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Segment Reporting
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As of September 30, 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 an originated commercial loan, 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 thousandsSeptember 30, 2024December 31, 2023
Healthcare$65,299 $72,234 
Office29,530 30,612 
Industrial151,091 141,081 
Self-Storage98,875 100,181 
Multifamily157,282 161,303 
Student Housing224,161 229,225 
Grocery-Anchored Retail63,480 64,733 
Real Estate Debt64,147 90,019 
Corporate and Other138,990 83,376 
Total assets$992,855 $972,764 
The following table summarizes our financial results by segment for the three months ended September 30, 2024:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtCorporate and OtherTotal
Revenues:
Rental revenue$— $767 $2,141 $2,168 $2,973 $5,215 $1,430 $— $— $14,694 
Income from commercial loans— — — — — — — 1,012 — 1,012 
Other revenue— — 89 220 66 407 — — 31 813 
Total revenues— 767 2,230 2,388 3,039 5,622 1,430 1,012 31 16,519 
Expenses:
Rental property operating— 148 1,158 544 1,219 2,906 470 — 109 6,554 
Total expenses— 148 1,158 544 1,219 2,906 470 — 109 6,554 
Income from unconsolidated entities, net161 — — — — — — 797 844 1,802 
Income from investment in affiliated fund, net— — — — — — — 200 — 200 
Gain on real estate-related securities, net— — — — — — — — 1,631 1,631 
Segment net operating income$161 $619 $1,072 $1,844 $1,820 $2,716 $960 $2,009 $2,397 $13,598 
Segment depreciation and amortization$(1,600)$(194)$(1,432)$(640)$(1,213)$(1,736)$(518)$— $(1,154)$(8,487)
General and administrative(2,180)
Loss on derivative instruments, net(1,382)
Unrealized gain on commercial loans36 
Interest income484 
Interest expense(6,196)
Management fee - related party(515)
Other income180 
Net loss attributable to Invesco Real Estate Income Trust Inc.$(4,462)
Net loss attributable to non-controlling interests in consolidated joint ventures987 
Net loss attributable to non-controlling interest in INREIT OP15 
Net loss attributable to common stockholders$(3,460)
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 September 30, 2024:
in thousands
Segment income from unconsolidated entities$1,802 
Depreciation and amortization attributable to unconsolidated entities(2,754)
Loss from unconsolidated entities, net$(952)
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, 2024:
in thousands
Segment depreciation and amortization$(8,487)
Depreciation and amortization attributable to unconsolidated entities2,754 
Depreciation and amortization$(5,733)
The following table summarizes our financial results by segment for the three months ended September 30, 2023:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtCorporate and OtherTotal
Revenues:
Rental revenue$— $725 $2,654 $2,108 $4,223 $5,044 $1,258 $— $— $16,012 
Income from commercial loans— — — — — — — 1,136 — 1,136 
Other revenue— — 89 236 147 430 — — 13 915 
Total revenues— 725 2,743 2,344 4,370 5,474 1,258 1,136 13 18,063 
Expenses:
Rental property operating— 132 1,223 998 1,484 2,528 497 — 51 6,913 
Total expenses— 132 1,223 998 1,484 2,528 497 — 51 6,913 
Income from unconsolidated entities, net1,395 — — — — — — 748 1,827 3,970 
Income from investment in affiliated fund, net— — — — — — — 493 — 493 
Loss on real estate-related securities, net— — — — — — — — (448)(448)
Segment net operating income$1,395 $593 $1,520 $1,346 $2,886 $2,946 $761 $2,377 $1,341 $15,165 
Segment depreciation and amortization$(1,749)$(416)$(1,398)$(630)$(1,603)$(1,654)$(502)$— $(443)$(8,395)
General and administrative(959)
Gain on derivative instruments, net1,384 
Impairment loss on investments in real estate(1,743)
Interest expense(7,118)
Management fee - related party(446)
Other expense(174)
Net loss attributable to Invesco Real Estate Income Trust Inc.$(2,286)
Dividends to preferred stockholders$(2)
Net loss attributable to non-controlling interests in consolidated joint ventures29 
Net loss attributable to non-controlling interest in INREIT OP11 
Net loss attributable to common stockholders$(2,248)
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, 2023:
in thousands
Segment income from unconsolidated entities$3,970 
Depreciation and amortization attributable to unconsolidated entities(2,192)
Income from unconsolidated entities, net$1,778 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended September 30, 2023:
in thousands
Segment depreciation and amortization$(8,395)
Depreciation and amortization attributable to unconsolidated entities2,192 
Depreciation and amortization$(6,203)
The following table summarizes our financial results by segment for the nine months ended September 30, 2024:

