Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table summarizes our total assets by segment:

in thousands	June 30, 2024		December 31, 2023
Healthcare	$	68,820	$	72,234
Office	29,600		30,612
Industrial	139,062		141,081
Self-Storage	99,234		100,181
Multifamily	159,681		161,303
Student Housing	225,512		229,225
Grocery-Anchored Retail	63,602		64,733
Real Estate Debt	88,680		90,019
Corporate and Other	108,817		83,376
Total assets	$	983,008	$	972,764

The following table summarizes our financial results by segment for the three months ended June 30, 2024:

in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Grocery-Anchored Retail		Real Estate Debt		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	741	$	2,346	$	2,138	$	2,940	$	4,964	$	1,429	$	—	$	—	$	14,558
Income from commercial loans	—		—		—		—		—		—		—		1,140		—		1,140
Other revenue	—		—		60		222		61		285		1		—		36		665
Total revenues	—		741		2,406		2,360		3,001		5,249		1,430		1,140		36		16,363
Expenses:
Rental property operating	—		162		800		683		1,433		2,082		442		—		177		5,779
Total expenses	—		162		800		683		1,433		2,082		442		—		177		5,779
Income from unconsolidated entities, net	952		—		—		—		—		—		—		781		555		2,288
Income from investment in affiliated fund, net	—		—		—		—		—		—		—		505		—		505
Gain on real estate-related securities, net	—		—		—		—		—		—		—		—		737		737
Segment net operating income	$	952	$	579	$	1,606	$	1,677	$	1,568	$	3,167	$	988	$	2,426	$	1,151	$	14,114
Segment depreciation and amortization	$	(1,656)	$	(416)	$	(1,384)	$	(638)	$	(1,214)	$	(1,722)	$	(545)	$	—	$	(553)	$	(8,128)
General and administrative																			(1,765)
Gain on derivative instruments, net																			547
Unrealized gain on commercial loans																			56
Interest income																			477
Interest expense																			(6,114)
Management fee - related party																			(498)
Other expense																			(301)
Net loss attributable to Invesco Real Estate Income Trust Inc.																			$	(1,612)
Dividends to preferred stockholders																			$	(2)
Issuance and redemption costs of redeemed preferred stock																			(24)
Net loss attributable to non-controlling interests in consolidated joint ventures																			475
Net loss attributable to non-controlling interest in INREIT OP																			3
Net loss attributable to common stockholders																			$	(1,160)

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 June 30, 2024:

in thousands
Segment income from unconsolidated entities	$	2,288
Depreciation and amortization attributable to unconsolidated entities	(2,209)
Income from unconsolidated entities, net	$	79

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, 2024:

in thousands
Segment depreciation and amortization	$	(8,128)
Depreciation and amortization attributable to unconsolidated entities	2,209
Depreciation and amortization	$	(5,919)

The following table summarizes our financial results by segment for the three months ended June 30, 2023:

in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Grocery-Anchored Retail		Real Estate Debt		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	728	$	2,572	$	2,098	$	4,114	$	4,416	$	1,624	$	—	$	—	$	15,552
Income from commercial loans	—		—		—		—		—		—		—		919		—		919
Other revenue	—		—		89		236		171		257		—		—		—		753
Total revenues	—		728		2,661		2,334		4,285		4,673		1,624		919		—		17,224
Expenses:
Rental property operating	—		127		1,535		1,048		1,574		1,892		474		—		118		6,768
Total expenses	—		127		1,535		1,048		1,574		1,892		474		—		118		6,768
Income from unconsolidated entities, net	2,121		—		—		—		—		—		—		733		494		3,348
Income from investment in affiliated fund, net	—		—		—		—		—		—		—		515		—		515
Loss on real estate-related securities, net	—		—		—		—		—		—		—		—		(195)		(195)
Segment net operating income	$	2,121	$	601	$	1,126	$	1,286	$	2,711	$	2,781	$	1,150	$	2,167	$	181	$	14,124
Segment depreciation and amortization	$	(1,828)	$	(416)	$	(1,386)	$	(621)	$	(1,602)	$	(1,615)	$	(497)	$	—	$	(709)	$	(8,674)
General and administrative																			(1,457)
Gain on derivative instruments, net																			3,486
Interest expense																			(7,162)
Management fee - related party																			(418)
Other income																			85
Net loss attributable to Invesco Real Estate Income Trust Inc.																			$	(16)
Dividends to preferred stockholders																			$	(2)
Net income attributable to non-controlling interests in consolidated joint ventures																			(39)
Net income attributable to non-controlling interest in INREIT OP																			(8)
Net loss attributable to common stockholders																			$	(65)

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 June 30, 2023:

in thousands
Segment income from unconsolidated entities	$	3,348
Depreciation and amortization attributable to unconsolidated entities	(2,535)
Income from unconsolidated entities, net	$	813

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, 2023:

in thousands
Segment depreciation and amortization	$	(8,674)
Depreciation and amortization attributable to unconsolidated entities	2,535
Depreciation and amortization	$	(6,139)

