v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
The following table summarizes our total assets by segment:
June 30, 2026December 31, 2025
in thousandsTotal AssetsPercentage of Total AssetsTotal AssetsPercentage of Total Assets
Industrial$312,016 24 %$285,031 24 %
Private Real Estate Credit231,431 18 %138,248 12 %
Multifamily225,052 17 %227,748 19 %
Student Housing146,028 11 %146,950 12 %
Office86,302 7 %88,171 7 %
Self-Storage68,681 5 %70,420 6 %
Retail59,778 5 %61,065 5 %
Healthcare59,425 4 %59,524 5 %
Real Estate-Related Securities31,438 2 %33,433 2 %
Corporate and Other102,208 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 thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingRetailPrivate Real Estate CreditReal Estate-Related SecuritiesCorporate and OtherTotal
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, net1,650 — — — — — — 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, net213 
Unrealized gain (loss) on commercial loans171 
Interest income76 
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 OP1 
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 entities2,375 
Depreciation and amortization$(9,581)
The following table summarizes our financial results by segment for the three months ended June 30, 2025:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingRetailPrivate Real Estate CreditReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $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, net876 — — — — — — 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 loans21 
Debt extinguishment charges(451)
Interest income756 
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)
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, 2025:
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$419 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statements of operations for the three months ended June 30, 2025:
in thousands
Segment depreciation and amortization$(9,629)
Depreciation and amortization attributable to unconsolidated entities2,476 
Depreciation and amortization$(7,153)
The following table summarizes our financial results by segment for the six months ended June 30, 2026:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingRetailPrivate Real Estate CreditReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $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, net3,214 — — — — — — 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, net772 
Unrealized gain (loss) on commercial loans179 
Interest income189 
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 OP1 
Net income (loss) attributable to common stockholders$(4,497)
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 six months ended June 30, 2026:
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 entities4,863 
Depreciation and amortization$(19,209)
The following table summarizes our financial results by segment for the six months ended June 30, 2025:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingRetailPrivate Real Estate CreditReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $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, net1,830 — — — — — — 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 income1,486 
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)
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 six months ended June 30, 2025:
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$492 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statements of operations for the six months ended June 30, 2025:
in thousands
Segment depreciation and amortization$(19,099)
Depreciation and amortization attributable to unconsolidated entities4,890 
Depreciation and amortization$(14,209)
Reconciliation of Segment Interest Expense to Interest Expense on Statement of Operations
The following table reconciles our segment interest expense to interest expense on our condensed consolidated statements of operations for the three months ended June 30, 2026:
in thousands
Segment interest expense$(2,151)
Other interest expense(3,471)
Interest expense$(5,622)
The following table reconciles our segment interest expense to interest expense on our condensed consolidated statements of operations for the six months ended June 30, 2026:
in thousands
Segment interest expense$(4,201)
Other interest expense(7,784)
Interest expense$(11,985)