Invesco Real Estate Income Trust 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 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
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001756761
Current Fiscal Year End Date	--12-31
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		352,694
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		364,647
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		573,829
Class E Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,252,264
Class N Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,161,969

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Investments in real estate, net	$ 565,123	$ 434,373
Investments in unconsolidated entities	121,286	115,285
Investments in real estate-related securities, at fair value	23,660	12,685
Intangible assets, net	33,694	21,977
Cash and cash equivalents	9,633	13,754
Restricted cash	5,267	1,745
Other assets	21,245	12,558
Total assets	779,908	612,377
LIABILITIES
Revolving credit facility	108,300	75,500
Mortgage notes payable, net	201,052	161,653
Due to affiliates	18,473	16,930
Financing obligation, net	53,752	53,619
Accounts payable, accrued expenses and other liabilities	11,196	5,907
Total liabilities	392,773	313,609
Commitments and contingencies (See Note 15)	0	0
Class N redeemable common stock, $0.01 par value per share, 8,777,697 and 7,372,812 shares issued and outstanding, respectively	277,701	224,667
Redeemable non-controlling interest in INREIT OP	3,127	0
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	132,155	94,097
Accumulated deficit and cumulative distributions	(31,950)	(24,150)
Total stockholders' equity	100,305	70,030
Non-controlling interests	6,002	4,071
Total equity	106,307	74,101
Total liabilities, redeemable equity instruments and equity	779,908	612,377
Class T Common Stock
EQUITY
Common stock	4	2
Class S Common Stock
EQUITY
Common stock	4	2
Class D Common Stock
EQUITY
Common stock	4	2
Class I Common Stock
EQUITY
Common stock	5	2
Class E Common Stock
EQUITY
Common stock	22	22
Class N Common Stock
EQUITY
Common stock	$ 20	$ 12

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets Parenthetical - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Redeemable common stock, par value (in USD per share)	$ 0.01	$ 0.01
Redeemable common stock, shares issued (in shares)	8,777,697	7,372,812
Redeemable stock, outstanding (in shares)	8,777,697	7,372,812
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)	351,856	186,821
Common stock, shares outstanding (in shares)	351,856	186,821
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)	351,856	186,821
Common stock, shares outstanding (in shares)	351,856	186,821
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)	351,856	186,821
Common stock, shares outstanding (in shares)	351,856	186,821
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)	466,816	186,715
Common stock, shares outstanding (in shares)	466,816	186,715
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)	2,248,528	2,244,581
Common stock, shares outstanding (in shares)	2,248,528	2,244,581
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)	1,992,225	1,183,697
Common stock, shares outstanding (in shares)	1,992,225	1,183,697

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental revenue	$ 9,663,000	$ 2,115,000
Other revenue	583,000	63,000
Total revenues	10,246,000	2,178,000
Expenses
Rental property operating	3,218,000	512,000
General and administrative	1,623,000	1,161,000
Management fee - related party	114,000	0
Performance participation interest - related party	2,121,000	182,000
Depreciation and amortization	8,778,000	1,525,000
Total expenses	15,854,000	3,380,000
Other income (expense), net
Income from unconsolidated entities, net	3,979,000	1,732,000
Income from real estate-related securities	28,000	9,000
Unrealized gain on derivative instruments	1,516,000	0
Interest expense	(2,037,000)	(503,000)
Other expense	(75,000)	0
Total other income (expense), net	3,411,000	1,238,000
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.	(2,197,000)	36,000
Dividends to preferred stockholders	(2,000)	(2,000)
Net loss attributable to non-controlling interests in consolidated joint ventures	(14,000)	0
Net loss attributable to non-controlling interest in INREIT OP	(261,000)	0
Net income (loss) attributable to common stockholders, basic	(1,924,000)	34,000
Net income (loss) attributable to common stockholders, diluted	$ (1,924,000)	$ 34,000
Income (loss) per share:
Net loss per share of common stock, basic (in USD per share)	$ (0.14)	$ 0.01
Net loss per share of common stock, diluted (in USD per share)	$ (0.14)	$ 0.01
Weighted average shares of common stock outstanding, basic (in shares)	13,684,665	5,508,310
Weighted average shares of common stock outstanding, diluted (in shares)	13,684,665	5,508,310

