Segment Reporting

6 Months Ended

Jun. 30, 2026

As of June 30, 2026, we operated in nine reportable segments: healthcare, office, industrial, self-storage, multifamily, student housing, retail, private real estate credit and real estate-related securities. Private real estate credit 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. As of June 30, 2026, we renamed two of our reportable segments to align with how management describes the underlying portfolios. The “Grocery-Anchored Retail” reportable segment was renamed “Retail” and the “Real Estate Debt” reportable segment was renamed “Private Real Estate Credit.” These changes are presentational only and there has been no change in the composition of the reportable segments or the financial information regularly reviewed by management.

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:


	June 30, 2026				December 31, 2025
in thousands	Total Assets		Percentage of Total Assets		Total Assets		Percentage of Total Assets
Industrial	$	312,016	24	%	$	285,031	24	%
Private Real Estate Credit	231,431		18	%	138,248		12	%
Multifamily	225,052		17	%	227,748		19	%
Student Housing	146,028		11	%	146,950		12	%
Office	86,302		7	%	88,171		7	%
Self-Storage	68,681		5	%	70,420		6	%
Retail	59,778		5	%	61,065		5	%



Healthcare	59,425		4	%	59,524		5	%
Real Estate-Related Securities	31,438		2	%	33,433		2	%
Corporate and Other	102,208		7	%	90,326		8	%
Total assets	$	1,322,359	100	%	$	1,200,916	100	%

The following table summarizes our financial results by segment for the three months ended June 30, 2026:


$ in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Retail		Private Real Estate Credit		Real Estate-Related Securities		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	2,079	$	6,682	$	1,569	$	4,858	$	3,063	$	1,493	$	—	$	—	$	939	$	20,683
Income from commercial loans	—		—		—		—		—		—		—		3,196		—		—		3,196
Other revenue	—		146		87		159		134		283		3		—		—		188		1,000
Total revenues	—		2,225		6,769		1,728		4,992		3,346		1,496		3,196		—		1,127		24,879

Expenses:
Rental property operating expenses	—		457		2,018		829		2,292		1,629		462		—		—		555		8,242
Interest expense	—		—		—		—		—		—		—		2,151		—		—		2,151
Total expenses	—		457		2,018		829		2,292		1,629		462		2,151		—		555		10,393
Income (loss) from unconsolidated entities, net	1,650		—		—		—		—		—		—		867		—		1,539		4,056
Income (loss) from investment in affiliated fund, net	—		—		—		—		—		—		—		85		—		—		85
Gain (loss) from real estate-related securities, net	—		—		—		—		—		—		—		—		351		—		351
Segment net operating income (loss)	$	1,650	$	1,768	$	4,751	$	899	$	2,700	$	1,717	$	1,034	$	1,997	$	351	$	2,111	$	18,978

Depreciation and amortization	$	(1,518)	$	(1,075)	$	(3,257)	$	(467)	$	(1,873)	$	(1,253)	$	(512)	$	—	$	—	$	(2,001)	$	(11,956)

General and administrative																					$	(1,742)
Gain (loss) on derivative instruments, net																					213
Unrealized gain (loss) on commercial loans																					171



Interest income																					76
Interest expense																					(3,471)
Management fee - related party																					(1,148)
Performance participation interest - related party																					(482)
Other income (expense)																					(365)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.																					$	274


Net (income) loss attributable to non-controlling interests in consolidated joint ventures																					$	(2,614)
Net (income) loss attributable to non-controlling interest in INREIT OP																					1
Net income (loss) attributable to common stockholders																					$	(2,339)

The following table reconciles our segment income (loss) from unconsolidated entities to income (loss) from unconsolidated entities, net on our condensed consolidated statements of operations for the three months ended June 30, 2026:


in thousands
Segment income (loss) from unconsolidated entities	$	4,056
Depreciation and amortization attributable to unconsolidated entities	(2,375)
Income (loss) from unconsolidated entities, net	$	1,681

