Invesco Real Estate Income Trust POS AM 18 Mar 22 Prospectus update (post-effective amendment) Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2021
Document Information [Line Items]
Document Type	POS AM
Entity Registrant Name	Invesco Real Estate Income Trust Inc.
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Amendment Flag	true
Entity Central Index Key	0001756761
Amendment Description	The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Investments in real estate, net	$ 276,196	$ 60,773
Investments in unconsolidated entities	99,494	89,284
Investments in real estate-related securities, at fair value	4,515	877
Intangible assets, net	21,430	7,600
Cash and cash equivalents	4,581	2,968
Restricted cash	942	750
Other assets	9,301	586
Total assets	416,459	162,838
LIABILITIES
Revolving credit facility	89,500	67,700
Mortgage notes payable, net	96,857	0
Due to affiliates	14,082	4,868
Accounts payable, accrued expenses and other liabilities	2,842	1,844
Total liabilities	203,281	74,412
Commitments and contingencies (See Note 14)	0	0
Redeemable common stock, $0.01 par value per share, 6,857,829 and 3,247,457 shares issued and outstanding, respectively	203,532	83,194
EQUITY
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; 125 shares issued and outstanding ($500.00 per share liquidation preference)	41	41
Additional paid-in capital	24,716	9,276
Accumulated deficit and cumulative distributions	(16,259)	(4,089)
Total stockholders' equity	8,515	5,232
Non-controlling interests in consolidated joint ventures	1,131	0
Total equity	9,646	5,232
Total liabilities, redeemable common stock and equity	416,459	162,838
Class T Common Stock
EQUITY
Common stock	0	0
Class S Common Stock
EQUITY
Common stock	0	0
Class D Common Stock
EQUITY
Common stock	0	0
Class I Common Stock
EQUITY
Common stock	0	0
Class E Common Stock
EQUITY
Common stock	10	0
Class N Common Stock
EQUITY
Common stock	$ 7	$ 4

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets Parenthetical - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Redeemable common stock, par value (in USD per share)	$ 0.01	$ 0.01
Redeemable common stock, shares issued (in shares)	6,857,829	3,247,457
Redeemable stock, outstanding (in shares)	6,857,829	3,247,457
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	125	125
Preferred stock, shares outstanding (in shares)	125	125
Preferred stock, liquidation preference (in USD per share)	$ 500	$ 500
Class T Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	91	0
Common stock, shares outstanding (in shares)	91	0
Class S Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	91	0
Common stock, shares outstanding (in shares)	91	0
Class D Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	91	0
Common stock, shares outstanding (in shares)	91	0
Class I Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	499	0
Common stock, shares outstanding (in shares)	499	0
Class E Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	958,831	0
Common stock, shares outstanding (in shares)	958,831	0
Class N Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	738,701	361,374
Common stock, shares outstanding (in shares)	738,701	361,374

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental revenue	$ 2,748	$ 0	$ 7,315	$ 0
Other revenue	88	0	268	0
Total revenues	2,836	0	7,583	0
Expenses
Rental property operating	623	0	1,734	0
General and administrative	893	686	3,033	2,242
Performance participation allocation	1,446	0	2,237	0
Depreciation and amortization	1,417	0	4,979	0
Total expenses	4,379	686	11,983	2,242
Other income (expense), net
Income from unconsolidated entities, net	182	35	1,686	35
Income from real estate-related securities	19	0	83	0
Interest expense	(730)	(18)	(1,813)	(18)
Total other income (expense), net	(529)	17	(44)	17
Net loss attributable to Invesco Real Estate Income Trust Inc.	(2,072)	(669)	(4,444)	(2,225)
Dividends to preferred stockholders	(2)	0	(6)	0
Net income attributable to non-controlling interests in consolidated joint ventures	(4)	0	(4)	0
Net loss attributable to common stockholders, basic	(2,078)	(669)	(4,454)	(2,225)
Net loss attributable to common stockholders, diluted	$ (2,078)	$ (669)	$ (4,454)	$ (2,225)
Loss per share:
Net loss per share of common stock, basic (in USD per share)	$ (0.32)	$ (9.22)	$ (0.73)	$ (75)
Net loss per share of common stock, diluted (in USD per share)	$ (0.32)	$ (9.22)	$ (0.73)	$ (75)
Weighted average shares of common stock outstanding, basic (in shares)	6,544,739	72,534	6,103,685	29,668
Weighted average shares of common stock outstanding, diluted (in shares)	6,544,739	72,534	6,103,685	29,668

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity and Redeemable Common Stock - USD ($) $ in Thousands	Total	Class E Common Stock	Total Stockholders' Equity	Preferred Stock	Common StockClass T Common Stock	Common StockClass S Common Stock	Common StockClass D Common Stock	Common StockClass I Common Stock	Common StockClass E Common Stock	Common StockClass N Common Stock	Additional Paid-in Capital	Accumulated Deficit and Cumulative Distributions	Non-controlling interests in consolidated joint ventures
Beginning balance at Dec. 31, 2019	$ 200		$ 200	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 200	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,203)		(1,203)									(1,203)
Ending balance at Mar. 31, 2020	(1,003)		(1,003)	0	0	0	0	0	0	0	200	(1,203)	0
Beginning balance at Dec. 31, 2019	0
Ending balance at Mar. 31, 2020	0
Beginning balance at Dec. 31, 2019	200		200	0	0	0	0	0	0	0	200	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,225)
Ending balance at Sep. 30, 2020	2,566		2,566	0	0	0	0	0	0	2	4,789	(2,225)	0
Beginning balance at Dec. 31, 2019	0
Ending balance at Sep. 30, 2020	43,973
Beginning balance at Mar. 31, 2020	(1,003)		(1,003)	0	0	0	0	0	0	0	200	(1,203)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(353)		(353)									(353)
Ending balance at Jun. 30, 2020	(1,356)		(1,356)	0	0	0	0	0	0	0	200	(1,556)	0
Beginning balance at Mar. 31, 2020	0
Ending balance at Jun. 30, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	4,591		4,591							2	4,589
Net income (loss)	(669)		(669)									(669)
Ending balance at Sep. 30, 2020	2,566		2,566	0	0	0	0	0	0	2	4,789	(2,225)	0
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	43,973
Ending balance at Sep. 30, 2020	43,973
Beginning balance at Dec. 31, 2020	5,232		5,232	41	0	0	0	0	0	4	9,276	(4,089)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	9,318		9,318							3	9,315
Distribution reinvestment	1		1								1
Share-based compensation	19		19								19
Net income (loss)	36		36									36
Preferred stock dividends	(2)		(2)									(2)
Common stock distributions	(2,378)		(2,378)									(2,378)
Ending balance at Mar. 31, 2021	12,226		12,226	41	0	0	0	0	0	7	18,611	(6,433)	0
Beginning balance at Dec. 31, 2020	83,194
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	61,726
Ending balance at Mar. 31, 2021	144,920
Beginning balance at Dec. 31, 2020	5,232		5,232	41	0	0	0	0	0	4	9,276	(4,089)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		$ 58
Net income (loss)	(4,444)
Ending balance at Sep. 30, 2021	9,646		8,515	41	0	0	0	0	10	7	24,716	(16,259)	1,131
Beginning balance at Dec. 31, 2020	83,194
Ending balance at Sep. 30, 2021	203,532
Beginning balance at Mar. 31, 2021	12,226		12,226	41	0	0	0	0	0	7	18,611	(6,433)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	(6)		(6)								(6)
Distribution reinvestment	26		26								26
Share-based compensation	19		19								19
Net income (loss)	(2,408)		(2,408)									(2,408)
Exchange of common stock									2	(2)
Preferred stock dividends	(2)		(2)									(2)
Common stock distributions	(2,659)		(2,659)									(2,659)
Adjustment to carrying value of redeemable common stock	(10,249)		(10,249)								(10,249)		0
Ending balance at Jun. 30, 2021	(3,053)		(3,053)	41	0	0	0	0	2	5	8,401	(11,502)	0
Beginning balance at Mar. 31, 2021	144,920
Class N Redeemable Common Stock
Adjustment to carrying value of redeemable common stock	10,249
Ending balance at Jun. 30, 2021	155,169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	24,949		24,949						8	2	24,939
Distribution reinvestment	33		33								33
Share-based compensation	19		19								19
Net income (loss)	(2,072)		(2,076)									(2,076)	4
Preferred stock dividends	(2)		(2)									(2)
Common stock distributions	(2,679)		(2,679)									(2,679)
Adjustment to carrying value of redeemable common stock	(8,676)		(8,676)								(8,676)
Contributions from non-controlling interests	1,127												1,127
Ending balance at Sep. 30, 2021	9,646		$ 8,515	$ 41	$ 0	$ 0	$ 0	$ 0	$ 10	$ 7	$ 24,716	$ (16,259)	$ 1,131
Class N Redeemable Common Stock
Common stock repurchased	(22,000)
Proceeds from issuance of common stock, net of offering costs	61,687
Adjustment to carrying value of redeemable common stock	8,676
Ending balance at Sep. 30, 2021	$ 203,532

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flow - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (4,444)	$ (2,225)
Adjustments to reconcile net loss to net cash provided by operating activities:
Performance participation allocation	2,237	0
Income from unconsolidated entities, net	(1,686)	(35)
Depreciation and amortization	4,979	0
Share-based compensation	58	0
Straight-line rents	(412)	0
Amortization of below-market leases	(146)	0
Amortization of deferred financing costs	495	0
Unrealized gain on real estate-related securities, net	(3)	0
Distributions of earnings from investments in unconsolidated entities	701	0
Other items	51	0
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Increase in other assets	(786)	(956)
Increase in due to affiliates	3,380	3,944
Increase in accounts payable, accrued expenses and other liabilities	530	4
Net cash provided by operating activities	4,954	732
Cash flows from investing activities:
Investments in unconsolidated entities	(13,806)	(56,963)
Acquisitions of real estate	(237,848)	0
Capital improvements to real estate	(2,923)	0
Purchase of real estate-related securities	(5,909)	0
Proceeds from sale of real estate-related securities	2,222	0
Distributions of capital from investments in unconsolidated entities	4,580	0
Net cash used in investing activities	(253,684)	(56,963)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	123,475	43,973
Repurchase of redeemable common stock	(22,000)	0
Proceeds from issuance of common stock	37,303	4,591
Proceeds from revolving credit facility	133,500	8,100
Repayment of revolving credit facility	(111,700)	0
Borrowings from mortgages payable	98,000	0
Payment of deferred financing costs	(2,003)	0
Common stock distributions	(7,163)	0
Preferred stock dividends	(4)	0
Contributions from non-controlling interests	1,127	0
Net cash provided by financing activities	250,535	56,664
Net change in cash and cash equivalents and restricted cash	1,805	433
Cash and cash equivalents and restricted cash, beginning of period	3,718	200
Cash and cash equivalents and restricted cash, end of period	5,523	633
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	4,581	633
Restricted cash	942	0
Total cash and cash equivalents and restricted cash	5,523	633
Supplemental disclosures:
Interest paid	1,046	4
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	526	180
Acquired non-controlling interests	4	0
Accrued capital expenditures	85	0
Accrued preferred dividends	2	0
Distributions payable	996	0
Distribution reinvestment	60	0
Accrued offering costs due to affiliates	3,105	0
Adjustment to carrying value of redeemable common stock	$ 18,925	$ 0

