Invesco Real Estate Income Trust 10-K 28 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 28, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	333-254931
Entity Registrant Name	Invesco Real Estate Income Trust Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	83-2188696
Entity Address, Address Line One	2001 Ross Avenue
Entity Address, Address Line Two	Suite 3400
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	715-7400
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Documents Incorporated by Reference	None.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001756761
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		351,856
Class S Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		351,856
Class D Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		351,856
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		466,816
Class E Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,248,528
Class N Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,769,921

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Dallas, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Investments in real estate, net	$ 434,373	$ 60,773
Investments in unconsolidated entities	115,285	89,284
Investments in real estate-related securities, at fair value	12,685	877
Intangible assets, net	21,977	7,600
Cash and cash equivalents	13,754	2,968
Restricted cash	1,745	750
Other assets	12,558	586
Total assets	612,377	162,838
LIABILITIES
Revolving credit facility	75,500	67,700
Mortgages payable, net	161,653	0
Financing obligation, net	53,619	0
Due to affiliates	16,930	4,868
Accounts payable, accrued expenses and other liabilities	5,907	1,844
Total liabilities	313,609	74,412
Commitments and contingencies (See Note 14)	0	0
Redeemable common stock, Class N shares, $0.01 par value per share, 7,372,812 and 3,247,457 shares issued and outstanding, respectively	224,667	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	94,097	9,276
Accumulated deficit and cumulative distributions	(24,150)	(4,089)
Total stockholders' equity	70,030	5,232
Non-controlling interests in consolidated joint ventures	4,071	0
Total equity	74,101	5,232
Total liabilities, redeemable common stock and equity	612,377	162,838
Class T Common Stock
EQUITY
Common stock	2	0
Class S Common Stock
EQUITY
Common stock	2	0
Class D Common Stock
EQUITY
Common stock	2	0
Class I Common Stock
EQUITY
Common stock	2	0
Class E Common Stock
EQUITY
Common stock	22	0
Class N Common Stock
EQUITY
Common stock	$ 12	$ 4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Redeemable common stock, par value (in USD per share)	$ 0.01	$ 0.01
Redeemable common stock, shares issued (in shares)	7,372,812	3,247,457
Redeemable stock, outstanding (in shares)	7,372,812	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)	186,821	0
Common stock, shares outstanding (in shares)	186,821	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)	186,821	0
Common stock, shares outstanding (in shares)	186,821	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)	186,821	0
Common stock, shares outstanding (in shares)	186,821	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)	186,715	0
Common stock, shares outstanding (in shares)	186,715	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)	2,244,581	0
Common stock, shares outstanding (in shares)	2,244,581	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)	1,183,697	361,374
Common stock, shares outstanding (in shares)	1,183,697	361,374

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Revenues
Rental revenue	$ 0	$ 12,962	$ 36
Other revenue	0	622	0
Total revenues	0	13,584	36
Expenses
Rental property operating	0	4,296	15
General and administrative	0	4,047	2,911
Management fee – related party	0	28	0
Performance participation interest – related party	0	3,280	0
Depreciation and amortization	0	10,457	37
Total expenses	0	22,108	2,963
Other income (expense), net
INREIT’s Share of Unconsolidated Entities Income (Loss)	0	3,148	(120)
Income (loss) from real estate-related securities	0	(39)	8
Interest income	0	0	1
Interest expense	0	(2,977)	(288)
Other expense	0	(9)	0
Total other income (expense), net	0	123	(399)
Net loss attributable to Invesco Real Estate Income Trust Inc.	0	(8,401)	(3,326)
Dividends to preferred stockholders	0	(8)	(1)
Net loss attributable to non-controlling interests in consolidated joint ventures	0	25	0
Net loss attributable to common stockholders, basic	0	(8,384)	(3,327)
Net loss attributable to common stockholders, diluted	$ 0	$ (8,384)	$ (3,327)
Loss per share:
Net loss per share of common stock, basic (in USD per share)	$ 0	$ (1.21)	$ (5.80)
Net loss per share of common stock, diluted (in USD per share)	$ 0	$ (1.21)	$ (5.80)
Weighted average shares of common stock outstanding, basic (in shares)	0	6,921,009	573,892
Weighted average shares of common stock outstanding, diluted (in shares)	0	6,921,009	573,892

Consolidated Statements of Chan

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, 2018	$ 0		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock	200		200								200
Net loss	0
Ending balance at Dec. 31, 2019	200		200	0	0	0	0	0	0	0	200	0	0
Beginning balance at Dec. 31, 2018	0
Ending balance at Dec. 31, 2019	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of preferred stock, net of offering costs	41		41	41
Proceeds from issuance of common stock	8,951		8,951							4	8,947
Share-based compensation	129	$ 129	129								129
Net loss	(3,326)		(3,326)									(3,326)
Preferred stock dividends	(1)		(1)									(1)
Common stock distributions	(762)		(762)									(762)
Ending balance at Dec. 31, 2020	5,232		5,232	41	0	0	0	0	0	4	9,276	(4,089)	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	83,194
Ending balance at Dec. 31, 2020	83,194
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock	108,812		108,812						20	18	108,774
Common stock repurchased	106		106								106
Share-based compensation	78	$ 78	78								78
Net loss	(8,401)		(8,376)									(8,376)	(25)
Exchange of common stock					2	2	2	2	2	(10)
Preferred stock dividends	(8)		(8)									(8)
Common stock distributions	(11,677)		(11,677)									(11,677)
Contributions from non-controlling interests	4,127												4,127
Distributions to non-controlling interests	(31)												(31)
Adjustment to carrying value of redeemable common stock	(24,137)		(24,137)								(24,137)
Ending balance at Dec. 31, 2021	74,101		$ 70,030	$ 41	$ 2	$ 2	$ 2	$ 2	$ 22	$ 12	$ 94,097	$ (24,150)	$ 4,071
Increase (Decrease) in Temporary Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	187,336
Common stock repurchased	(70,000)
Adjustment to carrying value of redeemable common stock	24,137
Ending balance at Dec. 31, 2021	$ 224,667

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (8,401)	$ (3,326)	$ 0
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee – related party	28	0	0
Performance participation interest – related party	3,280	0	0
Income (loss) from unconsolidated entities, net	(3,148)	120	0
Depreciation and amortization	10,457	37	0
Share-based compensation	78	129	0
Straight-line rents	(517)	(11)	0
Amortization of below-market lease intangibles	(195)	0	0
Amortization of above-market lease intangibles	26	0	0
Amortization of deferred financing costs	700	165	0
Unrealized loss (gain) on real estate-related securities, net	168	(5)	0
Distributions of earnings from investments in unconsolidated entities	1,830	0	0
Other operating activities	68	0	0
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Increase in other assets	(351)	(60)	0
Increase in due to affiliates	4,503	3,433	0
Increase in accounts payable, accrued expenses and other liabilities	1,078	78	0
Net cash provided by operating activities	9,604	560	0
Cash flows from investing activities:
Acquisitions of real estate	(401,106)	(66,718)	0
Investments in unconsolidated entities	(29,630)	(90,233)	0
Pre-acquisition deposits	(3,390)	0	0
Capital improvements to real estate	(2,758)	0	0
Purchase of real estate-related securities	(14,079)	(873)	0
Proceeds from sale of real estate-related securities	2,864	0	0
Distributions of capital from investments in unconsolidated entities	4,948	829	0
Net cash used in investing activities	(443,151)	(156,995)	0
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	187,475	84,052	0
Repurchase of redeemable common stock	(70,000)	0	0
Proceeds from issuance of common stock	111,986	9,025	200
Proceeds from issuance of preferred stock, net of offering costs	0	41	0
Subscriptions received in advance	250	0	0
Proceeds from revolving credit facility	135,500	67,700	0
Repayment of revolving credit facility	(127,700)	0	0
Borrowings from mortgages payable	163,500	0	0
Borrowing from financing obligation	54,000	0	0
Payment of deferred financing costs	(3,138)	(605)	0
Contributions from non-controlling interests	4,127	0	0
Distributions to non-controlling interests	(31)	0	0
Preferred stock dividends	(8)	(1)	0
Common stock distributions	(10,633)	(259)	0
Net cash provided by financing activities	445,328	159,953	200
Net change in cash and cash equivalents and restricted cash	11,781	3,518	200
Cash and cash equivalents and restricted cash, beginning of period	3,718	200	0
Cash and cash equivalents and restricted cash, end of period	15,499	3,718	200
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	13,754	2,968	200
Restricted cash	1,745	750	0
Total cash and cash equivalents and restricted cash	15,499	3,718	200
Supplemental disclosures:
Interest paid	1,743	50	0
Non-cash investing and financing activities:
Unsettled trade payable	904	0	0
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	1,042	57	0
Accrued capital expenditures	492	0	0
Distributions payable	1,440	503	0
Accrued offering costs due to affiliates	3,313	931	0
Distribution reinvestment	107	0	0
Adjustment to carrying value of redeemable common stock	$ 24,137	$ 0	$ 0

Organization and Business Purpo

Organization and Business Purpose	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	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. (the “Operating Partnership” or “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 beginning with 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, the Securities and Exchange Commission (“SEC”) declared our Registration Statement on Form S-11 (File No. 333-254931) for our public offering of common stock effective. We have registered a public offering of up to $3.0 billion in shares of common stock, consisting of up to $2.4 billion in shares in our primary offering (the “Primary Offering”) and up to $600 million in shares under our distribution reinvestment plan (collectively, the “Offering”). We are offering to sell any combination of five classes of shares of our common stock in the Offering: Class T shares, Class S shares, Class D shares, Class I shares and Class E shares, with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions and dealer manager fees and different ongoing stockholder servicing fees. We are also conducting private offerings of up to $1.0 billion in shares of our Class N common stock (“Class N shares” or “Class N common stock”) (the “Class N Private Offering”) and up to $20.0 million in shares of our Class E common stock (the “Class E Private Offering”) (collectively, the “Private Offerings”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. The extent to which the ongoing COVID-19 pandemic impacts our results will depend on future developments, many of which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19, future action plans and vaccination distribution and efficacy. Despite recent market rebounds across many asset classes, the ongoing COVID-19 pandemic has caused continued negative economic impacts, market volatility, and business disruption, which could negatively impact our tenants’ ability to pay rent, our ability to lease vacant space and our ability to undertake development and redevelopment projects. These consequences, in turn, could materially impact our results of operations. The estimates and assumptions underlying these consolidated financial statements are based on the information available as of December 31, 2021, including judgments about the financial market and economic conditions which may change over time. 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 partner’s share of the assets, liabilities and operations of each joint venture is included in non-controlling interests in consolidated joint ventures and reported as equity of the Company on our consolidated balance sheets. The non-controlling partner’s interest is generally calculated as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the joint venture partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the joint venture partner is reported as net loss attributable to non-controlling interests in consolidated joint ventures on our consolidated statements of operations. 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 to five percent. See Note 4 — “ Investments in Unconsolidated Entities ” for further information about our investments in partially owned entities. 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, mortgage notes and financing obligation 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 December 31, 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 $ 407 $ 12,278 $ — $ 12,685 $ 11 $ 866 $ — $ 877 Total $ 407 $ 12,278 $ — $ 12,685 $ 11 $ 866 $ — $ 877 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 December 31, 2021 and 2020, 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. As of December 31, 2021, 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 December 31, 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 interest in the acquired entity. For transactions that are business combinations, we also evaluate the existence of goodwill or a gain from a bargain purchase. We expense acquisition-related costs associated with business combinations as they are incurred. We capitalize acquisition-related costs associated with asset acquisitions. 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 leases, leasing commissions and other identified intangible assets and assumed liabilities) and allocate the purchase price to the acquired assets and assumed liabilities. The cost of the acquisition is then allocated to the assets acquired and liabilities assumed based on their relative fair values. We assess relative fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. We estimate future cash flows based on a number of factors including historical operating results, known and anticipated trends and market and economic conditions. 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 leases that may have a customer relationship intangible value, including but not limited to the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. 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 lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on our evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. When estimating carrying costs, we include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. When estimating costs to execute similar leases, we consider leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded gross on our 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 consolidated statements of operations. The amortization of in-place leases is a component of depreciation and amortization expense on our consolidated statements of operations. 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 Over lease term Leasehold improvements Shorter of lease term or economic life of improvements 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 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 any impairment losses for the years ended December 31, 2021 and 2020. 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 entity at cost and subsequently adjust the cost for our share of the unconsolidated 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 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 years ended December 31, 2021 and 2020. Distributions received from equity method investments are classified in the 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 (loss) from unconsolidated entities, net in our consolidated statements of operations. 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. We hold an 85% ownership interest in a consolidated joint venture, ITP Investments LLC (“ITP LLC”). ITP LLC has a 90% interest in PT Co-GP Fund, LLC (“GP Fund”), which was formed to obtain non-controlling general partner interest investments in retail properties. We have concluded that the GP Fund is also a VIE and that we are not the primary beneficiary because we share the power to direct the activities that most significantly impact GP Fund’s economic performance. 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 consolidated statements 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 consolidated statements of operations. Redeemable Common Stock Certain shares of our Class N common stock are classified as redeemable common stock on our consolidated balance sheets 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 consolidated balance sheets 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 our consolidated balance sheets 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 and financing obligation are recorded as an offset to the related liability and are being amortized on a straight-line basis, which approximates the effective interest method, over the term of the mortgage notes and financing obligation. 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 on the lease commencement date when the leased asset has been made available for use by the lessee. At the commencement 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 certain 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 term of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the consolidated balance sheets. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Our estimate of collectability includes, but is not limited to, factors such as the tenant’s payment history, financial condition, industry and geographic area. These estimates could differ materially from actual results. 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 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 pandemic. In accordance with the Lease Modification Q&A, we have made a policy election to not account for concessions as a lease modification if the total cash flows after the lease concessions are substantially the same, or less than, the cash flows in the original lease. However, if in the future, a concession is granted that modifies the terms and significantly alters the cash flows of the original lease, we will account for the change as a lease modification. We did not make any lease concessions in the years ended December 31, 2021 and 2020 as a result of the COVID-19 pandemic. 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 estate-related business. A TRS is subject to federal, state and local corporate income tax, as applicable. Revenues related to self-storage unrelated business taxable income (“UBTI”) and revenue from our preferred equity investment in a retail operating company are recorded in the TRS along with any corresponding expenses. We account for applicable income taxes by utilizing the asset and liability method. As such, we record deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. During the year ended December 31, 2021, we recorded both a net tax liability and a deferred tax liability of approximately $9,000. These were recorded within other expense on our consolidated statements of operations and other liabilities on the consolidated balance sheets, respectively. The current expense for the year ended December 31, 2021 is approximately $48,000, consisting of federal and state taxes. Our TRS did not have material deferred tax assets or liabilities during the year ended December 31, 2020. As of December 31, 2021, our tax years 2018 through 2021 remain subject to examination by the United States tax authorities. Organization and Offering Costs 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 December 31, 2021 and 2020, the Adviser and its affiliates incurred organization expenses of $1.2 million and $1.2 million, respectively, as well as offering expenses of $1.1 million and $0.9 million, respectively, on our behalf for the Private Offerings that are recorded as a component of due to affiliates on our consolidated balance sheets. We recorded the organization expenses associated with the Private Offerings as general and administrative expenses and recorded the offering costs as an offset to the related class of common stock based on the relative proceeds raised in the Private Offerings. As of December 31, 2021, the Adviser and its affiliates have incurred organization expenses of $0.3 million and offering costs of $3.1 million on our behalf for the Offering that are recorded as a component of due to affiliates on our 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 costs associated with the Offering as general and administrative expenses on our consolidated statements of operations. Offering costs associated with the Offering are recorded as an offset to additional paid-in capital on our consolidated balance sheets. As of December 31, 2020, the Adviser incurred organization and offering costs on our behalf for the Offering of $0.2 million and $1.6 million, respectively; however, we did not record organization and offering expenses related to the Offering in our consolidated financial statements as of December 31, 2020, because these expenses were not our obligation until the Offering commenced on May 14, 2021. 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 with 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 December 31, 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 the advisory agreement between us and the Adviser (the “Advisory Agreement”); however, as of December 31, 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 consolidated financial statements based on the fair value of the award on the date of grant. Recent 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). 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 December 31, 2021. The guidance can be applied through December 31, 2022.

