v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As of March 31, 2026, we operated in nine reportable segments: healthcare, office, industrial, self-storage, multifamily, student housing, grocery-anchored retail, real estate debt and real estate-related securities. Real estate debt includes originated commercial loans, the preferred equity investment in San Simeon Preferred Equity and our investment in an affiliated debt fund. We allocate resources and evaluate results based on the performance of each segment individually.
Our chief operating decision maker (“CODM”) for each segment is a group comprised of the Company’s Chief Executive Officer, President and Chief Financial Officer. The CODM is responsible for making investments in properties, real estate ventures and real-estate related securities and reviews the financial reports for each real estate sector and investment on a regular basis. The financial reports for each segment and investment are reviewed based on net operating income, a cash flow measure of operating performance that includes real estate revenue, income from commercial loans net of interest expense from the secured lending agreement, rental property operating expenses, the net of revenues and rental property operating expenses of unconsolidated entities excluding depreciation and amortization, income from our investment in an affiliated fund and income from our real estate-related securities on a regular basis. Therefore, net operating income is the key performance metric that is used to make investment decisions and captures the unique operating characteristics of each segment.
The segment expenses regularly provided to the CODM that are used to manage our real estate segment operations are rental property operating expenses and interest expense from the secured lending agreement. Rental property operating expenses include real estate taxes, property insurance, repairs and maintenance, property management fees, utilities and other costs associated with owning real estate. Our originated commercial real estate loan investments structured as senior loans are partially financed by the secured lending agreement. The CODM reviews the interest income from these investments net of the secured lending agreement interest expense.
The following table summarizes our total assets by segment:
March 31, 2026December 31, 2025
in thousandsTotal AssetsPercentage of Total AssetsTotal AssetsPercentage of Total Assets
Industrial$280,295 22 %$285,031 24 %
Real Estate Debt231,232 18 %138,248 12 %
Multifamily226,528 17 %227,748 19 %
Student Housing147,163 11 %146,950 12 %
Office87,439 7 %88,171 7 %
Self-Storage68,603 5 %70,420 6 %
Grocery-Anchored Retail60,447 5 %61,065 5 %
Healthcare59,553 5 %59,524 5 %
Real Estate-Related Securities31,086 2 %33,433 2 %
Corporate and Other109,071 8 %90,326 8 %
Total assets$1,301,417 100 %$1,200,916 100 %
The following table summarizes our financial results by segment for the three months ended March 31, 2026:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $2,027 $5,682 $1,578 $4,906 $3,040 $1,431 $— $— $915 $19,579 
Income from commercial loans— — — — — — — 4,277 — — 4,277 
Other revenue— 108 87 147 142 270 154 20 — 635 1,563 
Total revenues— 2,135 5,769 1,725 5,048 3,310 1,585 4,297 — 1,550 25,419 
Expenses:
Rental property operating expenses— 448 2,010 832 2,287 1,289 556 — — 451 7,873 
Interest expense— — — — — — — 2,050 — — 2,050 
Total expenses— 448 2,010 832 2,287 1,289 556 2,050 — 451 9,923 
Income (loss) from unconsolidated entities, net1,564 — — — — — — 847 — 1,215 3,626 
Income (loss) from investment in affiliated fund, net— — — — — — — (71)— — (71)
Gain (loss) from real estate-related securities, net— — — — — — — — 273 — 273 
Segment net operating income (loss)$1,564 $1,687 $3,759 $893 $2,761 $2,021 $1,029 $3,023 $273 $2,314 $19,324 
Depreciation and amortization$(1,540)$(1,075)$(3,001)$(464)$(2,217)$(1,225)$(513)$— $— $(2,081)$(12,116)
General and administrative(1,845)
Gain (loss) on derivative instruments, net559 
Unrealized gain (loss) on commercial loans8 
Interest income113 
Interest expense(4,313)
Management fee - related party(1,033)
Performance participation interest - related party(781)
Other income (expense)140 
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.$56 
Net (income) loss attributable to non-controlling interests in consolidated joint ventures$(2,214)
Net income (loss) attributable to common stockholders$(2,158)
The following table reconciles our segment income (loss) from unconsolidated entities to income (loss) from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2026:
in thousands
Segment income (loss) from unconsolidated entities$3,626 
Depreciation and amortization attributable to unconsolidated entities(2,488)
Income (loss) from unconsolidated entities, net$1,138 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2026:
in thousands
Segment depreciation and amortization$(12,116)
Depreciation and amortization attributable to unconsolidated entities2,488 
Depreciation and amortization$(9,628)
The following table reconciles our segment interest expense to interest expense on our condensed consolidated statement of operations for the three months ended March 31, 2026:
in thousands
Segment interest expense$(2,050)
Other interest expense(4,313)
Interest expense$(6,363)
The following table summarizes our financial results by segment for the three months ended March 31, 2025:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $731 $4,088 $1,574 $3,926 $3,191 $1,408 $— $— $— $14,918 
Income from commercial loans— — — — — — — 395 — — 395 
Other revenue— — 87 151 109 257 1 — — 665 1,270 
Total revenues— 731 4,175 1,725 4,035 3,448 1,409 395 — 665 16,583 
Expenses:
Rental property operating expenses— 158 1,025 709 1,833 1,475 470 — — 36 5,706 
Interest expense— — — — — — — — — — — 
Total expenses— 158 1,025 709 1,833 1,475 470 — — 36 5,706 
Income (loss) from unconsolidated entities, net954 — — — — — — 814 — 720 2,488 
Income (loss) from investment in affiliated fund, net— — — — — — — 473 — — 473 
Gain (loss) from real estate-related securities, net— — — — — — — — 553 — 553 
Segment net operating income (loss)$954 $573 $3,150 $1,016 $2,202 $1,973 $939 $1,682 $553 $1,349 $14,391 
Depreciation and amortization$(1,527)$(342)$(2,518)$(456)$(2,763)$(911)$(522)$— $— $(432)$(9,471)
General and administrative(2,104)
Gain (loss) on derivative instruments, net(545)
Unrealized gain (loss) on commercial loans(66)
Debt extinguishment charges(34)
Interest income730 
Interest expense(4,560)
Management fee - related party(605)
Other income (expense)(78)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.$(2,342)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures$13 
Net (income) loss attributable to non-controlling interest in INREIT OP(18)
Net income (loss) attributable to common stockholders$(2,347)
The following table reconciles our segment income (loss) from unconsolidated entities to income (loss) from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2025:
in thousands
Segment income (loss) from unconsolidated entities$2,488 
Depreciation and amortization attributable to unconsolidated entities(2,415)
Income (loss) from unconsolidated entities, net$73 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2025:
in thousands
Segment depreciation and amortization$(9,471)
Depreciation and amortization attributable to unconsolidated entities2,415 
Depreciation and amortization$(7,056)