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose Invesco Real Estate Income Trust Inc. (the “Company” or “we”) is focused on investing in stabilized, income-oriented commercial real estate in the United States. To a lesser extent, we also invest in real estate-related securities to provide a source of liquidity for our share repurchase plan, cash management and other purposes. We own, and expect to continue to own, all or substantially all of our assets through Invesco REIT Operating Partnership L.P. (“INREIT OP”), of which we are the sole general partner. We were incorporated in October 2018 as a Maryland corporation and commenced real estate operations in September 2020. The Company qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes for the taxable year ended December 31, 2020. We are externally managed by Invesco Advisers, Inc. (the “Adviser”), a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd. (“Invesco”), a leading independent global investment management firm. On May 14, 2021 our Registration Statement on Form S-11 No. 333-254931) We are also conducting a private offering exempt from registration under the Securities Act of 1933, as amended (the “Class N Private Offering”), of up to $500 million in shares of our Class N common stock (“Class N shares” or “Class N common stock”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the periods presented. The unaudited condensed consolidated financial statements should be read in conjunction with the December 31, 2020 consolidated financial statements and notes thereto included in our Registration Statement on Form S-11 No. 333-254931). Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates. The extent to which the ongoing COVID-19 COVID-19, COVID-19 Consolidation We consolidate entities in which the Company has a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have both the power to direct the most significant activities impacting the economic performance of the VIE and the obligation to absorb losses or receive benefits significant to the VIE. For consolidated joint ventures, the non-controlling non-controlling non-controlling non-controlling We apply the equity method of accounting if we have significant influence over an entity, typically when we hold 20 percent or more of the voting common stock (or equivalent) of an investee but do not have a controlling financial interest. In certain circumstances, such as with investments in limited liability companies or limited partnerships, we apply the equity method of accounting when we own as little as three five Cash and Cash Equivalents We consider all highly liquid investments that have original maturity dates of three months or less when purchased to be cash equivalents. We may have bank balances in excess of federally insured amounts. We mitigate our risk of loss by maintaining cash deposits with high credit-quality institutions and actively monitoring our counterparties to minimize credit risk exposure. Restricted Cash As of September 30, 2021, restricted cash primarily consists of an interest reserve that we are contractually required to maintain on deposit under the terms of our preferred membership interest in a limited liability company. Restricted cash also includes amounts in escrow for taxes and insurance related to mortgages at certain properties, as well as security deposits. Investments in Real Estate In accordance with the guidance for business combinations, we determine whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, we account for the transaction as an asset acquisition. As of September 30, 2021, we have accounted for all of our property acquisitions as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, we recognize the identifiable assets acquired, the liabilities assumed and any non-controlling When a transaction is determined to be an asset acquisition, we assess the fair value of acquired tangible and intangible assets and liabilities (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. We also consider an allocation of purchase price to acquired intangibles, including acquired in-place We record acquired above-market and below-market leases at their fair values (using a discount rate that reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid under each in-place in-place in-place lease-up lease-up Intangible assets and intangible liabilities are recorded gross on our condensed consolidated balance sheets. Intangible liabilities are presented as a component of other liabilities. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on our condensed consolidated statements of operations. The amortization of in-place The cost of buildings and improvements includes the purchase price of our properties and any acquisition-related costs, along with any subsequent improvements to such properties. Our investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:​​​​​​​ Description Depreciable Life Building 30 - 40 years Building and land improvements 1 - 10 years Furniture, fixtures and equipment 1 - 7 years Lease intangibles and leasehold improvements Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in rental property operating expense on our condensed consolidated statements of operations. We review our real estate properties for indicators of impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. We assess recoverability based on the estimated undiscounted future cash flows expected to be generated from the operation and eventual disposition of our properties over the period we expect to hold the properties. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of our investment, we recognize an impairment loss. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value less cost to sell if classified as held for sale. If we change our strategy or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to our results. We did not record an impairment loss for the three and nine months ended September 30, 2021. Investments in Unconsolidated Entities We account for our investments in unconsolidated entities under the equity method of accounting. Under the equity method of accounting, we record our initial investment in an unconsolidated real estate entity at cost and subsequently adjust the cost for our share of the real estate entity’s income or loss and cash contributions and distributions each period. We evaluate the carrying amount of our investment in an unconsolidated real estate entity for potential indicators of impairment if the carrying amount of our investment exceeds its fair value. We record an impairment charge when we determine an impairment is other-than-temporary. To determine whether an impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an unconsolidated real estate entity for potential impairment can require us to exercise significant judgment. We did not record any impairment losses on our investments in unconsolidated entities for the three and nine months ended September 30, 2021. Distributions received from equity method investments are classified in the condensed consolidated statements of cash flows as either operating or investing activities based on the cumulative earnings approach. Under the cumulative earnings approach, we compare distributions received to our cumulative equity method earnings since inception. Any distributions received up to the amount of cumulative equity earnings are considered a return on investment and classified in operating activities. Any excess distributions are considered a return of investment and classified in investing activities. The income or loss from equity method investments is included in income from unconsolidated entities, net in our condensed consolidated statements of operations. Investments in Real Estate-Related Securities We invest in debt and equity securities of real estate companies. We have elected the fair market value option for accounting for investments in debt securities. We record changes in fair value of debt securities, interest income on debt securities, and bond premium and discount amortization as income from real estate-related securities in our condensed consolidated statement of operations. We record equity securities with readily determinable market values at fair value. We record dividend income on equity securities when declared. We record changes in fair value of equity securities and dividend income as income from real estate-related securities in our condensed consolidated statement of operations. Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation Our investments in real estate-related securities are reported at fair value. We generally determine the fair value of our real estate-related securities by utilizing third-party pricing service providers and broker-dealer quotations on the basis of last available bid price. The carrying amount of the revolving credit facility and mortgage notes approximates fair value. Cost approximates fair value for all other assets and liabilities. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for securities such as real estate-related securities generally consider the attributes applicable to a particular class of the security (e.g., credit rating or seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. The following table details our assets measured at fair value on a recurring basis: $ in thousands September 30, 2021 December 31, 2020 Assets: Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments in real estate-related securities $ 509 $ 4,006 $ — $ 4,515 $ 11 $ 866 $ — $ 877 Total $ 509 $ 4,006 $ — $ 4,515 $ 11 $ 866 $ — $ 877 Redeemable Common Stock Certain shares of our Class N common stock are classified as redeemable common stock on our condensed consolidated balance sheet because the holder of these shares, Massachusetts Mutual Life Insurance Company (“MassMutual”), has the contractual right to redeem the shares under certain circumstances as described in Note 10 — “Redeemable Common Stock”. We report our redeemable common stock on our condensed consolidated balance sheet at MassMutual’s redemption value. MassMutual’s redemption value is determined based on our Net Asset Value (“NAV”) per Class N share as of our balance sheet date. We calculate NAV as GAAP stockholders’ equity adjusted for the redemption value of our redeemable common stock; certain organization and offering costs and certain operating expenses; unrealized real estate appreciation; accumulated depreciation and amortization; straight-line rent receivable and other assets. For purposes of determining our NAV, the fair value of our investments in real estate is determined based on third party valuations prepared by licensed appraisers in accordance with standard industry practice. Deferred Financing Costs Direct costs associated with entering into our revolving credit facility are recorded as other assets on the condensed consolidated balance sheet and are being amortized on a straight-line basis, which approximates the effective interest method, over the term of the agreement. Direct costs associated with entering into our mortgage notes are recorded as an offset to the related liability and are being amortized over the term of the mortgage notes. Revenue Recognition We recognize rental revenue on our leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of our contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception of a new lease, including new leases that arise from amendments, we assess the terms and conditions of the lease to determine the proper lease classification. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances. Rental revenue primarily consists of fixed contractual base rent arising from tenant leases at our properties under operating leases. Revenue under operating leases that are deemed probable of collection is recognized as revenue on a straight-line basis over the non-cancelable write-off Our contracts may contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. We do not segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are reported as rental revenues in the accompanying condensed consolidated statements of operations. In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 COVID-19 Income Taxes We qualified as a REIT under the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”) for U.S. federal income tax purposes commencing with our taxable year ending December 31, 2020. As long as we qualify for taxation as a REIT, we will generally not be subject to federal income tax as long as we distribute at least 100% of our taxable income each year. REITs are subject to a number of organizational and operational requirements. As a REIT, we may still be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income. We may elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real Organization and Offering Expenses The Adviser has agreed to advance all of our organization and offering expenses (other than upfront selling commissions, dealer manager fees, and ongoing stockholder servicing fees) incurred through the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2022, at which time we will reimburse the Adviser for all of our advanced expenses ratably over 60 months. We will reimburse the Adviser for any subsequent organization and offering expenses as incurred. As of September 30, 2021, the Adviser and its affiliates incurred organization expenses of $1.2 million and offering expenses of $1.0 million (December 31, 2020: $1.2 million and $0.9 million, respectively) on our behalf for the Class N Private Offering that are recorded as a component of due to affiliates on our condensed consolidated balance sheets. Class N Private Offering organization and offering expenses became a liability of the Company on January 16, 2020, the date on which the Class N Private Offering commenced. We recorded the organization expenses associated with the Class N Private Offering as general and administrative expenses and recorded the offering expenses as an offset to Class N common stock based on the relative proceeds raised in the Class N Private Offering. As of September 30, 2021, the Adviser and its affiliates have incurred organization expenses of $0.3 million and offering expenses of $3.0 million on our behalf for the Offering that are recorded as a component of due to affiliates on our condensed consolidated balance sheets. Organization and offering expenses related to the Offering became a liability of the Company on May 14, 2021, the date on which the Offering commenced. We record organization expenses associated with the Offering as general and administrative expenses on our condensed consolidated statements of operations. Offering expenses associated with the Offering are recorded as an offset to additional paid-in Invesco Distributors, Inc. (the “Dealer Manager”) is serving as the dealer manager for the Primary Offering. See Note 12 — “Related Party Transactions” for more information on our relationship to the Dealer Manager and a description of selling commissions and dealer manager fees. Earnings (Loss) per Share We calculate basic earnings (loss) per share by dividing net earnings (loss) attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period, including redeemable common stock. All classes of common stock are allocated net earnings (loss) at the same rate per share and receive the same gross distribution per share. We calculate diluted net earnings (loss) per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. As of September 30, 2021 and 2020, there are no common share equivalents outstanding that would have a dilutive effect as a result of our net income, and accordingly, the weighted average number of common shares outstanding is identical for the period for both basic and diluted shares. Share-Based Compensation Under the terms of our 2019 Equity Incentive Plan, our independent directors are eligible to receive awards of fully-vested common stock as part of their compensation for services as directors. In addition, we may compensate the officers and employees of our Adviser and its affiliates with share-based awards under the terms of our Advisory Agreement; however, as of September 30, 2021, we have not compensated any officers or employees of our Adviser and its affiliates with share-based awards. See Note 11 — “Equity” for additional information regarding share-based compensation. Share-based compensation arrangements may include options, stock appreciation rights, restricted stock and other share-based awards. We recognize compensation expense related to share-based awards to our independent directors in our condensed consolidated financial statements based on the fair value of the award on the date of grant. Pending Accounting Pronouncements In January 2021, the FASB expanded existing accounting guidance for evaluating the effects of reference rate reform on financial reporting. The new guidance expands the temporary optional expedients and exceptions to GAAP for contract modifications, hedge accounting and other relationships that reference the London Interbank Offered Rate (“LIBOR”) to apply to all derivative instruments affected by the market-wide change in the interest rates used for discounting, margining or contract price alignment (commonly referred to as the discounting transition). The guidance can be applied as of January 1, 2020. We will evaluate our contracts that are eligible for modification relief and may apply the elections prospectively as needed. We have not adopted any of the optional expedients or exceptions as of September 30, 2021. We are currently evaluating what impact the guidance will have on our condensed consolidated financial statements.

Investments in Real Estate, net

Investments in Real Estate, net	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Investments in Real Estate, net	3. Investments in Real Estate, net Investments in real estate, net consist of: $ in thousands September 30, 2021 December 31, 2020 Building and improvements $ 229,793 $ 44,317 Land and land improvements 45,350 16,483 Furniture, fixtures and equipment 3,294 — Total 278,437 60,800 Accumulated depreciation (2,241 ) (27 ) Investments in real estate, net $ 276,196 $ 60,773 The following table details the properties acquired during the nine months ended September 30, 2021: $ in thousands Property Name Ownership Interest Number of Properties Segment Acquisition Date Purchase Price (1) Cortona Apartments 100 % 1 Multifamily January 2021 $ 71,083 Meridian Business 940 95 % 1 Industrial September 2021 29,615 Bixby Kennesaw 98 % 1 Student housing September 2021 78,663 Salem Self Storage 100 % 3 Self-storage September 2021 47,872 South Loop Storage 100 % 1 Self-storage September 2021 11,141 7 $ 238,374 (1) Purchase price is inclusive of acquisition-related costs. The following table summarizes the allocation of the total cost for the properties acquired during the nine months ended September 30, 2021: $ in thousands Amount Building and building improvements $ 182,488 Land and land improvements 28,866 Lease intangibles (1) 14,996 Capitalized tax abatement (2) 7,427 Furniture, fixtures and equipment 3,276 Above-market lease intangibles 1,321 Total purchase price (3) $ 238,374 (1) Lease intangibles consist of in-place (2) We obtained a tax abatement in conjunction with our purchase of the Cortona Apartments with an expiration date of December 31, 2038 and are amortizing the tax abatement over the remaining useful life of the tax abatement. (3) Includes acquisition-related costs. The weighted-average amortization periods for intangible assets acquired in connection with our acquisitions during the nine months ended September 30, 2021 were as follows: In-place lease intangibles Leasing commissions Above-market lease intangibles Weighted-average amortization periods (in years) 2.95 13.88 14.03

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	4. Investments in Unconsolidated Entities Vida JV LLC We formed a joint venture with Invesco U.S. Income Fund L.P., an affiliate of Invesco, (the “Invesco JV”) to acquire an interest in a portfolio of medical office buildings located throughout the United States (the “Sunbelt Medical Office Portfolio”). As of September 30, 2021, the Invesco JV owns an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of September 30, 2021, Vida JV LLC owns a portfolio of twenty separate medical office buildings. We own a 42.5% interest in Vida JV LLC through our ownership in the Invesco JV and account for our investment using the equity method of accounting. San Simeon Holdings As of September 30, 2021, we own an investment in San Simeon Holdings LLC (“San Simeon Holdings”), a limited liability company that owns a multifamily property. Our investment is structured as a preferred membership interest. Our preferred membership interest is mandatorily redeemable on December 15, 2023, although there are certain conditions that may accelerate the redemption date. The common member of San Simeon Holdings has two one-year As our investment San Simeon Holdings is structured as a preferred membership interest and our membership interest is structured to receive a fixed return, we do not participate in any economic upside or downside of San Simeon Holdings. Further, because there is a mandatory redemption feature associated with our preferred membership interest, our future involvement with San Simeon Holdings is limited. We have concluded that San Simeon Holdings is a VIE and that we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact San Simeon Holding’s economic performance. Our economic risk with respect to our investment is limited to our equity ownership and any uncollected distributions. The following tables provide summarized balance sheets of our investments in unconsolidated entities and a reconciliation to our equity investment: September 30, 2021 $ in thousands Vida JV LLC San Simeon Holdings Total Total assets $ 411,059 $ 120,894 $ 531,953 Total liabilities (221,050 ) (79,764 ) (300,814 ) Total equity of unconsolidated entities 190,009 41,130 231,139 INREIT’s share 80,754 18,493 99,247 INREIT outside basis 247 — 247 INREIT investment in unconsolidated entities $ 81,001 $ 18,493 $ 99,494 December 31, 2020 $ in thousands Vida JV LLC San Simeon Holdings Total Total assets $ 366,482 $ 112,594 $ 479,076 Total liabilities (187,882 ) (76,322 ) (264,204 ) Total equity of unconsolidated entities 178,600 36,272 214,872 INREIT’s share 75,914 13,118 89,032 INREIT outside basis 252 — 252 INREIT investment in unconsolidated entities $ 76,166 $ 13,118 $ 89,284 The following tables provide summarized operating data of our investments in unconsolidated entities along with a reconciliation to the net income (loss) from unconsolidated entities: Three Months Ended September 30, 2021 $ in thousands Vida JV LLC San Simeon Holdings Total Total revenue of unconsolidated entities $ 9,397 $ 2,003 $ 11,400 Income (loss) of unconsolidated entities (766 ) 1,093 327 INREIT’s share (326 ) 510 184 Amortization of INREIT outside basis (2 ) — (2 ) INREIT’s income (loss) from unconsolidated entities $ (328 ) $ 510 $ 182 Nine Months Ended September 30, 2021 $ in thousands Vida JV LLC San Simeon Holdings Total Total revenue of unconsolidated entities $ 27,236 $ 6,381 $ 33,617 Income of unconsolidated entities 622 374 996 INREIT’s share 264 1,428 1,692 Amortization of INREIT outside basis (6 ) — (6 ) INREIT’s income from unconsolidated entities $ 258 $ 1,428 $ 1,686

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related Securities	5. Investments in Real Estate-Related Securities The following tables summarize our investments in real estate-related debt securities by asset type: September 30, 2021 $ in thousands Principal Unamortized Amortized Unrealized Gain Fair Value Period-end Weighted-Average Non-agency $ 2,846 $ 141 $ 2,987 $ (3 ) $ 2,984 2.53 % 11/30/2033 Corporate debt 1,125 86 1,211 14 1,225 1.90 % 5/3/2024 Total $ 3,971 $ 227 $ 4,198 $ 11 $ 4,209 December 31, 2020 $ in thousands Principal Unamortized Amortized Unrealized Gain Fair Value Period-end Weighted-Average Non-agency $ 716 $ 11 $ 727 $ 2 $ 729 3.39 % 1/22/2032 Corporate debt 125 9 134 3 137 2.55 % 1/15/2025 Total $ 841 $ 20 $ 861 $ 5 $ 866 As of September 30, 2021 and December 31, 2020, we also hold investments in preferred stock of real estate investment trusts with a fair value of $0.3 million and approximately $11,000, respectively, and a period-end

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	6. Intangibles The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: September 30, 2021 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place $ 19,689 $ (2,325 ) $ 17,364 Leasing commissions 2,919 (174 ) 2,745 Above-market lease intangibles 1,321 — 1,321 Total intangible assets, net $ 23,929 $ (2,499 ) $ 21,430 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 1,605 $ (146 ) $ 1,459 Total intangible liabilities, net $ 1,605 $ (146 ) $ 1,459 December 31, 2020 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place $ 5,475 $ (7 ) $ 5,468 Leasing commissions 2,136 (4 ) 2,132 Total intangible assets, net $ 7,611 $ (11 ) $ 7,600 Total Cost Accumulated Amortization Intangible Intangible liabilities, net: Below-market lease intangibles $ 1,605 $ — $ 1,605 Total intangible liabilities, net $ 1,605 $ — $ 1,605 The estimated future amortization of our intangibles for each of the next five years and thereafter as of September 30, 2021 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Below-market 2021 (remainder) $ 3,788 $ 72 $ 24 $ (49 ) 2022 7,453 285 94 (194 ) 2023 746 285 94 (194 ) 2024 746 285 94 (194 ) 2025 746 285 94 (194 ) 2026 746 282 94 (194 ) Thereafter 3,139 1,251 827 (440 ) $ 17,364 $ 2,745 $ 1,321 $ (1,459 )

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	7. Other Assets The following table summarizes the components of other assets: $ in thousands September 30, 2021 December 31, 2020 Capitalized tax abatement, net (1) $ 7,151 $ — Deferred financing costs, net 805 440 Prepaid expenses 833 130 Deferred rent 423 11 Other 89 5 Total $ 9,301 $ 586 (1) We obtained a tax abatement in conjunction with our purchase of the Cortona Apartments with an expiration date of December 31, 2038 and are amortizing the tax abatement over the remaining useful life of the tax abatement as a component of depreciation and amortization in the condensed consolidated statements of operations. As of September 30, 2021, accumulated amortization of the capitalized tax abatement was $0.3 million, and the estimated annual amortization is $0.4 million.