Investments in Real Estate, net

Investments in Real Estate, net	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Investments in Real Estate, net	Investments in Real Estate, net Investments in real estate, net consist of: $ in thousands December 31, 2021 December 31, 2020 Building and improvements $ 365,687 $ 44,317 Land and land improvements 64,127 16,483 Furniture, fixtures and equipment 8,690 — Total 438,504 60,800 Accumulated depreciation (4,131) (27) Investments in real estate, net $ 434,373 $ 60,773 The following table details the properties acquired during the year ended December 31, 2021: $ in thousands Property Name Ownership Interest Number of 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 Tempe Student Housing 98% 1 Student housing December 2021 163,692 8 $ 402,066 (1) Purchase price includes acquisition-related costs. The following table details the properties acquired during the year ended December 31, 2020: $ in thousands Property Name Ownership Interest Number of Segment Acquisition Date Purchase Price (1) Willows Facility 100% 1 Office December 2020 $ 35,729 Excelsior Warehouse 100% 1 Industrial December 2020 18,594 Industry Warehouse 100% 1 Industrial December 2020 12,483 3 $ 66,806 (1) Purchase price includes acquisition-related costs. The following table summarizes the allocation of the total cost for properties acquired during the years ended December 31, 2021 and 2020: For the Year Ended December 31, $ in thousands 2021 2020 Building and improvements $ 317,690 $ 44,318 Land and land improvements 47,627 16,482 Lease intangibles (1) 19,416 7,611 Capitalized tax abatement (2) 7,427 — Furniture, fixtures and equipment 8,646 — Above-market lease intangibles 1,322 — Below-market lease intangibles (72) (1,605) Other 10 — Total purchase price (3) $ 402,066 $ 66,806 (1) Lease intangibles consist of in-place leases and leasing commissions. (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 its remaining useful life. See Note 7 — “Other Assets” for additional information on the capitalized tax abatement. (3) Includes acquisition-related costs. The weighted-average amortization periods for intangible assets and liabilities acquired in connection with our acquisitions during the year ended December 31, 2021 were as follows: In-place lease intangibles Leasing commissions Above-market lease intangibles Below-market lease intangibles Weighted-average amortization periods (in years) 2.8 13.3 13.8 0.75 The weighted-average amortization periods for intangible assets acquired in connection with our acquisitions during the year ended December 31, 2020 were as follows: In-place lease intangibles Leasing commissions Below-market lease intangibles Weighted-average amortization periods (in years) 9.4 9.8 8.3

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of December 31, 2021, we held four investments in unconsolidated entities for an aggregate investment balance of $115.3 million that are accounted for using the equity method of accounting. The amounts reflected in the following tables (except for our share of equity and income) are based on the historical financial information of the individual unconsolidated entities. We do not record operating losses of an unconsolidated entity in excess of its investment balance unless we are liable for the obligations of the entity or are otherwise committed to provide financial support to the entity. Our investments in unconsolidated entities as of December 31, 2021 and 2020, and our share of the unconsolidated entities’ income (loss) for the years ended December 31, 2021 and 2020 were as follows: $ in thousands Carrying Amount INREIT’s Share of Unconsolidated Entities Income (Loss) Entity Ownership Percentage (1) 2021 2020 2021 2020 Vida JV LLC (2) 42.5 % $ 80,455 $ 76,166 $ 920 $ (199) San Simeon Holdings (3) — 21,088 13,118 1,996 79 PTCR Holdco, LLC (4) — 7,749 — 189 — GP Fund (5) 6.8% - 9.0% 5,993 — 43 — Total $ 115,285 $ 89,284 $ 3,148 $ (120) (1) Ownership percentage represents our entitlement to residual distributions after payments of priority returns, where applicable. Preferred equity investment ownership percentages are not presented. (2) In September 2020, 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 December 31, 2021 and 2020, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of December 31, 2021, Vida JV LLC owned a portfolio of twenty separate medical office buildings. As of December 31, 2020, Vida JV LLC owned a portfolio of eighteen separate medical office buildings. (3) In December 2020, we invested 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. The investment yields a current pay rate of 6.00%, increasing 0.50% annually during the initial term and 0.25% during each extension term, as well as a preferred accrued return of 4.00% due upon redemption. See Note 14 — “Commitments and Contingencies” for additional information regarding our future capital commitment to San Simeon Holdings. (4) We hold an 85% ownership interest in a consolidated joint venture, ITP Investments LLC (“ITP LLC”). In October 2021, ITP LLC acquired a preferred equity investment in PTCR Holdco, LLC, a fully integrated retail platform operating company for $7.6 million. (5) ITP LLC has a 90% interest in PT Co-GP Fund, LLC (“GP Fund”), which was formed to obtain non-controlling general partner interests in retail properties. In October 2021 and December 2021, ITP LLC acquired non-controlling general partner interests through its interest in the GP Fund ranging from 6.8% to 9.0% in six retail properties for $5.9 million. The following tables provide summarized balance sheets of our investments in unconsolidated entities: December 31, 2021 December 31, 2020 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 407,574 $ 122,661 $ 234,015 $ 764,250 $ 366,482 $ 112,594 $ — $ 479,076 Total liabilities (218,845) (79,237) (94,373) (392,455) (187,882) (76,322) — (264,204) Total equity $ 188,729 $ 43,424 $ 139,642 $ 371,795 $ 178,600 $ 36,272 $ — $ 214,872 The following tables provide summarized operating data of our investments in unconsolidated entities: Year Ended December 31, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Total revenue $ 36,100 $ 8,517 $ 36,418 $ 81,035 Net income (loss) 2,207 1,663 4,244 8,114 Year Ended December 31, 2020 $ in thousands Vida JV LLC San Simeon Holdings Other Total Total revenue $ 5,716 $ 388 $ — $ 6,104 Net income (loss) (489) 33 — (456)

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The following tables summarize our investments in real estate-related debt securities by asset type: December 31, 2021 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost Unrealized Gain (Loss), Net Fair Value Period-end Weighted Average Yield Weighted-Average Maturity Date Non-agency CMBS $ 7,171 $ (83) $ 7,088 $ (154) $ 6,934 3.60 % 8/11/2042 Corporate debt 5,125 226 5,351 (7) 5,344 3.58 % 3/29/2026 Total $ 12,296 $ 143 $ 12,439 $ (161) $ 12,278 December 31, 2020 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost Unrealized Gain (Loss), Net Fair Value Period-end Weighted Average Yield Weighted-Average Maturity Date Non-agency CMBS $ 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 December 31, 2021 and 2020, we also hold investments in preferred stock of real estate investment trusts with a fair value of $0.4 million and approximately $11,000, respectively, and a period-end weighted average yield of 6.78% and 6.52%, respectively.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: December 31, 2021 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 24,094 $ (6,115) $ 17,979 Leasing commissions 2,932 (230) 2,702 Above-market lease intangibles 1,322 (26) 1,296 Total intangible assets, net $ 28,348 $ (6,371) $ 21,977 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 1,677 $ (195) $ 1,482 Total intangible liabilities, net $ 1,677 $ (195) $ 1,482 December 31, 2020 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 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 Liabilities, net 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 December 31, 2021 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2022 $ 11,861 $ 290 $ 96 $ (267) 2023 746 289 96 (194) 2024 746 289 96 (194) 2025 746 289 96 (194) 2026 746 289 96 (194) Thereafter 3,134 1,256 816 (439) $ 17,979 $ 2,702 $ 1,296 $ (1,482)

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table summarizes the components of other assets: $ in thousands December 31, 2021 December 31, 2020 Capitalized tax abatement, net (1) $ 7,049 $ — Deposits 3,460 — Deferred financing costs, net 818 440 Deferred rent 528 11 Prepaid expenses 460 130 Other 243 5 Total $ 12,558 $ 586

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Borrowings	Borrowings Revolving Credit Facility On September 23, 2020, INREIT OP entered into a revolving credit facility with Bank of America, N.A. (“Bank of America”). During the year ended December 31, 2021, we entered into a new revolving credit facility (“Revolving Credit Facility”) and repaid our previous revolving credit facility. The following is a summary of the revolving credit facility: $ in thousands December 31, 2021 Indebtedness Interest Rate Maturity Date Maximum Facility Size (2) Principal Outstanding Balance Revolving Credit Facility L + applicable margin (1) 1/22/2024 $ 100,000 $ 75,500 $ in thousands December 31, 2020 Indebtedness Interest Rate Maturity Date Maximum Facility Size Principal Outstanding Balance Revolving Credit Facility L + applicable margin (1) 9/22/2021 $ 75,000 $ 67,700 (1) Borrowings under the Revolving Credit Facility bear interest at a rate equal to daily adjusted one-month LIBOR or a base rate, where the base rate is the highest of (1) federal funds rate plus 0.5%, (2) the rate of interest as publicly announced by Bank of America as its “prime rate” or (3) the one-month LIBOR rate plus 1.0%, in each case, plus an applicable margin that is based on our leverage ratio. The weighted-average interest rate for the years ended December 31, 2021 and 2020, was 1.72% and 2.00%, respectively. (2) As of December 31, 2021, the borrowing capacity on the Revolving Credit Facility is $20.1 million. The borrowing capacity is less than the difference between the maximum facility size and the current principal outstanding balance as the calculation of borrowing capacity is limited by the aggregate fair value and cash flows of our unencumbered properties. On January 21, 2022, we entered into an amendment for our Revolving Credit Facility which increased our maximum facility size from $100 million to $150 million and converted the benchmark interest rate for all outstanding borrowings from daily adjusted one-month LIBOR to Term SOFR with a borrowing period of one month. As of December 31, 2021, we are in compliance with all loan covenants. Mortgages Payable The following table summarize certain characteristics of our mortgage notes that are secured by the Company’s properties: $ in thousands Principal Balance Outstanding Indebtedness Interest Rate (1) Maturity Date Maximum Principal Amount December 31, 2021 December 31, 2020 Cortona Apartments L + applicable margin (2) 6/1/2028 $ 45,000 $ 45,000 $ — Bixby Kennesaw L + applicable margin (3) 9/24/2026 53,000 53,000 — Tempe Student Housing L + applicable margin (4) 1/01/2025 65,500 65,500 — Total mortgages payable 163,500 — Deferred financing costs, net (1,847) — Mortgages payable, net $ 161,653 $ — (1) The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR and SOFR, as applicable to each loan. The mortgage agreements that utilize LIBOR contain LIBOR replacement language. (2) The mortgage note secured by the Cortona Apartments bears interest at the greater of (a) 2.65% or (b) the sum of (i) 2.40% plus (ii) one-month LIBOR. The weighted-average interest rate for the year ended December 31, 2021 was 2.65%. (3) The mortgage note secured by Bixby Kennesaw bears interest at the sum of (i) 1.60% plus (ii) one-month LIBOR. The weighted-average interest rate for the year ended December 31, 2021 was 1.69%. (4) The mortgage note secured by Tempe Student Housing bears interest at (i) 1.75% plus (ii) 30-Day SOFR Average as published on the website of the Federal Reserve Bank of New York. The weighted-average interest rate for the year ended December 31, 2021 was 1.80%. As of December 31, 2021, we are in compliance with all loan covenants. Financing Obligation On December 29, 2021, we purchased Tempe Student Housing, a student housing property at Arizona State University in Tempe, Arizona, for $163.0 million, exclusive of closing costs. Concurrently with the acquisition, we entered into a sale and leaseback transaction whereby we sold Tempe Student Housing to an unaffiliated third party for $54.0 million and simultaneously entered into a lease agreement with the same unaffiliated third party to lease the property back. The lease is for a period of 104 years and is considered a finance lease. The lease requires an initial annual lease payment of $1.4 million, subject to annual increases whereby the new lease payment will equal 102% of the prior year’s lease payment plus periodic adjustments based on the Consumer Price Index for All Urban Consumers: All Items. The sale and leaseback of Tempe Student Housing is accounted for as a failed sale and leaseback because the lease is classified as a finance lease. Accordingly, the sale of Tempe Student Housing is not recognized and the property continues to be included within our consolidated financial statements. We will continue to depreciate the property as if we were the legal owner. The proceeds received from the sale, net of debt issuance costs of $0.4 million, are accounted for as a financing obligation on our consolidated balance sheets. We allocate the rental payments under the lease between interest expense and principal repayment of the financing obligation using the effective interest method. The total principal payments will not exceed the difference between the gross proceeds from the sale of $54.0 million and the initial carrying value of the land of $17.6 million, resulting in maximum principal payments of $36.4 million over the term of the arrangement. The following table presents the future principal payments due under our outstanding borrowings as of December 31, 2021: Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2022 $ — $ — $ — $ — 2023 — — 3 3 2024 75,500 — 6 75,506 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 Thereafter — 45,000 36,324 81,324 Total $ 75,500 $ 163,500 $ 36,354 $ 275,354