in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtCorporate and OtherTotal
Revenues:
Rental revenue$— $2,249 $6,952 $6,387 $8,768 $15,192 $4,198 $— $— $43,746 
Income from commercial loans— — — — — — — 3,282 — 3,282 
Other revenue— — 266 663 183 1,009 2 — 95 2,218 
Total revenues— 2,249 7,218 7,050 8,951 16,201 4,200 3,282 95 49,246 
Expenses:
Rental property operating— 446 2,652 3,326 3,735 7,083 1,388 — 342 18,972 
Total expenses— 446 2,652 3,326 3,735 7,083 1,388 — 342 18,972 
Income from unconsolidated entities, net2,589 — — — — — — 2,353 2,390 7,332 
Income from investment in affiliated fund, net— — — — — — — 1,356 — 1,356 
Gain on real estate-related securities, net— — — — — — — — 3,386 3,386 
Segment net operating income$2,589 $1,803 $4,566 $3,724 $5,216 $9,118 $2,812 $6,991 $5,529 $42,348 
Segment depreciation and amortization$(4,934)$(1,026)$(4,192)$(1,915)$(3,773)$(5,207)$(1,563)$— $(2,269)$(24,879)
General and administrative(4,943)
Gain on derivative instruments, net888 
Unrealized gain on commercial loans146 
Interest income1,259 
Interest expense(18,269)
Management fee - related party(1,478)
Other expense(309)
Net loss attributable to Invesco Real Estate Income Trust Inc.$(5,237)
Dividends to preferred stockholders$(4)
Issuance and redemption costs of redeemed preferred stock(24)
Net loss attributable to non-controlling interests in consolidated joint ventures1,484 
Net loss attributable to non-controlling interest in INREIT OP57 
Net loss attributable to common stockholders$(3,724)
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, 2024:
in thousands
Segment income from unconsolidated entities$7,332 
Depreciation and amortization attributable to unconsolidated entities(7,203)
Income from unconsolidated entities, net$129 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2024:
in thousands
Segment depreciation and amortization$(24,879)
Depreciation and amortization attributable to unconsolidated entities7,203 
Depreciation and amortization$(17,676)

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

in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtCorporate and OtherTotal
Revenues:
Rental revenue$— $2,178 $8,104 $6,267 $12,378 $13,900 $4,237 $— $— $47,064 
Income from commercial loans— — — — — — — 3,310 — 3,310 
Other revenue— — 259 702 463 956 — — 13 2,393 
Total revenues— 2,178 8,363 6,969 12,841 14,856 4,237 3,310 13 52,767 
Expenses:
Rental property operating— 409 3,813 3,086 4,572 5,992 1,414 — 219 19,505 
Total expenses— 409 3,813 3,086 4,572 5,992 1,414 — 219 19,505 
Income from unconsolidated entities, net4,210 — — — — — — 2,195 3,019 9,424 
Income from investment in affiliated fund, net— — — — — — — 75 — 75 
Gain on real estate-related securities, net— — — — — — — — (525)(525)
Segment net operating income$4,210 $1,769 $4,550 $3,883 $8,269 $8,864 $2,823 $5,580 $2,288 $42,236 
Segment depreciation and amortization$(5,463)$(1,253)$(4,157)$(3,155)$(4,807)$(4,864)$(1,497)$— $(1,823)$(27,019)
General and administrative(3,580)
Gain on derivative instruments, net3,753 
Impairment loss on investments in real estate(1,743)
Interest expense(20,830)
Management fee - related party(1,260)
Other expense(102)
Net loss attributable to Invesco Real Estate Income Trust Inc.$(8,545)
Dividends to preferred stockholders$(6)
Net loss attributable to non-controlling interests in consolidated joint ventures745 
Net loss attributable to non-controlling interest in INREIT OP43 
Net loss attributable to common stockholders$(7,763)
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, 2023:
in thousands
Segment income from unconsolidated entities$9,424 
Depreciation and amortization attributable to unconsolidated entities(7,286)
Income from unconsolidated entities, net$2,138 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2023:
in thousands
Segment depreciation and amortization$(27,019)
Depreciation and amortization attributable to unconsolidated entities7,286 
Depreciation and amortization$(19,733)