Mortgage Note and Revolving Cre

Mortgage Note and Revolving Credit Facility	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Mortgage Notes and Revolving Credit Facility	8. Mortgage Notes and Revolving Credit Facility The following tables summarize certain characteristics of our mortgage notes and revolving credit facility: September 30, 2021 $ in thousands Principal Balance Weighted Average Weighted Average (3 ) Maximum Facility (4) Variable rate loans: Variable rate mortgage loans $ 98,000 2.56 % 7/3/2027 N/A Variable rate revolving credit facility (1)(2) 89,500 1.73 % 1/22/2024 $ 100,000 Total variable rate loans 187,500 2.17 % Deferred financing costs, net (5) (1,143 ) Mortgage notes and revolving credit facility, net $ 186,357 December 31, 2020 $ in thousands Principal Balance Weighted Average Weighted Average Maximum Facility Variable rate loans: Variable rate revolving credit facility (1)(2) $ 67,700 2.00 % 9/22/2021 $ 75,000 Deferred financing costs, net — Mortgage notes and revolving credit facility, net $ 67,700 (1) During the nine months ended September 30, 2021, we entered into a new revolving credit facility (“Revolving Credit Facility”) and repaid our previous revolving credit facility. (2) Borrowings under the Revolving Credit Facility bear interest at a rate equal to one-month one-month (3) For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed. (4) INREIT OP may increase the maximum aggregate principal amount of the Revolving Credit Facility to up to $150 million in accordance with the terms of the Revolving Credit Facility. As of September 30, 2021, the borrowing capacity on the Revolving Credit Facility is $6.6 million. We have the ability to increase the borrowing capacity in connection with the acquisition of additional investments in real estate, which allows us to utilize the full maximum facility size up to $100 million or $150 million, as applicable. (5) Deferred financing costs relate to the variable rate mortgage loans. The following table presents the future principal payment due under our mortgage notes and Revolving Credit Facility as of September 30, 2021: Year ($ in thousands) Amount 2021 (remaining) $ — 2022 — 2023 — 2024 89,500 2025 — 2026 53,000 Thereafter 45,000 Total $ 187,500 On May 25, 2021, we entered into a seven-year mortgage loan with an unaffiliated lender for $45.0 million (the “Cortona Loan”) secured by the Cortona Apartments. The Cortona Loan bears interest at the greater of (a) 2.65% or (b) the sum of (i) 2.40% plus (ii) one-month On September 24, 2021, a consolidated subsidiary of the Company entered into a five-year mortgage loan with an unaffiliated lender for $53.0 million (the “Bixby Loan”) secured by our Bixby Kennesaw property. The Bixby Loan bears interest at the sum of (i) 1.60% plus (ii) one-month We are subject to various financial and operational covenants under the executed mortgage notes and Revolving Credit Facility agreement. These covenants require the Company to maintain certain financial ratios, which may include leverage, debt yield, and debt service coverage, among others. As of September 30, 2021, the Company is in compliance with all of its loan covenants that could result in a default under such agreements.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	9. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the components of accounts payable, accrued expenses and other liabilities: $ in thousands September 30, 2021 December 31, 2020 Intangible liabilities, net $ 1,459 $ 1,605 Accrued interest expense 344 73 Real estate taxes payable 335 — Tenant security deposits 264 130 Accounts payable and accrued expenses 221 36 Prepaid rental income 219 — Total $ 2,842 $ 1,844

Redeemable Common Stock

Redeemable Common Stock	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Redeemable Common Stock	10. Redeemable Common Stock As of September 30, 2021, MassMutual has committed to purchase up to $400.0 million of Class N shares in the Class N Private Offering (the “MassMutual Capital Commitment”). MassMutual is an affiliate of Invesco. The initial purchase price per Class N share was $25.00. The price per Class N share for subsequent purchases is based on our NAV per Class N share at the time of purchase. As of September 30, 2021, MassMutual had purchased 7,387,008 Class N shares for $200.0 million under its Initial Subscription Agreement, as defined below, and 255,846 Class N shares for $7.5 million under its Subscription Agreement, as defined below. In accordance with the Subscription Agreement, on August 5, 2021, we repurchased 785,025 of MassMutual Shares for $22.0 million. In July 2021, MassMutual entered into a subscription agreement (the “Subscription Agreement”) to purchase up to $200.0 million of Class N shares of our common stock in the Class N Private Offering upon our request at one or more closings held prior to January 29, 2023. MassMutual had previously agreed to purchase up to $200.0 million of Class N Shares under its initial subscription agreement with us (as amended, the “Initial Subscription Agreement”). We called the entirety of MassMutual’s commitment under the Initial Subscription Agreement before issuing any capital calls under the Subscription Agreement. All MassMutual shares, whether under the Subscription Agreement or the Initial Subscription Agreement, will be classified as redeemable common stock because MassMutual has the contractual right to redeem the shares under certain circumstances as described below. We will repurchase Class N Shares acquired by MassMutual under the Subscription Agreement or the Initial Subscription Agreement on a monthly basis at a price per share that will generally be equal to the NAV per Class N Share as of the last day of the month preceding the Determination Date. “Determination Date” means the date that is five Upon (i) the expiration of the Lock-Up “Lock-Up The repurchase rights granted to MassMutual under the Subscription Agreement, as described above, supersede and replace the repurchase rights originally granted to MassMutual under the terms of the Initial Subscription Agreement. MassMutual’s repurchase rights are not transferable. We began to recognize changes in the value of the MassMutual Shares when redemption of the shares became probable. The redemption of the MassMutual shares became probable when the SEC declared our Registration Statement on Form S-11 No. 333-254931) paid-in We have entered into an exchange rights and registration agreement with MassMutual (the “Registration Rights Agreement”). After September 28, 2025, MassMutual may require us to exchange all or a portion of its Class N shares for any class of shares of our common stock being sold in the Primary Offering and file and maintain an effective registration statement with the SEC (for no longer than three years) registering the offer and sale of the new shares issued in the exchange. MassMutual’s rights under the Registration Rights Agreement will terminate when its shares of our common stock have an aggregate NAV of less than $20.0 million.

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity	11. Equity Preferred Stock On November 20, 2020, we sold 125 shares of 12.5% Series A Redeemable Cumulative Preferred Stock (“Series A Preferred Stock”) for $500.00 per share in a private placement exempt from registration under the Securities Act of 1933, as amended. No additional shares have been sold as of September 30, 2021. The offering was effected for the purpose of the Company having at least 100 stockholders to satisfy one of the requirements for qualification as a REIT under the Internal Revenue Code. Total proceeds from the sale of the Series A Preferred Stock were $62,500 before issuance costs of $21,900. Holders of the Series A Preferred Stock are entitled to receive dividends at an annual rate of 12.5% of the liquidation preference of $500.00 per share, or $62.50 per share per annum. Dividends are cumulative and payable semi-annually commencing with the first dividend payment date on December 31, 2020. We have the option to redeem shares of our Series A Preferred Stock in whole or in part at any time for the price of $500.00 per share, plus any accrued and unpaid dividends through the date of redemption. If a redemption occurs on or before December 31, 2022, we will pay an additional $50.00 per share redemption premium. Common Stock The following tables detail the movement in the Company’s outstanding shares of common stock: Nine Months Ended September 30, 2021 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2020 — — — — — 3,608,830 3,608,830 Issuance of common stock — — — — — 2,636,645 2,636,645 Distribution reinvestment — — — — — 32 32 Balance at March 31, 2021 — — — — — 6,245,507 6,245,507 Issuance of common stock 91 91 91 — — 1,154 1,427 Exchange of common stock (1) — — — — 156,066 (156,066 ) — Distribution reinvestment (2) — — — 492 — — 492 Balance at June 30, 2021 91 91 91 492 156,066 6,090,595 6,247,426 Issuance of common stock — — — — 801,593 2,290,960 3,092,553 Common stock repurchased (3) — — — — — (785,025 ) (785,025 ) Distribution reinvestment (2) — — — 7 1,172 — 1,179 Balance at September 30, 2021 91 91 91 499 958,831 7,596,530 8,556,133 Nine Months Ended September 30, 2020 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2019 — — — — — 8,000 8,000 Balance at March 31, 2020 — — — — — 8,000 8,000 Balance at June 30, 2020 — — — — — 8,000 8,000 Issuance of common stock — — — — — 1,979,054 1,979,054 Balance at September 30, 2020 — — — — — 1,987,054 1,987,054 (1) On May 14, 2021, we exchanged 156,066 Class N shares of our common stock held by our directors and employees of the Adviser and its affiliates, for no additional consideration, on a one-for-one (2) During the nine months ended September 30, 2021, certain of our directors and employees of the Adviser and its affiliates who held Class E shares elected distribution reinvestment which were granted in Class I shares. (3) In accordance with MassMutual’s Subscription Agreement, on August 5, 2021, we repurchased 785,025 of MassMutual Shares for $22.0 million. As discussed in Note 10 — “Redeemable Common Stock”, 6,857,829 of our Class N shares have been classified as redeemable common stock as of September 30, 2021 (December 31, 2020: 3,247,457 shares) because the stockholder, MassMutual, has the contractual right to redeem the shares under certain circumstances. The remaining 738,701 Class N shares that were issued as of September 30, 2021 (December 31, 2020: 361,374 shares) have been recorded as common stock. As of September 30, 2021, MassMutual has committed to purchase an additional $192.5 million of Class N common stock, as discussed in Note 10 — “Redeemable Common Stock”. Our investor commitments exclude a $30.0 million commitment from Invesco Realty, Inc. that collateralizes our Revolving Credit Facility. We may be required to call capital under this commitment to repay outstanding obligations under our Revolving Credit Facility in the event of default, however this commitment is not available to fund our operating or investing activities. Distributions We generally intend to distribute substantially all of our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Taxable income does not necessarily equal net income as calculated in accordance with GAAP. For the three and nine months ended September 30, 2021, we declared distributions of $2.7 million and $7.7 million, respectively. We accrued $1.0 million and $0.5 million for distributions payable as a component of due to affiliates in our condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively. We did not declare any distributions for the three and nine months ended September 30, 2020. The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three and nine months ended September 30, 2021: Three Months Ended September 30, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 Stockholder servicing fee per share (1) — (0.0602 ) (0.0602 ) (0.0178 ) — — — Net distributions declared per share $ — $ 0.3474 $ 0.3474 $ 0.3898 $ 0.4076 $ 0.4076 $ 0.4076 Nine Months Ended September 30, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.5396 $ 0.5396 $ 0.5396 $ 0.6698 $ 0.6698 $ 1.2598 Stockholder servicing fee per share (1) — (0.0797 ) (0.0797 ) (0.0235 ) — — — Net distributions declared per share $ 31.2500 $ 0.4599 $ 0.4599 $ 0.5161 $ 0.6698 $ 0.6698 $ 1.2598 (1) See Note 12 — “ Related Party Transactions” for a discussion of our stockholder servicing fee. Distribution Reinvestment Plan We have adopted a distribution reinvestment plan whereby stockholders (other than stockholders residing in certain states, as discussed below) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Stockholders residing in Alabama, Idaho, Kansas, Kentucky, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of common stock. The per share purchase price for shares purchased under the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the “transaction price”) at the time the distribution is payable. The transaction price will generally be equal to our prior month’s NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares under the distribution reinvestment plan. The stockholder servicing fees for shares of our Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Share Repurchase Plan We have adopted a share repurchase plan. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to any limitations in the share repurchase plan. The total amount of share repurchases under the plan is limited to 2% of our aggregate NAV per month and 5% of our aggregate NAV per calendar quarter. Shares will be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Our transaction price will generally equal our prior month’s NAV per share for that share class. Shares repurchased within one year of the date of issuance will be repurchased at 95% of the current transaction price (the “Early Repurchase Deduction”). The Early Repurchase Deduction will not apply to shares acquired through the distribution reinvestment plan, and we may waive the Early Repurchase Deduction in the case of repurchases resulting from a stockholder’s death, qualifying disability or divorce. Due to the illiquid nature of investments in real estate, we may not have sufficient liquid resources to fund repurchase requests, and we have established limitations on the amount of funds we may use for repurchases during any calendar month and quarter. Our board of directors may modify or suspend the share repurchase plan. Share-Based Compensation Plan For the three months ended September 30, 2021, we awarded independent members of our board of directors 690 Class E shares under our 2019 Equity Incentive Plan (the “Incentive Plan”) and recognized approximately $19,000 of compensation expense related to these awards. For the nine months ended September 30, 2021, we awarded independent members of our board of directors 2,112 shares of our common stock (consisting of 1,422 Class N shares and 690 Class E shares) under the Incentive Plan and recognized approximately $58,000 of compensation expense related to these awards. As of July 1, 2021, the independent members of our board of directors began receiving compensation in the form of Class E shares. As of September 30, 2021, 192,763 shares of common stock remain available for future issuance under the Incentive Plan.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions Due to Affiliates The following table details the components of due to affiliates: $ in thousands September 30, 2021 December 31, 2020 Other general and administrative expenses $ 5,319 $ 2,205 Advanced offering costs 4,037 931 Performance participation allocation 2,237 — Advanced organization expenses 1,474 1,210 Distributions payable 996 503 Share-based compensation payable 19 19 Accrued management fee(1) — — Total $ 14,082 $ 4,868 (1) As of September 30, 2021, the accrued management fee is not presented due to rounding. On May 14, 2021, our Registration Statement on Form S-11 No. 333-254931) Management Fee and Performance Participation Allocation We are externally managed by the Adviser, a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco. The Adviser is at all times subject to the supervision and oversight of our board of directors and has only such functions and authority as we delegate to it. We will pay the Adviser a management fee equal to 1.0% of NAV for Class T shares, Class S shares, Class D shares and Class I shares per annum calculated and payable monthly. We will not pay a management fee on the Class E shares issued in the Offering. Commencing on January 16, 2030, ten years after the commencement of the Class N Private Offering, we will pay the Adviser a management fee equal to 1.0% of NAV for Class N shares per annum. The Adviser may elect to receive its management fee in cash, shares of our Class I common stock, shares of our Class E common stock, INREIT OP Class I units or INREIT OP Class E units. The Adviser and its affiliates provide us with our management team, including our officers and appropriate support personnel. Each of our officers is an employee of the Adviser or one of its affiliates. We do not have any employees. The Adviser is not obligated to dedicate any of its employees exclusively to us, nor is the Adviser obligated to dedicate any specific portion of time to our business. The Adviser or the Adviser’s affiliates may provide us services that would otherwise be performed by third parties. Such services may include accounting and internal audit services, account management services, corporate and secretarial services, data management services, directorship services, information technology services, finance/budget services, human resources, judicial processes, legal services, operational services, risk management services, tax services, treasury services, loan management services, construction management services, property management services, leasing services, transaction support services, transaction consulting services and other similar operational matters. In such event, we will reimburse the Adviser or the Adviser’s affiliate, as applicable, the cost of performing such services (including employment costs and related expenses allocable thereto) provided that such reimbursements will not exceed the amount that would be payable if such services were provided by a third party in an arms-length transaction. During the three and nine months ended September 30, 2021, we incurred $0.2 million and $0.6 million, respectively, for costs of support personnel that were provided by the Adviser. Invesco REIT Special Limited Partner L.L.C. (the “Special Limited Partner”), a wholly-owned subsidiary of Invesco, holds a performance participation interest in INREIT OP that entitles it to receive an allocation from INREIT OP equal to (1) with respect to all INREIT OP units other than Class N units and Class E units, 12.5% of the Total Return, subject to a 6.0% Hurdle Amount and a High Water Mark, with a Catch-Up Catch-Up Accrued Stockholder Servicing Fee The Dealer Manager is a registered broker-dealer affiliated with the Adviser. We have entered into an agreement (the “Dealer Manager Agreement”) with the Dealer Manager in connection with the Primary Offering. The Dealer Manager is entitled to receive selling commissions and stockholder servicing fees for certain classes of shares. As of September 30, 2021, we have not incurred any selling commissions or stockholder servicing fees. The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offering, and the stockholder servicing fee per annum based on the aggregate outstanding NAV: Class T Class S Class D Class I Class E Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0 % up to 3.5 % up to 1.5 % — — Maximum Upfront Dealer Manager Fees (% of Transaction Price) 0.50 % — — — — Stockholder Servicing Fee (% of NAV) 0.85 % (1) 0.85 % 0.25 % — — (1) Consists of an advisor stockholder servicing fee (0.65% per annum) and a dealer stockholder servicing fee (0.20% per annum). We will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account at the end of the month in which the Dealer Manager in conjunction with the transfer agent determines that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed, in the aggregate, 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in the applicable agreement between the Dealer Manager and a participating broker-dealer at the time such Class T shares were issued) of the gross proceeds from the sale of such shares (including the gross proceeds of any shares issued under our distribution reinvestment plan upon the reinvestment of distributions paid with respect thereto or with respect to any shares issued under our distribution reinvestment plan directly or indirectly attributable to such shares). At the end of such month, each such Class T share, Class S share or Class D share will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such share. We accrue the cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the Primary Offering. There is not a stockholder servicing fee with respect to Class I and Class E shares. Related Party Share Ownership As of September 30, 2021, affiliates had purchased the following amounts of our common stock: $ in thousands, except share amounts Class T Class S Class D Class I Class E Class N Total MassMutual (1) — — — — — 7,642,853 $ 207,526 IGP + Fund — — — — 783,032 — 22,000 Invesco Realty, Inc. 91 91 91 — — 738,701 20,007 Members of our board of directors and employees of our Adviser — — — 160 93,374 — 2,570 91 91 91 160 876,406 8,381,554 $ 252,103 (1) In accordance with MassMutual’s Subscription Agreement, on August 5, 2021, we repurchased 785,025 of MassMutual Shares for $22.0 million. The amount presented is inclusive of the shares repurchased. As of September 30, 2021, MassMutual has committed to purchase an additional $192.5 million of Class N common stock. Our investor commitments exclude a $30.0 million commitment from Invesco Realty, Inc. that collateralizes our Revolving Credit Facility. We may be required to call capital under this commitment to repay outstanding obligations under our Revolving Credit Facility in the event of default, however this commitment is not available to fund our operating or investing activities. Operating Expenses Reimbursement The Adviser has agreed to advance all of our operating expenses on our behalf through the earlier of (1) the date that our NAV reaches $500 million and (2) December 31, 2021, at which time we will reimburse the Adviser for our advanced operating expenses ratably over 60 months. We will reimburse the Adviser for any subsequent offering expenses as incurred. As of September 30, 2021, the Adviser has advanced $5.3 million of general and administrative expenses on our behalf. Under our charter, we may reimburse the Adviser, at the end of each fiscal quarter, for total operating expenses paid by the Adviser. However, commencing with the quarter ended September 30, 2021, we may not reimburse the Adviser at the end of any fiscal quarter for total operating expenses (as defined in our charter) that, in the four consecutive fiscal quarters then ended, exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash We may reimburse the Adviser for expenses in excess of the 2%/25% Guidelines if a majority of our independent directors determines that such excess expenses (an “Excess Amount”) are justified based on unusual and non-recurring four