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the components of accounts payable, accrued expenses and other liabilities: $ in thousands December 31, 2021 December 31, 2020 Intangible liabilities, net $ 1,482 $ 1,605 Accounts payable and accrued expenses 1,237 36 Unsettled trade payable 904 — Real estate taxes payable 743 — Accrued interest expense 608 73 Tenant security deposits 274 130 Subscriptions received in advance 250 — Prepaid rental income 409 — Total $ 5,907 $ 1,844

Redeemable Common Stock

Redeemable Common Stock	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Redeemable Common Stock	Redeemable Common Stock MassMutual, an affiliate of Invesco, is the sole holder of our Class N redeemable common stock (the “MassMutual Shares”). 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. As of December 31, 2021, we have issued 9,760,987 shares of redeemable common stock to MassMutual for proceeds of $271.5 million and repurchased 2,388,175 shares of redeemable common stock for $70.0 million. MassMutual has committed to purchase an additional $128.5 million of Class N common stock at our request prior to January 20, 2023. 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 Period (as defined below) and (ii) our repurchase of $200.0 million in MassMutual Shares, MassMutual will have the right to request that we repurchase any outstanding MassMutual Shares, subject to the terms set forth below. The repurchase price is generally equal to the NAV per Class N share as of the last day of the preceding month. The aggregate amount of MassMutual Shares that we are required to repurchase in any month is limited to the lesser of (a) 15% of the net proceeds from the sale of shares of common stock and securities convertible into shares of common stock to persons other than MassMutual and its affiliates in the month prior to the month in which MassMutual submits its repurchase request, and (b) 1.5% of our aggregate NAV as of the last day of the month prior to the month in which MassMutual submits its repurchase request. The “Lock-Up Period” is defined as the period beginning on September 28, 2020 and ending upon the earlier of (1) May 14, 2024 (the third anniversary of the date that the SEC declared effective the Company’s registration statement with respect to its initial public offering of common stock), and (2) the date that the Company’s aggregate NAV is at least $1.5 billion. 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 (File No. 333-254931) effective on May 14, 2021. As of December 31, 2021, we recorded an increase to redeemable common stock and a decrease to additional paid-in capital of $24.1 million to adjust the value of the MassMutual Shares to our December 31, 2021 NAV per Class N share. We will limit any adjustment to the carrying amount of the redeemable common stock so as to not reduce the carrying amount below the initial amount reported as redeemable common stock. The change in the redemption value does not affect income available to common stockholders. 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	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity	Equity Preferred Stock In November 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 December 31, 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 for the years ended December 31, 2021 and 2020: Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2019 — — — — — 8,000 8,000 Issuance of common stock — — — — — 3,716,745 3,716,745 Cancellation of common stock — — — — — (115,918) (115,918) Distribution reinvestment — — — — — 4 4 Balance at December 31, 2020 — — — — — 3,608,831 3,608,831 Issuance of common stock 91 91 91 — 2,085,807 8,230,589 10,316,669 Common stock repurchased (1) — — — — — (2,388,175) (2,388,175) Exchange of common stock 186,730 186,730 186,730 186,208 156,066 (894,768) 7,696 Distribution reinvestment — — — 507 2,708 32 3,247 Balance at December 31, 2021 186,821 186,821 186,821 186,715 2,244,581 8,556,509 11,548,268 (1) In accordance with MassMutual’s Subscription Agreement, during the year ended December 31, 2021, we repurchased 2,388,175 of MassMutual Shares for $70.0 million. As discussed in Note 10 — “Redeemable Common Stock”, as of December 31, 2021 and 2020, 7,372,812 and 3,247,457, respectively, of our Class N shares have been classified as redeemable common stock because the stockholder, MassMutual, has the contractual right to redeem the shares under certain circumstances. As of December 31, 2021 and 2020, the remaining Class N shares that were issued of 1,183,697 and 361,374, respectively, have been recorded as common stock. As of December 31, 2021, MassMutual has committed to purchase an additional $128.5 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 years ended December 31, 2021 and 2020, we declared distributions of $11.7 million and $0.8 million, respectively. We accrued $1.4 million and $0.5 million for distributions payable as a component of due to affiliates in our consolidated balance sheets as of December 31, 2021 and 2020, respectively. Distributions for the years ended December 31, 2021 and 2020 were characterized, for federal income tax purposes, as 100.0% return of capital. The following tables detail the aggregate distributions declared per share for each applicable class of stock for the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 62.5000 $ 0.9688 $ 0.9688 $ 0.9688 $ 1.0990 $ 1.0990 $ 1.6890 Stockholder servicing fee per share (1) — (0.1435) (0.1435) (0.0423) — — — Net distributions declared per share $ 62.5000 $ 0.8253 $ 0.8253 $ 0.9265 $ 1.0990 $ 1.0990 $ 1.6890 Year Ended December 31, 2020 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 7.1200 $ — $ — $ — $ — $ — $ 0.2650 Stockholder servicing fee per share (1) — — — — — — — Net distributions declared per share $ 7.1200 $ — $ — $ — $ — $ — $ 0.2650 (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 year ended December 31, 2021, we awarded independent members of our board of directors 2,754 shares of our common stock (consisting of 1,422 Class N shares and 1,332 Class E shares) under our 2019 Equity Incentive Plan (the “Incentive Plan”) and recognized approximately $78,000 of compensation expense related to these awards. For the year ended December 31, 2020, we awarded independent members of our board of directors 5,125 shares of our common stock (consisting of 5,125 Class N shares and no Class E shares) under the Incentive Plan and recognized approximately $129,000 of compensation expense related to these awards. Beginning July 1, 2021, the independent members of our board of directors began receiving compensation in the form of Class E shares. As of December 31, 2021 and 2020, 192,121 and 194,875 shares of common stock remain available for future issuance under the Incentive Plan, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to Affiliates The following table details the components of due to affiliates: $ in thousands December 31, 2021 December 31, 2020 Advanced general and administrative expenses $ 6,443 $ 2,205 Advanced offering costs 4,245 931 Performance participation interest 3,280 — Advanced organization expenses 1,474 1,210 Distributions payable 1,440 503 Share-based compensation payable 20 19 Accrued management fee 28 — Total $ 16,930 $ 4,868 On May 14, 2021, our Registration Statement on Form S-11 (File No. 333-254931) with respect to our Offering was declared effective by the SEC. At that time, we recorded organization expenses of $0.3 million and offering costs of $2.4 million related to the Offering that were advanced by our Adviser as an increase in due to affiliates on our consolidated balance sheets. As discussed in Note 2 — “Summary of Significant Accounting Policies”, these costs were not our obligation until the Offering commenced. Management Fee and Performance Participation Interest 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. During the year ended December 31, 2021, we incurred management fees of approximately $28,000 which is accrued as a component of due to affiliates on our consolidated balance sheets. There were no management fees incurred during the year ended December 31, 2020. 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 years ended December 31, 2021 and 2020, we incurred $0.7 million and $0.1 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 (each such term as defined in the limited partnership agreement of INREIT OP), and (2) with respect to Class N units, 10.0% of the Class N Total Return, subject to a 7.0% Class N Hurdle Amount and a Class N High Water Mark, with a Catch-Up (each such term as defined in the limited partnership agreement of INREIT OP). The performance participation interest started to accrue in March 2021 and is calculated and payable on an annual basis. As of December 31, 2021, we accrued $3.3 million for the Special Limited Partner's performance participation interest. As of December 31, 2020, we did not incur a performance participation interest. The Special Limited Partner may elect to receive payment of the performance participation interest in cash, INREIT OP Class I units or INREIT OP Class E units. In February 2022, we issued 106,268 Class E units of our Operating Partnership to the Special Limited Partner as payment for the 2021 performance fee. Such units were issued at the NAV per unit as of December 31, 2021. Stockholder Servicing Fees 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 December 31, 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 up to 3.0% up to 3.5% up to 1.5% — — Maximum Upfront Dealer Manager Fees 0.50% — — — — Stockholder Servicing Fee 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 December 31, 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 Purchase Price MassMutual (1) — — — — — 9,760,987 $ 271,526 IGP+ Fund — — — — 1,994,164 1,183,697 94,500 Invesco Realty, Inc. (2) 91 91 91 — — 738,701 20,008 Members of our board of directors and employees of our Adviser (3) — — — 172 19,503 75,128 2,578 91 91 91 172 2,013,667 11,758,513 $ 388,612 (1) In accordance with MassMutual’s Subscription Agreement, we repurchased 2,388,175 of MassMutual Shares for $70.0 million. The amount presented is inclusive of the shares repurchased. (2) Invesco Realty, Inc. purchased 738,701 Class N shares for $20.0 million and subsequently exchanged these Class N shares for 186,731 Class T shares, 186,731 Class S shares, 186,731 Class D shares and 186,208 Class I shares. (3) Members of our board of directors and employees of our Adviser purchased 75,128 Class N shares for $2.0 million and subsequently exchanged these Class N shares for 75,128 Class E shares. As of December 31, 2021, MassMutual has committed to purchase an additional $128.5 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. These advanced expenses will be reimbursed to the Adviser pro rata over 60 months beginning January 1, 2022. We will reimburse the Adviser for any subsequent offering expenses as incurred. As of December 31, 2021 , the Adviser has advanced $6.4 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 reserves and excluding any gain from the sale of our assets for that period (the “2%/25% Guidelines”). 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 factors.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Economic Dependency	Economic DependencyWe 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	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and contingencies may arise in the ordinary course of business. Our material off-balance sheet commitments and contingencies as of December 31, 2021 and 2020 are discussed below. 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 December 31, 2021 and 2020, our undrawn capital commitment was $3.7 million and $10.6 million, respectively. We have also committed to fund up to $3.5 million of tenant improvements at our Willows Facility through May 31, 2022. As of December 31, 2021, we have funded $3.1 million. As of December 31, 2020, we had not begun funding. As of December 31, 2021 and 2020, we were not subject to any material litigation or aware of any pending or threatened material litigation.