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments - 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, 2020	$ 5,232		$ 5,232	$ 41	$ 0	$ 0	$ 0	$ 0	$ 0	$ 4	$ 9,276	$ (4,089)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	9,318		9,318							3	9,315
Distribution reinvestment	1		1								1
Share-based compensation	19		19								19
Net income (loss)	36		36									36
Net income (loss)	36
Preferred stock dividends	(2)		(2)									(2)
Common stock distributions	(2,378)		(2,378)									(2,378)
Ending balance at Mar. 31, 2021	12,226		12,226	41	0	0	0	0	0	7	18,611	(6,433)	0
Beginning balance at Dec. 31, 2020	83,194
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	61,726
Ending balance at Mar. 31, 2021	144,920
Beginning balance at Dec. 31, 2020	0
Redeemable Non-controlling Interest in INREIT OP
Net loss	0
Distributions to non-controlling interests	0
Adjustment to carrying value of redeemable equity instruments	0
Ending balance at Mar. 31, 2021	0
Beginning 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 Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	48,158		48,158		2	2	2	3		8	48,141
Distribution reinvestment	80		80								80
Share-based compensation	19	$ 19	19								19
Net income (loss)	(1,936)		(1,922)									(1,922)	(14)
Net income (loss)	(2,197)
Preferred stock dividends	(2)		(2)									(2)
Common stock distributions	(5,876)		(5,876)									(5,876)
Acquired non-controlling interests	2,025												2,025
Distributions to non-controlling interests	(80)												(80)
Adjustment to carrying value of redeemable common stock	(10,182)		(10,182)								(10,182)
Ending balance at Mar. 31, 2022	106,307		$ 100,305	$ 41	$ 4	$ 4	$ 4	$ 5	$ 22	$ 20	$ 132,155	$ (31,950)	$ 6,002
Beginning balance at Dec. 31, 2021	224,667
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	42,990
Adjustment to carrying value of redeemable common stock	10,044
Ending balance at Mar. 31, 2022	277,701
Beginning balance at Dec. 31, 2021	0
Redeemable Non-controlling Interest in INREIT OP
Net loss	(261)
Contributions from non-controlling interests	3,280
Distributions to non-controlling interests	(30)
Adjustment to carrying value of redeemable equity instruments	138
Ending balance at Mar. 31, 2022	$ 3,127

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flow - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (2,197,000)	$ 36,000
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	114,000	0
Performance participation interest - related party	2,121,000	182,000
Income from unconsolidated entities, net	(3,979,000)	(1,732,000)
Depreciation and amortization	8,778,000	1,525,000
Share-based compensation	19,000	19,000
Straight-line rents	(359,000)	(207,000)
Amortization of below-market lease intangibles	(49,000)	(49,000)
Amortization of above-market lease intangibles	33,000	0
Amortization of deferred financing costs	293,000	157,000
Unrealized loss on real estate-related securities, net	160,000	12,000
Unrealized gain on derivative instruments	(1,516,000)	0
Distributions of earnings from investments in unconsolidated entities	989,000	1,259,000
Other operating activities	123,000	6,000
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	2,808,000	(584,000)
Increase in due to affiliates	1,510,000	1,802,000
Increase in accounts payable, accrued expenses and other liabilities	508,000	334,000
Net cash provided by operating activities	9,356,000	2,760,000
Cash flows from investing activities:
Investments in unconsolidated entities	(3,068,000)	(9,528,000)
Acquisitions of real estate	(150,997,000)	(71,015,000)
Pre-acquisition deposits	(6,118,000)	0
Capital improvements to real estate	(164,000)	0
Purchase of real estate-related securities	(11,161,000)	(4,328,000)
Proceeds from sale of real estate-related securities	0	319,000
Distributions of capital from investments in unconsolidated entities	0	496,000
Net cash used in investing activities	(171,508,000)	(84,056,000)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	42,999,000	61,726,000
Proceeds from issuance of common stock	48,535,000	9,344,000
Subscriptions received in advance	3,092,000	0
Proceeds from revolving credit facility	79,800,000	80,000,000
Repayment of revolving credit facility	(47,000,000)	(67,700,000)
Borrowings from mortgages payable	39,660,000	0
Purchase of derivative instruments	(1,808,000)	0
Payment of loan deposit	0	(685,000)
Payment of deferred financing costs	(534,000)	(831,000)
Common stock distributions	(5,119,000)	(1,951,000)
Preferred stock dividends	(2,000)	0
Contributions from non-controlling interests	2,025,000	0
Distributions to non-controlling interests	(95,000)	0
Net cash provided by financing activities	161,553,000	79,903,000
Net change in cash and cash equivalents and restricted cash	(599,000)	(1,393,000)
Cash and cash equivalents and restricted cash, beginning of period	15,499,000	3,718,000
Cash and cash equivalents and restricted cash, end of period	14,900,000	2,325,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	9,633,000	1,575,000
Restricted cash	5,267,000	750,000
Total cash and cash equivalents and restricted cash	14,900,000	2,325,000
Supplemental disclosures:
Interest paid	1,570,000	409,000
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	510,000	68,000
Issuance of redeemable INREIT OP units as consideration for performance participation interest	3,280,000	0
Distributions payable	2,132,000	929,000
Distribution reinvestment	80,000	1,000
Accrued offering costs due to affiliates	386,000	26,000
Adjustment to carrying value of redeemable equity instruments	$ 10,182,000	$ 0

