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Segment Reporting
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment ReportingAs of September 30, 2022, we operated in eight reportable segments: healthcare, office, industrial, self-storage, multifamily, student housing, grocery-anchored retail, as well as real estate debt, which includes originated commercial loans and the preferred equity investment in San Simeon Holdings. 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 revenue, property operating expenses and the net of revenues and property operating expenses of unconsolidated entities that is allocable to our ownership interest. Real estate revenues include revenues generated from owned properties and interest income generated from commercial loans.
The following table summarizes our total assets by segment:
$ in thousandsSeptember 30, 2022December 31, 2021
Healthcare$81,405 $80,455 
Office38,929 38,633 
Industrial145,632 60,071 
Self-Storage94,147 57,305 
Multifamily228,768 67,866 
Student Housing241,295 242,014 
Grocery-Anchored Retail65,770 — 
Real Estate Debt46,647 21,088 
Corporate and Other81,528 44,945 
Total assets$1,024,121 $612,377 
The following table summarizes our financial results by segment for the three months ended September 30, 2022:
$ in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtCorporate and OtherTotal
Revenues:
Rental revenue$— $826 $2,872 $2,031 $3,990 $4,445 $1,352 $— $— $15,516 
Income from commercial loan— — — — — — — 702 — 702 
Other revenue— — 89 218 130 407 16 — — 860 
Total revenues— 826 2,961 2,249 4,120 4,852 1,368 702 — 17,078 
Expenses:
Rental property operating— 119 1,363 1,032 1,421 2,697 419 — 147 7,198 
Total expenses— 119 1,363 1,032 1,421 2,697 419 — 147 7,198 
Income from unconsolidated entities, net6,539 — — — — — — 664 397 7,600 
Loss from real estate-related securities— — — — — — — — (925)(925)
Segment net operating income $6,539 $707 $1,598 $1,217 $2,699 $2,155 $949 $1,366 $(675)$16,555 
Depreciation and amortization$(4,770)$(418)$(1,393)$(2,423)$(4,414)$(2,614)$(495)$— $(75)$(16,602)
General and administrative(1,214)
Unrealized gain on derivative instruments4,547 
Interest expense(4,996)
Management fee - related party(337)
Performance participation interest - related party(1,335)
Other expense(34)
Net loss attributable to Invesco Real Estate Income Trust Inc.$(3,416)
Dividends to preferred stockholders$(2)
Net loss attributable to non-controlling interests in consolidated joint ventures324 
Net loss attributable to non-controlling interest in INREIT OP4 
Net loss attributable to common stockholders$(3,090)
The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended September 30, 2022:
$ in thousands
Segment income from unconsolidated entities$7,600 
Depreciation and amortization attributable to unconsolidated entities(4,843)
Income from unconsolidated entities, net$2,757 
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 September 30, 2022:
$ in thousands
Segment depreciation and amortization$(16,602)
Depreciation and amortization attributable to unconsolidated entities4,843 
Depreciation and amortization$(11,759)
The following table summarizes our financial results by segment for the three months ended September 30, 2021:
$ in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingReal Estate DebtCorporate and OtherTotal
Revenues:
Rental revenue$— $683 $612 $91 $1,239 $123 $— $— $2,748 
Other revenue— — — — 88 — — — 88 
Total revenues— 683 612 91 1,327 123 — — 2,836 
Expenses:
Rental property operating— 113 129 — 381 — — — 623 
Total expenses— 113 129 — 381 — — — 623 
Income from unconsolidated real estate entities, net4,745 — — — — — 510 — 5,255 
Income from real estate-related securities— — — — — — — 19 19 
Segment net operating income $4,745 $570 $483 $91 $946 $123 $510 $19 $7,487 
Depreciation and amortization$(5,073)$(298)$(214)$— $(905)$— $— $— $(6,490)
General and administrative(893)
Interest expense(730)
Performance participation interest - related party(1,446)
Net loss attributable to Invesco Real Estate Income Trust Inc.$(2,072)
Dividends to preferred stockholders$(2)
Net loss attributable to non-controlling interests in consolidated joint ventures(4)
