XML 40 R26.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As of March 31, 2024, 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, the preferred equity investment in San Simeon Preferred Equity and our investment in an affiliated debt fund. 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, income from commercial loans, property operating expenses and the net of revenues and property operating expenses of unconsolidated entities that is allocable to our ownership interest.
The following table summarizes our total assets by segment:

$ in thousandsMarch 31, 2024December 31, 2023
Healthcare$70,884 $72,234 
Office30,161 30,612 
Industrial140,305 141,081 
Self-Storage99,539 100,181 
Multifamily161,161 161,303 
Student Housing228,136 229,225 
Grocery-Anchored Retail64,333 64,733 
Real Estate Debt89,400 90,019 
Corporate and Other95,854 83,376 
Total assets$979,773 $972,764 
The following table summarizes our financial results by segment for the three months ended March 31, 2024:
$ in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtCorporate and OtherTotal
Revenues:
Rental revenue$— $741 $2,465 $2,081 $2,855 $5,013 $1,339 $— $— $14,494 
Income from commercial loans— — — — — — — 1,130 — 1,130 
Other revenue— — 117 221 56 317 1 — 28 740 
Total revenues— 741 2,582 2,302 2,911 5,330 1,340 1,130 28 16,364 
Expenses:
Rental property operating— 136 694 2,099 1,083 2,096 476 — 55 6,639 
Total expenses— 136 694 2,099 1,083 2,096 476 — 55 6,639 
Income from unconsolidated entities, net1,476 — — — — — — 775 991 3,242 
Income from investment in affiliated fund, net— — — — — — — 651 — 651 
Income from real estate-related securities, net— — — — — — — — 1,018 1,018 
Segment net operating income $1,476 $605 $1,888 $203 $1,828 $3,234 $864 $2,556 $1,982 $14,636 
Segment depreciation and amortization$(1,678)$(416)$(1,376)$(637)$(1,346)$(1,749)$(500)$— $(562)$(8,264)
General and administrative(998)
Gain on derivative instruments, net1,723 
Unrealized gain from commercial loans54 
Interest income298 
Interest expense(5,959)
Management fee - related party(465)
Other expense(188)
Net income attributable to Invesco Real Estate Income Trust Inc.$837 
Dividends to preferred stockholders$(2)
Net loss attributable to non-controlling interests in consolidated joint ventures22 
Net loss attributable to non-controlling interest in INREIT OP39 
Net income attributable to common stockholders$896 
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 March 31, 2024:
$ in thousands
Segment income from unconsolidated entities$3,242 
Depreciation and amortization attributable to unconsolidated entities(2,240)
Income from unconsolidated entities, net$1,002 
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 March 31, 2024:
$ in thousands
Segment depreciation and amortization$(8,264)
Depreciation and amortization attributable to unconsolidated entities2,240 
Depreciation and amortization$(6,024)
The following table summarizes our financial results by segment for the three months ended March 31, 2023:
$ in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtCorporate and OtherTotal
Revenues:
Rental revenue$— $725 $2,878 $2,061 $4,041 $4,440 $1,355 $— $— $15,500 
Income from commercial loans— — — — — — 1,255 — 1,255 
Other revenue— — 81 230 145 269 — — — 725 
Total revenues— 725 2,959 2,291 4,186 4,709 1,355 1,255 — 17,480 
Expenses:
Rental property operating— 150 1,055 1,040 1,514 1,572 443 — 50 5,824 
Total expenses— 150 1,055 1,040 1,514 1,572 443 — 50 5,824 
Income from unconsolidated entities, net694 — — — — — — 714 698 2,106 
Loss from investments in affiliated fund— — — — — — — (933)— (933)
Income from real estate-related securities— — — — — — — 118 118 
Segment net operating income$694 $575 $1,904 $1,251 $2,672 $3,137 $912 $1,036 $766 $12,947 
Segment depreciation and amortization$(1,887)$(416)$(1,373)$(1,904)$(1,602)$(1,596)$(498)$— $(674)$(9,950)
General and administrative(1,164)
Loss on derivative instruments, net(1,118)
Interest expense(6,549)
Management fee - related party(396)
Other expense(13)
Net loss attributable to Invesco Real Estate Income Trust Inc.$(6,243)
Dividends to preferred stockholders$(2)
Net loss attributable to non-controlling interests in consolidated joint ventures755 
Net loss attributable to non-controlling interest in INREIT OP40 
Net loss attributable to common stockholders$(5,450)
The following table reconciles our segment income from unconsolidated entities to loss from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2023:
$ in thousands
Segment income from unconsolidated entities$2,106 
Depreciation and amortization attributable to unconsolidated entities(2,559)
Loss from unconsolidated entities, net$(453)
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 March 31, 2023:
$ in thousands
Segment depreciation and amortization$(9,950)
Depreciation and amortization attributable to unconsolidated entities2,559 
Depreciation and amortization$(7,391)