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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As of September 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 thousandsSeptember 30, 2025December 31, 2024
Healthcare$60,335 $64,292 
Office28,243 29,270 
Industrial284,558 216,473 
Self-Storage70,940 71,242 
Multifamily229,855 193,547 
Student Housing149,819 151,382 
Grocery-Anchored Retail61,421 62,843 
Real Estate Debt55,250 63,161 
Real Estate-Related Securities44,587 56,472 
Corporate and Other84,545 74,397 
Total assets$1,069,553 $983,079 
The following table summarizes our financial results by segment for the three months ended September 30, 2025:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $732 $4,047 $1,678 $4,283 $3,244 $1,414 $— $— $274 $15,672 
Income from commercial loans— — — — — — — 391 — — 391 
Other revenue— — 87 146 135 320 3 — — 524 1,215 
Total revenues— 732 4,134 1,824 4,418 3,564 1,417 391 — 798 17,278 
Expenses:
Rental property operating— 143 1,040 859 2,060 2,044 549 — — 141 6,836 
Total expenses— 143 1,040 859 2,060 2,044 549 — — 141 6,836 
Income (loss) from unconsolidated entities, net360 — — — — — — 849 — 840 2,049 
Income (loss) from investment in affiliated fund, net— — — — — — — 225 — — 225 
Gain (loss) from real estate-related securities, net— — — — — — — — 976 — 976 
Segment net operating income (loss)$360 $589 $3,094 $965 $2,358 $1,520 $868 $1,465 $976 $1,497 $13,692 
Depreciation and amortization$(1,506)$(342)$(2,352)$(462)$(1,769)$(1,219)$(521)$— $— $(1,476)$(9,647)
General and administrative(725)
Gain (loss) on derivative instruments, net182 
Unrealized gain (loss) on commercial loans23 
Interest income607 
Interest expense(4,254)
Management fee - related party(776)
Performance participation interest - related party8 
Other income (expense)(130)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.$(1,020)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures(437)
Net income (loss) attributable to common stockholders$(1,457)
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 September 30, 2025:
in thousands
Segment income (loss) from unconsolidated entities$2,049 
Depreciation and amortization attributable to unconsolidated entities(2,035)
Income (loss) from unconsolidated entities, net$14 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended September 30, 2025:
in thousands
Segment depreciation and amortization$(9,647)
Depreciation and amortization attributable to unconsolidated entities2,035 
Depreciation and amortization$(7,612)
The following table summarizes our financial results by segment for the three months ended September 30, 2024:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $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 (loss) from unconsolidated entities, net161 — — — — — — 797 — 844 1,802 
Income (loss) from investment in affiliated fund, net— — — — — — — 200 — — 200 
Gain (loss) from real estate-related securities, net— — — — — — — — 1,631 — 1,631 
Segment net operating income (loss)$161 $619 $1,072 $1,844 $1,820 $2,716 $960 $2,009 $1,631 $766 $13,598 
Depreciation and amortization$(1,600)$(194)$(1,432)$(640)$(1,213)$(1,736)$(518)$— $— $(1,154)$(8,487)
General and administrative(2,180)
Gain (loss) on derivative instruments, net(1,382)
Unrealized gain (loss) on commercial loans36 
Interest income484 
Interest expense(6,196)
Management fee - related party(515)
Other income (expense)180 
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.$(4,462)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures987 
Net (income) loss attributable to non-controlling interest in INREIT OP15 
Net income (loss) attributable to common stockholders$(3,460)
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 September 30, 2024:
in thousands
Segment income (loss) from unconsolidated entities$1,802 
Depreciation and amortization attributable to unconsolidated entities(2,754)
Income (loss) from unconsolidated entities, net$(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 nine months ended September 30, 2025:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $2,194 $11,720 $4,877 $12,119 $9,545 $4,267 $— $— $366 $45,088 
Income from commercial loans— — — — — — — 1,176 — — 1,176 
Other revenue— — 261 449 358 904 4 — — 1,269 3,245 
Total revenues— 2,194 11,981 5,326 12,477 10,449 4,271 1,176 — 1,635 49,509 
Expenses:
Rental property operating— 437 3,585 2,470 5,989 5,001 1,553 — — 138 19,173 
Total expenses— 437 3,585 2,470 5,989 5,001 1,553 — — 138 19,173 
Income (loss) from unconsolidated entities, net2,190 — — — — — — 2,494 — 2,747 7,431 
Income (loss) from investment in affiliated fund, net— — — — — — — 922 — — 922 
Gain (loss) from real estate-related securities, net— — — — — — — — 2,226 — 2,226 
Segment net operating income (loss)$2,190 $1,757 $8,396 $2,856 $6,488 $5,448 $2,718 $4,592 $2,226 $4,244 $40,915 
Depreciation and amortization$(4,590)$(1,025)$(7,170)$(1,380)$(6,602)$(3,625)$(1,559)$— $— $(2,795)$(28,746)
General and administrative(5,324)
Gain (loss) on derivative instruments, net(455)
Unrealized gain (loss) on commercial loans(22)
Debt extinguishment charges(485)
Interest income2,093 
Interest expense(12,739)
Management fee - related party(2,089)
Other income (expense)(293)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.$(7,145)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures(741)
Net (income) loss attributable to non-controlling interest in INREIT OP(55)
Net income (loss) attributable to common stockholders$(7,941)
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 nine months ended September 30, 2025:
in thousands
Segment income (loss) from unconsolidated entities$7,431 
Depreciation and amortization attributable to unconsolidated entities(6,925)
Income (loss) from unconsolidated entities, net$506 
The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2025:
in thousands
Segment depreciation and amortization$(28,746)
Depreciation and amortization attributable to unconsolidated entities6,925 
Depreciation and amortization$(21,821)
The following table summarizes our financial results by segment for the nine months ended September 30, 2024:
in thousandsHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingGrocery-Anchored RetailReal Estate DebtReal Estate-Related SecuritiesCorporate and OtherTotal
Revenues:
Rental revenue$— $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 (loss) from unconsolidated entities, net2,589 — — — — — — 2,353 — 2,390 7,332 
Income (loss) from investment in affiliated fund, net— — — — — — — 1,356 — — 1,356 
Gain (loss) from real estate-related securities, net— — — — — — — — 3,386 — 3,386 
Segment net operating income (loss)$2,589 $1,803 $4,566 $3,724 $5,216 $9,118 $2,812 $6,991 $3,386 $2,143 $42,348 
Depreciation and amortization$(4,934)$(1,026)$(4,192)$(1,915)$(3,773)$(5,207)$(1,563)$— $— $(2,269)$(24,879)
General and administrative(4,943)
Gain (loss) on derivative instruments, net888 
Unrealized gain (loss) on commercial loans146 
Interest income1,259 
Interest expense(18,269)
Management fee - related party(1,478)
Other income (expense)(309)
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.$(5,237)
Dividends to preferred stockholders(4)
Issuance and redemption costs of redeemed preferred stock(24)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures1,484 
Net (income) loss attributable to non-controlling interest in INREIT OP57 
Net income (loss) attributable to common stockholders$(3,724)
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 nine months ended September 30, 2024:
in thousands
Segment income (loss) from unconsolidated entities$7,332 
Depreciation and amortization attributable to unconsolidated entities(7,203)
Income (loss) 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)