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2021
Risks and Uncertainties [Abstract]
Economic Dependency	13. Economic Dependency We are dependent on the Adviser and its affiliates for certain essential services, including the sale of shares of our common stock, acquisition and disposition decisions, and certain other responsibilities. If the Adviser and its affiliates are unable to provide such services, we would be required to find alternative service providers.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies Commitments and contingencies may arise in the ordinary course of business. Our material off-balance As discussed in Note 4 — “Investments in Unconsolidated Entities”, we have committed to fund improvements to a multifamily property owned by San Simeon Holdings. We are required to fund our commitment as requested through December 31, 2023. As of September 30, 2021, our undrawn capital commitment was $6.1 million. We have also committed to fund up to $3.5 million of tenant improvements at our Willows Facility through December 31, 2021. As of September 30, 2021, we have funded $3.1 million. As of September 30, 2021 and December 31, 2020, we were not subject to any material litigation or aware of any pending or threatened material litigation.

Tenant Leases

Tenant Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Tenant Leases	15. Tenant Leases Our real estate properties are leased to tenants under operating lease agreements that expire on various dates. Certain leases have the option to extend or terminate at the tenant’s discretion and have termination options that may result in additional fees due to the Company. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. The following table details the components of operating lease income from leases in which the Company is the lessor: Three Months Ended September 30, Nine Months Ended September 30, $ in thousands 2021 2020 2021 2020 Fixed lease payments $ 2,448 $ — $ 6,451 $ — Variable lease payments 300 — 864 — Rental revenue $ 2,748 $ — $ 7,315 $ — Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable $ in thousands Year Future Minimum Rents 2021 (remainder) $ 1,144 2022 4,621 2023 4,739 2024 4,861 2025 4,987 2026 5,114 Thereafter 29,594 Total $ 55,060

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	16. Segment Reporting As of September 30, 2021, we operated in six reportable segments: healthcare properties, office properties, industrial properties, self-storage properties, multifamily properties and student housing properties. In September 2021, we invested in two self storage properties and a student housing property (see Note 3 — “Investments in Real Estate, net”). As such, self-storage and student housing were identified as segments during the third quarter of 2021. 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 revenues and property operating expenses and the net of revenues and property operating expenses of unconsolidated entities that is allocable to the Company’s ownership interest. The following table summarizes our total assets by segment: $ in thousands September 30, 2021 December 31, 2020 Healthcare $ 81,001 $ 76,166 Office 38,302 35,788 Industrial 60,419 31,143 Self-Storage 59,235 — Multifamily 86,863 13,118 Student Housing 79,060 — Corporate and other 11,579 6,623 Total assets $ 416,459 $ 162,838 The following table summarizes our financial results by segment for the three months ended September 30, 2021: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Corporate Total Revenues: Rental revenue $ — $ 683 $ 612 $ 91 $ 1,239 $ 123 $ — $ 2,748 Other revenue — — — — 88 — — 88 Total revenues — 683 612 91 1,327 123 — 2,836 Expenses: Rental property operating — 113 129 — 381 — — 623 Total expenses — 113 129 — 381 — — 623 Income from unconsolidated entities 4,745 — — — 510 — — 5,255 Income from real estate-related securities — — — — — — 19 19 Segment net operating income $ 4,745 $ 570 $ 483 $ 91 $ 1,456 $ 123 $ 19 $ 7,487 Depreciation and amortization $ (5,073 ) $ (298 ) $ (214 ) $ — $ (905 ) $ — $ — $ (6,490 ) General and administrative (893 ) Interest expense (730 ) Performance participation allocation (1,446 ) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (2,072 ) Dividends to preferred stockholders $ (2 ) Net income attributable to non-controlling (4 ) Net loss attributable to common stockholders $ (2,078 ) 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, 2021: $ in thousands Segment income from unconsolidated entities $ 5,255 Depreciation and amortization attributable to unconsolidated entities (5,073 ) Income from unconsolidated entities $ 182 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, 2021: $ in thousands Segment depreciation and amortization $ (6,490 ) Depreciation and amortization attributable to unconsolidated entities 5,073 Depreciation and amortization $ (1,417 ) The following table summarizes our financial results by segment for the nine months ended September 30, 2021: $ in thousands Healthcare Office Industrial Self- Multifamily Student Corporate Total Revenues: Rental revenue $ — $ 2,061 $ 1,744 $ 91 $ 3,296 $ 123 $ — $ 7,315 Other revenue — — — — 268 — — 268 Total revenues — 2,061 1,744 91 3,564 123 — 7,583 Expenses: Rental property operating — 330 411 — 993 — — 1,734 Total expenses — 330 411 — 993 — — 1,734 Income from unconsolidated entities 15,288 — — — 1,428 — — 16,716 Income from real estate-related securities — — — — — — 83 83 Segment net operating income $ 15,288 $ 1,731 $ 1,333 $ 91 $ 3,999 $ 123 $ 83 $ 22,648 Depreciation and amortization $ (15,030 ) $ (893 ) $ (639 ) $ — $ (3,447 ) $ — $ — $ (20,009 ) General and administrative (3,033 ) Interest expense (1,813 ) Performance participation allocation (2,237 ) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (4,444 ) Dividends to preferred stockholders $ (6 ) Net income attributable to non-controlling (4 ) Net loss attributable to common stockholders $ (4,454 ) 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, 2021: $ in thousands Segment income from unconsolidated entities $ 16,716 Depreciation and amortization attributable to unconsolidated entities (15,030 ) Income from unconsolidated entities $ 1,686 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, 2021: $ in thousands Segment depreciation and amortization $ (20,009 ) Depreciation and amortization attributable to unconsolidated entities 15,030 Depreciation and amortization $ (4,979 )

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Private Offering Subsequent to September 30, 2021, we received total proceeds of $11.0 million from the issuance of Class N common stock in the Class N Private Offering. On October 7, 2021, we commenced a private offering exempt from registration under the Securities Act of 1933, as amended, of up to $20 million in shares of our Class E common stock (the “Class E Private Offering”). Subsequent to September 30, 2021, we received total proceeds of $2.2 million from the issuance of Class E common stock in the Class E Private Offering. Public Offering Subsequent to September 30, 2021, we received total net proceeds of $36.5 million from the issuance of common stock in our public offering. Repurchases In accordance with MassMutual’s Subscription Agreement, on November 5, 2021, we repurchased $37.6 million of MassMutual’s Class N shares. Investment in Unconsolidated Entity On October 28, 2021, we formed a joint venture, ITP Investments LLC (“ITP LLC”) with TriPost Capital Partners, LLC (“TriPost”), in which we invested $10.6 million for an 85% interest in ITP LLC. TriPost holds the remaining 15% interest. ITP LLC was formed to invest in PTCR Holdco, LLC (“PTCR Holdco”), which runs a fully integrated retail platform operating company, with Borzak-PT, Co-GP

