Segment Reporting

9 Months Ended

Sep. 30, 2026

As of September 30, 2026, we operated in nine real estate 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. During the nine months ended September 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 composed 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. 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:


	September 30, 2026				December 31, 2025
in thousands	Total Assets		Percentage of Total Assets		Total Assets		Percentage of Total Assets
Industrial	$	309,995	21	%	$	285,031	24	%
Private Real Estate Credit	231,999		16	%	138,248		12	%
Multifamily	223,053		15	%	227,748		19	%
Retail	154,647		11	%	61,065		5	%
Student Housing	144,576		10	%	146,950		12	%
Office	85,653		6	%	88,171		7	%
Self-Storage	83,292		6	%	70,420		6	%



Healthcare	73,490		5	%	59,524		5	%
Real Estate-Related Securities	42,461		3	%	33,433		2	%
Corporate and Other	92,828		6	%	90,326		8	%
Total assets	$	1,441,994	100	%	$	1,200,916	100	%

The following table summarizes our financial results by segment for the three months ended September 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	$	—	$	2,100	$	6,760	$	1,919	$	4,821	$	2,618	$	1,653	$	—	$	—	$	963	$	20,834
Income from commercial loans	—		—		—		—		—		—		—		3,257		—		—		3,257
Other revenue	—		140		87		162		157		410		—		—		—		827		1,783
Total revenues	—		2,240		6,847		2,081		4,978		3,028		1,653		3,257		—		1,790		25,874

Expenses:
Rental property operating expenses	—		490		2,075		811		2,280		1,389		466		—		—		524		8,035
Interest expense	—		—		—		—		—		—		—		2,217		—		—		2,217
Total expenses	—		490		2,075		811		2,280		1,389		466		2,217		—		524		10,252
Income (loss) from unconsolidated entities, net	1,720		—		—		—		—		—		—		887		—		1,813		4,420
Income (loss) from investment in affiliated fund, net	—		—		—		—		—		—		—		150		—		—		150
Gain (loss) from real estate-related securities, net	—		—		—		—		—		—		—		—		224		—		224
Segment net operating income (loss)	$	1,720	$	1,750	$	4,772	$	1,270	$	2,698	$	1,639	$	1,187	$	2,077	$	224	$	3,079	$	20,416

Depreciation and amortization	$	(1,512)	$	(1,081)	$	(3,312)	$	(799)	$	(1,894)	$	(1,250)	$	(658)	$	—	$	—	$	(1,950)	$	(12,456)

General and administrative																					$	(2,075)
Gain (loss) on derivative instruments, net																					120
Unrealized gain (loss) on commercial loans																					(74)



Interest income																					128
Interest expense																					(3,788)
Management fee - related party																					(1,360)
Performance participation interest - related party																					(302)
Other income (expense)																					(273)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.																					$	336


Net (income) loss attributable to non-controlling interests in consolidated joint ventures																					$	(3,086)
Net (income) loss attributable to non-controlling interest in INREIT OP																					55
Net income (loss) attributable to common stockholders																					$	(2,695)

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 September 30, 2026:


in thousands
Segment income (loss) from unconsolidated entities	$	4,420
Depreciation and amortization attributable to unconsolidated entities	(2,339)
Income (loss) from unconsolidated entities, net	$	2,081

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 September 30, 2026:


in thousands
Segment depreciation and amortization	$	(12,456)
Depreciation and amortization attributable to unconsolidated entities	2,339
Depreciation and amortization	$	(10,117)

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


in thousands
Segment interest expense	$	(2,217)
Other interest expense	(3,788)
Interest expense	$	(6,005)

The following table summarizes our financial results by segment for the three months ended September 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	$	—	$	732	$	4,047	$	1,678	$	4,283	$	3,244	$	1,414	$	—	$	—	$	274	$	15,672
Income from commercial loans	—		—		—		—		—		—		—		391		—		—		391
Other revenue	—		—		87		146		135		320		3		—		—		524		1,215
Total revenues	—		732		4,134		1,824		4,418		3,564		1,417		391		—		798		17,278

Expenses:
Rental property operating expenses	—		143		1,040		859		2,060		2,044		549		—		—		141		6,836
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Total expenses	—		143		1,040		859		2,060		2,044		549		—		—		141		6,836
Income (loss) from unconsolidated entities, net	360		—		—		—		—		—		—		849		—		840		2,049
Income (loss) from investment in affiliated fund, net	—		—		—		—		—		—		—		225		—		—		225
Gain (loss) from real estate-related securities, net	—		—		—		—		—		—		—		—		976		—		976
Segment net operating income (loss)	$	360	$	589	$	3,094	$	965	$	2,358	$	1,520	$	868	$	1,465	$	976	$	1,497	$	13,692

Depreciation and amortization	$	(1,506)	$	(342)	$	(2,352)	$	(462)	$	(1,769)	$	(1,219)	$	(521)	$	—	$	—	$	(1,476)	$	(9,647)

General and administrative																					(725)
Gain (loss) on derivative instruments, net																					182
Unrealized gain (loss) on commercial loans																					23



Interest income																					607
Interest expense																					(4,254)
Management fee - related party																					(776)
Performance participation interest - related party																					8
Other income (expense)																					(130)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.																					$	(1,020)


Net (income) loss attributable to non-controlling interests in consolidated joint ventures																					$	(437)

