Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Segment Reporting Information, by Segment

The following table summarizes our total assets by segment:


$ in thousands	December 31, 2023		December 31, 2022
Healthcare	$	72,234	$	79,478
Office	30,612		38,487
Industrial	141,081		146,121
Self-Storage	100,181		92,182
Multifamily	161,303		226,417
Student Housing	229,225		238,648
Grocery-Anchored Retail	64,733		65,666
Real Estate Debt	90,019		62,285
Corporate and Other	83,376		89,874
Total assets	$	972,764	$	1,039,158

The following table summarizes our financial results by segment for the year ended December 31, 2023:


$ in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Grocery-Anchored Retail		Real Estate Debt		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	2,916	$	10,737	$	8,345	$	15,719	$	18,930	$	5,727	$	—	$	—	$	62,374
Income from commercial loans	—		—		—		—		—		—		—		4,439		—		4,439
Other revenue	—		—		347		932		616		1,261		—		—		37		3,193
Total revenues	—		2,916		11,084		9,277		16,335		20,191		5,727		4,439		37		70,006

Expenses:
Rental property operating	—		541		4,974		4,142		5,823		7,997		1,852		—		322		25,651
Total expenses	—		541		4,974		4,142		5,823		7,997		1,852		—		322		25,651
Income from unconsolidated entities, net	4,010		—		—		—		—		—		—		3,028		4,465		11,503
Income from investment in affiliated fund, net	—		—		—		—		—		—		—		493		—		493
Income from real estate-related securities, net	—		—		—		—		—		—		—		—		1,027		1,027
Segment net operating income	$	4,010	$	2,375	$	6,110	$	5,135	$	10,512	$	12,194	$	3,875	$	7,960	$	5,207	$	57,378

Depreciation and amortization	$	(7,175)	$	(1,665)	$	(5,555)	$	(3,789)	$	(5,909)	$	(6,570)	$	(1,997)	$	—	$	(2,426)	$	(35,086)

General and administrative																			(4,836)
Gain on derivative instruments, net																			1,662
Unrealized loss from commercial loans																			(181)
Impairment loss on investments in real estate																			(7,924)
Net gain from disposition of investment in real estate																			54
Debt extinguishment charges																			(632)
Interest income																			111
Interest expense																			(27,265)
Management fee - related party																			(1,720)

Other expense																			(346)
Net loss attributable to Invesco Real Estate Income Trust Inc.																			$	(18,785)
Dividends to preferred stockholders																			$	(8)
Net loss attributable to non-controlling interests in consolidated joint ventures																			1,673
Net loss attributable to non-controlling interest in INREIT OP																			82
Net loss attributable to common stockholders																			$	(17,038)

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, 2023:


$ in thousands
Segment income from unconsolidated entities	$	11,503
Depreciation and amortization attributable to unconsolidated entities	(9,595)
Income from unconsolidated entities, net	$	1,908

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, 2023:


$ in thousands
Segment depreciation and amortization	$	(35,086)
Depreciation and amortization attributable to unconsolidated entities	9,595
Depreciation and amortization	$	(25,491)

The following table summarizes our financial results by segment for the year ended December 31, 2022:


$ in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Grocery-Anchored Retail		Real Estate Debt		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	2,883	$	10,072	$	6,509	$	12,425	$	17,385	$	4,586	$	—	$	—	$	53,860
Income from commercial loan	—		—		—		—		—		—		—		1,399		—		1,399
Other revenue	—		—		362		771		592		1,127		2		—		—		2,854
Total revenues	—		2,883		10,434		7,280		13,017		18,512		4,588		1,399		—		58,113

Expenses:
Rental property operating			493		3,638		2,963		4,412		7,823		1,513		—		210		21,052
Total expenses	—		493		3,638		2,963		4,412		7,823		1,513		—		210		21,052
Income from unconsolidated entities, net	12,759		—		—		—		—		—		—		2,603		2,748		18,110
Loss from investment in affiliated fund, net	—		—		—		—		—		—		—		(31)		—		(31)
Income from real estate-related securities, net	—		—		—		—		—		—		—		—		(2,127)		(2,127)
Segment net operating income	$	12,759	$	2,390	$	6,796	$	4,317	$	8,605	$	10,689	$	3,075	$	3,971	$	411	$	53,013

Depreciation and amortization	$	(8,168)	$	(1,691)	$	(5,018)	$	(9,791)	$	(9,138)	$	(13,635)	$	(1,731)	$	—	$	(1,586)	$	(50,758)

General and administrative																			(5,695)
Gain on derivative instruments, net																			6,679

Interest expense																			(16,041)
Management fee - related party																			(1,026)
Performance participation interest - related party																			(3,977)
Other expense																			(94)
Net loss attributable to Invesco Real Estate Income Trust Inc.																			$	(17,899)
Dividends to preferred stockholders																			$	(8)
Net loss attributable to non-controlling interests in consolidated joint ventures																			1,437
Net loss attributable to non-controlling interest in INREIT OP																			502
Net loss attributable to common stockholders																			$	(15,968)


$ in thousands
Segment income from unconsolidated entities	$	18,110
Depreciation and amortization attributable to unconsolidated entities	(9,743)
Income from unconsolidated entities, net	$	8,367

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, 2022:


$ in thousands
Segment depreciation and amortization	$	(50,758)
Depreciation and amortization attributable to unconsolidated entities	9,743
Depreciation and amortization	$	(41,015)

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 Debt		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, net	9,418		—		—		—		—		—		1,996		297				11,711
Loss from real estate-related securities, net	—		—		—		—		—		—		—		(39)				(39)
Segment net operating income	$	9,418	$	2,332	$	2,161	$	706	$	3,164	$	1,203	$	1,996	$	(20)			$	20,960

Depreciation and amortization	$	(8,498)	$	(1,269)	$	(1,073)	$	(2,696)	$	(3,664)	$	(1,754)	$	(66)	$	—			$	(19,020)

General and administrative																	(4,047)

Interest expense																	(2,977)
Management fee - related party																	(28)
Performance participation interest - related party																	(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)


$ in thousands
Segment income from unconsolidated entities	$	11,711
Depreciation and amortization attributable to unconsolidated entities	(8,563)
Income from unconsolidated entities, net	$	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	$	(19,020)
Depreciation and amortization attributable to unconsolidated entities	8,563
Depreciation and amortization	$	(10,457)