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the periods presented. The unaudited condensed consolidated financial statements should be read in conjunction with the December 31, 2020 consolidated financial statements and notes thereto included in our Registration Statement on Form S-11 No. 333-254931).
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates. The extent to which the ongoing COVID-19 COVID-19, COVID-19
Consolidation	Consolidation We consolidate entities in which the Company has a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity, we consider whether the entity is a variable interest entity (“VIE”) and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have both the power to direct the most significant activities impacting the economic performance of the VIE and the obligation to absorb losses or receive benefits significant to the VIE. For consolidated joint ventures, the non-controlling non-controlling non-controlling non-controlling We apply the equity method of accounting if we have significant influence over an entity, typically when we hold 20 percent or more of the voting common stock (or equivalent) of an investee but do not have a controlling financial interest. In certain circumstances, such as with investments in limited liability companies or limited partnerships, we apply the equity method of accounting when we own as little as three five
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments that have original maturity dates of three months or less when purchased to be cash equivalents. We may have bank balances in excess of federally insured amounts. We mitigate our risk of loss by maintaining cash deposits with high credit-quality institutions and actively monitoring our counterparties to minimize credit risk exposure.
Restricted Cash	Restricted Cash As of September 30, 2021, restricted cash primarily consists of an interest reserve that we are contractually required to maintain on deposit under the terms of our preferred membership interest in a limited liability company. Restricted cash also includes amounts in escrow for taxes and insurance related to mortgages at certain properties, as well as security deposits.
Investments in Real Estate	Investments in Real Estate In accordance with the guidance for business combinations, we determine whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, we account for the transaction as an asset acquisition. As of September 30, 2021, we have accounted for all of our property acquisitions as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, we recognize the identifiable assets acquired, the liabilities assumed and any non-controlling When a transaction is determined to be an asset acquisition, we assess the fair value of acquired tangible and intangible assets and liabilities (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. We also consider an allocation of purchase price to acquired intangibles, including acquired in-place We record acquired above-market and below-market leases at their fair values (using a discount rate that reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid under each in-place in-place in-place lease-up lease-up Intangible assets and intangible liabilities are recorded gross on our condensed consolidated balance sheets. Intangible liabilities are presented as a component of other liabilities. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on our condensed consolidated statements of operations. The amortization of in-place The cost of buildings and improvements includes the purchase price of our properties and any acquisition-related costs, along with any subsequent improvements to such properties. Our investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:​​​​​​​ Description Depreciable Life Building 30 - 40 years Building and land improvements 1 - 10 years Furniture, fixtures and equipment 1 - 7 years Lease intangibles and leasehold improvements Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in rental property operating expense on our condensed consolidated statements of operations. We review our real estate properties for indicators of impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. We assess recoverability based on the estimated undiscounted future cash flows expected to be generated from the operation and eventual disposition of our properties over the period we expect to hold the properties. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of our investment, we recognize an impairment loss. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value less cost to sell if classified as held for sale. If we change our strategy or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to our results. We did not record an impairment loss for the three and nine months ended September 30, 2021.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We account for our investments in unconsolidated entities under the equity method of accounting. Under the equity method of accounting, we record our initial investment in an unconsolidated real estate entity at cost and subsequently adjust the cost for our share of the real estate entity’s income or loss and cash contributions and distributions each period. We evaluate the carrying amount of our investment in an unconsolidated real estate entity for potential indicators of impairment if the carrying amount of our investment exceeds its fair value. We record an impairment charge when we determine an impairment is other-than-temporary. To determine whether an impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an unconsolidated real estate entity for potential impairment can require us to exercise significant judgment. We did not record any impairment losses on our investments in unconsolidated entities for the three and nine months ended September 30, 2021. Distributions received from equity method investments are classified in the condensed consolidated statements of cash flows as either operating or investing activities based on the cumulative earnings approach. Under the cumulative earnings approach, we compare distributions received to our cumulative equity method earnings since inception. Any distributions received up to the amount of cumulative equity earnings are considered a return on investment and classified in operating activities. Any excess distributions are considered a return of investment and classified in investing activities. The income or loss from equity method investments is included in income from unconsolidated entities, net in our condensed consolidated statements of operations.
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities We invest in debt and equity securities of real estate companies. We have elected the fair market value option for accounting for investments in debt securities. We record changes in fair value of debt securities, interest income on debt securities, and bond premium and discount amortization as income from real estate-related securities in our condensed consolidated statement of operations. We record equity securities with readily determinable market values at fair value. We record dividend income on equity securities when declared. We record changes in fair value of equity securities and dividend income as income from real estate-related securities in our condensed consolidated statement of operations.
Fair Value Measurements	Fair Value Measurements Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation Our investments in real estate-related securities are reported at fair value. We generally determine the fair value of our real estate-related securities by utilizing third-party pricing service providers and broker-dealer quotations on the basis of last available bid price. The carrying amount of the revolving credit facility and mortgage notes approximates fair value. Cost approximates fair value for all other assets and liabilities. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for securities such as real estate-related securities generally consider the attributes applicable to a particular class of the security (e.g., credit rating or seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. The following table details our assets measured at fair value on a recurring basis: $ in thousands September 30, 2021 December 31, 2020 Assets: Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments in real estate-related securities $ 509 $ 4,006 $ — $ 4,515 $ 11 $ 866 $ — $ 877 Total $ 509 $ 4,006 $ — $ 4,515 $ 11 $ 866 $ — $ 877 Redeemable Common Stock Certain shares of our Class N common stock are classified as redeemable common stock on our condensed consolidated balance sheet because the holder of these shares, Massachusetts Mutual Life Insurance Company (“MassMutual”), has the contractual right to redeem the shares under certain circumstances as described in Note 10 — “Redeemable Common Stock”. We report our redeemable common stock on our condensed consolidated balance sheet at MassMutual’s redemption value. MassMutual’s redemption value is determined based on our Net Asset Value (“NAV”) per Class N share as of our balance sheet date. We calculate NAV as GAAP stockholders’ equity adjusted for the redemption value of our redeemable common stock; certain organization and offering costs and certain operating expenses; unrealized real estate appreciation; accumulated depreciation and amortization; straight-line rent receivable and other assets. For purposes of determining our NAV, the fair value of our investments in real estate is determined based on third party valuations prepared by licensed appraisers in accordance with standard industry practice.
Deferred Financing Costs	Deferred Financing Costs Direct costs associated with entering into our revolving credit facility are recorded as other assets on the condensed consolidated balance sheet and are being amortized on a straight-line basis, which approximates the effective interest method, over the term of the agreement. Direct costs associated with entering into our mortgage notes are recorded as an offset to the related liability and are being amortized over the term of the mortgage notes.
Revenue Recognition	Revenue Recognition We recognize rental revenue on our leases based on a number of factors, including the initial determination that the contract is or contains a lease. Generally, all of our contracts are, or contain leases, and therefore revenue is recognized when the lessee takes possession of or controls the physical use of the leased assets. In most instances this occurs on the lease commencement date. At the inception of a new lease, including new leases that arise from amendments, we assess the terms and conditions of the lease to determine the proper lease classification. A lease is classified as an operating lease if none of the following criteria are met: (i) ownership transfers to the lessee at the end of the lease term, (ii) the lessee has a purchase option that is reasonably expected to be exercised, (iii) the lease term is for a major part of the economic life of the leased property, (iv) the present value of the future lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the leased property, and (v) the leased property is of such a specialized nature that it is expected to have no future alternative use to the Company at the end of the lease term. If one or more of these criteria are met, the lease will generally be classified as a sales-type lease, unless the lease contains a residual value guarantee from a third party other than the lessee, in which case it would be classified as a direct financing lease under certain circumstances. Rental revenue primarily consists of fixed contractual base rent arising from tenant leases at our properties under operating leases. Revenue under operating leases that are deemed probable of collection is recognized as revenue on a straight-line basis over the non-cancelable write-off Our contracts may contain nonlease components (e.g., charges for management fees, common area maintenance, and reimbursement of third-party maintenance expenses) in addition to lease components (i.e., monthly rental charges). Services related to nonlease components are provided over the same period of time as, and billed in the same manner as, monthly rental charges. We do not segregate the lease components from the nonlease components when accounting for operating leases. Since the lease component is the predominant component under each of these leases, combined revenues from both the lease and nonlease components are reported as rental revenues in the accompanying condensed consolidated statements of operations. In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 COVID-19
Income Taxes	Income Taxes We qualified as a REIT under the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”) for U.S. federal income tax purposes commencing with our taxable year ending December 31, 2020. As long as we qualify for taxation as a REIT, we will generally not be subject to federal income tax as long as we distribute at least 100% of our taxable income each year. REITs are subject to a number of organizational and operational requirements. As a REIT, we may still be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income. We may elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real
Organization and Offering Expenses	Organization and Offering Expenses The Adviser has agreed to advance all of our organization and offering expenses (other than upfront selling commissions, dealer manager fees, and ongoing stockholder servicing fees) incurred through the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2022, at which time we will reimburse the Adviser for all of our advanced expenses ratably over 60 months. We will reimburse the Adviser for any subsequent organization and offering expenses as incurred. As of September 30, 2021, the Adviser and its affiliates incurred organization expenses of $1.2 million and offering expenses of $1.0 million (December 31, 2020: $1.2 million and $0.9 million, respectively) on our behalf for the Class N Private Offering that are recorded as a component of due to affiliates on our condensed consolidated balance sheets. Class N Private Offering organization and offering expenses became a liability of the Company on January 16, 2020, the date on which the Class N Private Offering commenced. We recorded the organization expenses associated with the Class N Private Offering as general and administrative expenses and recorded the offering expenses as an offset to Class N common stock based on the relative proceeds raised in the Class N Private Offering. As of September 30, 2021, the Adviser and its affiliates have incurred organization expenses of $0.3 million and offering expenses of $3.0 million on our behalf for the Offering that are recorded as a component of due to affiliates on our condensed consolidated balance sheets. Organization and offering expenses related to the Offering became a liability of the Company on May 14, 2021, the date on which the Offering commenced. We record organization expenses associated with the Offering as general and administrative expenses on our condensed consolidated statements of operations. Offering expenses associated with the Offering are recorded as an offset to additional paid-in Invesco Distributors, Inc. (the “Dealer Manager”) is serving as the dealer manager for the Primary Offering. See Note 12 — “Related Party Transactions” for more information on our relationship to the Dealer Manager and a description of selling commissions and dealer manager fees.
Earnings (Loss) per Share	Earnings (Loss) per Share We calculate basic earnings (loss) per share by dividing net earnings (loss) attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period, including redeemable common stock. All classes of common stock are allocated net earnings (loss) at the same rate per share and receive the same gross distribution per share. We calculate diluted net earnings (loss) per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. As of September 30, 2021 and 2020, there are no common share equivalents outstanding that would have a dilutive effect as a result of our net income, and accordingly, the weighted average number of common shares outstanding is identical for the period for both basic and diluted shares.
Share-Based Compensation	Share-Based Compensation Under the terms of our 2019 Equity Incentive Plan, our independent directors are eligible to receive awards of fully-vested common stock as part of their compensation for services as directors. In addition, we may compensate the officers and employees of our Adviser and its affiliates with share-based awards under the terms of our Advisory Agreement; however, as of September 30, 2021, we have not compensated any officers or employees of our Adviser and its affiliates with share-based awards. See Note 11 — “Equity” for additional information regarding share-based compensation. Share-based compensation arrangements may include options, stock appreciation rights, restricted stock and other share-based awards. We recognize compensation expense related to share-based awards to our independent directors in our condensed consolidated financial statements based on the fair value of the award on the date of grant.
Pending Accounting Pronouncements	Pending Accounting Pronouncements In January 2021, the FASB expanded existing accounting guidance for evaluating the effects of reference rate reform on financial reporting. The new guidance expands the temporary optional expedients and exceptions to GAAP for contract modifications, hedge accounting and other relationships that reference the London Interbank Offered Rate (“LIBOR”) to apply to all derivative instruments affected by the market-wide change in the interest rates used for discounting, margining or contract price alignment (commonly referred to as the discounting transition). The guidance can be applied as of January 1, 2020. We will evaluate our contracts that are eligible for modification relief and may apply the elections prospectively as needed. We have not adopted any of the optional expedients or exceptions as of September 30, 2021. We are currently evaluating what impact the guidance will have on our condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Investments in Real Estate Useful Lives	Our investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 40 years Building and land improvements 1 - 10 years Furniture, fixtures and equipment 1 - 7 years Lease intangibles and leasehold improvements Over lease term Investments in real estate, net consist of: $ in thousands September 30, 2021 December 31, 2020 Building and improvements $ 229,793 $ 44,317 Land and land improvements 45,350 16,483 Furniture, fixtures and equipment 3,294 — Total 278,437 60,800 Accumulated depreciation (2,241 ) (27 ) Investments in real estate, net $ 276,196 $ 60,773
Schedule of Fair Value, Assets Measured on Recurring Basis	The following table details our assets measured at fair value on a recurring basis: $ in thousands September 30, 2021 December 31, 2020 Assets: Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments in real estate-related securities $ 509 $ 4,006 $ — $ 4,515 $ 11 $ 866 $ — $ 877 Total $ 509 $ 4,006 $ — $ 4,515 $ 11 $ 866 $ — $ 877

Investments in Real Estate, n_2

Investments in Real Estate, net (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Investments in Real Estate	Our investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 40 years Building and land improvements 1 - 10 years Furniture, fixtures and equipment 1 - 7 years Lease intangibles and leasehold improvements Over lease term Investments in real estate, net consist of: $ in thousands September 30, 2021 December 31, 2020 Building and improvements $ 229,793 $ 44,317 Land and land improvements 45,350 16,483 Furniture, fixtures and equipment 3,294 — Total 278,437 60,800 Accumulated depreciation (2,241 ) (27 ) Investments in real estate, net $ 276,196 $ 60,773
Asset Acquisition	The following table details the properties acquired during the nine months ended September 30, 2021: $ in thousands Property Name Ownership Interest Number of Properties Segment Acquisition Date Purchase Price (1) Cortona Apartments 100 % 1 Multifamily January 2021 $ 71,083 Meridian Business 940 95 % 1 Industrial September 2021 29,615 Bixby Kennesaw 98 % 1 Student housing September 2021 78,663 Salem Self Storage 100 % 3 Self-storage September 2021 47,872 South Loop Storage 100 % 1 Self-storage September 2021 11,141 7 $ 238,374 (1) Purchase price is inclusive of acquisition-related costs. The following table summarizes the allocation of the total cost for the properties acquired during the nine months ended September 30, 2021: $ in thousands Amount Building and building improvements $ 182,488 Land and land improvements 28,866 Lease intangibles (1) 14,996 Capitalized tax abatement (2) 7,427 Furniture, fixtures and equipment 3,276 Above-market lease intangibles 1,321 Total purchase price (3) $ 238,374 (1) Lease intangibles consist of in-place (2) We obtained a tax abatement in conjunction with our purchase of the Cortona Apartments with an expiration date of December 31, 2038 and are amortizing the tax abatement over the remaining useful life of the tax abatement. (3) Includes acquisition-related costs. The weighted-average amortization periods for intangible assets acquired in connection with our acquisitions during the nine months ended September 30, 2021 were as follows: In-place lease intangibles Leasing commissions Above-market lease intangibles Weighted-average amortization periods (in years) 2.95 13.88 14.03

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following tables provide summarized balance sheets of our investments in unconsolidated entities and a reconciliation to our equity investment: September 30, 2021 $ in thousands Vida JV LLC San Simeon Holdings Total Total assets $ 411,059 $ 120,894 $ 531,953 Total liabilities (221,050 ) (79,764 ) (300,814 ) Total equity of unconsolidated entities 190,009 41,130 231,139 INREIT’s share 80,754 18,493 99,247 INREIT outside basis 247 — 247 INREIT investment in unconsolidated entities $ 81,001 $ 18,493 $ 99,494 December 31, 2020 $ in thousands Vida JV LLC San Simeon Holdings Total Total assets $ 366,482 $ 112,594 $ 479,076 Total liabilities (187,882 ) (76,322 ) (264,204 ) Total equity of unconsolidated entities 178,600 36,272 214,872 INREIT’s share 75,914 13,118 89,032 INREIT outside basis 252 — 252 INREIT investment in unconsolidated entities $ 76,166 $ 13,118 $ 89,284 The following tables provide summarized operating data of our investments in unconsolidated entities along with a reconciliation to the net income (loss) from unconsolidated entities: Three Months Ended September 30, 2021 $ in thousands Vida JV LLC San Simeon Holdings Total Total revenue of unconsolidated entities $ 9,397 $ 2,003 $ 11,400 Income (loss) of unconsolidated entities (766 ) 1,093 327 INREIT’s share (326 ) 510 184 Amortization of INREIT outside basis (2 ) — (2 ) INREIT’s income (loss) from unconsolidated entities $ (328 ) $ 510 $ 182 Nine Months Ended September 30, 2021 $ in thousands Vida JV LLC San Simeon Holdings Total Total revenue of unconsolidated entities $ 27,236 $ 6,381 $ 33,617 Income of unconsolidated entities 622 374 996 INREIT’s share 264 1,428 1,692 Amortization of INREIT outside basis (6 ) — (6 ) INREIT’s income from unconsolidated entities $ 258 $ 1,428 $ 1,686

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments in Real Estate-Related Debt Securities	The following tables summarize our investments in real estate-related debt securities by asset type: September 30, 2021 $ in thousands Principal Unamortized Amortized Unrealized Gain Fair Value Period-end Weighted-Average Non-agency $ 2,846 $ 141 $ 2,987 $ (3 ) $ 2,984 2.53 % 11/30/2033 Corporate debt 1,125 86 1,211 14 1,225 1.90 % 5/3/2024 Total $ 3,971 $ 227 $ 4,198 $ 11 $ 4,209 December 31, 2020 $ in thousands Principal Unamortized Amortized Unrealized Gain Fair Value Period-end Weighted-Average Non-agency $ 716 $ 11 $ 727 $ 2 $ 729 3.39 % 1/22/2032 Corporate debt 125 9 134 3 137 2.55 % 1/15/2025 Total $ 841 $ 20 $ 861 $ 5 $ 866

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: September 30, 2021 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place $ 19,689 $ (2,325 ) $ 17,364 Leasing commissions 2,919 (174 ) 2,745 Above-market lease intangibles 1,321 — 1,321 Total intangible assets, net $ 23,929 $ (2,499 ) $ 21,430 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 1,605 $ (146 ) $ 1,459 Total intangible liabilities, net $ 1,605 $ (146 ) $ 1,459 December 31, 2020 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place $ 5,475 $ (7 ) $ 5,468 Leasing commissions 2,136 (4 ) 2,132 Total intangible assets, net $ 7,611 $ (11 ) $ 7,600 Total Cost Accumulated Amortization Intangible Intangible liabilities, net: Below-market lease intangibles $ 1,605 $ — $ 1,605 Total intangible liabilities, net $ 1,605 $ — $ 1,605
Schedule of Below Market Leases	The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: September 30, 2021 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place $ 19,689 $ (2,325 ) $ 17,364 Leasing commissions 2,919 (174 ) 2,745 Above-market lease intangibles 1,321 — 1,321 Total intangible assets, net $ 23,929 $ (2,499 ) $ 21,430 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 1,605 $ (146 ) $ 1,459 Total intangible liabilities, net $ 1,605 $ (146 ) $ 1,459 December 31, 2020 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place $ 5,475 $ (7 ) $ 5,468 Leasing commissions 2,136 (4 ) 2,132 Total intangible assets, net $ 7,611 $ (11 ) $ 7,600 Total Cost Accumulated Amortization Intangible Intangible liabilities, net: Below-market lease intangibles $ 1,605 $ — $ 1,605 Total intangible liabilities, net $ 1,605 $ — $ 1,605
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization of our intangibles for each of the next five years and thereafter as of September 30, 2021 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Below-market 2021 (remainder) $ 3,788 $ 72 $ 24 $ (49 ) 2022 7,453 285 94 (194 ) 2023 746 285 94 (194 ) 2024 746 285 94 (194 ) 2025 746 285 94 (194 ) 2026 746 282 94 (194 ) Thereafter 3,139 1,251 827 (440 ) $ 17,364 $ 2,745 $ 1,321 $ (1,459 )
Schedule of Below Market Lease, Future Amortization Income	The estimated future amortization of our intangibles for each of the next five years and thereafter as of September 30, 2021 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Below-market 2021 (remainder) $ 3,788 $ 72 $ 24 $ (49 ) 2022 7,453 285 94 (194 ) 2023 746 285 94 (194 ) 2024 746 285 94 (194 ) 2025 746 285 94 (194 ) 2026 746 282 94 (194 ) Thereafter 3,139 1,251 827 (440 ) $ 17,364 $ 2,745 $ 1,321 $ (1,459 )

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table summarizes the components of other assets: $ in thousands September 30, 2021 December 31, 2020 Capitalized tax abatement, net (1) $ 7,151 $ — Deferred financing costs, net 805 440 Prepaid expenses 833 130 Deferred rent 423 11 Other 89 5 Total $ 9,301 $ 586 (1) We obtained a tax abatement in conjunction with our purchase of the Cortona Apartments with an expiration date of December 31, 2038 and are amortizing the tax abatement over the remaining useful life of the tax abatement as a component of depreciation and amortization in the condensed consolidated statements of operations. As of September 30, 2021, accumulated amortization of the capitalized tax abatement was $0.3 million, and the estimated annual amortization is $0.4 million.