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2022
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. We 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. We have registered with the Securities and Exchange Commission (“SEC”) 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 (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	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Certain disclosures included in our Annual Report on Form 10-K are not required to be included on an interim basis in our quarterly reports on Form 10-Q. We have condensed or omitted these disclosures. Therefore, this Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the periods presented. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates. Significa nt Accounting Policies There have been no changes to our accounting policies included in Note 2 — “Summary of Significant Accounting Policies” to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2021 other than as discussed below. Consolidation We consolidate entities in which we have 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 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 condensed 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 within non-controlling interests. We apply the equity method of accounting if we have significant influence over an entity, typically when we hold 20% or more of the voting common stock (or equivalent) of an entity 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. Derivative Financial Instruments We use derivative financial instruments such as interest rate caps to manage risks from increases in interest rates. We record all derivatives at fair value on our condensed consolidated balance sheets. At the inception of a derivative contract, we determine whether the instrument will be part of a qualifying hedge accounting relationship or whether we will account for the contract as a trading instrument. We have elected not to apply hedge accounting to all derivative contracts. Changes in the fair value of our derivatives are recorded in unrealized gain on derivative instruments in our condensed consolidated statements of operations. Derivative financial instruments are recorded as a component of other assets on our condensed consolidated balance sheets at fair value. We have elected to classify our interest rate caps as financing activities on our condensed consolidated statements of cash flows in the same category as the cash flow from the instrument for which the interest rate caps provide an economic hedge. Redeemable Equity Instruments Certain shares of our Class N common stock are classified as Class N redeemable common stock on our condensed 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 — “Class N Redeemable Common Stock”. Our Class E units in INREIT OP are classified as redeemable non-controlling interest in INREIT OP on our condensed consolidated balance sheets because the holder of these units, Invesco REIT Special Limited Partner L.L.C. (the “Special Limited Partner”), a wholly-owned subsidiary of Invesco, has the contractual right to redeem the units under certain circumstances as described in Note 11— “Equity and Redeemable Non-controlling Interest ”. We report our Class N redeemable common stock and redeemable non-controlling interest in INREIT OP on our condensed consolidated balance sheets at redemption value. The redemption value is determined as of our balance sheet date based on our net asset value (“NAV”) per share/unit, as applicable. 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. 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 March 31, 2022 and 2021, 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.

