Invesco Real Estate Income Trust Inc.

10/16/2026 | Press release | Distributed by Public on 10/16/2026 14:10

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.
November 1, 2026 Transaction Price
The transaction price for each share class is equal to such share class's NAV per share as of September 30, 2026. A detailed calculation of the NAV per share is set forth below.
September 30, 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 September 30, 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") and parties other than the Company. The following table provides a breakdown of the major components of our total NAV as of September 30, 2026:
$ in thousands, except share/unit data
Components of NAV September 30, 2026
Investments in real estate $ 1,155,436
Investments in unconsolidated entities 178,854
Investments in real estate-related securities 41,856
Investments in commercial loans 198,243
Investment in affiliated fund 6,802
Cash and cash equivalents 20,206
Restricted cash 9,065
Other assets 4,956
Mortgage notes, revolving credit facility, secured lending agreement and financing obligation, net (479,718)
Subscriptions received in advance (4,917)
Other liabilities (27,358)
Accrued performance participation allocation (1,565)
Management fee payable (929)
Accrued stockholder servicing fees (24)
Non-controlling interests in joint-ventures (431,886)
Net asset value $ 669,021
Number of outstanding shares/units 24,389,375
The following table provides a breakdown of our total NAV and NAV per share/unit by class as of September 30, 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 $ 6,555 $ 11,724 $ 12,768 $ 102,123 $ 27,384 $ 440,669 $ 33,535 $ 20,800 $ 13,463 $ 669,021
Number of outstanding shares/units 251,262 449,507 489,017 3,888,739 961,905 15,818,838 1,245,382 772,519 512,206 24,389,375
NAV Per Share/Unit as of September 30, 2026
$ 26.0880 $ 26.0821 $ 26.1087 $ 26.2613 $ 28.4681 $ 27.8573 $ 26.9275 $ 26.9246 $ 26.2844
(1)Represents the partnership interests of the Operating Partnership held by the Special Limited Partner and parties other than the Company.
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 September 30, 2026 direct real estate investment valuations, based on property types.
Property Type Discount Rate Exit Capitalization Rate
Healthcare 7.2% 5.8%
Office 9.3% 7.3%
Industrial 7.8% 5.8%
Self-Storage 8.0% 5.8%
Multifamily 7.5% 5.5%
Student Housing 8.0% 5.8%
Retail 8.4% 7.3%
Manufactured Housing Community 9.5% 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)% (1.8)% (1.9)% (1.9)% (1.8)% (1.9)%
Exit Capitalization Rate (weighted average) 0.25% decrease 2.8% 2.0% 2.9% 2.6% 3.0% 2.7% 1.9% 3.0%
Exit Capitalization Rate (weighted average) 0.25% increase (2.6)% (1.9)% (2.6)% (2.4)% (2.7)% (2.5)% (1.8)% (2.7)%
Update on Our Assets and Activities
As of September 30, 2026, our direct real estate investments represent 81% of gross assets and include 73 real estate properties totaling approximately 11.6 million square feet located in 32 markets throughout the U.S., with a weighted average occupancy rate of 94%. Our private real estate credit allocation includes four investments representing approximately 15% of gross assets. As of September 30, 2026, our leverage ratio was 28%.
As of September 30, 2026, our portfolio was comprised of1:
•$1.5 billion of total asset value;
•Investment allocations of 81% to direct real estate, 15% to private real estate credit, and 4% to cash and real estate-related securities;
•Investment allocations of 53% to cyclical direct real estate, 28% to needs-based direct real estate, and 19% private real estate credit, cash, and real estate-related securities;
•Direct real estate property type allocations of industrial (28%), healthcare (17%), multifamily (14%), retail (12%), self-storage (8%), office (7%), student housing (7%), manufactured housing communities (4%), and other2 (5%);
•Direct real estate geographic allocations of 38% East, 26% South, 26% West, and 9% Midwest; and
•5.1 year weighted average remaining lease term of our total leased commercial portfolio3.