Mortgage Note and Revolving C_2

Mortgage Note and Revolving Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Mortgage Note and Revolving Credit Facility	The following tables summarize certain characteristics of our mortgage notes and revolving credit facility: September 30, 2021 $ in thousands Principal Balance Weighted Average Weighted Average (3 ) Maximum Facility (4) Variable rate loans: Variable rate mortgage loans $ 98,000 2.56 % 7/3/2027 N/A Variable rate revolving credit facility (1)(2) 89,500 1.73 % 1/22/2024 $ 100,000 Total variable rate loans 187,500 2.17 % Deferred financing costs, net (5) (1,143 ) Mortgage notes and revolving credit facility, net $ 186,357 December 31, 2020 $ in thousands Principal Balance Weighted Average Weighted Average Maximum Facility Variable rate loans: Variable rate revolving credit facility (1)(2) $ 67,700 2.00 % 9/22/2021 $ 75,000 Deferred financing costs, net — Mortgage notes and revolving credit facility, net $ 67,700 (1) During the nine months ended September 30, 2021, we entered into a new revolving credit facility (“Revolving Credit Facility”) and repaid our previous revolving credit facility. (2) Borrowings under the Revolving Credit Facility bear interest at a rate equal to one-month one-month (3) For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed. (4) INREIT OP may increase the maximum aggregate principal amount of the Revolving Credit Facility to up to $150 million in accordance with the terms of the Revolving Credit Facility. As of September 30, 2021, the borrowing capacity on the Revolving Credit Facility is $6.6 million. We have the ability to increase the borrowing capacity in connection with the acquisition of additional investments in real estate, which allows us to utilize the full maximum facility size up to $100 million or $150 million, as applicable. (5) Deferred financing costs relate to the variable rate mortgage loans.
Schedule of Maturities of Long-term Debt	The following table presents the future principal payment due under our mortgage notes and Revolving Credit Facility as of September 30, 2021: Year ($ in thousands) Amount 2021 (remaining) $ — 2022 — 2023 — 2024 89,500 2025 — 2026 53,000 Thereafter 45,000 Total $ 187,500

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses and Other Liabilities	The following table summarizes the components of accounts payable, accrued expenses and other liabilities: $ in thousands September 30, 2021 December 31, 2020 Intangible liabilities, net $ 1,459 $ 1,605 Accrued interest expense 344 73 Real estate taxes payable 335 — Tenant security deposits 264 130 Accounts payable and accrued expenses 221 36 Prepaid rental income 219 — Total $ 2,842 $ 1,844

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The following tables detail the movement in the Company’s outstanding shares of common stock: Nine Months Ended September 30, 2021 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2020 — — — — — 3,608,830 3,608,830 Issuance of common stock — — — — — 2,636,645 2,636,645 Distribution reinvestment — — — — — 32 32 Balance at March 31, 2021 — — — — — 6,245,507 6,245,507 Issuance of common stock 91 91 91 — — 1,154 1,427 Exchange of common stock (1) — — — — 156,066 (156,066 ) — Distribution reinvestment (2) — — — 492 — — 492 Balance at June 30, 2021 91 91 91 492 156,066 6,090,595 6,247,426 Issuance of common stock — — — — 801,593 2,290,960 3,092,553 Common stock repurchased (3) — — — — — (785,025 ) (785,025 ) Distribution reinvestment (2) — — — 7 1,172 — 1,179 Balance at September 30, 2021 91 91 91 499 958,831 7,596,530 8,556,133 Nine Months Ended September 30, 2020 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2019 — — — — — 8,000 8,000 Balance at March 31, 2020 — — — — — 8,000 8,000 Balance at June 30, 2020 — — — — — 8,000 8,000 Issuance of common stock — — — — — 1,979,054 1,979,054 Balance at September 30, 2020 — — — — — 1,987,054 1,987,054 (1) On May 14, 2021, we exchanged 156,066 Class N shares of our common stock held by our directors and employees of the Adviser and its affiliates, for no additional consideration, on a one-for-one (2) During the nine months ended September 30, 2021, certain of our directors and employees of the Adviser and its affiliates who held Class E shares elected distribution reinvestment which were granted in Class I shares. (3) In accordance with MassMutual’s Subscription Agreement, on August 5, 2021, we repurchased 785,025 of MassMutual Shares for $22.0 million.
Schedule of Aggregate Distributions Declared	The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three and nine months ended September 30, 2021: Three Months Ended September 30, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 Stockholder servicing fee per share (1) — (0.0602 ) (0.0602 ) (0.0178 ) — — — Net distributions declared per share $ — $ 0.3474 $ 0.3474 $ 0.3898 $ 0.4076 $ 0.4076 $ 0.4076 Nine Months Ended September 30, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.5396 $ 0.5396 $ 0.5396 $ 0.6698 $ 0.6698 $ 1.2598 Stockholder servicing fee per share (1) — (0.0797 ) (0.0797 ) (0.0235 ) — — — Net distributions declared per share $ 31.2500 $ 0.4599 $ 0.4599 $ 0.5161 $ 0.6698 $ 0.6698 $ 1.2598 (1) See Note 12 — “ Related Party Transactions” for a discussion of our stockholder servicing fee.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details the components of due to affiliates: $ in thousands September 30, 2021 December 31, 2020 Other general and administrative expenses $ 5,319 $ 2,205 Advanced offering costs 4,037 931 Performance participation allocation 2,237 — Advanced organization expenses 1,474 1,210 Distributions payable 996 503 Share-based compensation payable 19 19 Accrued management fee(1) — — Total $ 14,082 $ 4,868 (1) As of September 30, 2021, the accrued management fee is not presented due to rounding. As of September 30, 2021, affiliates had purchased the following amounts of our common stock: $ in thousands, except share amounts Class T Class S Class D Class I Class E Class N Total MassMutual (1) — — — — — 7,642,853 $ 207,526 IGP + Fund — — — — 783,032 — 22,000 Invesco Realty, Inc. 91 91 91 — — 738,701 20,007 Members of our board of directors and employees of our Adviser — — — 160 93,374 — 2,570 91 91 91 160 876,406 8,381,554 $ 252,103 (1) In accordance with MassMutual’s Subscription Agreement, on August 5, 2021, we repurchased 785,025 of MassMutual Shares for $22.0 million. The amount presented is inclusive of the shares repurchased.
Schedule of Stockholder Servicing Fees	The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offering, and the stockholder servicing fee per annum based on the aggregate outstanding NAV: Class T Class S Class D Class I Class E Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0 % up to 3.5 % up to 1.5 % — — Maximum Upfront Dealer Manager Fees (% of Transaction Price) 0.50 % — — — — Stockholder Servicing Fee (% of NAV) 0.85 % (1) 0.85 % 0.25 % — — (1) Consists of an advisor stockholder servicing fee (0.65% per annum) and a dealer stockholder servicing fee (0.20% per annum).

Tenant Leases (Tables)

Tenant Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Operating Lease Income	The following table details the components of operating lease income from leases in which the Company is the lessor: Three Months Ended September 30, Nine Months Ended September 30, $ in thousands 2021 2020 2021 2020 Fixed lease payments $ 2,448 $ — $ 6,451 $ — Variable lease payments 300 — 864 — Rental revenue $ 2,748 $ — $ 7,315 $ —
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable $ in thousands Year Future Minimum Rents 2021 (remainder) $ 1,144 2022 4,621 2023 4,739 2024 4,861 2025 4,987 2026 5,114 Thereafter 29,594 Total $ 55,060

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes our total assets by segment: $ in thousands September 30, 2021 December 31, 2020 Healthcare $ 81,001 $ 76,166 Office 38,302 35,788 Industrial 60,419 31,143 Self-Storage 59,235 — Multifamily 86,863 13,118 Student Housing 79,060 — Corporate and other 11,579 6,623 Total assets $ 416,459 $ 162,838 The following table summarizes our financial results by segment for the three months ended September 30, 2021: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Corporate Total Revenues: Rental revenue $ — $ 683 $ 612 $ 91 $ 1,239 $ 123 $ — $ 2,748 Other revenue — — — — 88 — — 88 Total revenues — 683 612 91 1,327 123 — 2,836 Expenses: Rental property operating — 113 129 — 381 — — 623 Total expenses — 113 129 — 381 — — 623 Income from unconsolidated entities 4,745 — — — 510 — — 5,255 Income from real estate-related securities — — — — — — 19 19 Segment net operating income $ 4,745 $ 570 $ 483 $ 91 $ 1,456 $ 123 $ 19 $ 7,487 Depreciation and amortization $ (5,073 ) $ (298 ) $ (214 ) $ — $ (905 ) $ — $ — $ (6,490 ) General and administrative (893 ) Interest expense (730 ) Performance participation allocation (1,446 ) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (2,072 ) Dividends to preferred stockholders $ (2 ) Net income attributable to non-controlling (4 ) Net loss attributable to common stockholders $ (2,078 ) 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, 2021: $ in thousands Segment income from unconsolidated entities $ 5,255 Depreciation and amortization attributable to unconsolidated entities (5,073 ) Income from unconsolidated entities $ 182 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, 2021: $ in thousands Segment depreciation and amortization $ (6,490 ) Depreciation and amortization attributable to unconsolidated entities 5,073 Depreciation and amortization $ (1,417 ) The following table summarizes our financial results by segment for the nine months ended September 30, 2021: $ in thousands Healthcare Office Industrial Self- Multifamily Student Corporate Total Revenues: Rental revenue $ — $ 2,061 $ 1,744 $ 91 $ 3,296 $ 123 $ — $ 7,315 Other revenue — — — — 268 — — 268 Total revenues — 2,061 1,744 91 3,564 123 — 7,583 Expenses: Rental property operating — 330 411 — 993 — — 1,734 Total expenses — 330 411 — 993 — — 1,734 Income from unconsolidated entities 15,288 — — — 1,428 — — 16,716 Income from real estate-related securities — — — — — — 83 83 Segment net operating income $ 15,288 $ 1,731 $ 1,333 $ 91 $ 3,999 $ 123 $ 83 $ 22,648 Depreciation and amortization $ (15,030 ) $ (893 ) $ (639 ) $ — $ (3,447 ) $ — $ — $ (20,009 ) General and administrative (3,033 ) Interest expense (1,813 ) Performance participation allocation (2,237 ) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (4,444 ) Dividends to preferred stockholders $ (6 ) Net income attributable to non-controlling (4 ) Net loss attributable to common stockholders $ (4,454 ) 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, 2021: $ in thousands Segment income from unconsolidated entities $ 16,716 Depreciation and amortization attributable to unconsolidated entities (15,030 ) Income from unconsolidated entities $ 1,686 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, 2021: $ in thousands Segment depreciation and amortization $ (20,009 ) Depreciation and amortization attributable to unconsolidated entities 15,030 Depreciation and amortization $ (4,979 )

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Millions	May 14, 2021USD ($)shareClass	Sep. 30, 2021USD ($)
Class of Stock [Line Items]
Maximum public offering	$ 3,000
Number of share classes offered in transaction | shareClass	5
Public Offering
Class of Stock [Line Items]
Maximum public offering	$ 2,400
Distribution Reinvestment Plan
Class of Stock [Line Items]
Maximum public offering	$ 600
Private Offering | Class N Common Stock
Class of Stock [Line Items]
Maximum public offering		$ 500

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	May 14, 2021	Dec. 31, 2020
Accounting Policies [Line Items]
Advance of organization and offering fees, net asset value threshold	$ 1,000,000
Reimbursement term, organization and offering expenses	60 months
Due to affiliates	$ 14,082		$ 4,868
Organization expenses | Public Offering
Accounting Policies [Line Items]
Due to affiliates		$ 300
Affiliated entity | Organization expenses | Private Offering
Accounting Policies [Line Items]
Due to affiliates	1,200		1,200
Affiliated entity | Organization expenses | Public Offering
Accounting Policies [Line Items]
Due to affiliates	300		200
Affiliated entity | Offering cost | Private Offering
Accounting Policies [Line Items]
Due to affiliates	1,000		900
Affiliated entity | Offering cost | Public Offering
Accounting Policies [Line Items]
Due to affiliates	$ 3,000		$ 1,600
Minimum
Accounting Policies [Line Items]
Equity method investment accounting, minimum ownership percentage required	3.00%
Minimum | Building
Accounting Policies [Line Items]
Useful life	30 years
Minimum | Building and land improvements
Accounting Policies [Line Items]
Useful life	1 year
Minimum | Furniture, fixtures and equipment
Accounting Policies [Line Items]
Useful life	1 year
Maximum
Accounting Policies [Line Items]
Equity method investment accounting, minimum ownership percentage required	5.00%
Maximum | Building
Accounting Policies [Line Items]
Useful life	40 years
Maximum | Building and land improvements
Accounting Policies [Line Items]
Useful life	10 years
Maximum | Furniture, fixtures and equipment
Accounting Policies [Line Items]
Useful life	7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Assets Measured At Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Line Items]
Investments in real estate-related securities	$ 4,515	$ 877
Fair Value, Recurring
Accounting Policies [Line Items]
Investments in real estate-related securities	4,515	877
Total	4,515	877
Level 1 | Fair Value, Recurring
Accounting Policies [Line Items]
Investments in real estate-related securities	509	11
Total	509	11
Level 2 | Fair Value, Recurring
Accounting Policies [Line Items]
Investments in real estate-related securities	4,006	866
Total	4,006	866
Level 3 | Fair Value, Recurring
Accounting Policies [Line Items]
Investments in real estate-related securities	0	0
Total	$ 0	$ 0

Investments in Real Estate, n_3

Investments in Real Estate, net - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
Building and improvements	$ 229,793	$ 44,317
Land and land improvements	45,350	16,483
Furniture, fixtures and equipment	3,294	0
Total	278,437	60,800
Accumulated depreciation	(2,241)	(27)
Investments in real estate, net	$ 276,196	$ 60,773