Investments in Real Estate, net

Investments in Real Estate, net	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Investments in Real Estate, net	Investments in Real Estate, net Investments in real estate, net consist of: $ in thousands March 31, 2022 December 31, 2021 Building and improvements $ 469,232 $ 365,687 Land and land improvements 94,603 64,127 Furniture, fixtures and equipment 8,714 8,690 Total 572,549 438,504 Accumulated depreciation (7,426) (4,131) Investments in real estate, net $ 565,123 $ 434,373 The following table details the properties acquired during the three months ended March 31, 2022: $ in thousands Property Name Ownership Interest Number of Segment Acquisition Date Purchase Price (1) Grove City Industrial 95% 1 Industrial January 2022 $ 28,030 Cortlandt Crossing 100% 1 Grocery-Anchored Retail February 2022 65,553 3101 Agler Road 95% 1 Industrial March 2022 20,503 Earth City Industrial 95% 1 Industrial March 2022 37,418 4 $ 151,504 (1) Purchase price is inclusive of acquisition-related costs. The following table summarizes the allocation of the total cost for the properties acquired during the three months ended March 31, 2022: $ in thousands Amount Building and building improvements $ 103,408 Land and land improvements 30,472 Lease intangibles (1) 16,557 Capitalized tax abatement (2) 1,666 Above-market lease intangibles 629 Below-market lease intangibles (1,228) Total purchase price (3) $ 151,504 (1) Lease intangibles consist of in-place leases and leasing commissions. (2) We obtained a tax abatement in conjunction with our purchase of the 3101 Agler Road property with an expiration date of December 31, 2031 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 three months ended March 31, 2022 were as follows: In-place lease intangibles Leasing commissions Above-market lease intangibles Below-market lease intangibles Weighted-average amortization periods (in years) 12.73 13.39 7.58 9.86 We did not record an impairment loss for the three months ended March 31, 2022.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of March 31, 2022, we held four investments in unconsolidated entities for an aggregate investment balance of $121.3 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 March 31, 2022 and December 31, 2021, and our share of the unconsolidated entities’ income (loss) for the three months ended March 31, 2022 and 2021 were as follows: $ in thousands Carrying Amount Company’s Share of Unconsolidated Entities Income (Loss) Entity Ownership Percentage (1) March 31, 2022 December 31, 2021 Three months ended March 31, 2022 Three months ended March 31, 2021 Vida JV LLC (2) 42.5 % $ 83,098 $ 80,455 $ 3,152 $ 1,285 San Simeon Holdings (3) — 22,696 21,088 607 447 PTCR Holdco, LLC (4) — 7,787 7,749 174 — GP Fund (5) 6.8% to 9.0% 7,705 5,993 46 — Total $ 121,286 $ 115,285 $ 3,979 $ 1,732 (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) 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 March 31, 2022, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of March 31, 2022, Vida JV LLC owned a portfolio of twenty medical office buildings. (3) We own a preferred membership interest in San Simeon Holdings LLC (“San Simeon Holdings”), a limited liability company that owns a multifamily property. Our investment is structured as a preferred membership interest. Our preferred membership interest is mandatorily redeemable on December 15, 2023, although there are certain conditions that may accelerate the redemption date. The common member of San Simeon Holdings has two one-year options that extend the mandatory redemption date of our preferred membership interest to December 15, 2025. The investment yields a current pay rate of 6.50%, increasing 0.50% annually on the anniversary of the investment 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”). ITP LLC holds a preferred equity investment in PTCR Holdco, LLC, a fully integrated retail platform operating company. (5) ITP LLC has a 90% interest in PT Co-GP Fund, LLC (“GP Fund”), which was formed to invest in retail properties through non-controlling general partner interests. ITP LLC holds non-controlling general partner interests through its interest in the GP Fund ranging from 6.8% to 9.0% in seven retail properties. The following tables provide summarized balance sheets of our investments in unconsolidated entities: March 31, 2022 December 31, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 415,135 $ 122,749 $ 296,714 $ 834,598 $ 407,574 $ 122,661 $ 234,015 $ 764,250 Total liabilities (220,186) (74,691) (153,591) (448,468) (218,845) (79,237) (94,373) (392,455) Total equity $ 194,949 $ 48,058 $ 143,123 $ 386,130 $ 188,729 $ 43,424 $ 139,642 $ 371,795 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 9,055 $ 2,464 $ 7,323 $ 18,842 $ 8,588 $ 2,255 $ — $ 10,843 Net income (loss) $ 7,421 $ 720 $ 770 $ 8,911 $ 3,031 $ (224) $ — $ 2,807

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost / Cost (1) Unrealized Gain (Loss), