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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As of March 31, 2025, we operated in nine reportable segments: healthcare, office, industrial, self-storage, multifamily, student housing, grocery-anchored retail, real estate debt, and real estate-related securities. Real estate debt 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.
Our chief operating decision maker (“CODM”) for each segment is a group comprised of the Company’s Chief Executive Officer, President and Chief Financial Officer. The CODM is responsible for making investments in properties, real estate ventures and real-estate related securities and reviews the financial reports for each real estate sector and investment on a regular basis. The financial reports for each segment and investment are reviewed based on net operating income, a cash flow measure of operating performance that includes real estate revenue, income from commercial loans, rental property operating expenses, the net of revenues and rental property operating expenses of unconsolidated entities excluding depreciation and amortization, income from our investment in an affiliated fund and income from our real estate-related securities on a regular basis. Therefore, net operating income is the key performance metric that is used to make investment decisions and captures the unique operating characteristics of each segment.
The segment expenses regularly provided to the CODM that are used to manage our real estate segment operations are rental property operating expenses. Rental property operating expenses include real estate taxes, property insurance, repairs and maintenance, property management fees, utilities and other costs associated with owning real estate.
The following table summarizes our total assets by segment:

in thousandsMarch 31, 2025December 31, 2024
Healthcare$63,552 $64,292 
Office29,109 29,270 
Industrial213,576 216,473 
Self-Storage71,121 71,242 
Multifamily190,640 193,547 
Student Housing158,515 151,382 
Grocery-Anchored Retail62,606 62,843 
Real Estate Debt62,239 63,161 
Real Estate-Related Securities60,446 56,472 
Corporate and Other159,855 74,397 
Total assets$1,071,659 $983,079 
The following table summarizes our financial results by segment for the three months ended March 31, 2025:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $731 $4,088 $1,574 $3,926 $3,191 $1,408 $— $— $— $14,918 
Income from commercial loans— — — — — — — 395 — — 395 
Other revenue— — 87 151 109 257 1 — — 665 1,270 
Total revenues— 731 4,175 1,725 4,035 3,448 1,409 395 — 665 16,583 
Expenses:
Rental property operating— 158 1,025 709 1,833 1,475 470 — — 36 5,706 
Total expenses— 158 1,025 709 1,833 1,475 470 — — 36 5,706 
Income (loss) from unconsolidated entities, net954 — — — — — — 814 — 720 2,488 
Income (loss) from investment in affiliated fund, net— — — — — — — 473 — — 473 
Gain (loss) from real estate-related securities, net— — — — — — — — 553 — 553 
Segment net operating income (loss)$954 $573 $3,150 $1,016 $2,202 $1,973 $939 $1,682 $553 $1,349 $14,391 
Depreciation and amortization$(1,527)$(342)$(2,518)$(456)$(2,763)$(911)$(522)$— $— $(432)$(9,471)
General and administrative(2,104)
Gain (loss) on derivative instruments, net(545)
Unrealized gain (loss) on commercial loans(66)
Debt extinguishment charges(34)
Interest income730 
Interest expense(4,560)
Management fee - related party(605)
Other income (expense)(78)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.$(2,342)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures13 
Net (income) loss attributable to non-controlling interest in INREIT OP(18)
Net income (loss) attributable to common stockholders$(2,347)
The following table reconciles our segment income (loss) from unconsolidated entities to income (loss) from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2025:
in thousands
Segment income (loss) from unconsolidated entities$2,488 
Depreciation and amortization attributable to unconsolidated entities(2,415)
Income (loss) from unconsolidated entities, net$73 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2025:
in thousands
Segment depreciation and amortization$(9,471)
Depreciation and amortization attributable to unconsolidated entities2,415 
Depreciation and amortization$(7,056)
The following table summarizes our financial results by segment for the three months ended March 31, 2024:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $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 (loss) from unconsolidated entities, net1,476 — — — — — — 775 — 991 3,242 
Income (loss) from investment in affiliated fund, net— — — — — — — 651 — — 651 
Gain (loss) from real estate-related securities, net— — — — — — — — 1,018 — 1,018 
Segment net operating income (loss)$1,476 $605 $1,888 $203 $1,828 $3,234 $864 $2,556 $1,018 $964 $14,636 
Depreciation and amortization$(1,678)$(416)$(1,376)$(637)$(1,346)$(1,749)$(500)$— $— $(562)$(8,264)
General and administrative(998)
Gain (loss) on derivative instruments, net1,723 
Unrealized gain (loss) on commercial loans54 
Interest income298 
Interest expense(5,959)
Management fee - related party(465)
Other income (expense)(188)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.$837 
Dividends to preferred stockholders(2)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures22 
Net (income) loss attributable to non-controlling interest in INREIT OP39 
Net income (loss) attributable to common stockholders$896 
The following table reconciles our segment income (loss) from unconsolidated entities to income (loss) from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2024:
in thousands
Segment income (loss) from unconsolidated entities$3,242 
Depreciation and amortization attributable to unconsolidated entities(2,240)
Income (loss) 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)