Investments in Real Estate, n_4

Investments in Real Estate, net - Schedule of Transactions (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)property	Jan. 31, 2021USD ($)property	Sep. 30, 2021USD ($)property
Real Estate [Line Items]
Number of Properties | property			7
Purchase Price | $			$ 238,374
Multifamily | Cortona Apartments
Real Estate [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Purchase Price | $		$ 71,083
Industrial | Meridian Business 940
Real Estate [Line Items]
Ownership Interest	95.00%		95.00%
Number of Properties | property	1
Purchase Price | $	$ 29,615
Student housing | Bixby Kennesaw
Real Estate [Line Items]
Ownership Interest	98.00%		98.00%
Number of Properties | property	1
Purchase Price | $	$ 78,663
Self-storage | Salem Self Storage
Real Estate [Line Items]
Ownership Interest	100.00%		100.00%
Number of Properties | property	3
Purchase Price | $	$ 47,872
Self-storage | South Loop Storage
Real Estate [Line Items]
Ownership Interest	100.00%		100.00%
Number of Properties | property	1
Purchase Price | $	$ 11,141

Investments in Real Estate, n_5

Investments in Real Estate, net - Schedule of Assets Acquired (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Real Estate [Line Items]
Building and building improvements	$ 182,488
Land and land improvements	28,866
Lease intangibles	14,996
Capitalized tax abatement	7,427
Furniture, fixtures and equipment	3,276
Above-market lease intangibles	1,321
Total purchase price	$ 238,374

Investments in Real Estate, n_6

Investments in Real Estate, net - Schedule of Weighted-average Amortization Periods (Details)	9 Months Ended
	Sep. 30, 2021
In-place lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	2 years 11 months 12 days
Leasing commissions
Real Estate [Line Items]
Weighted-average amortization periods (in years)	13 years 10 months 17 days
Above-market lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	14 years 10 days

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Details)	9 Months Ended
	Sep. 30, 2021buildingoption
Vida JV LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	42.50%
San Simeon Holdings
Schedule of Equity Method Investments [Line Items]
Number of options to extend redemption date | option	2
Term of options to extend redemption date	1 year
Investment yield	6.00%
Investment yield, annual increase	0.50%
Investment yield, annual increase during extensions	0.25%
Preferred accrued return	4.00%
Vida JV LLC
Schedule of Equity Method Investments [Line Items]
Number of buildings owned | building	20
Vida JV LLC | Invesco JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	85.00%

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Schedule of Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Balance Sheet
Total assets	$ 416,459		$ 416,459		$ 162,838
Total liabilities	(203,281)		(203,281)		(74,412)
Total equity of unconsolidated entities	8,515		8,515		5,232
INREIT investment in unconsolidated entities	99,494		99,494		89,284
Operating Data
Total revenue of unconsolidated entities	2,836	$ 0	7,583	$ 0
Income (loss) from unconsolidated real estate entities	182	$ 35	1,686	$ 35
Vida JV LLC And San Simeon Holdings
Balance Sheet
Total assets	531,953		531,953		479,076
Total liabilities	(300,814)		(300,814)		(264,204)
Total equity of unconsolidated entities	231,139		231,139		214,872
INREIT's share	99,247		99,247		89,032
INREIT outside basis	247		247		252
INREIT investment in unconsolidated entities	99,494		99,494		89,284
Operating Data
Total revenue of unconsolidated entities	11,400		33,617
Income of unconsolidated entities	327		996
INREIT's share	184		1,692
Amortization of INREIT outside basis	(2)		(6)
Income (loss) from unconsolidated real estate entities	182		1,686
Vida JV LLC
Balance Sheet
Total assets	411,059		411,059		366,482
Total liabilities	(221,050)		(221,050)		(187,882)
Total equity of unconsolidated entities	190,009		190,009		178,600
INREIT's share	80,754		80,754		75,914
INREIT outside basis	247		247		252
INREIT investment in unconsolidated entities	81,001		81,001		76,166
Operating Data
Total revenue of unconsolidated entities	9,397		27,236
Income of unconsolidated entities	(766)		622
INREIT's share	(326)		264
Amortization of INREIT outside basis	(2)		(6)
Income (loss) from unconsolidated real estate entities	(328)		258
San Simeon Holdings
Balance Sheet
Total assets	120,894		120,894		112,594
Total liabilities	(79,764)		(79,764)		(76,322)
Total equity of unconsolidated entities	41,130		41,130		36,272
INREIT's share	18,493		18,493		13,118
INREIT outside basis	0		0		0
INREIT investment in unconsolidated entities	18,493		18,493		$ 13,118
Operating Data
Total revenue of unconsolidated entities	2,003		6,381
Income of unconsolidated entities	1,093		374
INREIT's share	510		1,428
Amortization of INREIT outside basis	0		0
Income (loss) from unconsolidated real estate entities	$ 510		$ 1,428

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal Balance	$ 3,971	$ 841
Unamortized Premium (Discount)	227	20
Amortized Cost	4,198	861
Unrealized Gain (Loss), Net	11	5
Fair Value	4,209	866
Equity securities	$ 300	$ 11,000
Equity securities, weighted average yield	6.83%	6.52%
Non-agency CMBS
Debt Instrument [Line Items]
Principal Balance	$ 2,846	$ 716
Unamortized Premium (Discount)	141	11
Amortized Cost	2,987	727
Unrealized Gain (Loss), Net	(3)	2
Fair Value	$ 2,984	$ 729
Period-end Weighted Average Yield	2.53%	3.39%
Corporate debt
Debt Instrument [Line Items]
Principal Balance	$ 1,125	$ 125
Unamortized Premium (Discount)	86	9
Amortized Cost	1,211	134
Unrealized Gain (Loss), Net	14	3
Fair Value	$ 1,225	$ 137
Period-end Weighted Average Yield	1.90%	2.55%

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Intangible assets, net:
Total Cost	$ 23,929	$ 7,611
Accumulated Amortization	(2,499)	(11)
Intangible Assets, net	21,430	7,600
Intangible liabilities, net:
Total Cost	1,605	1,605
Accumulated Amortization	(146)	0
Intangible Assets, net	1,459	1,605
In-place lease intangibles
Intangible assets, net:
Total Cost	19,689	5,475
Accumulated Amortization	(2,325)	(7)
Intangible Assets, net	17,364	5,468
Leasing commissions
Intangible assets, net:
Total Cost	2,919	2,136
Accumulated Amortization	(174)	(4)
Intangible Assets, net	2,745	$ 2,132
Above-market lease intangibles
Intangible assets, net:
Total Cost	1,321
Accumulated Amortization	0
Intangible Assets, net	$ 1,321

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, net	$ 21,430	$ 7,600
Below-market Lease Intangibles
2021 (remainder)	(49)
2022	(194)
2023	(194)
2024	(194)
2025	(194)
2026	(194)
Thereafter	(440)
Leasing Commissions	(1,459)	(1,605)
In-place lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2021 (remainder)	3,788
2022	7,453
2023	746
2024	746
2025	746
2026	746
Thereafter	3,139
Intangible Assets, net	17,364	5,468
Leasing commissions
Acquired Finite-Lived Intangible Assets [Line Items]
2021 (remainder)	72
2022	285
2023	285
2024	285
2025	285
2026	282
Thereafter	1,251
Intangible Assets, net	2,745	$ 2,132
Above-market lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2021 (remainder)	24
2022	94
2023	94
2024	94
2025	94
2026	94
Thereafter	827
Intangible Assets, net	$ 1,321

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized tax abatement, net	$ 7,151	$ 0
Deferred financing costs, net	805	440
Prepaid expenses	833	130
Deferred rent	423	11
Other	89	5
Total	9,301	$ 586
Capitalized tax abatement, accumulated depreciation	300
Capitalized tax abatement, estimated annual amortization	$ 400

Mortgage Note and Revolving C_3

Mortgage Note and Revolving Credit Facility - Schedule of Mortgage Note and Revolving Credit Facility (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 187,500,000
Weighted Average Interest Rate	2.17%
Deferred financing costs, net	$ (1,143,000)	$ 0
Mortgage notes and revolving credit facility, net	186,357,000	67,700,000
Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	6,600,000
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, increase limit	100,000,000
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, increase limit	150,000,000
Mortgages
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 98,000,000
Weighted Average Interest Rate	2.56%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 89,500,000	$ 67,700,000
Weighted Average Interest Rate	1.73%	2.00%
Maximum facility size	$ 100,000,000	$ 75,000,000
Line of Credit | Revolving Credit Facility | Federal funds rate
Debt Instrument [Line Items]
Variable interest rate	0.50%
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Variable interest rate	1.00%

Mortgage Note and Revolving C_4

Mortgage Note and Revolving Credit Facility - Schedule of Future Principal Payments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
2021 (remaining)	$ 0
2022	0
2023	0
2024	89,500
2025	0
2026	53,000
Thereafter	45,000
Mortgage notes and revolving credit facility, net	$ 187,500

Mortgage Note and Revolving C_5

Mortgage Note and Revolving Credit Facility - Narrative (Details) - Mortgages - USD ($)	Sep. 24, 2021	May 25, 2021
Cortona Loan
Line of Credit Facility [Line Items]
Debt instrument, term		7 years
Mortgage loan		$ 45,000,000
Cortona Loan | LIBOR
Line of Credit Facility [Line Items]
Effective interest rate		2.65%
Variable interest rate		2.40%
Bixby Loan
Line of Credit Facility [Line Items]
Debt instrument, term	5 years
Mortgage loan	$ 53,000,000
Bixby Loan | LIBOR
Line of Credit Facility [Line Items]
Variable interest rate	1.60%

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Intangible liabilities, net	$ 1,459	$ 1,605
Accrued interest expense	344	73
Real estate taxes payable	335	0
Tenant security deposits	264	130
Accounts payable and accrued expenses	221	36
Prepaid rental income	219	0
Total	$ 2,842	$ 1,844

Redeemable Common Stock (Detail

Redeemable Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 05, 2021	Jul. 31, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021
Class of Stock [Line Items]
Stock repurchased during period (in shares)			785,025
Increase to redeemable common stock				$ 18,900
Decrease to additional paid In capital				18,900
Affiliated entity
Class of Stock [Line Items]
Aggregate net proceeds						$ 252,103
Class N Common Stock
Class of Stock [Line Items]
Stock repurchased during period (in shares)			785,025
Class N Common Stock | Affiliated entity
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)						8,381,554
Class N Common Stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Sale of stock, purchase commitment received			$ 192,500	192,500	$ 192,500	$ 192,500
Massachusetts Mutual Life Insurance Company | Redeemable common stock | Affiliated entity
Class of Stock [Line Items]
Stock redemption terms, term					3 years
Share of entity's stock, minimum net asset value			20,000	20,000	$ 20,000	20,000
Massachusetts Mutual Life Insurance Company | Redeemable common stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Sale of stock, purchase commitment received			$ 400,000	$ 400,000	$ 400,000	$ 400,000
Sale of stock, price per share (in USD per share)			$ 25	$ 25	$ 25	$ 25
Massachusetts Mutual Life Insurance Company | Redeemable common stock | Subscription Agreement | Affiliated entity
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)					255,846
Massachusetts Mutual Life Insurance Company | Class N Common Stock | Affiliated entity
Class of Stock [Line Items]
Stock repurchased during period (in shares)	785,025
Stock repurchased during period	$ 22,000
Days prior to month of repurchase		5 days
Percent of monthly net proceeds towards repurchase		100.00%
Maximum repurchase amount		$ 70,000
Minimum repurchase amount		$ 50,000
Massachusetts Mutual Life Insurance Company | Class N Common Stock | Affiliated entity | Minimum
Class of Stock [Line Items]
Discretionary percent of net proceeds from other investors, towards repurchase		50.00%
Massachusetts Mutual Life Insurance Company | Class N Common Stock | Affiliated entity | Maximum
Class of Stock [Line Items]
Discretionary percent of net proceeds from other investors, towards repurchase		100.00%
Massachusetts Mutual Life Insurance Company | Class N Common Stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Capital commitment		$ 200,000
Shares repurchase maximum		$ 200,000
Percent of net proceeds from other investors in prior month		15.00%
Percent of NAV, towards repurchase		1.50%
Lock-up period, aggregate NAV		$ 1,500,000
Massachusetts Mutual Life Insurance Company | Class N Common Stock | Initial Subscription Agreement | Affiliated entity
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)					7,387,008
Aggregate net proceeds					$ 200,000
Massachusetts Mutual Life Insurance Company | Class N Common Stock | Subscription Agreement | Affiliated entity
Class of Stock [Line Items]
Aggregate net proceeds					$ 7,500

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Nov. 20, 2020
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125				125		125
Preferred stock, dividend rate					12.50%
Preferred stock, liquidation preference (in USD per share)	$ 500				$ 500		$ 500
Preferred stock, liquidation preference, per share, per annum (in USD per share)	62.50				62.50
Preferred stock, redemption price (in dollars per share)	500				500
Preferred stock, redemption premium (in dollars per share)	$ 50				$ 50
Redeemable common stock, shares issued (in shares)	6,857,829				6,857,829		3,247,457
Dividends	$ 2,700,000			$ 0	$ 7,700,000	$ 0
Dividends accrued	1,000,000				$ 1,000,000		$ 500,000
Percent of aggregate NAV to be repurchased, per month					2.00%
Percent of aggregate NAV per calendar quarter, to be repurchased					5.00%
Stock repurchase program, shares purchase period					1 year
Stock repurchase program, early purchase deduction					95.00%
Share-based compensation (in shares)					2,112
Share-based compensation	$ 19,000	$ 19,000	$ 19,000
Share-based compensation plan, shares available for issuance (in shares)	192,763				192,763
Revolving Credit Facility
Class of Stock [Line Items]
Capital commitment from related party	$ 30,000,000				$ 30,000,000
Private Placement
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	0				0			125
Shares issued (in USD per share)								$ 500
Proceeds from issuance of private placement					$ 62,500
Payments of stock issuance costs					$ 21,900
Redeemable common stock | Affiliated entity | Massachusetts Mutual Life Insurance Company
Class of Stock [Line Items]
Redeemable common stock, shares issued (in shares)	6,857,829				6,857,829		3,247,457
Redeemable common stock | Private Offering | Affiliated entity | Massachusetts Mutual Life Insurance Company
Class of Stock [Line Items]
Sale of stock, purchase commitment received	$ 400,000,000				$ 400,000,000
Class N Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	738,701				738,701		361,374
Share-based compensation (in shares)					1,422
Class N Common Stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Sale of stock, purchase commitment received	$ 192,500,000				$ 192,500,000
Class E Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	958,831				958,831		0
Share-based compensation (in shares)					690
Share-based compensation					$ 58,000