Net income (loss) attributable to common stockholders																					$	(1,457)


in thousands
Segment income (loss) from unconsolidated entities	$	2,049
Depreciation and amortization attributable to unconsolidated entities	(2,035)
Income (loss) from unconsolidated entities, net	$	14


in thousands
Segment depreciation and amortization	$	(9,647)
Depreciation and amortization attributable to unconsolidated entities	2,035
Depreciation and amortization	$	(7,612)

The following table summarizes our financial results by segment for the nine months ended September 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	$	—	$	6,206	$	19,124	$	5,065	$	14,585	$	8,721	$	4,577	$	—	$	—	$	2,818	$	61,096
Income from commercial loans	—		—		—		—		—		—		—		10,730		—		—		10,730
Other revenue	—		394		261		469		433		963		157		20		—		1,649		4,346
Total revenues	—		6,600		19,385		5,534		15,018		9,684		4,734		10,750		—		4,467		76,172

Expenses:
Rental property operating expenses	—		1,395		6,103		2,472		6,859		4,307		1,484		—		—		1,530		24,150
Interest expense	—		—		—		—		—		—		—		6,418		—		—		6,418
Total expenses	—		1,395		6,103		2,472		6,859		4,307		1,484		6,418		—		1,530		30,568
Income (loss) from unconsolidated entities, net	4,934		—		—		—		—		—		—		2,601		—		4,567		12,102
Income (loss) from investment in affiliated fund, net	—		—		—		—		—		—		—		164		—		—		164
Gain (loss) from real estate-related securities, net	—		—		—		—		—		—		—		—		848		—		848
Segment net operating income (loss)	$	4,934	$	5,205	$	13,282	$	3,062	$	8,159	$	5,377	$	3,250	$	7,097	$	848	$	7,504	$	58,718

Depreciation and amortization	$	(4,570)	$	(3,231)	$	(9,570)	$	(1,730)	$	(5,984)	$	(3,728)	$	(1,683)	$	—	$	—	$	(6,032)	$	(36,528)

General and administrative																					(5,662)
Gain (loss) on derivative instruments, net																					892
Unrealized gain (loss) on commercial loans																					105


Interest income																					317
Interest expense																					(11,572)
Management fee - related party																					(3,541)
Performance participation interest - related party																					(1,565)
Other income (expense)																					(498)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.																					$	666


Net (income) loss attributable to non-controlling interests in consolidated joint ventures																					$	(7,914)
Net (income) loss attributable to non-controlling interest in INREIT OP																					56
Net income (loss) attributable to common stockholders																					$	(7,192)


in thousands
Segment income (loss) from unconsolidated entities	$	12,102
Depreciation and amortization attributable to unconsolidated entities	(7,202)
Income (loss) from unconsolidated entities, net	$	4,900

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


in thousands
Segment depreciation and amortization	$	(36,528)
Depreciation and amortization attributable to unconsolidated entities	7,202
Depreciation and amortization	$	(29,326)

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


in thousands
Segment interest expense	$	(6,418)
Other interest expense	(11,572)
Interest expense	$	(17,990)

The following table summarizes our financial results by segment for the nine months ended September 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	$	—	$	2,194	$	11,720	$	4,877	$	12,119	$	9,545	$	4,267	$	—	$	—	$	366	$	45,088
Income from commercial loans	—		—		—		—		—		—		—		1,176		—		—		1,176
Other revenue	—		—		261		449		358		904		4		—		—		1,269		3,245
Total revenues	—		2,194		11,981		5,326		12,477		10,449		4,271		1,176		—		1,635		49,509

Expenses:
Rental property operating expenses	—		437		3,585		2,470		5,989		5,001		1,553		—		—		138		19,173
Interest expense	—		—		—		—		—		—		—		—		—		—		—
Total expenses	—		437		3,585		2,470		5,989		5,001		1,553		—		—		138		19,173
Income (loss) from unconsolidated entities, net	2,190		—		—		—		—		—		—		2,494		—		2,747		7,431
Income (loss) from investment in affiliated fund, net	—		—		—		—		—		—		—		922		—		—		922
Gain (loss) from real estate-related securities, net	—		—		—		—		—		—		—		—		2,226		—		2,226
Segment net operating income (loss)	$	2,190	$	1,757	$	8,396	$	2,856	$	6,488	$	5,448	$	2,718	$	4,592	$	2,226	$	4,244	$	40,915

Depreciation and amortization	$	(4,590)	$	(1,025)	$	(7,170)	$	(1,380)	$	(6,602)	$	(3,625)	$	(1,559)	$	—	$	—	$	(2,795)	$	(28,746)

General and administrative																					(5,324)
Gain (loss) on derivative instruments, net																					(455)
Unrealized gain (loss) on commercial loans																					(22)


Debt extinguishment charges																					(485)
Interest income																					2,093
Interest expense																					(12,739)
Management fee - related party																					(2,089)

Other income (expense)																					(293)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.																					$	(7,145)


Net (income) loss attributable to non-controlling interests in consolidated joint ventures																					$	(741)
Net (income) loss attributable to non-controlling interest in INREIT OP																					(55)
Net income (loss) attributable to common stockholders																					$	(7,941)


in thousands
Segment income (loss) from unconsolidated entities	$	7,431
Depreciation and amortization attributable to unconsolidated entities	(6,925)
Income (loss) from unconsolidated entities, net	$	506


in thousands
Segment depreciation and amortization	$	(28,746)
Depreciation and amortization attributable to unconsolidated entities	6,925
Depreciation and amortization	$	(21,821)

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details