The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statements of operations for the three months ended June 30, 2026:


in thousands
Segment depreciation and amortization	$	(11,956)
Depreciation and amortization attributable to unconsolidated entities	2,375
Depreciation and amortization	$	(9,581)

The following table summarizes our financial results by segment for the three months ended June 30, 2025:


in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Retail		Private Real Estate Credit		Real Estate-Related Securities		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	731	$	3,585	$	1,625	$	3,910	$	3,110	$	1,445	$	—	$	—	$	92	$	14,498
Income from commercial loans	—		—		—		—		—		—		—		390		—		—		390
Other revenue	—		—		87		152		114		327		—		—		—		80		760
Total revenues	—		731		3,672		1,777		4,024		3,437		1,445		390		—		172		15,648

Expenses:
Rental property operating expenses	—		136		1,520		902		2,096		1,482		534		—		—		(39)		6,631
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Total expenses	—		136		1,520		902		2,096		1,482		534		—		—		(39)		6,631
Income (loss) from unconsolidated entities, net	876		—		—		—		—		—		—		831		—		1,188		2,895
Income (loss) from investment in affiliated fund, net	—		—		—		—		—		—		—		224		—		—		224
Gain (loss) from real estate-related securities, net	—		—		—		—		—		—		—		—		697		—		697
Segment net operating income (loss)	$	876	$	595	$	2,152	$	875	$	1,928	$	1,955	$	911	$	1,445	$	697	$	1,399	$	12,833

Depreciation and amortization	$	(1,557)	$	(341)	$	(2,300)	$	(462)	$	(2,070)	$	(1,495)	$	(517)	$	—	$	—	$	(887)	$	(9,629)

General and administrative																					(2,495)
Gain (loss) on derivative instruments, net																					(92)
Unrealized gain (loss) on commercial loans																					21


Debt extinguishment charges																					(451)
Interest income																					756
Interest expense																					(3,925)
Management fee - related party																					(708)
Performance participation interest - related party																					(8)
Other income (expense)																					(85)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.																					$	(3,783)


Net (income) loss attributable to non-controlling interests in consolidated joint ventures																					$	(317)
Net (income) loss attributable to non-controlling interest in INREIT OP																					(37)
Net income (loss) attributable to common stockholders																					$	(4,137)


in thousands
Segment income (loss) from unconsolidated entities	$	2,895
Depreciation and amortization attributable to unconsolidated entities	(2,476)
Income (loss) from unconsolidated entities, net	$	419


in thousands
Segment depreciation and amortization	$	(9,629)
Depreciation and amortization attributable to unconsolidated entities	2,476
Depreciation and amortization	$	(7,153)

The following table summarizes our financial results by segment for the six months ended June 30, 2026:


in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Retail		Private Real Estate Credit		Real Estate-Related Securities		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	4,106	$	12,364	$	3,146	$	9,764	$	6,103	$	2,924	$	—	$	—	$	1,855	$	40,262
Income from commercial loans	—		—		—		—		—		—		—		7,473		—		—		7,473
Other revenue	—		254		174		307		276		553		157		20		—		822		2,563
Total revenues	—		4,360		12,538		3,453		10,040		6,656		3,081		7,493		—		2,677		50,298

Expenses:
Rental property operating expenses	—		905		4,028		1,661		4,579		2,918		1,018		—		—		1,006		16,115
Interest expense	—		—		—		—		—		—		—		4,201		—		—		4,201
Total expenses	—		905		4,028		1,661		4,579		2,918		1,018		4,201		—		1,006		20,316
Income (loss) from unconsolidated entities, net	3,214		—		—		—		—		—		—		1,714		—		2,754		7,682
Income (loss) from investment in affiliated fund, net	—		—		—		—		—		—		—		14		—		—		14
Gain (loss) from real estate-related securities, net	—		—		—		—		—		—		—		—		624		—		624
Segment net operating income (loss)	$	3,214	$	3,455	$	8,510	$	1,792	$	5,461	$	3,738	$	2,063	$	5,020	$	624	$	4,425	$	38,302

