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Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As of June 30, 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 thousandsJune 30, 2025December 31, 2024
Healthcare$62,018 $64,292 
Office28,601 29,270 
Industrial209,155 216,473 
Self-Storage71,051 71,242 
Multifamily188,575 193,547 
Student Housing158,249 151,382 
Grocery-Anchored Retail61,969 62,843 
Real Estate Debt56,193 63,161 
Real Estate-Related Securities66,143 56,472 
Corporate and Other93,289 74,397 
Total assets$995,243 $983,079 
The following table summarizes our financial results by segment for the six months ended June 30, 2025:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $1,462 $7,673 $3,199 $7,836 $6,301 $2,853 $— $— $92 $29,416 
Income from commercial loans— — — — — — — 785 — — 785 
Other revenue— — 174 303 223 584 1 — — 745 2,030 
Total revenues— 1,462 7,847 3,502 8,059 6,885 2,854 785 — 837 32,231 
Expenses:
Rental property operating— 294 2,545 1,611 3,929 2,957 1,004 — — (3)12,337 
Total expenses— 294 2,545 1,611 3,929 2,957 1,004 — — (3)12,337 
Income (loss) from unconsolidated entities, net1,830 — — — — — — 1,645 — 1,907 5,382 
Income (loss) from investment in affiliated fund, net— — — — — — — 697 — — 697 
Gain (loss) from real estate-related securities, net— — — — — — — — 1,250 — 1,250 
Segment net operating income (loss)$1,830 $1,168 $5,302 $1,891 $4,130 $3,928 $1,850 $3,127 $1,250 $2,747 $27,223 
Depreciation and amortization$(3,084)$(683)$(4,816)$(918)$(4,833)$(2,406)$(1,039)$— $— $(1,320)$(19,099)
General and administrative(4,599)
Gain (loss) on derivative instruments, net(637)
Unrealized gain (loss) on commercial loans(45)
Net gain from sale of membership interest— 
Debt extinguishment charges(485)
Interest income1,486 
Interest expense(8,485)
Management fee - related party(1,313)
Performance participation interest - related party(8)
Other income (expense)(163)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.$(6,125)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures(304)
Net (income) loss attributable to non-controlling interest in INREIT OP(55)
Net income (loss) attributable to common stockholders$(6,484)
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 six months ended June 30, 2025:
in thousands
Segment income (loss) from unconsolidated entities$5,382 
Depreciation and amortization attributable to unconsolidated entities(4,890)
Income (loss) from unconsolidated entities, net$492 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the six months ended June 30, 2025:
in thousands
Segment depreciation and amortization$(19,099)
Depreciation and amortization attributable to unconsolidated entities4,890 
Depreciation and amortization$(14,209)
The following table summarizes our financial results by segment for the six months ended June 30, 2024:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $1,482 $4,811 $4,219 $5,795 $9,977 $2,768 $— $— $— $29,052 
Income from commercial loans— — — — — — — 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 (loss) from unconsolidated entities, net2,428 — — — — — — 1,556 — 1,546 5,530 
Income (loss) from investment in affiliated fund, net— — — — — — — 1,156 — — 1,156 
Gain (loss) from real estate-related securities, net— — — — — — — — 1,755 — 1,755 
Segment net operating income (loss)$2,428 $1,184 $3,494 $1,880 $3,396 $6,401 $1,852 $4,982 $1,755 $1,378 $28,750 
Depreciation and amortization$(3,334)$(832)$(2,760)$(1,275)$(2,560)$(3,471)$(1,045)$— $— $(1,115)$(16,392)
General and administrative(2,763)
Gain (loss) on derivative instruments, net2,270 
Unrealized gain (loss) on commercial loans110 
Interest income775 
Interest expense(12,073)
Management fee - related party(963)
Other income (expense)(489)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.$(775)
Dividends to preferred stockholders(4)
Issuance and redemption costs of redeemed preferred stock(24)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures497 
Net (income) loss attributable to non-controlling interest in INREIT OP42 
Net income (loss) attributable to common stockholders$(264)
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 six months ended June 30, 2024:
in thousands
Segment income (loss) from unconsolidated entities$5,530 
Depreciation and amortization attributable to unconsolidated entities(4,449)
Income (loss) 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 entities4,449 
Depreciation and amortization$(11,943)