Segment Reporting

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

As of December 31, 2021, we operated in seven reportable segments: healthcare properties, office properties, industrial properties, self-storage properties, multifamily properties, student housing properties and real estate preferred equity. 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 entities that is allocable to the Company's ownership interest. As of December 31, 2021, we made a change to our reportable segments, classifying San Simeon Holdings as real estate preferred equity rather than multifamily based on management’s updated strategy and budgeting process. The change has been reflected retrospectively herein.

The following table summarizes our total assets by segment:

$ in thousands	December 31, 2021		December 31, 2020
Healthcare	$	80,455	$	76,166
Office	38,633		35,788
Industrial	60,071		31,143
Self-Storage	57,305		—
Multifamily	67,866		—
Student Housing	242,014		—
Real Estate Preferred Equity	21,088		13,118
Corporate and Other	44,945		6,623
Total assets	$	612,377	$	162,838

The following table summarizes our financial results by segment for the year ended December 31, 2021:

$ in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Real Estate Preferred Equity		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	2,785	$	2,703	$	1,108	$	4,550	$	1,816	$	—	$	—	$	12,962
Other revenue	—		—		87		129		359		47		—		—		622
Total revenues	—		2,785		2,790		1,237		4,909		1,863		—		—		13,584
Expenses:
Rental property operating	—		453		629		531		1,745		660		—		278		4,296
Total expenses	—		453		629		531		1,745		660		—		278		4,296
Income from unconsolidated entities	20,916		—		—		—		—		—		1,996		297		23,209
Loss from real estate-related securities	—		—		—		—		—		—		—		(39)		(39)
Segment net operating income	$	20,916	$	2,332	$	2,161	$	706	$	3,164	$	1,203	$	1,996	$	(20)	$	32,458
Depreciation and amortization	$	(19,996)	$	(1,269)	$	(1,073)	$	(2,696)	$	(3,664)	$	(1,754)	$	—	$	(66)	$	(30,518)
General and administrative																	(4,047)
Interest expense																	(2,977)
Management fee																	(28)
Performance participation interest																	(3,280)
Other expense																	(9)
Net loss attributable to Invesco Real Estate Income Trust Inc.																	$	(8,401)
Dividends to preferred stockholders																	$	(8)
Net loss attributable to non-controlling interests in consolidated third party joint ventures																	25
Net loss attributable to common stockholders																	$	(8,384)

The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our consolidated statements of operations for the year ended December 31, 2021:

$ in thousands
Segment income from unconsolidated entities	$	23,209
Depreciation and amortization attributable to unconsolidated entities	(20,061)
Income from unconsolidated entities	$	3,148

The following table reconciles our segment depreciation and amortization to depreciation and amortization on our consolidated statements of operations for the year ended December 31, 2021:

$ in thousands
Segment depreciation and amortization	$	(30,518)
Depreciation and amortization attributable to unconsolidated entities	20,061
Depreciation and amortization	$	(10,457)

The following table summarizes our financial results by segment for the year ended December 31, 2020:

$ in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Real Estate Preferred Equity		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	13	$	23	$	—	$	—	$	—	$	—	$	—	$	36
Other revenue	—		—		—		—		—		—		—		—		—
Total revenues	—		13		23		—		—		—		—		—		36
Expenses:
Rental property operating	—		3		12		—		—		—		—		—		15
Total expenses	—		3		12		—		—		—		—		—		15
Income from unconsolidated entities	3,250		—		—		—		—		—		79		—		3,329
Income from real estate-related securities	—		—		—		—		—		—		—		8		8
Segment net operating income	$	3,250	$	10	$	11	$	—	$	—	$	—	$	79	$	8	$	3,358
Depreciation and amortization	$	(3,449)	$	(3)	$	(34)	$	—	$	—	$	—	$	—	$	—	$	(3,486)
General and administrative																	(2,911)
Interest income																	1
Interest expense																	(288)
Net loss attributable to Invesco Real Estate Income Trust Inc.																	$	(3,326)
Dividends to preferred stockholders																	$	(1)
Net loss attributable to common stockholders																	$	(3,327)

The following table reconciles our segment income from unconsolidated entities to loss from unconsolidated entities, net on our consolidated statements of operations for the year ended December 31, 2020:

$ in thousands
Segment income from unconsolidated entities	$	3,329
Depreciation and amortization attributable to unconsolidated entities	(3,449)
Loss from unconsolidated entities	$	(120)

The following table reconciles our segment depreciation and amortization to depreciation and amortization on our consolidated statements of operations for the year ended December 31, 2020:

$ in thousands
Segment depreciation and amortization	$	(3,486)
Depreciation and amortization attributable to unconsolidated entities	3,449
Depreciation and amortization	$	(37)