Tenant Leases

Tenant Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Tenant Leases	Tenant Leases Our real estate properties are leased to tenants under operating lease agreements that expire on various dates. Our tenants have the option to extend or terminate certain leases at their discretion and also have termination options that may result in additional fees due to the Company. We recognize rental revenue on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. Our tenant leases do not have material residual value guarantees or material restrictive covenants. The following table details the components of our operating lease income: For the Year Ended December 31, $ in thousands 2021 2020 Fixed lease payments $ 11,603 $ 28 Variable lease payments 1,359 8 Rental revenue $ 12,962 $ 36 Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable lease term are as follows: $ in thousands Year Future Minimum Rents 2022 $ 4,968 2023 5,087 2024 5,209 2025 5,335 2026 5,462 Thereafter 30,202 Total $ 56,263 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of December 31, 2021, we operated in seven reportable segments: healthcare properties, office properties, industrial properties, self-storage properties, multifamily properties, student housing properties and real estate preferred equity. 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. As of December 31, 2021, we made a change to our reportable segments, classifying San Simeon Holdings as real estate preferred equity rather than multifamily based on management’s updated strategy and budgeting process. The change has been reflected retrospectively herein. The following table summarizes our total assets by segment: $ in thousands December 31, 2021 December 31, 2020 Healthcare $ 80,455 $ 76,166 Office 38,633 35,788 Industrial 60,071 31,143 Self-Storage 57,305 — Multifamily 67,866 — Student Housing 242,014 — Real Estate Preferred Equity 21,088 13,118 Corporate and Other 44,945 6,623 Total assets $ 612,377 $ 162,838 The following table summarizes our financial results by segment for the year ended December 31, 2021: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Real Estate Preferred Equity Corporate and Other Total Revenues: Rental revenue $ — $ 2,785 $ 2,703 $ 1,108 $ 4,550 $ 1,816 $ — $ — $ 12,962 Other revenue — — 87 129 359 47 — — 622 Total revenues — 2,785 2,790 1,237 4,909 1,863 — — 13,584 Expenses: Rental property operating — 453 629 531 1,745 660 — 278 4,296 Total expenses — 453 629 531 1,745 660 — 278 4,296 Income from unconsolidated entities 20,916 — — — — — 1,996 297 23,209 Loss from real estate-related securities — — — — — — — (39) (39) Segment net operating income $ 20,916 $ 2,332 $ 2,161 $ 706 $ 3,164 $ 1,203 $ 1,996 $ (20) $ 32,458 Depreciation and amortization $ (19,996) $ (1,269) $ (1,073) $ (2,696) $ (3,664) $ (1,754) $ — $ (66) $ (30,518) General and administrative (4,047) Interest expense (2,977) Management fee (28) Performance participation interest (3,280) Other expense (9) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (8,401) Dividends to preferred stockholders $ (8) Net loss attributable to non-controlling interests in consolidated third party joint ventures 25 Net loss attributable to common stockholders $ (8,384) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our consolidated statements of operations for the year ended December 31, 2021: $ in thousands Segment income from unconsolidated entities $ 23,209 Depreciation and amortization attributable to unconsolidated entities (20,061) Income from unconsolidated entities $ 3,148 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our consolidated statements of operations for the year ended December 31, 2021: $ in thousands Segment depreciation and amortization $ (30,518) Depreciation and amortization attributable to unconsolidated entities 20,061 Depreciation and amortization $ (10,457) The following table summarizes our financial results by segment for the year ended December 31, 2020: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Real Estate Preferred Equity Corporate and Other Total Revenues: Rental revenue $ — $ 13 $ 23 $ — $ — $ — $ — $ — $ 36 Other revenue — — — — — — — — — Total revenues — 13 23 — — — — — 36 Expenses: Rental property operating — 3 12 — — — — — 15 Total expenses — 3 12 — — — — — 15 Income from unconsolidated entities 3,250 — — — — — 79 — 3,329 Income from real estate-related securities — — — — — — — 8 8 Segment net operating income $ 3,250 $ 10 $ 11 $ — $ — $ — $ 79 $ 8 $ 3,358 Depreciation and amortization $ (3,449) $ (3) $ (34) $ — $ — $ — $ — $ — $ (3,486) General and administrative (2,911) Interest income 1 Interest expense (288) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (3,326) Dividends to preferred stockholders $ (1) Net loss attributable to common stockholders $ (3,327) The following table reconciles our segment income from unconsolidated entities to loss from unconsolidated entities, net on our consolidated statements of operations for the year ended December 31, 2020: $ in thousands Segment income from unconsolidated entities $ 3,329 Depreciation and amortization attributable to unconsolidated entities (3,449) Loss from unconsolidated entities $ (120) The following table reconciles our segment depreciation and amortization to depreciation and amortization on our consolidated statements of operations for the year ended December 31, 2020: $ in thousands Segment depreciation and amortization $ (3,486) Depreciation and amortization attributable to unconsolidated entities 3,449 Depreciation and amortization $ (37)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Private Offering Subsequent to December 31, 2021, we received total proceeds of $68.0 million from the issuance of Class N common stock in the Class N Private Offering. Public Offering Subsequent to December 31, 2021, we received total net proceeds of $3.5 million from the issuance of common stock in our public offering. This amount excludes the shares purchased by Invesco Realty, Inc. described below. On January 18, 2022, Invesco Realty, Inc. purchased $20.0 million of shares consisting of 165,035 Class T Shares, 165,035 Class S Shares, 165,035 Class D Shares and 164,573 Class I Shares. Acquisitions Subsequent to December 31, 2021, we acquired an aggregate of $150.4 million of real estate, exclusive of acquisition-related costs, across four separate transactions. These transactions consisted of three industrial and one grocery-anchored retail properties. We are in the process of assessing the fair values of the acquired tangible assets and any intangible assets and liabilities for these asset acquisitions.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2021 $ in thousands Initial Cost Costs Capitalized Gross Amounts at which Carried at the Close of Period (1) Property Name Property Location Property Type Year Acquired Year Built Encumbrances Land and Land Building and Improvements Land and Land Building and Improvements Land and Land Building and Improvements Total Accumulated Depreciable Lives (2) Willows Facility Redmond, WA Office 2020 1998 $ — $ 10,503 $ 22,101 $ — $ 3,540 $ 10,503 $ 25,641 $ 36,144 $ (697) (2) Excelsior Warehouse Norwalk, CA Industrial 2020 1984 — 3,865 13,036 — 19 3,865 13,055 16,920 (373) (2) Industry Warehouse Pico Rivera, CA Industrial 2020 1990 — 2,115 9,180 — — 2,115 9,180 11,295 (250) (2) Meridian Business 940 Aurora, IL Industrial 2021 1998 — 5,626 19,858 — — 5,626 19,858 25,484 (165) (2) Salem Self Storage Salem, OR Self-Storage 2021 2006 — 7,768 35,421 10 12 7,778 35,433 43,211 (280) (2) South Loop Storage Houston, TX Self-Storage 2021 2002 — 1,881 7,776 — 6 1,881 7,782 9,663 (57) (2) Cortona Apartments St. Louis, MO Multifamily 2021 2014 45,000 8,376 52,619 7 103 8,383 52,722 61,105 (1,663) (2) Bixby Kennesaw Kennesaw, GA Student Housing 2021 2020 53,000 5,570 66,130 — — 5,570 66,130 71,700 (423) (2) Tempe Student Housing Tempe, AZ Student Housing 2021 2017 65,500 18,406 135,886 — — 18,406 135,886 154,292 — (2) Portfolio Total $ 163,500 $ 64,110 $ 362,007 $ 17 $ 3,680 $ 64,127 $ 365,687 $ 429,814 $ (3,908) (1) As of December 31, 2021, the aggregate cost basis for tax purposes was $462.5 million. (2) Refer to Note 2 — “Summary of Significant Accounting Policies” to our consolidated financial statements in this Annual Report for details of depreciable lives. The total included on Schedule III does not include furniture, fixtures and equipment totaling $8.7 million. Accumulated depreciation does not include $0.2 million of accumulated depreciation related to furniture, fixtures and equipment. The following table summarizes activity for real estate and accumulated depreciation for the years ended December 31, 2021 and 2020: $ in thousands December 31, 2021 December 31, 2020 Real Estate: Balance at the beginning of year $ 60,800 $ — Additions during the year: Land and land improvements 47,645 16,483 Building and improvements 321,369 44,317 Balance at the end of the year $ 429,814 $ 60,800 Accumulated Depreciation: Balance at the beginning of year $ (27) $ — Accumulated depreciation (3,881) (27) Balance at the end of the year $ (3,908) $ (27)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. The extent to which the ongoing COVID-19 pandemic impacts our results will depend on future developments, many of which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19, future action plans and vaccination distribution and efficacy. Despite recent market rebounds across many asset classes, the ongoing COVID-19 pandemic has caused continued negative economic impacts, market volatility, and business disruption, which could negatively impact our tenants’ ability to pay rent, our ability to lease vacant space and our ability to undertake development and redevelopment projects. These consequences, in turn, could materially impact our results of operations. The estimates and assumptions underlying these consolidated financial statements are based on the information available as of December 31, 2021, including judgments about the financial market and economic conditions which may change over time.
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 partner’s share of the assets, liabilities and operations of each joint venture is included in non-controlling interests in consolidated joint ventures and reported as equity of the Company on our consolidated balance sheets. The non-controlling partner’s interest is generally calculated as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the joint venture partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the joint venture partner is reported as net loss attributable to non-controlling interests in consolidated joint ventures on our consolidated statements of operations. 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 to five percent. See Note 4 — “ Investments in Unconsolidated Entities ” for further information about our investments in partially owned entities.
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, mortgage notes and financing obligation approximates fair value. Cost approximates fair value for all other assets and liabilities.
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 December 31, 2021 and 2020, 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. As of December 31, 2021, 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 December 31, 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 interest in the acquired entity. For transactions that are business combinations, we also evaluate the existence of goodwill or a gain from a bargain purchase. We expense acquisition-related costs associated with business combinations as they are incurred. We capitalize acquisition-related costs associated with asset acquisitions. 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 leases, leasing commissions and other identified intangible assets and assumed liabilities) and allocate the purchase price to the acquired assets and assumed liabilities. The cost of the acquisition is then allocated to the assets acquired and liabilities assumed based on their relative fair values. We assess relative fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. We estimate future cash flows based on a number of factors including historical operating results, known and anticipated trends and market and economic conditions. 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 leases that may have a customer relationship intangible value, including but not limited to the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. 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 lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on our evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. When estimating carrying costs, we include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. When estimating costs to execute similar leases, we consider leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded gross on our 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 consolidated statements of operations. The amortization of in-place leases is a component of depreciation and amortization expense on our consolidated statements of operations. 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 Over lease term Leasehold improvements Shorter of lease term or economic life of improvements 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 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 any impairment losses for the years ended December 31, 2021 and 2020.
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 entity at cost and subsequently adjust the cost for our share of the unconsolidated 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 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 years ended December 31, 2021 and 2020. Distributions received from equity method investments are classified in the 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 (loss) from unconsolidated entities, net in our consolidated statements of operations. 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. We hold an 85% ownership interest in a consolidated joint venture, ITP Investments LLC (“ITP LLC”). ITP LLC has a 90% interest in PT Co-GP Fund, LLC (“GP Fund”), which was formed to obtain non-controlling general partner interest investments in retail properties. We have concluded that the GP Fund is also a VIE and that we are not the primary beneficiary because we share the power to direct the activities that most significantly impact GP Fund’s economic performance.
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 consolidated statements 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 consolidated statements of operations.
Redeemable Common Stock	Redeemable Common Stock Certain shares of our Class N common stock are classified as redeemable common stock on our consolidated balance sheets 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 consolidated balance sheets 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 our consolidated balance sheets 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 and financing obligation are recorded as an offset to the related liability and are being amortized on a straight-line basis, which approximates the effective interest method, over the term of the mortgage notes and financing obligation.
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 on the lease commencement date when the leased asset has been made available for use by the lessee. At the commencement 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 certain 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 term of the related leases. For leases that have fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded in the consolidated balance sheets. For leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Our estimate of collectability includes, but is not limited to, factors such as the tenant’s payment history, financial condition, industry and geographic area. These estimates could differ materially from actual results. 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 consolidated statements of operations.
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.
Organization and Offering Costs	Organization and Offering Costs 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 December 31, 2021 and 2020, the Adviser and its affiliates incurred organization expenses of $1.2 million and $1.2 million, respectively, as well as offering expenses of $1.1 million and $0.9 million, respectively, on our behalf for the Private Offerings that are recorded as a component of due to affiliates on our consolidated balance sheets. We recorded the organization expenses associated with the Private Offerings as general and administrative expenses and recorded the offering costs as an offset to the related class of common stock based on the relative proceeds raised in the Private Offerings. As of December 31, 2021, the Adviser and its affiliates have incurred organization expenses of $0.3 million and offering costs of $3.1 million on our behalf for the Offering that are recorded as a component of due to affiliates on our 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 costs associated with the Offering as general and administrative expenses on our consolidated statements of operations. Offering costs associated with the Offering are recorded as an offset to additional paid-in capital on our consolidated balance sheets. As of December 31, 2020, the Adviser incurred organization and offering costs on our behalf for the Offering of $0.2 million and $1.6 million, respectively; however, we did not record organization and offering expenses related to the Offering in our consolidated financial statements as of December 31, 2020, because these expenses were not our obligation until the Offering commenced on May 14, 2021.
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 December 31, 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 the advisory agreement between us and the Adviser (the “Advisory Agreement”); however, as of December 31, 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 consolidated financial statements based on the fair value of the award on the date of grant.
Recent Accounting Pronouncements	Recent 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). 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 December 31, 2021. The guidance can be applied through December 31, 2022.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 Over lease term Leasehold improvements Shorter of lease term or economic life of improvements Investments in real estate, net consist of: $ in thousands December 31, 2021 December 31, 2020 Building and improvements $ 365,687 $ 44,317 Land and land improvements 64,127 16,483 Furniture, fixtures and equipment 8,690 — Total 438,504 60,800 Accumulated depreciation (4,131) (27) Investments in real estate, net $ 434,373 $ 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 December 31, 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 $ 407 $ 12,278 $ — $ 12,685 $ 11 $ 866 $ — $ 877 Total $ 407 $ 12,278 $ — $ 12,685 $ 11 $ 866 $ — $ 877