Quarter-to-date through September 30, 2026, we raised gross proceeds of $101.1 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 July, August and September was $13.8 million. We fulfilled all repurchase requests that were made.
1 Certain statistics presented as a percentage of the portfolio are rounded and may not sum to 100%.
2 Other includes non-controlling interests in retail properties through our interests in ITP Investments LLC.
3 The commercial portfolio describes direct real estate investments exclusive of self-storage, multifamily, manufactured housing, and student housing properties as substantially all leases at such properties expire within 12 months.
Update on Portfolio
The following table provides a summary of our real estate portfolio as of September 30, 2026:
$ in thousands Number of
Properties / Instruments 		Square Feet /
Units / Beds / Lots 		Occupancy
Rate
Gross Asset
Value(1)
Percentage of Gross Asset Value(2)
Industrial 15 2,607,344 sq. ft. 99% $ 338,223 28%
Healthcare 20 1,030,397 sq. ft. 94% 204,082 17%
Multifamily 3 739 units 94% 168,672 14%
Retail 4 461,723 sq. ft. 100% 146,704 12%
Self-Storage 9 527,915 sq. ft. 85% 98,803 8%
Office 2 181,517 sq. ft. 99% 88,416 7%
Student Housing 1 833 beds 74% 81,375 7%
Manufactured Housing Community 5 383 lots 92% 45,564 4%
Other(3)
14 4,926,147 sq. ft. 93% 57,827 5%
Total 73 $ 1,229,665 100%
(1)Based on fair value as of September 30, 2026. Gross Asset Value consists of $967.8 million of our allocable share of consolidated real estate properties and $261.9 million of our allocable share of the gross real estate value held by unconsolidated entities, in each case excluding the value of any third-party interests in such real estate investments.
(2)Percentage of gross asset value is measured as the asset value of real estate investments for each category (Healthcare, Industrial, Office, Multifamily, Retail, Self-Storage, Student Housing, Manufactured Housing Community, Other) against the total asset value of all real estate investments, excluding the value of any third-party interests in such real estate investments.
(3)Other includes non-controlling interests in retail properties through our interest in ITP Investments LLC.
Market Diversification. The following table sets forth the top five geographic allocations of our direct real estate portfolio based on fair values as of September 30, 2026:
$ in thousands Number of Properties
Gross Asset Value in Real Estate Properties(1)
Percentage of Gross Asset Value
Mideast 8 $ 243,987 20%
Northeast 7 215,681 18%
Southeast 16 195,131 16%
Mountain 6 153,196 12%
Pacific 10 142,947 12%
Other 26 278,724 23%
73 $ 1,229,665 100%
(1)Based on fair value as of September 30, 2026. Gross Asset Value excludes the value of any third-party interests in such real estate properties.
Lease Expirations. As of September 30, 2026, the weighted-average remaining term of our total leased commercial portfolio was approximately 5.1 years based on leased square footage, excluding renewal options. The following schedule details the expiring leases at our consolidated office, industrial, and retail properties, as well as our unconsolidated healthcare properties by square footage as of September 30, 2026. The table below excludes our self-storage, multifamily, manufactured housing and student housing properties as substantially all leases at such properties expire within 12 months.
Year Number of
Expiring Leases
Square
Feet(1)
% of Total Square
Feet Expiring
2026 23 152,150 4%
2027 37 348,322 10%
2028 43 315,781 9%
2029 55 732,318 20%
2030 45 281,476 8%
2031 29 368,662 10%
2032 22 122,452 3%
2033 19 127,656 3%
2034 19 363,871 10%
2035 17 524,837 14%
Thereafter 41 318,606 9%
Total 350 3,656,130 100%
(1)Square feet is presented at our pro rata share.
The information disclosed in the last paragraph under the heading "Update on Our Assets and Activities" and under the heading "Update on Portfolio" under this Item 8.01 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Invesco Real Estate Income Trust Inc. published this content on October 16, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 16, 2026 at 20:10 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]