Net loss attributable to common stockholders$(2,078)
The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended September 30, 2021:
$ in thousands
Segment income from unconsolidated entities$5,255 
Depreciation and amortization attributable to unconsolidated entities(5,073)
Income from unconsolidated entities, net$182 
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 September 30, 2021:
$ in thousands
Segment depreciation and amortization$(6,490)
Depreciation and amortization attributable to unconsolidated entities5,073 
Depreciation and amortization$(1,417)
The following table summarizes our financial results by segment for the nine months ended September 30, 2022:
$ in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtCorporate and OtherTotal
Revenues:
Rental revenue$— $2,171 $7,197 $4,434 $8,366 $12,907 $3,368 $— $— $38,443 
Income from commercial loan— — — — — — — 702 — 702 
Other revenue— — 265 546 420 837 18 — — 2,086 
Total revenues— 2,171 7,462 4,980 8,786 13,744 3,386 702 — 41,231 
Expenses:
Rental property operating— 358 2,635 1,906 2,984 6,132 1,084 — 242 15,341 
Total expenses— 358 2,635 1,906 2,984 6,132 1,084 — 242 15,341 
Income from unconsolidated entities, net19,941 — — — — — — 1,911 1,555 23,407 
Income from real estate-related securities— — — — — — — — (2,020)(2,020)
Segment net operating income$19,941 $1,813 $4,827 $3,074 $5,802 $7,612 $2,302 $2,613 $(707)$47,277 
Depreciation and amortization$(14,572)$(1,275)$(3,624)$(7,295)$(6,835)$(11,972)$(1,236)$— $(381)$(47,190)
General and administrative(4,126)
Unrealized gain on derivative instruments7,017 
Interest expense(10,271)
Management fee - related party(638)
Performance participation interest - related party(5,729)
Other expense(118)
Net loss attributable to Invesco Real Estate Income Trust Inc.$(13,778)
Dividends to preferred stockholders$(6)
Net loss attributable to non-controlling interests in consolidated joint ventures768 
Net loss attributable to non-controlling interest in INREIT OP303 
Net loss attributable to common stockholders$(12,713)
The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the nine months ended September 30, 2022:
$ in thousands
Segment income from unconsolidated entities$23,407 
Depreciation and amortization attributable to unconsolidated entities(14,943)
Income from unconsolidated entities, net$8,464 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2022:
$ in thousands
Segment depreciation and amortization$(47,190)
Depreciation and amortization attributable to unconsolidated entities14,943 
Depreciation and amortization$(32,247)
The following table summarizes our financial results by segment for the nine months ended September 30, 2021:
$ in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingReal Estate DebtCorporate and OtherTotal
Revenues:
Rental revenue$— $2,061 $1,744 $91 $3,296 $123 $— $— $7,315 
Other revenue— — — — 268 — — — 268 
Total revenues— 2,061 1,744 91 3,564 123 — — 7,583 
Expenses:
Rental property operating— 330 411 — 993 — — — 1,734 
Total expenses— 330 411 — 993 — — — 1,734 
Income from unconsolidated real estate entities, net15,288 — — — — — 1,428 — 16,716 
Income from real estate-related securities— — — — — — — 83 83 
Segment net operating income$15,288 $1,731 $1,333 $91 $2,571 $123 $83 $83 $22,648 
Depreciation and amortization$(15,030)$(893)$(639)$— $(3,447)$— $— $— $(20,009)
General and administrative(3,033)
Interest expense(1,813)
Performance participation interest - related party(2,237)
Net loss attributable to Invesco Real Estate Income Trust Inc.$(4,444)
Dividends to preferred stockholders$(6)
Net loss attributable to non-controlling interests in consolidated joint ventures(4)
Net loss attributable to common stockholders$(4,454)
The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the nine months ended September 30, 2021:
$ in thousands
Segment income from unconsolidated entities$16,716 
Depreciation and amortization attributable to unconsolidated entities(15,030)
Income from unconsolidated entities, net$1,686 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2021:
$ in thousands
Segment depreciation and amortization$(20,009)
Depreciation and amortization attributable to unconsolidated entities15,030 
Depreciation and amortization$(4,979)