Investments in Real Estate, n_2

Investments in Real Estate, net (Tables)	12 Months Ended
	Dec. 31, 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 Over lease term Leasehold improvements Shorter of lease term or economic life of improvements Investments in real estate, net consist of: $ in thousands December 31, 2021 December 31, 2020 Building and improvements $ 365,687 $ 44,317 Land and land improvements 64,127 16,483 Furniture, fixtures and equipment 8,690 — Total 438,504 60,800 Accumulated depreciation (4,131) (27) Investments in real estate, net $ 434,373 $ 60,773
Asset Acquisition	The following table details the properties acquired during the year ended December 31, 2021: $ in thousands Property Name Ownership Interest Number of 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 Tempe Student Housing 98% 1 Student housing December 2021 163,692 8 $ 402,066 (1) Purchase price includes acquisition-related costs. The following table details the properties acquired during the year ended December 31, 2020: $ in thousands Property Name Ownership Interest Number of Segment Acquisition Date Purchase Price (1) Willows Facility 100% 1 Office December 2020 $ 35,729 Excelsior Warehouse 100% 1 Industrial December 2020 18,594 Industry Warehouse 100% 1 Industrial December 2020 12,483 3 $ 66,806 (1) Purchase price includes acquisition-related costs. The following table summarizes the allocation of the total cost for properties acquired during the years ended December 31, 2021 and 2020: For the Year Ended December 31, $ in thousands 2021 2020 Building and improvements $ 317,690 $ 44,318 Land and land improvements 47,627 16,482 Lease intangibles (1) 19,416 7,611 Capitalized tax abatement (2) 7,427 — Furniture, fixtures and equipment 8,646 — Above-market lease intangibles 1,322 — Below-market lease intangibles (72) (1,605) Other 10 — Total purchase price (3) $ 402,066 $ 66,806 (1) Lease intangibles consist of in-place leases and leasing commissions. (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 its remaining useful life. See Note 7 — “Other Assets” for additional information on the capitalized tax abatement. (3) Includes acquisition-related costs. The weighted-average amortization periods for intangible assets and liabilities acquired in connection with our acquisitions during the year ended December 31, 2021 were as follows: In-place lease intangibles Leasing commissions Above-market lease intangibles Below-market lease intangibles Weighted-average amortization periods (in years) 2.8 13.3 13.8 0.75 The weighted-average amortization periods for intangible assets acquired in connection with our acquisitions during the year ended December 31, 2020 were as follows: In-place lease intangibles Leasing commissions Below-market lease intangibles Weighted-average amortization periods (in years) 9.4 9.8 8.3

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Our investments in unconsolidated entities as of December 31, 2021 and 2020, and our share of the unconsolidated entities’ income (loss) for the years ended December 31, 2021 and 2020 were as follows: $ in thousands Carrying Amount INREIT’s Share of Unconsolidated Entities Income (Loss) Entity Ownership Percentage (1) 2021 2020 2021 2020 Vida JV LLC (2) 42.5 % $ 80,455 $ 76,166 $ 920 $ (199) San Simeon Holdings (3) — 21,088 13,118 1,996 79 PTCR Holdco, LLC (4) — 7,749 — 189 — GP Fund (5) 6.8% - 9.0% 5,993 — 43 — Total $ 115,285 $ 89,284 $ 3,148 $ (120) (1) Ownership percentage represents our entitlement to residual distributions after payments of priority returns, where applicable. Preferred equity investment ownership percentages are not presented. (2) In September 2020, 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 December 31, 2021 and 2020, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of December 31, 2021, Vida JV LLC owned a portfolio of twenty separate medical office buildings. As of December 31, 2020, Vida JV LLC owned a portfolio of eighteen separate medical office buildings. (3) In December 2020, we invested 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. The investment yields a current pay rate of 6.00%, increasing 0.50% annually during the initial term and 0.25% during each extension term, as well as a preferred accrued return of 4.00% due upon redemption. See Note 14 — “Commitments and Contingencies” for additional information regarding our future capital commitment to San Simeon Holdings. (4) We hold an 85% ownership interest in a consolidated joint venture, ITP Investments LLC (“ITP LLC”). In October 2021, ITP LLC acquired a preferred equity investment in PTCR Holdco, LLC, a fully integrated retail platform operating company for $7.6 million. (5) ITP LLC has a 90% interest in PT Co-GP Fund, LLC (“GP Fund”), which was formed to obtain non-controlling general partner interests in retail properties. In October 2021 and December 2021, ITP LLC acquired non-controlling general partner interests through its interest in the GP Fund ranging from 6.8% to 9.0% in six retail properties for $5.9 million. The following tables provide summarized balance sheets of our investments in unconsolidated entities: December 31, 2021 December 31, 2020 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 407,574 $ 122,661 $ 234,015 $ 764,250 $ 366,482 $ 112,594 $ — $ 479,076 Total liabilities (218,845) (79,237) (94,373) (392,455) (187,882) (76,322) — (264,204) Total equity $ 188,729 $ 43,424 $ 139,642 $ 371,795 $ 178,600 $ 36,272 $ — $ 214,872 The following tables provide summarized operating data of our investments in unconsolidated entities: Year Ended December 31, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Total revenue $ 36,100 $ 8,517 $ 36,418 $ 81,035 Net income (loss) 2,207 1,663 4,244 8,114 Year Ended December 31, 2020 $ in thousands Vida JV LLC San Simeon Holdings Other Total Total revenue $ 5,716 $ 388 $ — $ 6,104 Net income (loss) (489) 33 — (456)

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2021 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost Unrealized Gain (Loss), Net Fair Value Period-end Weighted Average Yield Weighted-Average Maturity Date Non-agency CMBS $ 7,171 $ (83) $ 7,088 $ (154) $ 6,934 3.60 % 8/11/2042 Corporate debt 5,125 226 5,351 (7) 5,344 3.58 % 3/29/2026 Total $ 12,296 $ 143 $ 12,439 $ (161) $ 12,278 December 31, 2020 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost Unrealized Gain (Loss), Net Fair Value Period-end Weighted Average Yield Weighted-Average Maturity Date Non-agency CMBS $ 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)	12 Months Ended
	Dec. 31, 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: December 31, 2021 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 24,094 $ (6,115) $ 17,979 Leasing commissions 2,932 (230) 2,702 Above-market lease intangibles 1,322 (26) 1,296 Total intangible assets, net $ 28,348 $ (6,371) $ 21,977 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 1,677 $ (195) $ 1,482 Total intangible liabilities, net $ 1,677 $ (195) $ 1,482 December 31, 2020 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 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 Liabilities, net 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: December 31, 2021 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 24,094 $ (6,115) $ 17,979 Leasing commissions 2,932 (230) 2,702 Above-market lease intangibles 1,322 (26) 1,296 Total intangible assets, net $ 28,348 $ (6,371) $ 21,977 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 1,677 $ (195) $ 1,482 Total intangible liabilities, net $ 1,677 $ (195) $ 1,482 December 31, 2020 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 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 Liabilities, net 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 December 31, 2021 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2022 $ 11,861 $ 290 $ 96 $ (267) 2023 746 289 96 (194) 2024 746 289 96 (194) 2025 746 289 96 (194) 2026 746 289 96 (194) Thereafter 3,134 1,256 816 (439) $ 17,979 $ 2,702 $ 1,296 $ (1,482)
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 December 31, 2021 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2022 $ 11,861 $ 290 $ 96 $ (267) 2023 746 289 96 (194) 2024 746 289 96 (194) 2025 746 289 96 (194) 2026 746 289 96 (194) Thereafter 3,134 1,256 816 (439) $ 17,979 $ 2,702 $ 1,296 $ (1,482)

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 December 31, 2020 Capitalized tax abatement, net (1) $ 7,049 $ — Deposits 3,460 — Deferred financing costs, net 818 440 Deferred rent 528 11 Prepaid expenses 460 130 Other 243 5 Total $ 12,558 $ 586

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Mortgage Note and Revolving Credit Facility	The following is a summary of the revolving credit facility: $ in thousands December 31, 2021 Indebtedness Interest Rate Maturity Date Maximum Facility Size (2) Principal Outstanding Balance Revolving Credit Facility L + applicable margin (1) 1/22/2024 $ 100,000 $ 75,500 $ in thousands December 31, 2020 Indebtedness Interest Rate Maturity Date Maximum Facility Size Principal Outstanding Balance Revolving Credit Facility L + applicable margin (1) 9/22/2021 $ 75,000 $ 67,700 (1) Borrowings under the Revolving Credit Facility bear interest at a rate equal to daily adjusted one-month LIBOR or a base rate, where the base rate is the highest of (1) federal funds rate plus 0.5%, (2) the rate of interest as publicly announced by Bank of America as its “prime rate” or (3) the one-month LIBOR rate plus 1.0%, in each case, plus an applicable margin that is based on our leverage ratio. The weighted-average interest rate for the years ended December 31, 2021 and 2020, was 1.72% and 2.00%, respectively. (2) As of December 31, 2021, the borrowing capacity on the Revolving Credit Facility is $20.1 million. The borrowing capacity is less than the difference between the maximum facility size and the current principal outstanding balance as the calculation of borrowing capacity is limited by the aggregate fair value and cash flows of our unencumbered properties. On January 21, 2022, we entered into an amendment for our Revolving Credit Facility which increased our maximum facility size from $100 million to $150 million and converted the benchmark interest rate for all outstanding borrowings from daily adjusted one-month LIBOR to Term SOFR with a borrowing period of one month. The following table summarize certain characteristics of our mortgage notes that are secured by the Company’s properties: $ in thousands Principal Balance Outstanding Indebtedness Interest Rate (1) Maturity Date Maximum Principal Amount December 31, 2021 December 31, 2020 Cortona Apartments L + applicable margin (2) 6/1/2028 $ 45,000 $ 45,000 $ — Bixby Kennesaw L + applicable margin (3) 9/24/2026 53,000 53,000 — Tempe Student Housing L + applicable margin (4) 1/01/2025 65,500 65,500 — Total mortgages payable 163,500 — Deferred financing costs, net (1,847) — Mortgages payable, net $ 161,653 $ — (1) The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR and SOFR, as applicable to each loan. The mortgage agreements that utilize LIBOR contain LIBOR replacement language. (2) The mortgage note secured by the Cortona Apartments bears interest at the greater of (a) 2.65% or (b) the sum of (i) 2.40% plus (ii) one-month LIBOR. The weighted-average interest rate for the year ended December 31, 2021 was 2.65%. (3) The mortgage note secured by Bixby Kennesaw bears interest at the sum of (i) 1.60% plus (ii) one-month LIBOR. The weighted-average interest rate for the year ended December 31, 2021 was 1.69%. (4) The mortgage note secured by Tempe Student Housing bears interest at (i) 1.75% plus (ii) 30-Day SOFR Average as published on the website of the Federal Reserve Bank of New York. The weighted-average interest rate for the year ended December 31, 2021 was 1.80%.
Schedule of Maturities of Long-term Debt	The following table presents the future principal payments due under our outstanding borrowings as of December 31, 2021: Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2022 $ — $ — $ — $ — 2023 — — 3 3 2024 75,500 — 6 75,506 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 Thereafter — 45,000 36,324 81,324 Total $ 75,500 $ 163,500 $ 36,354 $ 275,354

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 December 31, 2020 Intangible liabilities, net $ 1,482 $ 1,605 Accounts payable and accrued expenses 1,237 36 Unsettled trade payable 904 — Real estate taxes payable 743 — Accrued interest expense 608 73 Tenant security deposits 274 130 Subscriptions received in advance 250 — Prepaid rental income 409 — Total $ 5,907 $ 1,844

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 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 for the years ended December 31, 2021 and 2020: Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2019 — — — — — 8,000 8,000 Issuance of common stock — — — — — 3,716,745 3,716,745 Cancellation of common stock — — — — — (115,918) (115,918) Distribution reinvestment — — — — — 4 4 Balance at December 31, 2020 — — — — — 3,608,831 3,608,831 Issuance of common stock 91 91 91 — 2,085,807 8,230,589 10,316,669 Common stock repurchased (1) — — — — — (2,388,175) (2,388,175) Exchange of common stock 186,730 186,730 186,730 186,208 156,066 (894,768) 7,696 Distribution reinvestment — — — 507 2,708 32 3,247 Balance at December 31, 2021 186,821 186,821 186,821 186,715 2,244,581 8,556,509 11,548,268 (1) In accordance with MassMutual’s Subscription Agreement, during the year ended December 31, 2021, we repurchased 2,388,175 of MassMutual Shares for $70.0 million.
Schedule of Aggregate Distributions Declared	The following tables detail the aggregate distributions declared per share for each applicable class of stock for the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 62.5000 $ 0.9688 $ 0.9688 $ 0.9688 $ 1.0990 $ 1.0990 $ 1.6890 Stockholder servicing fee per share (1) — (0.1435) (0.1435) (0.0423) — — — Net distributions declared per share $ 62.5000 $ 0.8253 $ 0.8253 $ 0.9265 $ 1.0990 $ 1.0990 $ 1.6890 Year Ended December 31, 2020 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 7.1200 $ — $ — $ — $ — $ — $ 0.2650 Stockholder servicing fee per share (1) — — — — — — — Net distributions declared per share $ 7.1200 $ — $ — $ — $ — $ — $ 0.2650 (1) See Note 12 — “ Related Party Transactions” for a discussion of our stockholder servicing fee.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details the components of due to affiliates: $ in thousands December 31, 2021 December 31, 2020 Advanced general and administrative expenses $ 6,443 $ 2,205 Advanced offering costs 4,245 931 Performance participation interest 3,280 — Advanced organization expenses 1,474 1,210 Distributions payable 1,440 503 Share-based compensation payable 20 19 Accrued management fee 28 — Total $ 16,930 $ 4,868 As of December 31, 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 Purchase Price MassMutual (1) — — — — — 9,760,987 $ 271,526 IGP+ Fund — — — — 1,994,164 1,183,697 94,500 Invesco Realty, Inc. (2) 91 91 91 — — 738,701 20,008 Members of our board of directors and employees of our Adviser (3) — — — 172 19,503 75,128 2,578 91 91 91 172 2,013,667 11,758,513 $ 388,612 (1) In accordance with MassMutual’s Subscription Agreement, we repurchased 2,388,175 of MassMutual Shares for $70.0 million. The amount presented is inclusive of the shares repurchased. (2) Invesco Realty, Inc. purchased 738,701 Class N shares for $20.0 million and subsequently exchanged these Class N shares for 186,731 Class T shares, 186,731 Class S shares, 186,731 Class D shares and 186,208 Class I shares. (3) Members of our board of directors and employees of our Adviser purchased 75,128 Class N shares for $2.0 million and subsequently exchanged these Class N shares for 75,128 Class E shares.
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 up to 3.0% up to 3.5% up to 1.5% — — Maximum Upfront Dealer Manager Fees 0.50% — — — — Stockholder Servicing Fee 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)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Operating Lease Income	The following table details the components of our operating lease income: For the Year Ended December 31, $ in thousands 2021 2020 Fixed lease payments $ 11,603 $ 28 Variable lease payments 1,359 8 Rental revenue $ 12,962 $ 36
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable lease term are as follows: $ in thousands Year Future Minimum Rents 2022 $ 4,968 2023 5,087 2024 5,209 2025 5,335 2026 5,462 Thereafter 30,202 Total $ 56,263