Depreciation and amortization	$	(3,058)	$	(2,150)	$	(6,258)	$	(931)	$	(4,090)	$	(2,478)	$	(1,025)	$	—	$	—	$	(4,082)	$	(24,072)

General and administrative																					(3,587)
Gain (loss) on derivative instruments, net																					772
Unrealized gain (loss) on commercial loans																					179


Interest income																					189
Interest expense																					(7,784)
Management fee - related party																					(2,181)
Performance participation interest - related party																					(1,263)
Other income (expense)																					(225)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.																					$	330


Net (income) loss attributable to non-controlling interests in consolidated joint ventures																					$	(4,828)
Net (income) loss attributable to non-controlling interest in INREIT OP																					1
Net income (loss) attributable to common stockholders																					$	(4,497)


in thousands
Segment income (loss) from unconsolidated entities	$	7,682
Depreciation and amortization attributable to unconsolidated entities	(4,863)
Income (loss) from unconsolidated entities, net	$	2,819

The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statements of operations for the six months ended June 30, 2026:


in thousands
Segment depreciation and amortization	$	(24,072)
Depreciation and amortization attributable to unconsolidated entities	4,863
Depreciation and amortization	$	(19,209)

The following table reconciles our segment interest expense to interest expense on our condensed consolidated statements of operations for the six months ended June 30, 2026:


in thousands
Segment interest expense	$	(4,201)
Other interest expense	(7,784)
Interest expense	$	(11,985)

The following table summarizes our financial results by segment for the six months ended June 30, 2025:


in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Retail		Private Real Estate Credit		Real Estate-Related Securities		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	1,462	$	7,673	$	3,199	$	7,836	$	6,301	$	2,853	$	—	$	—	$	92	$	29,416
Income from commercial loans	—		—		—		—		—		—		—		785		—		—		785
Other revenue	—		—		174		303		223		584		1		—		—		745		2,030
Total revenues	—		1,462		7,847		3,502		8,059		6,885		2,854		785		—		837		32,231

Expenses:
Rental property operating expenses	—		294		2,545		1,611		3,929		2,957		1,004		—		—		(3)		12,337
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Total expenses	—		294		2,545		1,611		3,929		2,957		1,004		—		—		(3)		12,337
Income (loss) from unconsolidated entities, net	1,830		—		—		—		—		—		—		1,645		—		1,907		5,382
Income (loss) from investment in affiliated fund, net	—		—		—		—		—		—		—		697		—		—		697
Gain (loss) from real estate-related securities, net	—		—		—		—		—		—		—		—		1,250		—		1,250
Segment net operating income (loss)	$	1,830	$	1,168	$	5,302	$	1,891	$	4,130	$	3,928	$	1,850	$	3,127	$	1,250	$	2,747	$	27,223

Depreciation and amortization	$	(3,084)	$	(683)	$	(4,816)	$	(918)	$	(4,833)	$	(2,406)	$	(1,039)	$	—	$	—	$	(1,320)	$	(19,099)

General and administrative																					(4,599)
Gain (loss) on derivative instruments, net																					(637)
Unrealized gain (loss) on commercial loans																					(45)


Debt extinguishment charges																					(485)
Interest income																					1,486
Interest expense																					(8,485)
Management fee - related party																					(1,313)
Performance participation interest - related party																					(8)
Other income (expense)																					(163)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.																					$	(6,125)


Net (income) loss attributable to non-controlling interests in consolidated joint ventures																					$	(304)
Net (income) loss attributable to non-controlling interest in INREIT OP																					(55)
Net income (loss) attributable to common stockholders																					$	(6,484)


in thousands
Segment income (loss) from unconsolidated entities	$	5,382
Depreciation and amortization attributable to unconsolidated entities	(4,890)
Income (loss) from unconsolidated entities, net	$	492


in thousands
Segment depreciation and amortization	$	(19,099)
Depreciation and amortization attributable to unconsolidated entities	4,890
Depreciation and amortization	$	(14,209)

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details