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Outstanding (Details) - USD ($) $ in Millions	Aug. 05, 2021	May 14, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			6,247,426	6,245,507	3,608,830	8,000	8,000
Issuance of common stock (in shares)			3,092,553	1,427	2,636,645	1,979,054
Stock repurchased during period (in shares)			(785,025)
Exchange of common stock (in shares)				0
Distribution reinvestment (in shares)			1,179	492	32
Ending balance (in shares)			8,556,133	6,247,426	6,245,507	1,987,054	8,000
Class T Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			91	0	0	0	0
Issuance of common stock (in shares)			0	91	0	0
Stock repurchased during period (in shares)			0
Exchange of common stock (in shares)				0
Distribution reinvestment (in shares)			0	0	0
Ending balance (in shares)			91	91	0	0	0
Class S Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			91	0	0	0	0
Issuance of common stock (in shares)			0	91	0	0
Stock repurchased during period (in shares)			0
Exchange of common stock (in shares)				0
Distribution reinvestment (in shares)			0	0	0
Ending balance (in shares)			91	91	0	0	0
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			91	0	0	0	0
Issuance of common stock (in shares)			0	91	0	0
Stock repurchased during period (in shares)			0
Exchange of common stock (in shares)				0
Distribution reinvestment (in shares)			0	0	0
Ending balance (in shares)			91	91	0	0	0
Class I Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			492	0	0	0	0
Issuance of common stock (in shares)			0	0	0	0
Stock repurchased during period (in shares)			0
Exchange of common stock (in shares)				0
Distribution reinvestment (in shares)			7	492	0
Ending balance (in shares)			499	492	0	0	0
Class E Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			156,066	0	0	0	0
Issuance of common stock (in shares)			801,593	0	0	0
Stock repurchased during period (in shares)			0
Exchange of common stock (in shares)		156,066		156,066
Distribution reinvestment (in shares)			1,172	0	0
Ending balance (in shares)			958,831	156,066	0	0	0
Class N Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			6,090,595	6,245,507	3,608,830	8,000	8,000
Issuance of common stock (in shares)			2,290,960	1,154	2,636,645	1,979,054	8,000
Stock repurchased during period (in shares)			(785,025)
Exchange of common stock (in shares)				(156,066)
Distribution reinvestment (in shares)			0	0	32
Ending balance (in shares)			7,596,530	6,090,595	6,245,507	1,987,054	8,000
Class N Common Stock | Massachusetts Mutual Life Insurance Company | Affiliated entity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock repurchased during period (in shares)	(785,025)
Stock repurchased during period	$ 22
Redeemable common stock | Massachusetts Mutual Life Insurance Company | Affiliated entity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares acquired (in shares)	785,025

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Series A Preferred Stock
Class of Stock [Line Items]
Aggregate distributions declared, preferred stock (in USD per share)	$ 0	$ 31.2500
Stockholder servicing fee, preferred stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	0	31.2500
Class T Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4076	0.5396
Stockholder servicing fee, common stock (in USD per share)	(0.0602)	(0.0797)
Net distributions declared, common stock (in USD per share)	0.3474	0.4599
Class S Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4076	0.5396
Stockholder servicing fee, common stock (in USD per share)	(0.0602)	(0.0797)
Net distributions declared, common stock (in USD per share)	0.3474	0.4599
Class D Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4076	0.5396
Stockholder servicing fee, common stock (in USD per share)	(0.0178)	(0.0235)
Net distributions declared, common stock (in USD per share)	0.3898	0.5161
Class I Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4076	0.6698
Stockholder servicing fee, common stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	0.4076	0.6698
Class E Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4076	0.6698
Stockholder servicing fee, common stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	0.4076	0.6698
Class N Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4076	1.2598
Stockholder servicing fee, common stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	$ 0.4076	$ 1.2598

Related Party Transactions - Du

Related Party Transactions - Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to affiliates	$ 14,082	$ 4,868
Other general and administrative expenses
Related Party Transaction [Line Items]
Due to affiliates	5,319	2,205
Advanced offering costs
Related Party Transaction [Line Items]
Due to affiliates	4,037	931
Performance participation allocation
Related Party Transaction [Line Items]
Due to affiliates	2,237	0
Advanced organization expenses
Related Party Transaction [Line Items]
Due to affiliates	1,474	1,210
Distributions payable
Related Party Transaction [Line Items]
Due to affiliates	996	503
Share-based compensation payable
Related Party Transaction [Line Items]
Due to affiliates	19	19
Accrued management fee
Related Party Transaction [Line Items]
Due to affiliates	$ 0	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)investment	Sep. 30, 2021USD ($)quarter	Sep. 30, 2020USD ($)	Feb. 28, 2021investment	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)quarter	May 14, 2021USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Due to affiliates	$ 14,082	$ 14,082			$ 14,082		$ 14,082		$ 4,868
Affiliate costs		1,446	$ 0		2,237	$ 0
NAV threshold for operating expenses advance	$ 500,000	$ 500,000			$ 500,000		$ 500,000
Reimbursement term, advanced operating expense					60 months
Adviser fee, number of consecutive quarters, reimbursement period | quarter		4					4
Advisor fee, percent of invested assets, operating expense, maximum reimbursement		2.00%
Advisor fee, percent of net income, operating expense, maximum reimbursement		25.00%
Total expenses							$ 5,700
Advisor fee, excess of operating expenses per agreement							1,300
Investments closed on | investment	4			6
Support Personnel Costs
Related Party Transaction [Line Items]
Expenses from transactions with related party		$ 200			$ 600
Revolving Credit Facility
Related Party Transaction [Line Items]
Capital commitment from related party	$ 30,000	$ 30,000			$ 30,000		$ 30,000
Public Offering | Organization expenses
Related Party Transaction [Line Items]
Due to affiliates								$ 300
Public Offering | Offering Costs
Related Party Transaction [Line Items]
Due to affiliates								$ 2,400
The Adviser
Related Party Transaction [Line Items]
Management fee percentage of NAV	1.00%	1.00%			1.00%		1.00%
Management fee commencement period					10 years
The Special Limited Partner
Related Party Transaction [Line Items]
Performance participation interest, percentage of return					12.50%
Performance participation interest, percentage of return hurdle amount					6.00%
The Special Limited Partner | Class N Common Stock
Related Party Transaction [Line Items]
Performance participation interest, percentage of return					10.00%
Performance participation interest, percentage of return hurdle amount					7.00%
The Dealer Manager
Related Party Transaction [Line Items]
Stockholder servicing fee accrual threshold					8.75%
Affiliated entity | Advanced General And Administrative Expense
Related Party Transaction [Line Items]
Due to affiliates	$ 5,300	$ 5,300			$ 5,300		$ 5,300
Affiliated entity | Public Offering | Organization expenses
Related Party Transaction [Line Items]
Due to affiliates	300	300			300		300		200
Affiliated entity | Private Offering | Organization expenses
Related Party Transaction [Line Items]
Due to affiliates	1,200	1,200			1,200		1,200		$ 1,200
Affiliated entity | Class N Common Stock | Private Offering
Related Party Transaction [Line Items]
Sale of stock, purchase commitment received	$ 192,500	$ 192,500			$ 192,500		$ 192,500

Related Party Transactions - Sc

Related Party Transactions - Schedule of Stockholder Servicing Fees (Details) - The Dealer Manager	9 Months Ended
	Sep. 30, 2021
Related Party Transaction [Line Items]
Advisor servicing fees	0.65%
Dealer stockholder servicing fees	0.20%
Class T Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class S Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class D Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	1.50%
Stockholder Servicing Fee (% of NAV)	0.25%

Related Party Transactions - _2

Related Party Transactions - Schedule of Related Party Share Ownership (Details) - Affiliated entities $ in Thousands	23 Months Ended
	Sep. 30, 2021USD ($)shares
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 252,103
MassMutual (1)
Related Party Transaction [Line Items]
Total Purchase Price | $	207,526
IGP + Fund
Related Party Transaction [Line Items]
Total Purchase Price | $	22,000
Invesco Realty, Inc.
Related Party Transaction [Line Items]
Total Purchase Price | $	20,007
Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 2,570
Class T Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	91
Class T Common Stock | MassMutual (1)
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class T Common Stock | IGP + Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class T Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	91
Class T Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class S Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	91
Class S Common Stock | MassMutual (1)
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class S Common Stock | IGP + Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class S Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	91
Class S Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class D Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	91
Class D Common Stock | MassMutual (1)
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class D Common Stock | IGP + Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class D Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	91
Class D Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	160
Class I Common Stock | MassMutual (1)
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class I Common Stock | IGP + Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class I Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class I Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	160
Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	876,406
Class E Common Stock | MassMutual (1)
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class E Common Stock | IGP + Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	783,032
Class E Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class E Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	93,374
Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	8,381,554
Class N Common Stock | MassMutual (1)
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	7,642,853
Class N Common Stock | IGP + Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Class N Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	738,701
Class N Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Capital Commitment
Other Commitments [Line Items]
Other commitment	$ 6.1
Tenant Improvements
Other Commitments [Line Items]
Other commitment	3.5
Other commitments, funded	$ 3.1

Tenant Leases - Operating Lease

Tenant Leases - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Fixed lease payments	$ 2,448	$ 0	$ 6,451	$ 0
Variable lease payments	300	0	864	0
Rental revenue	$ 2,748	$ 0	$ 7,315	$ 0

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rental Payments Receivable (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
2021 (remainder)	$ 1,144
2022	4,621
2023	4,739
2024	4,861
2025	4,987
2026	5,114
Thereafter	29,594
Total	$ 55,060

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments	6

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 416,459	$ 162,838
Operating segments | Healthcare
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	81,001	76,166
Operating segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	38,302	35,788
Operating segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	60,419	31,143
Operating segments | Self-storage
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	59,235	0
Operating segments | Multifamily
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	86,863	13,118
Operating segments | Student housing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	79,060	0
Corporate, non-segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 11,579	$ 6,623

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental revenue	$ 2,748			$ 0			$ 7,315	$ 0
Other revenue	88			0			268	0
Total revenues	2,836			0			7,583	0
Expenses
Rental property operating	623			0			1,734	0
Total expenses	623						1,734
Income from unconsolidated entities	5,255						16,716
Income from real estate-related securities	19			0			83	0
Segment net operating income	7,487						22,648
Depreciation and amortization	(6,490)						(20,009)
General and administrative	(893)			(686)			(3,033)	(2,242)
Interest expense	(730)			(18)			(1,813)	(18)
Performance participation allocation	(1,446)			0			(2,237)	0
Net loss attributable to Invesco Real Estate Income Trust Inc.	(2,072)	$ (2,408)	$ 36	(669)	$ (353)	$ (1,203)	(4,444)	(2,225)
Dividends to preferred stockholders	(2)			0			(6)	0
Net income attributable to non-controlling interests in consolidated joint ventures	(4)			0			(4)	0
Net loss attributable to common stockholders, basic	(2,078)			$ (669)			(4,454)	$ (2,225)
Operating segments | Healthcare
Revenues
Rental revenue	0						0
Other revenue	0						0
Total revenues	0						0
Expenses
Rental property operating	0						0
Total expenses	0						0
Income from unconsolidated entities	4,745						15,288
Income from real estate-related securities	0						0
Segment net operating income	4,745						15,288
Depreciation and amortization	(5,073)						(15,030)
Operating segments | Office
Revenues
Rental revenue	683						2,061
Other revenue	0						0
Total revenues	683						2,061
Expenses
Rental property operating	113						330
Total expenses	113						330
Income from unconsolidated entities	0						0
Income from real estate-related securities	0						0
Segment net operating income	570						1,731
Depreciation and amortization	(298)						(893)
Operating segments | Industrial
Revenues
Rental revenue	612						1,744
Other revenue	0						0
Total revenues	612						1,744
Expenses
Rental property operating	129						411
Total expenses	129						411
Income from unconsolidated entities	0						0
Income from real estate-related securities	0						0
Segment net operating income	483						1,333
Depreciation and amortization	(214)						(639)
Operating segments | Self-storage
Revenues
Rental revenue	91						91
Other revenue	0						0
Total revenues	91						91
Expenses
Rental property operating	0						0
Total expenses	0						0
Income from unconsolidated entities	0						0
Income from real estate-related securities	0						0
Segment net operating income	91						91
Depreciation and amortization	0						0
Operating segments | Multifamily
Revenues
Rental revenue	1,239						3,296
Other revenue	88						268
Total revenues	1,327						3,564
Expenses
Rental property operating	381						993
Total expenses	381						993
Income from unconsolidated entities	510						1,428
Income from real estate-related securities	0						0
Segment net operating income	1,456						3,999
Depreciation and amortization	(905)						(3,447)
Operating segments | Student housing
Revenues
Rental revenue	123						123
Other revenue	0						0
Total revenues	123						123
Expenses
Rental property operating	0						0
Total expenses	0						0
Income from unconsolidated entities	0						0
Income from real estate-related securities	0						0
Segment net operating income	123						123
Depreciation and amortization	0						0
Corporate, non-segment
Revenues
Rental revenue	0						0
Other revenue	0						0
Total revenues	0						0
Expenses
Rental property operating	0						0
Total expenses	0						0
Income from unconsolidated entities	0						0
Income from real estate-related securities	19						83
Segment net operating income	19						83
Depreciation and amortization	$ 0						$ 0

Segment Reporting - Income (Los

Segment Reporting - Income (Loss) From Unconsolidated Real Estate Entities Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Segment income from unconsolidated entities	$ 5,255		$ 16,716
Depreciation and amortization attributable to unconsolidated entities	(5,073)		(15,030)
Income (loss) from unconsolidated real estate entities	$ 182	$ 35	$ 1,686	$ 35

Segment Reporting - Depreciatio

Segment Reporting - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Segment depreciation and amortization	$ (6,490)		$ (20,009)
Depreciation and amortization attributable to unconsolidated entities	5,073		15,030
Depreciation and amortization	$ (1,417)	$ 0	$ (4,979)	$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Nov. 05, 2021USD ($)	Oct. 28, 2021USD ($)retailProperty	Aug. 05, 2021USD ($)	Nov. 15, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Oct. 07, 2021USD ($)
Subsequent Event [Line Items]
Consideration transferred					$ 238,374
Affiliated entity
Subsequent Event [Line Items]
Aggregate net proceeds						$ 252,103
Class N Common Stock | Massachusetts Mutual Life Insurance Company | Affiliated entity
Subsequent Event [Line Items]
Stock repurchased during period			$ 22,000
Subsequent Event
Subsequent Event [Line Items]
Number of retail properties | retailProperty		5
Subsequent Event | Minimum
Subsequent Event [Line Items]
General partnership interests In retail properties		3.20%
Subsequent Event | Maximum
Subsequent Event [Line Items]
General partnership interests In retail properties		8.90%
Subsequent Event | ITP LLC
Subsequent Event [Line Items]
Payments to acquire interest in joint venture		$ 10,600
Consideration transferred		7,600
Subsequent Event | ITP LLC | GP Fund
Subsequent Event [Line Items]
Consideration transferred		$ 4,400
Subsequent Event | ITP LLC
Subsequent Event [Line Items]
Ownership percentage		85.00%
Subsequent Event | ITP LLC | TriPost
Subsequent Event [Line Items]
Ownership percentage by noncontrolling owners		15.00%
Subsequent Event | GP Fund | ITP LLC
Subsequent Event [Line Items]
Ownership percentage		90.00%
Subsequent Event | GP Fund | Borzak-PT, LLC
Subsequent Event [Line Items]
Ownership percentage by noncontrolling owners		10.00%
Subsequent Event | Public Offering
Subsequent Event [Line Items]
Aggregate net proceeds				$ 36,500
Subsequent Event | Class N Common Stock | Massachusetts Mutual Life Insurance Company | Affiliated entity
Subsequent Event [Line Items]
Stock repurchased during period	$ 37,600
Subsequent Event | Class N Common Stock | Private Offering
Subsequent Event [Line Items]
Proceeds from issuance of private placement				11,000
Subsequent Event | Class E Common Stock | Private Offering
Subsequent Event [Line Items]
Proceeds from issuance of private placement				$ 2,200
Sale of stock, maximum private offering							$ 20,000