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes our total assets by segment: $ in thousands December 31, 2021 December 31, 2020 Healthcare $ 80,455 $ 76,166 Office 38,633 35,788 Industrial 60,071 31,143 Self-Storage 57,305 — Multifamily 67,866 — Student Housing 242,014 — Real Estate Preferred Equity 21,088 13,118 Corporate and Other 44,945 6,623 Total assets $ 612,377 $ 162,838 The following table summarizes our financial results by segment for the year ended December 31, 2021: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Real Estate Preferred Equity Corporate and Other Total Revenues: Rental revenue $ — $ 2,785 $ 2,703 $ 1,108 $ 4,550 $ 1,816 $ — $ — $ 12,962 Other revenue — — 87 129 359 47 — — 622 Total revenues — 2,785 2,790 1,237 4,909 1,863 — — 13,584 Expenses: Rental property operating — 453 629 531 1,745 660 — 278 4,296 Total expenses — 453 629 531 1,745 660 — 278 4,296 Income from unconsolidated entities 20,916 — — — — — 1,996 297 23,209 Loss from real estate-related securities — — — — — — — (39) (39) Segment net operating income $ 20,916 $ 2,332 $ 2,161 $ 706 $ 3,164 $ 1,203 $ 1,996 $ (20) $ 32,458 Depreciation and amortization $ (19,996) $ (1,269) $ (1,073) $ (2,696) $ (3,664) $ (1,754) $ — $ (66) $ (30,518) General and administrative (4,047) Interest expense (2,977) Management fee (28) Performance participation interest (3,280) Other expense (9) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (8,401) Dividends to preferred stockholders $ (8) Net loss attributable to non-controlling interests in consolidated third party joint ventures 25 Net loss attributable to common stockholders $ (8,384) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our consolidated statements of operations for the year ended December 31, 2021: $ in thousands Segment income from unconsolidated entities $ 23,209 Depreciation and amortization attributable to unconsolidated entities (20,061) Income from unconsolidated entities $ 3,148 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our consolidated statements of operations for the year ended December 31, 2021: $ in thousands Segment depreciation and amortization $ (30,518) Depreciation and amortization attributable to unconsolidated entities 20,061 Depreciation and amortization $ (10,457) The following table summarizes our financial results by segment for the year ended December 31, 2020: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Real Estate Preferred Equity Corporate and Other Total Revenues: Rental revenue $ — $ 13 $ 23 $ — $ — $ — $ — $ — $ 36 Other revenue — — — — — — — — — Total revenues — 13 23 — — — — — 36 Expenses: Rental property operating — 3 12 — — — — — 15 Total expenses — 3 12 — — — — — 15 Income from unconsolidated entities 3,250 — — — — — 79 — 3,329 Income from real estate-related securities — — — — — — — 8 8 Segment net operating income $ 3,250 $ 10 $ 11 $ — $ — $ — $ 79 $ 8 $ 3,358 Depreciation and amortization $ (3,449) $ (3) $ (34) $ — $ — $ — $ — $ — $ (3,486) General and administrative (2,911) Interest income 1 Interest expense (288) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (3,326) Dividends to preferred stockholders $ (1) Net loss attributable to common stockholders $ (3,327) The following table reconciles our segment income from unconsolidated entities to loss from unconsolidated entities, net on our consolidated statements of operations for the year ended December 31, 2020: $ in thousands Segment income from unconsolidated entities $ 3,329 Depreciation and amortization attributable to unconsolidated entities (3,449) Loss from unconsolidated entities $ (120) The following table reconciles our segment depreciation and amortization to depreciation and amortization on our consolidated statements of operations for the year ended December 31, 2020: $ in thousands Segment depreciation and amortization $ (3,486) Depreciation and amortization attributable to unconsolidated entities 3,449 Depreciation and amortization $ (37)

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Millions	May 14, 2021USD ($)shareClass	Dec. 31, 2021USD ($)
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		$ 1,000
Private Offering | Class E Common Stock
Class of Stock [Line Items]
Maximum public offering		$ 20

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 16,930		$ 4,868
Deferred tax expense	9
Current income tax expense	48
Other liabilities
Accounting Policies [Line Items]
Deferred tax liability	$ 9
ITP Investments LLC
Accounting Policies [Line Items]
Ownership percentage	85.00%
PT Co-GP Fund | ITP Investments LLC
Accounting Policies [Line Items]
Ownership percentage	90.00%
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	1,100		900
Affiliated entity | Offering cost | Public Offering
Accounting Policies [Line Items]
Due to affiliates	$ 3,100		$ 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 - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities	$ 12,685	$ 877
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities	12,685	877
Total	12,685	877
Level 1 | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities	407	11
Total	407	11
Level 2 | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities	12,278	866
Total	12,278	866
Level 3 | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities	0	0
Total	$ 0	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Investments In Real Estate Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
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 | 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

Investments in Real Estate, n_3

Investments in Real Estate, net - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Building and improvements	$ 365,687	$ 44,317
Land and land improvements	64,127	16,483
Furniture, fixtures and equipment	8,690	0
Total	438,504	60,800
Accumulated depreciation	(4,131)	(27)
Investments in real estate, net	$ 434,373	$ 60,773

Investments in Real Estate, n_4

Investments in Real Estate, net - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Real Estate [Line Items]
Number of properties acquired | property	8	3
Consideration transferred | $	$ 402,066	$ 66,806

Investments in Real Estate, n_5

Investments in Real Estate, net - Schedule of Transactions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Real Estate [Line Items]
Number of Properties | property	8	3
Purchase Price | $	$ 402,066	$ 66,806
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%
Number of Properties | property	1
Purchase Price | $	$ 29,615
Industrial | Excelsior Warehouse
Real Estate [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Purchase Price | $		$ 18,594
Industrial | Industry Warehouse
Real Estate [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Purchase Price | $		$ 12,483
Student housing | Bixby Kennesaw
Real Estate [Line Items]
Ownership Interest	98.00%
Number of Properties | property	1
Purchase Price | $	$ 78,663
Student housing | Tempe Student Housing
Real Estate [Line Items]
Ownership Interest	98.00%
Number of Properties | property	1
Purchase Price | $	$ 163,692
Self-storage | Salem Self Storage
Real Estate [Line Items]
Ownership Interest	100.00%
Number of Properties | property	3
Purchase Price | $	$ 47,872
Self-storage | South Loop Storage
Real Estate [Line Items]
Ownership Interest	100.00%
Number of Properties | property	1
Purchase Price | $	$ 11,141
Office | Willows Facility
Real Estate [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Purchase Price | $		$ 35,729

Investments in Real Estate, n_6

Investments in Real Estate, net - Schedule of Assets Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Building and improvements	$ 317,690	$ 44,318
Land and land improvements	47,627	16,482
Lease intangibles	19,416	7,611
Capitalized tax abatement	7,427	0
Furniture, fixtures and equipment	8,646	0
Above-market lease intangibles	1,322	0
Below-market lease intangibles	(72)	(1,605)
Other	10	0
Total purchase price	$ 402,066	$ 66,806
In-place lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	2 years 9 months 18 days	9 years 4 months 24 days
Leasing commissions
Real Estate [Line Items]
Weighted-average amortization periods (in years)	13 years 3 months 18 days	9 years 9 months 18 days
Above-market lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	13 years 9 months 18 days
Below-market lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	9 months	8 years 3 months 18 days

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)equityMethodInvestment	Dec. 31, 2020USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Number of equity method investments | equityMethodInvestment	4
Investments in unconsolidated entities | $	$ 115,285	$ 89,284

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Schedule of Equity Method Investments (Details) $ in Thousands	1 Months Ended	2 Months Ended	12 Months Ended
	Oct. 31, 2021USD ($)retailProperty	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)building	Dec. 31, 2020USD ($)building	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying Amount			$ 115,285	$ 89,284
INREIT’s Share of Unconsolidated Entities Income (Loss)		$ 0	3,148	(120)	$ 0
Investments in unconsolidated entities			$ 29,630	$ 90,233	$ 0
Number of properties owned | retailProperty	6
Vida JV LLC
Schedule of Equity Method Investments [Line Items]
Number of buildings owned | building			20	18
Vida JV LLC | Invesco JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage			85.00%
Vida JV LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage			42.50%
Carrying Amount			$ 80,455	$ 76,166
INREIT’s Share of Unconsolidated Entities Income (Loss)			920	(199)
San Simeon Holdings
Schedule of Equity Method Investments [Line Items]
Carrying Amount			21,088	13,118
INREIT’s Share of Unconsolidated Entities Income (Loss)			$ 1,996	79
Investment yield			6.00%
Investment yield, annual increase			0.50%
Investment yield, annual increase during extensions			0.25%
Preferred accrued return			4.00%
PTCR Holdco, LLC
Schedule of Equity Method Investments [Line Items]
Carrying Amount			$ 7,749	0
INREIT’s Share of Unconsolidated Entities Income (Loss)			189	0
Investments in unconsolidated entities	$ 7,600
GP Fund
Schedule of Equity Method Investments [Line Items]
Carrying Amount			5,993	0
INREIT’s Share of Unconsolidated Entities Income (Loss)			$ 43	$ 0
Investments in unconsolidated entities	$ 5,900
GP Fund | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Percentage			6.80%
GP Fund | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Percentage			9.00%

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Schedule of Unconsolidated Entities (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet
Total assets		$ 612,377	$ 162,838
Total liabilities		(313,609)	(74,412)
Total equity		70,030	5,232
Operating Data
Total revenue	$ 0	13,584	36
Net income (loss)	$ 0	(8,401)	(3,326)	$ 0
Vida JV LLC, San Simeon Holdings and Other
Balance Sheet
Total assets		764,250	479,076
Total liabilities		(392,455)	(264,204)
Total equity		371,795	214,872
Operating Data
Total revenue		81,035	6,104
Net income (loss)		8,114	(456)
Vida JV LLC
Balance Sheet
Total assets		407,574	366,482
Total liabilities		(218,845)	(187,882)
Total equity		188,729	178,600
Operating Data
Total revenue		36,100	5,716
Net income (loss)		2,207	(489)
San Simeon Holdings
Balance Sheet
Total assets		122,661	112,594
Total liabilities		(79,237)	(76,322)
Total equity		43,424	36,272
Operating Data
Total revenue		8,517	388
Net income (loss)		1,663	33
Other
Balance Sheet
Total assets		234,015	0
Total liabilities		(94,373)	0
Total equity		139,642	0
Operating Data
Total revenue		36,418	0
Net income (loss)		$ 4,244	$ 0

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal Balance	$ 12,296	$ 841
Unamortized Premium (Discount)	143	20
Amortized Cost	12,439	861
Unrealized Gain (Loss), Net	(161)	5
Fair Value	12,278	866
Equity securities	$ 400	$ 11
Equity securities, weighted average yield	6.78%	6.52%
Non-agency CMBS
Debt Instrument [Line Items]
Principal Balance	$ 7,171	$ 716
Unamortized Premium (Discount)	(83)	11
Amortized Cost	7,088	727
Unrealized Gain (Loss), Net	(154)	2
Fair Value	$ 6,934	$ 729
Period-end Weighted Average Yield	3.60%	3.39%
Corporate debt
Debt Instrument [Line Items]
Principal Balance	$ 5,125	$ 125
Unamortized Premium (Discount)	226	9
Amortized Cost	5,351	134
Unrealized Gain (Loss), Net	(7)	3
Fair Value	$ 5,344	$ 137
Period-end Weighted Average Yield	3.58%	2.55%

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible assets, net:
Total Cost	$ 28,348	$ 7,611
Accumulated Amortization	(6,371)	(11)
Intangible Assets, net	21,977	7,600
Intangible liabilities, net:
Total Cost	1,677	1,605
Accumulated Amortization	(195)	0
Intangible liabilities, net	1,482	1,605
In-place lease intangibles
Intangible assets, net:
Total Cost	24,094	5,475
Accumulated Amortization	(6,115)	(7)
Intangible Assets, net	17,979	5,468
Leasing commissions
Intangible assets, net:
Total Cost	2,932	2,136
Accumulated Amortization	(230)	(4)
Intangible Assets, net	2,702	$ 2,132
Above-market lease intangibles
Intangible assets, net:
Total Cost	1,322
Accumulated Amortization	(26)
Intangible Assets, net	$ 1,296

