Segment Reporting

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

As of June 30, 2021, we operated in four reportable segments: healthcare properties, office properties, industrial properties and multifamily properties. We allocate resources and evaluate results based on the performance of each segment individually. We believe that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. We define segment net operating income as real estate revenues and property operating expenses and the net of revenues and property operating expenses of unconsolidated real estate entities that is allocable to the Company's ownership interest.

The following table summarizes our total assets by segment:

$ in thousands	June 30, 2021		December 31, 2020
Healthcare	$	83,071	$	76,166
Office	38,359		35,788
Industrial	31,015		31,143
Multifamily	84,694		13,118
Corporate and other	11,418		6,623
Total assets	$	248,557	$	162,838

The following table summarizes our financial results by segment for the three months ended June 30, 2021:

$ in thousands	Healthcare		Office		Industrial		Multifamily		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	691	$	566	$	1,195	$	—	$	2,452
Other revenue	—		—		—		117		—		117
Total revenues	—		691		566		1,312		—		2,569
Expenses:
Rental property operating	—		121		119		359		—		599
Total expenses	—		121		119		359		—		599
Income from unconsolidated real estate entities	4,584		—		—		471		—		5,055
Income from real estate-related securities	—		—		—		—		55		55
Segment net operating income	$	4,584	$	570	$	447	$	1,424	$	55	$	7,080
Depreciation and amortization	$	(5,283)	$	(297)	$	(214)	$	(1,526)	$	—	$	(7,320)
General and administrative											(979)
Interest expense											(580)
Performance participation allocation											(609)
Net loss attributable to Invesco Real Estate Income Trust Inc.											(2,408)
Dividends to preferred stockholders											(2)
Net loss attributable to common stockholders											$	(2,410)

The following table reconciles our segment income from unconsolidated real estate entities to loss from unconsolidated real estate entities, net on our condensed consolidated statement of operations for the three months ended June 30, 2021:

$ in thousands
Segment income from unconsolidated real estate entities	$	5,055
Depreciation and amortization attributable to unconsolidated real estate entities	(5,283)
Loss from unconsolidated real estate entities	$	(228)

The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended June 30, 2021:

$ in thousands
Segment depreciation and amortization	$	(7,320)
Depreciation and amortization attributable to unconsolidated real estate entities	5,283
Depreciation and amortization	$	(2,037)

The following table summarizes our financial results by segment for the six months ended June 30, 2021:

$ in thousands	Healthcare		Office		Industrial		Multifamily		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	1,378	$	1,132	$	2,057	$	—	$	4,567
Other revenue	—		—		—		180		—		180
Total revenues	—		1,378		1,132		2,237		—		4,747
Expenses:
Rental property operating	—		217		282		612		—		1,111
Total expenses	—		217		282		612		—		1,111
Income from unconsolidated real estate entities	10,542		—		—		918		—		11,460
Income from real estate-related securities	—		—		—		—		64		64
Segment net operating income	$	10,542	$	1,161	$	850	$	2,543	$	64	$	15,160
Depreciation and amortization	$	(9,957)	$	(595)	$	(425)	$	(2,542)	$	—	$	(13,519)
General and administrative											(2,140)
Interest expense											(1,082)
Performance participation allocation											(791)
Net loss attributable to Invesco Real Estate Income Trust Inc.											(2,372)
Dividends to preferred stockholders											(4)
Net loss attributable to common stockholders											$	(2,376)

The following table reconciles our segment income from unconsolidated real estate entities to income from unconsolidated real estate entities, net on our condensed consolidated statement of operations for the six months ended June 30, 2021:

$ in thousands
Segment income from unconsolidated real estate entities	$	11,460
Depreciation and amortization attributable to unconsolidated real estate entities	(9,957)
Income from unconsolidated real estate entities	$	1,503

The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the six months ended June 30, 2021:

$ in thousands
Segment depreciation and amortization	$	(13,519)
Depreciation and amortization attributable to unconsolidated real estate entities	9,957
Depreciation and amortization	$	(3,562)