530,703)	(535,401)
Total real estate investments	1,889,443	1,998,723
Cash and cash equivalents	8,630	10,458
Restricted cash	639	1,433
Other assets	27,649	22,687
TOTAL ASSETS	1,926,361	2,033,301
LIABILITIES
Accounts payable and accrued expenses	62,754	58,812
Revolving lines of credit	30,000	113,500
Notes payable, net of unamortized loan costs of $541 and $993, respectively	299,459	399,007
Mortgages payable, net of unamortized loan costs of $3,427 and $3,615, respectively	586,563	495,126
TOTAL LIABILITIES	978,776	1,066,445
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at December 31, 2023 and 2022, 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, 3,881 shares issued and outstanding at December 31, 2023 and 2022, aggregate liquidation preference of $97,036)	93,530	93,530
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 14,963 shares issued and outstanding at December 31, 2023 and 15,020 shares issued and outstanding at December 31, 2022)	1,165,694	1,177,484
Accumulated distributions in excess of net income	(548,273)	(539,422)
Accumulated other comprehensive loss	(1,119)	(2,055)
Total shareholders’ equity	709,832	729,537
Noncontrolling interests – Operating Partnership and Series E preferred units	220,544	220,132
Noncontrolling interests – consolidated real estate entities	649	627
TOTAL EQUITY	931,025	950,296
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 1,926,361	$ 2,033,301