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, net	$ 21,977	$ 7,600
Below-market Lease Intangibles
2022	(267)
2023	(194)
2024	(194)
2025	(194)
2026	(194)
Thereafter	(439)
Intangible liabilities, net	(1,482)	(1,605)
In-place lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2022	11,861
2023	746
2024	746
2025	746
2026	746
Thereafter	3,134
Intangible Assets, net	17,979	5,468
Leasing commissions
Acquired Finite-Lived Intangible Assets [Line Items]
2022	290
2023	289
2024	289
2025	289
2026	289
Thereafter	1,256
Intangible Assets, net	2,702	$ 2,132
Above-market lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2022	96
2023	96
2024	96
2025	96
2026	96
Thereafter	816
Intangible Assets, net	$ 1,296

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized tax abatement, net	$ 7,049	$ 0
Deposits	3,460	0
Deferred financing costs, net	818	440
Deferred rent	528	11
Prepaid expenses	460	130
Other	243	5
Total	12,558	586
Capitalized tax abatement, accumulated depreciation	$ 400	$ 400

Borrowings - Schedule of Revolv

Borrowings - Schedule of Revolving Credit Facility (Details) - Line of Credit - Revolving Credit Facility - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jan. 21, 2022	Dec. 31, 2020
Debt Instrument [Line Items]
Maximum facility size	$ 100,000		$ 75,000
Mortgages payable, net	$ 75,500		$ 67,700
Weighted average interest rate	1.72%		2.00%
Current borrowing capacity	$ 20,100
Subsequent Event
Debt Instrument [Line Items]
Maximum facility size		$ 150,000
Federal funds rate
Debt Instrument [Line Items]
Variable interest rate	0.50%
LIBOR
Debt Instrument [Line Items]
Variable interest rate	1.00%

Borrowings - Schedule of Mortga

Borrowings - Schedule of Mortgage Note (Details) - Mortgages - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgage payable	$ 163,500	$ 0
Deferred financing costs, net	(1,847)	0
Mortgages payable, net	161,653	0
Cortona Apartments
Debt Instrument [Line Items]
Maximum Principal Amount	45,000
Mortgage payable	$ 45,000	0
Interest rate	2.65%
Weighted average interest rate	2.65%
Bixby Kennesaw
Debt Instrument [Line Items]
Maximum Principal Amount	$ 53,000
Mortgage payable	$ 53,000	0
Weighted average interest rate	1.69%
Tempe Student Housing
Debt Instrument [Line Items]
Maximum Principal Amount	$ 65,500
Mortgage payable	$ 65,500	$ 0
Weighted average interest rate	1.80%
LIBOR | Cortona Apartments
Debt Instrument [Line Items]
Variable interest rate	2.40%
LIBOR | Bixby Kennesaw
Debt Instrument [Line Items]
Variable interest rate	1.60%
SOFR | Tempe Student Housing
Debt Instrument [Line Items]
Variable interest rate	1.75%

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	Dec. 29, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Borrowing from financing obligation		$ 54,000	$ 0	$ 0
Maximum principal payments due		$ 36,354
Tempe Student Housing
Line of Credit Facility [Line Items]
Acquisitions of real estate	$ 163,000
Borrowing from financing obligation	$ 54,000
Lease, term of contract	104 years
Finance lease, initial payment	$ 1,400
Annual lease payment increase	102.00%
Finance obligation, debt issuance costs	$ 400
Carrying value of land	17,600
Maximum principal payments due	$ 36,400

Borrowings - Schedule of Future

Borrowings - Schedule of Future Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Obligation
2022	$ 0
2023	3
2024	6
2025	9
2026	12
Thereafter	36,324
Total	36,354
2022	0
2023	3
2024	75,506
2025	65,509
2026	53,012
Thereafter	81,324
Total	275,354
Line of Credit
Maturities of Long-term Debt [Abstract]
2022	0
2023	0
2024	75,500
2025	0
2026	0
Thereafter	0
Total	75,500
Mortgages
Maturities of Long-term Debt [Abstract]
2022	0
2023	0
2024	0
2025	65,500
2026	53,000
Thereafter	45,000
Total	$ 163,500	$ 0

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Intangible liabilities, net	$ 1,482	$ 1,605
Accounts payable and accrued expenses	1,237	36
Unsettled trade payable	904	0
Real estate taxes payable	743	0
Accrued interest expense	608	73
Tenant security deposits	274	130
Subscriptions received in advance	250	0
Prepaid rental income	409	0
Total	$ 5,907	$ 1,844

Redeemable Common Stock (Detail

Redeemable Common Stock (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended	26 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Jul. 31, 2021
Class of Stock [Line Items]
Stock repurchased during period (in shares)		2,388,175
Increase to redeemable common stock	$ 24,100
Decrease to additional paid In capital	24,100
Affiliated entity
Class of Stock [Line Items]
Proceeds from purchase of redeemable common stock			$ 388,612
Class N Common Stock
Class of Stock [Line Items]
Stock repurchased during period (in shares)		2,388,175
Class N Common Stock | Affiliated entity
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)			11,758,513
Class N Common Stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Capital commitment	128,500	$ 128,500	$ 128,500
Massachusetts Mutual Life Insurance Company | Class N Common Stock | Affiliated entity
Class of Stock [Line Items]
Stock repurchased during period (in shares)		2,388,175	2,388,175
Stock repurchased during period		$ 70,000	$ 70,000
Share repurchase, determination date, days prior to repurchase period		5 days
Maximum repurchase amount		$ 70,000
Minimum repurchase amount		$ 50,000
Stock redemption terms, term		3 years
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 | Initial Subscription Agreement | Affiliated entity
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		9,760,987
Proceeds from purchase of redeemable common stock		$ 271,500
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	$ 200,000	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	$ 1,500,000	1,500,000
Massachusetts Mutual Life Insurance Company | Redeemable common stock | Affiliated entity
Class of Stock [Line Items]
Share of entity's stock, minimum net asset value	$ 20,000	$ 20,000	$ 20,000

Equity - Schedule of Common Sto

Equity - Schedule of Common Stock Outstanding (Details) - USD ($) $ in Millions	12 Months Ended		26 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,608,831	8,000
Issuance of common stock (in shares)	10,316,669	3,716,745
Cancellation of common stock (in shares)		(115,918)
Common stock repurchased (in shares)	(2,388,175)
Exchange of common stock (in shares)	7,696
Distribution reinvestment (in shares)	3,247	4
Ending balance (in shares)	11,548,268	3,608,831	11,548,268
Common stock and preferred stock outstanding (in shares)	11,548,268	3,608,831	11,548,268
Class T Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0
Issuance of common stock (in shares)	91	0
Cancellation of common stock (in shares)		0
Common stock repurchased (in shares)	0
Exchange of common stock (in shares)	186,730
Distribution reinvestment (in shares)	0	0
Ending balance (in shares)	186,821	0	186,821
Common stock and preferred stock outstanding (in shares)	186,821	0	186,821
Class S Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0
Issuance of common stock (in shares)	91	0
Cancellation of common stock (in shares)		0
Common stock repurchased (in shares)	0
Exchange of common stock (in shares)	186,730
Distribution reinvestment (in shares)	0	0
Ending balance (in shares)	186,821	0	186,821
Common stock and preferred stock outstanding (in shares)	186,821	0	186,821
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0
Issuance of common stock (in shares)	91	0
Cancellation of common stock (in shares)		0
Common stock repurchased (in shares)	0
Exchange of common stock (in shares)	186,730
Distribution reinvestment (in shares)	0	0
Ending balance (in shares)	186,821	0	186,821
Common stock and preferred stock outstanding (in shares)	186,821	0	186,821
Class I Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0
Issuance of common stock (in shares)	0	0
Cancellation of common stock (in shares)		0
Common stock repurchased (in shares)	0
Exchange of common stock (in shares)	186,208
Distribution reinvestment (in shares)	507	0
Ending balance (in shares)	186,715	0	186,715
Common stock and preferred stock outstanding (in shares)	186,715	0	186,715
Class E Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0
Issuance of common stock (in shares)	2,085,807	0
Cancellation of common stock (in shares)		0
Common stock repurchased (in shares)	0
Exchange of common stock (in shares)	156,066
Distribution reinvestment (in shares)	2,708	0
Ending balance (in shares)	2,244,581	0	2,244,581
Common stock and preferred stock outstanding (in shares)	2,244,581	0	2,244,581
Class N Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,608,831	8,000
Issuance of common stock (in shares)	8,230,589	3,716,745
Cancellation of common stock (in shares)		(115,918)
Common stock repurchased (in shares)	(2,388,175)
Exchange of common stock (in shares)	(894,768)
Distribution reinvestment (in shares)	32	4
Ending balance (in shares)	8,556,509	3,608,831	8,556,509
Common stock and preferred stock outstanding (in shares)	8,556,509	3,608,831	8,556,509
Class N Common Stock | Massachusetts Mutual Life Insurance Company | Affiliated entity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased (in shares)	(2,388,175)		(2,388,175)
Stock repurchased during period	$ 70		$ 70
Redeemable common stock | Massachusetts Mutual Life Insurance Company | Affiliated entity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares acquired (in shares)	2,388,175

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Nov. 20, 2020
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125	125
Preferred stock, dividend rate	12.50%
Preferred stock, liquidation preference (in USD per share)	$ 500	$ 500
Preferred stock, liquidation preference, per share, per annum (in USD per share)	62.50
Preferred stock, redemption price (in dollars per share)	500
Preferred stock, redemption premium (in dollars per share)	$ 50
Redeemable common stock, shares issued (in shares)	7,372,812	3,247,457
Dividends	$ 11,700,000	$ 800,000
Dividends accrued	$ 1,400,000	$ 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)	2,754	5,125
Share-based compensation	$ 78,000	$ 129,000
Share-based compensation plan, shares available for issuance (in shares)	192,121	194,875
Revolving Credit Facility
Class of Stock [Line Items]
Capital commitment from related party	$ 30,000,000
Private Placement
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	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)	7,372,812	3,247,457
Class N Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	1,183,697	361,374
Share-based compensation (in shares)	1,422	5,125
Class E Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	2,244,581	0
Share-based compensation (in shares)	1,332	0
Share-based compensation	$ 78,000	$ 129,000

Equity - Schedule of Aggregate

Equity - Schedule of Aggregate Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Series A Preferred Stock
Class of Stock [Line Items]
Aggregate distributions declared, preferred stock (in USD per share)	$ 62.5000	$ 7.1200
Stockholder servicing fee, preferred stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	62.5000	7.1200
Class T Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.9688	0
Stockholder servicing fee, common stock (in USD per share)	(0.1435)	0
Net distributions declared, common stock (in USD per share)	0.8253	0
Class S Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.9688	0
Stockholder servicing fee, common stock (in USD per share)	(0.1435)	0
Net distributions declared, common stock (in USD per share)	0.8253	0
Class D Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.9688	0
Stockholder servicing fee, common stock (in USD per share)	(0.0423)	0
Net distributions declared, common stock (in USD per share)	0.9265	0
Class I Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	1.0990	0
Stockholder servicing fee, common stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	1.0990	0
Class E Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	1.0990	0
Stockholder servicing fee, common stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	1.0990	0
Class N Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	1.6890	0.2650
Stockholder servicing fee, common stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	$ 1.6890	$ 0.2650

Related Party Transactions - Du

Related Party Transactions - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to affiliates	$ 16,930	$ 4,868
Advanced general and administrative expenses
Related Party Transaction [Line Items]
Due to affiliates	6,443	2,205
Advanced organization expenses
Related Party Transaction [Line Items]
Due to affiliates	1,474	1,210
Advanced offering costs
Related Party Transaction [Line Items]
Due to affiliates	4,245	931
Distributions payable
Related Party Transaction [Line Items]
Due to affiliates	1,440	503
Performance participation interest
Related Party Transaction [Line Items]
Due to affiliates	3,280	0
Share-based compensation payable
Related Party Transaction [Line Items]
Due to affiliates	20	19
Accrued management fee
Related Party Transaction [Line Items]
Due to affiliates	$ 28	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	1 Months Ended	2 Months Ended	12 Months Ended				26 Months Ended
	Feb. 28, 2022shares	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)investment	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)shares	May 14, 2021USD ($)
Related Party Transaction [Line Items]
Due to affiliates			$ 16,930,000		$ 4,868,000		$ 16,930,000
Management fee			28,000		0
Affiliate costs		$ 0	$ 3,280,000		0	$ 0
Invested asset growth			65.00%
Number of investments closed | investment			5
Advance of Operating Expenses
Related Party Transaction [Line Items]
Advance of operating expenses, minimum NAV			$ 500,000,000				500,000,000
Reimbursement of advanced operating expenses, period			60 months
Operating expenses advanced			$ 6,400,000				6,400,000
Reimbursement of operating expenses threshold, percent of average invested assets over four quarters			2.00%
Reimbursement of operating expenses threshold, percent of net income over four quarters			25.00%
Operating expenses				$ 7,100,000
Operating expenses exceeded guidelines for advances				$ 700,000
Revolving Credit Facility
Related Party Transaction [Line Items]
Capital commitment from related party			$ 30,000,000				$ 30,000,000
Public Offering | Organization expenses
Related Party Transaction [Line Items]
Due to affiliates								$ 300,000
Public Offering | Offering Costs
Related Party Transaction [Line Items]
Due to affiliates								$ 2,400,000
The Adviser
Related Party Transaction [Line Items]
Management fee percentage of NAV			1.00%				1.00%
Management fee commencement period			10 years
The Adviser | Support Personnel Costs
Related Party Transaction [Line Items]
Expenses from transactions with related party			$ 700,000		100,000
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 | Public Offering | Organization expenses
Related Party Transaction [Line Items]
Due to affiliates			$ 300,000		200,000		$ 300,000
Affiliated entity | Private Offering | Organization expenses
Related Party Transaction [Line Items]
Due to affiliates			$ 1,200,000		$ 1,200,000		$ 1,200,000
Affiliated entity | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares							11,758,513
Affiliated entity | Class N Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares							738,701
Affiliated entity | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares							2,013,667
Affiliated entity | Class E Common Stock | Subsequent Event
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares	106,268
Affiliated entity | Class E Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares							0