The following table summarizes our financial results by segment for the six months ended June 30, 2024:

in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Grocery-Anchored Retail		Real Estate Debt		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	1,482	$	4,811	$	4,219	$	5,795	$	9,977	$	2,768	$	—	$	—	$	29,052
Income from commercial loan	—		—		—		—		—		—		—		2,270		—		2,270
Other revenue	—		—		177		443		117		602		2		—		64		1,405
Total revenues	—		1,482		4,988		4,662		5,912		10,579		2,770		2,270		64		32,727
Expenses:
Rental property operating	—		298		1,494		2,782		2,516		4,178		918		—		232		12,418
Total expenses	—		298		1,494		2,782		2,516		4,178		918		—		232		12,418
Income from unconsolidated entities, net	2,428		—		—		—		—		—		—		1,556		1,546		5,530
Income from investment in affiliated fund, net	—		—		—		—		—		—		—		1,156		—		1,156
Gain on real estate-related securities, net	—		—		—		—		—		—		—		—		1,755		1,755
Segment net operating income	$	2,428	$	1,184	$	3,494	$	1,880	$	3,396	$	6,401	$	1,852	$	4,982	$	3,133	$	28,750
Segment depreciation and amortization	$	(3,334)	$	(832)	$	(2,760)	$	(1,275)	$	(2,560)	$	(3,471)	$	(1,045)	$	—	$	(1,115)	$	(16,392)
General and administrative																			(2,763)
Gain on derivative instruments, net																			2,270
Unrealized loss on commercial loans																			110
Interest income																			775
Interest expense																			(12,073)
Management fee - related party																			(963)
Other expense																			(489)
Net loss attributable to Invesco Real Estate Income Trust Inc.																			$	(775)
Dividends to preferred stockholders																			$	(4)
Issuance and redemption costs of redeemed preferred stock																			(24)
Net loss attributable to non-controlling interests in consolidated joint ventures																			497
Net loss attributable to non-controlling interest in INREIT OP																			42
Net loss attributable to common stockholders																			$	(264)

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 six months ended June 30, 2024:

in thousands
Segment income from unconsolidated entities	$	5,530
Depreciation and amortization attributable to unconsolidated entities	(4,449)
Income from unconsolidated entities, net	$	1,081

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, 2024:

in thousands
Segment depreciation and amortization	$	(16,392)
Depreciation and amortization attributable to unconsolidated entities	4,449
Depreciation and amortization	$	(11,943)

The following table summarizes our financial results by segment for the six months ended June 30, 2023:

in thousands	Healthcare		Office		Industrial		Self-Storage		Multifamily		Student Housing		Grocery-Anchored Retail		Real Estate Debt		Corporate and Other		Total
Revenues:
Rental revenue	$	—	$	1,453	$	5,450	$	4,159	$	8,155	$	8,856	$	2,979	$	—	$	—	$	31,052
Income from commercial loan	—		—		—		—		—		—		—		2,174		—		2,174
Other revenue	—		—		170		466		316		526		—		—		—		1,478
Total revenues	—		1,453		5,620		4,625		8,471		9,382		2,979		2,174		—		34,704
Expenses:
Rental property operating	—		277		2,590		2,088		3,088		3,464		917		—		168		12,592
Total expenses	—		277		2,590		2,088		3,088		3,464		917		—		168		12,592
Income from unconsolidated entities, net	2,815		—		—		—		—		—		—		1,447		1,192		5,454
Income from investment in affiliated fund, net	—		—		—		—		—		—		—		(418)		—		(418)
Gain on real estate-related securities, net	—		—		—		—		—		—		—		—		(77)		(77)
Segment net operating income	$	2,815	$	1,176	$	3,030	$	2,537	$	5,383	$	5,918	$	2,062	$	3,203	$	947	$	27,071
Segment depreciation and amortization	$	(3,714)	$	(832)	$	(2,759)	$	(2,525)	$	(3,204)	$	(3,211)	$	(995)	$	—	$	(1,384)	$	(18,624)
General and administrative																			(2,621)
Gain on derivative instruments, net																			2,368
Interest expense																			(13,711)
Management fee - related party																			(814)
Other income																			72
Net loss attributable to Invesco Real Estate Income Trust Inc.																			$	(6,259)
Dividends to preferred stockholders																			$	(4)
Net loss attributable to non-controlling interests in consolidated joint ventures																			716
Net loss attributable to non-controlling interest in INREIT OP																			32
Net loss attributable to common stockholders																			$	(5,515)

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 six months ended June 30, 2023:

in thousands
Segment income from unconsolidated entities	$	5,454
Depreciation and amortization attributable to unconsolidated entities	(5,094)
Income from unconsolidated entities, net	$	360

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, 2023:

in thousands
Segment depreciation and amortization	$	(18,624)
Depreciation and amortization attributable to unconsolidated entities	5,094
Depreciation and amortization	$	(13,530)