Invesco Real Estate Income Trust Inc.

06/15/2026 | Press release | Distributed by Public on 06/15/2026 12:13

Material Event (Form 8-K)

Item 8.01 Other Events.
Invesco Real Estate Income Trust Inc. (referred to herein as the "Company," "we," "our," or "us") is filing this Current Report on Form 8-K in order to provide an update regarding our net asset value ("NAV") and our assets and activities.
July 1, 2026 Transaction Price
The transaction price for each share class is equal to such share class's NAV per share as of May 31, 2026. A detailed calculation of the NAV per share is set forth below.
May 31, 2026 NAV per Share
We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.inreit.com and is made available on our toll-free, automated telephone line at 833-834-4924. The Adviser is ultimately responsible for determining our NAV. Our properties have been appraised and our commercial mortgage loans and debt have been valued in accordance with our valuation guidelines and such appraisals and valuations were prepared or reviewed by our independent valuation advisors. We have included a breakdown of the components of total NAV and NAV per share for May 31, 2026.
Our total NAV presented in the following tables includes the aggregate NAV of our Class T, Class S, Class D, Class I, Class E, Class N, Class S-PR and Class K-PR shares, as well as partnership interests of Invesco REIT Operating Partnership L.P. (the "Operating Partnership" or "INREIT OP") held by Invesco REIT Special Limited Partner L.L.C. (the "Special Limited Partner"). The following table provides a breakdown of the major components of our total NAV as of May 31, 2026:
$ in thousands, except share/unit data
Components of NAV May 31, 2026
Investments in real estate $ 1,047,571
Investments in unconsolidated entities 160,785
Investments in real estate-related securities 27,062
Investments in commercial loans 197,703
Investment in affiliated fund 7,239
Cash and cash equivalents 27,346
Restricted cash 6,485
Other assets 6,773
Mortgage notes, revolving credit facility, secured lending agreement and financing obligation, net (461,504)
Subscriptions received in advance (2,228)
Other liabilities (25,551)
Accrued performance participation allocation (1,052)
Management fee payable (765)
Accrued stockholder servicing fees (22)
Non-controlling interests in joint-ventures (346,715)
Net asset value $ 643,127
Number of outstanding shares/units 23,464,649
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of May 31, 2026:
in thousands, except share/unit data
NAV Per Share/Unit Class T Shares Class S Shares Class D Shares Class I Shares Class E Shares Class N Shares Class S-PR Shares Class K-PR Shares
Operating Partnership Units(1)
Total
Net asset value $ 7,086 $ 12,433 $ 13,432 $ 95,009 $ 34,457 $ 431,673 $ 29,893 $ 18,992 $ 152 $ 643,127
Number of outstanding shares/units 271,562 476,065 514,356 3,617,472 1,216,143 15,550,898 1,108,369 704,415 5,369 23,464,649
NAV Per Share/Unit as of May 31, 2026
$ 26.0937 $ 26.1167 $ 26.1138 $ 26.2640 $ 28.3329 $ 27.7587 $ 26.9704 $ 26.9608 $ 28.3329
(1)Includes the partnership interest of the Operating Partnership held by the Special Limited Partner.
We include no discounts to our NAV for the illiquid nature of our shares, including the limitations on our stockholders' ability to sell shares under our share repurchase plan and our ability to suspend our share repurchase plan at any time. Our NAV generally does not consider exit costs (e.g., selling costs and commissions and debt prepayment penalties related to the sale of a property) that would likely be incurred if our assets and liabilities were liquidated or sold. While we may use market pricing concepts to value individual components of our NAV, our NAV per share is not derived from the market pricing information of open-end real estate funds listed on stock exchanges.
Our NAV is not a representation, warranty or guarantee that (1) a stockholder would be able to realize the NAV per shares for the shares a stockholder owns if the stockholder attempts to sell its shares; (2) a stockholder would ultimately realize distributions per share equal to the NAV per share upon liquidation of our assets and settlement of our liabilities or a sale of our company; (3) shares of our common stock would trade at their NAV per share on a national securities exchange; (4) a third party would offer the NAV per share for each class of shares in an arm's-length transaction to purchase all or substantially all of the shares; or (5) the NAV per share would equate to a market price of an open-ended real estate fund.
Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the May 31, 2026 valuations, based on property types.
Property Type Discount Rate Exit Capitalization Rate
Healthcare 7.2% 5.8%
Office 9.5% 7.3%
Industrial 7.8% 5.8%
Self-Storage 7.6% 5.8%
Multifamily 7.5% 5.5%
Student Housing 8.0% 5.8%
Retail 8.4% 7.3%
Manufactured Housing Community 9.6% 5.6%
These assumptions are determined by our independent valuation advisor and reviewed by the Adviser. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:
Investment Values
Input Hypothetical Change Healthcare Office Industrial Self-Storage Multifamily Student Housing Retail Manufactured Housing Community
Discount Rate (weighted average) 0.25% decrease 1.9% 1.8% 2.0% 1.9% 1.9% 1.9% 1.8% 1.9%
Discount Rate (weighted average) 0.25% increase (1.9)% (1.8)% (1.9)% (1.9)% (1.9)% (1.8)% (1.8)% (1.9)%
Exit Capitalization Rate (weighted average) 0.25% decrease 2.8% 2.0% 2.9% 2.7% 3.0% 2.7% 1.9% 3.0%
Exit Capitalization Rate (weighted average) 0.25% increase (2.6)% (1.9)% (2.6)% (2.5)% (2.7)% (2.5)% (1.8)% (2.7)%
Update on Our Assets and Activities
As of May 31, 2026, our direct real estate investments represent 79% of gross assets and include 70 real estate properties totaling approximately 11.4 million square feet located in 32 markets throughout the U.S., with a weighted average occupancy rate of 94%. Our real estate debt allocation includes four investments representing approximately 17% of gross assets. As of May 31, 2026, our leverage ratio was 30%.
Quarter-to-date through May 31, 2026, we raised gross proceeds of $22.2 million in our registered and private offerings, including sales through our DST Program and reinvestments under our distribution reinvestment plan. The aggregate dollar amount of common stock repurchases requested for April and May was $10.2 million. We fulfilled all repurchase requests that were made.
Invesco Real Estate Income Trust Inc. published this content on June 15, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 15, 2026 at 18:13 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]