Related Party Transactions - Sc

Related Party Transactions - Schedule of Stockholder Servicing Fees (Details) - The Dealer Manager	12 Months Ended
	Dec. 31, 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) - USD ($) $ in Thousands	12 Months Ended	26 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	2,388,175
Class T Common Stock
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	0
Class S Common Stock
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	0
Class D Common Stock
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	0
Class I Common Stock
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	0
Class E Common Stock
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	0
Class N Common Stock
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	2,388,175
Affiliated entities
Related Party Transaction [Line Items]
Total Purchase Price		$ 388,612
Affiliated entities | MassMutual
Related Party Transaction [Line Items]
Total Purchase Price		271,526
Affiliated entities | IGP+ Fund
Related Party Transaction [Line Items]
Total Purchase Price		94,500
Affiliated entities | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Total Purchase Price		20,008
Affiliated entities | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Total Purchase Price		$ 2,578
Affiliated entities | Class T Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(91)
Affiliated entities | Class T Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Affiliated entities | Class T Common Stock | IGP+ Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Affiliated entities | Class T Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(91)
Exchange of common stock (in shares)		186,731
Affiliated entities | 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
Affiliated entities | Class S Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(91)
Affiliated entities | Class S Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Affiliated entities | Class S Common Stock | IGP+ Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Affiliated entities | Class S Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(91)
Exchange of common stock (in shares)		186,731
Affiliated entities | 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
Affiliated entities | Class D Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(91)
Affiliated entities | Class D Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Affiliated entities | Class D Common Stock | IGP+ Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Affiliated entities | Class D Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(91)
Exchange of common stock (in shares)		186,731
Affiliated entities | 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
Affiliated entities | Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(172)
Affiliated entities | Class I Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Affiliated entities | Class I Common Stock | IGP+ Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Affiliated entities | Class I Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Exchange of common stock (in shares)		186,208
Affiliated entities | 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)		(172)
Affiliated entities | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(2,013,667)
Affiliated entities | Class E Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Affiliated entities | Class E Common Stock | IGP+ Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(1,994,164)
Affiliated entities | Class E Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Affiliated entities | 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)		(19,503)
Affiliated entities | Class E Common Stock | Board Of Directors, Members
Related Party Transaction [Line Items]
Exchange of common stock (in shares)		75,128
Affiliated entities | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(11,758,513)
Affiliated entities | Class N Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(9,760,987)
Affiliated entities | Class N Common Stock | IGP+ Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(1,183,697)
Affiliated entities | Class N Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(738,701)
Total Purchase Price		$ 20,000
Affiliated entities | 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)		(75,128)
Affiliated entities | Class N Common Stock | Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	2,388,175	2,388,175
Stock repurchased during period	$ 70,000	$ 70,000
Affiliated entities | Class N Common Stock | Board Of Directors, Members
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		(75,128)
Total Purchase Price		$ 2,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Capital Commitment
Other Commitments [Line Items]
Other commitment	$ 3.7	$ 10.6
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	2 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Fixed lease payments		$ 11,603	$ 28
Variable lease payments		1,359	8
Rental revenue	$ 0	$ 12,962	$ 36

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rental Payments Receivable (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 4,968
2023	5,087
2024	5,209
2025	5,335
2026	5,462
Thereafter	30,202
Total	$ 56,263

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	7

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 612,377	$ 162,838
Operating segments | Healthcare
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	80,455	76,166
Operating segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	38,633	35,788
Operating segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	60,071	31,143
Operating segments | Self-storage
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	57,305	0
Operating segments | Multifamily
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	67,866	0
Operating segments | Student housing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	242,014	0
Operating segments | Real Estate Preferred Equity
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	21,088	13,118
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 44,945	$ 6,623

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental revenue	$ 0		$ 12,962	$ 36
Other revenue	0		622	0
Total revenues	0		13,584	36
Expenses
Rental property operating	0		4,296	15
Total expenses			4,296	15
Income from unconsolidated entities			23,209	3,329
Income (loss) from real estate-related securities	0		(39)	8
Segment net operating income			32,458	3,358
Depreciation and amortization			(30,518)	(3,486)
General and administrative	0		(4,047)	(2,911)
Interest income	0		0	1
Interest expense	0		(2,977)	(288)
Management fee	0		(28)	0	$ 0
Performance participation interest	0		(3,280)	0	0
Other expense	0	$ (9)	(9)	0
Net loss attributable to Invesco Real Estate Income Trust Inc.	0		(8,401)	(3,326)	$ 0
Dividends to preferred stockholders	0		(8)	(1)
Net loss attributable to non-controlling interests in consolidated joint ventures	0		25	0
Net loss attributable to common stockholders, basic	$ 0		(8,384)	(3,327)
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			20,916	3,250
Income (loss) from real estate-related securities			0	0
Segment net operating income			20,916	3,250
Depreciation and amortization			(19,996)	(3,449)
Operating segments | Office
Revenues
Rental revenue			2,785	13
Other revenue			0	0
Total revenues			2,785	13
Expenses
Rental property operating			453	3
Total expenses			453	3
Income from unconsolidated entities			0	0
Income (loss) from real estate-related securities			0	0
Segment net operating income			2,332	10
Depreciation and amortization			(1,269)	(3)
Operating segments | Industrial
Revenues
Rental revenue			2,703	23
Other revenue			87	0
Total revenues			2,790	23
Expenses
Rental property operating			629	12
Total expenses			629	12
Income from unconsolidated entities			0	0
Income (loss) from real estate-related securities			0	0
Segment net operating income			2,161	11
Depreciation and amortization			(1,073)	(34)
Operating segments | Self-storage
Revenues
Rental revenue			1,108	0
Other revenue			129	0
Total revenues			1,237	0
Expenses
Rental property operating			531	0
Total expenses			531	0
Income from unconsolidated entities			0	0
Income (loss) from real estate-related securities			0	0
Segment net operating income			706	0
Depreciation and amortization			(2,696)	0
Operating segments | Multifamily
Revenues
Rental revenue			4,550	0
Other revenue			359	0
Total revenues			4,909	0
Expenses
Rental property operating			1,745	0
Total expenses			1,745	0
Income from unconsolidated entities			0	0
Income (loss) from real estate-related securities			0	0
Segment net operating income			3,164	0
Depreciation and amortization			(3,664)	0
Operating segments | Student housing
Revenues
Rental revenue			1,816	0
Other revenue			47	0
Total revenues			1,863	0
Expenses
Rental property operating			660	0
Total expenses			660	0
Income from unconsolidated entities			0	0
Income (loss) from real estate-related securities			0	0
Segment net operating income			1,203	0
Depreciation and amortization			(1,754)	0
Operating segments | Real Estate Preferred Equity
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			1,996	79
Income (loss) from real estate-related securities			0	0
Segment net operating income			1,996	79
Depreciation and amortization			0	0
Corporate and Other
Revenues
Rental revenue			0	0
Other revenue			0	0
Total revenues			0	0
Expenses
Rental property operating			278	0
Total expenses			278	0
Income from unconsolidated entities			297	0
Income (loss) from real estate-related securities			(39)	8
Segment net operating income			(20)	8
Depreciation and amortization			$ (66)	$ 0

Segment Reporting - Income (Los

Segment Reporting - Income (Loss) From Unconsolidated Real Estate Entities Reconciliation (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Segment income from unconsolidated entities		$ 23,209	$ 3,329
Depreciation and amortization attributable to unconsolidated entities		(20,061)	(3,449)
Income (loss) from unconsolidated real estate entities	$ 0	$ 3,148	$ (120)	$ 0

Segment Reporting - Depreciatio

Segment Reporting - Depreciation and Amortization (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Segment depreciation and amortization		$ (30,518)	$ (3,486)
Depreciation and amortization attributable to unconsolidated entities		20,061	3,449
Depreciation and amortization	$ 0	$ (10,457)	$ (37)	$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Jan. 18, 2022USD ($)shares	Mar. 28, 2022USD ($)transaction	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Consideration transferred			$ 402,066	$ 66,806
Subsequent Event
Subsequent Event [Line Items]
Consideration transferred		$ 150,400
Number of asset acquisitions in period | transaction		4
Subsequent Event | Invesco Realty, Inc.
Subsequent Event [Line Items]
Aggregate net proceeds	$ 20,000
Subsequent Event | Public Offering
Subsequent Event [Line Items]
Aggregate net proceeds		$ 3,500
Subsequent Event | Class N Common Stock | Private Offering
Subsequent Event [Line Items]
Aggregate net proceeds		$ 68,000
Subsequent Event | Class T Common Stock | Invesco Realty, Inc.
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) | shares	165,035
Subsequent Event | Class S Common Stock | Invesco Realty, Inc.
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) | shares	165,035
Subsequent Event | Class D Common Stock | Invesco Realty, Inc.
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) | shares	165,035
Subsequent Event | Class I Common Stock | Invesco Realty, Inc.
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) | shares	164,573

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Investment in Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 163,500
Initial Cost - Land and Land Improvements	64,110
Initial Cost - Building and Improvements	362,007
Cost Capitalized Subsequent to Acquisition - Land and Land Improvements	17
Cost Capitalized Subsequent to Acquisition - Building and Building Improvements	3,680
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	64,127
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	365,687
Total	429,814	$ 60,800	$ 0
Accumulated Depreciation	(3,908)	$ (27)	$ 0
Willows Facility
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land and Land Improvements	10,503
Initial Cost - Building and Improvements	22,101
Cost Capitalized Subsequent to Acquisition - Land and Land Improvements	0
Cost Capitalized Subsequent to Acquisition - Building and Building Improvements	3,540
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	10,503
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	25,641
Total	36,144
Accumulated Depreciation	(697)
Excelsior Warehouse
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land and Land Improvements	3,865
Initial Cost - Building and Improvements	13,036
Cost Capitalized Subsequent to Acquisition - Land and Land Improvements	0
Cost Capitalized Subsequent to Acquisition - Building and Building Improvements	19
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	3,865
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	13,055
Total	16,920
Accumulated Depreciation	(373)
Industry Warehouse
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land and Land Improvements	2,115
Initial Cost - Building and Improvements	9,180
Cost Capitalized Subsequent to Acquisition - Land and Land Improvements	0
Cost Capitalized Subsequent to Acquisition - Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	2,115
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	9,180
Total	11,295
Accumulated Depreciation	(250)
Meridian Business 940
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land and Land Improvements	5,626
Initial Cost - Building and Improvements	19,858
Cost Capitalized Subsequent to Acquisition - Land and Land Improvements	0
Cost Capitalized Subsequent to Acquisition - Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	5,626
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	19,858
Total	25,484
Accumulated Depreciation	(165)
Salem Self Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land and Land Improvements	7,768
Initial Cost - Building and Improvements	35,421
Cost Capitalized Subsequent to Acquisition - Land and Land Improvements	10
Cost Capitalized Subsequent to Acquisition - Building and Building Improvements	12
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	7,778
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	35,433
Total	43,211
Accumulated Depreciation	(280)
South Loop Storage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost - Land and Land Improvements	1,881
Initial Cost - Building and Improvements	7,776
Cost Capitalized Subsequent to Acquisition - Land and Land Improvements	0
Cost Capitalized Subsequent to Acquisition - Building and Building Improvements	6
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	1,881
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	7,782
Total	9,663
Accumulated Depreciation	(57)
Cortona Apartments
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	45,000
Initial Cost - Land and Land Improvements	8,376
Initial Cost - Building and Improvements	52,619
Cost Capitalized Subsequent to Acquisition - Land and Land Improvements	7
Cost Capitalized Subsequent to Acquisition - Building and Building Improvements	103
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	8,383
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	52,722
Total	61,105
Accumulated Depreciation	(1,663)
Bixby Kennesaw
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	53,000
Initial Cost - Land and Land Improvements	5,570
Initial Cost - Building and Improvements	66,130
Cost Capitalized Subsequent to Acquisition - Land and Land Improvements	0
Cost Capitalized Subsequent to Acquisition - Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	5,570
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	66,130
Total	71,700
Accumulated Depreciation	(423)
Tempe Student Housing
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	65,500
Initial Cost - Land and Land Improvements	18,406
Initial Cost - Building and Improvements	135,886
Cost Capitalized Subsequent to Acquisition - Land and Land Improvements	0
Cost Capitalized Subsequent to Acquisition - Building and Building Improvements	0
Gross Amounts at which Carried at the Close of Period - Land and Land Improvements	18,406
Gross Amounts at which Carried at the Close of Period - Building and Building Improvements	135,886
Total	154,292
Accumulated Depreciation	$ 0

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Cost basis	$ 462,500
Aggregate cost basis	429,814	$ 60,800	$ 0
Accumulated depreciation	3,908	$ 27	$ 0
Furniture, fixtures and equipment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost basis	8,700
Accumulated depreciation	$ 200

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Rollforward of Investment and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real Estate:
Balance at the beginning of year	$ 60,800	$ 0
Balance at the end of the year	429,814	60,800
Accumulated Depreciation:
Balance at the beginning of year	(27)	0
Accumulated depreciation	(3,881)	(27)
Balance at the end of the year	(3,908)	(27)
Land and land improvements
Real Estate:
Additions during the year	47,645	16,483
Building and improvements
Real Estate:
Additions during the year	$ 321,369	$ 44,317