v3.26.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
The following table summarizes our total assets by segment:
September 30, 2026December 31, 2025
in thousandsTotal AssetsPercentage of Total AssetsTotal AssetsPercentage of Total Assets
Industrial$309,995 21 %$285,031 24 %
Private Real Estate Credit231,999 16 %138,248 12 %
Multifamily223,053 15 %227,748 19 %
Retail154,647 11 %61,065 5 %
Student Housing144,576 10 %146,950 12 %
Office85,653 6 %88,171 7 %
Self-Storage83,292 6 %70,420 6 %
Healthcare73,490 5 %59,524 5 %
Real Estate-Related Securities42,461 3 %33,433 2 %
Corporate and Other92,828 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 thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingRetailPrivate Real Estate CreditReal Estate-Related SecuritiesCorporate and OtherTotal
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, net1,720 — — — — — — 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, net120 
Unrealized gain (loss) on commercial loans(74)
Interest income128 
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 OP55 
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 entities2,339 
Depreciation and amortization$(10,117)
The following table summarizes our financial results by segment for the three months ended September 30, 2025:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingRetailPrivate Real Estate CreditReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $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, net360 — — — — — — 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, net182 
Unrealized gain (loss) on commercial loans23 
Interest income607 
Interest expense(4,254)
Management fee - related party(776)
Performance participation interest - related party8 
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)
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, 2025:
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$14 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statements of operations for the three months ended September 30, 2025:
in thousands
Segment depreciation and amortization$(9,647)
Depreciation and amortization attributable to unconsolidated entities2,035 
Depreciation and amortization$(7,612)
The following table summarizes our financial results by segment for the nine months ended September 30, 2026:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingRetailPrivate Real Estate CreditReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $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, net4,934 — — — — — — 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, net892 
Unrealized gain (loss) on commercial loans105 
Interest income317 
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 OP56 
Net income (loss) attributable to common stockholders$(7,192)
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 nine months ended September 30, 2026:
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 entities7,202 
Depreciation and amortization$(29,326)
The following table summarizes our financial results by segment for the nine months ended September 30, 2025:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingRetailPrivate Real Estate CreditReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $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, net2,190 — — — — — — 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 income2,093 
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)
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 nine months ended September 30, 2025:
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$506 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statements of operations for the nine months ended September 30, 2025:
in thousands
Segment depreciation and amortization$(28,746)
Depreciation and amortization attributable to unconsolidated entities6,925 
Depreciation and amortization$(21,821)
Reconciliation of Segment Interest Expense to Interest Expense on Statement of Operations
The following table reconciles our segment interest expense to interest expense on our condensed consolidated statements of operations for the three months ended September 30, 2026:
in thousands
Segment interest expense$(2,217)
Other interest expense(3,788)
Interest expense$(6,005)
The following table reconciles our segment interest expense to interest expense on our condensed consolidated statements of operations for the nine months ended September 30, 2026:
in thousands
Segment interest expense$(6,418)
Other interest expense(11,572)
Interest expense$(17,990)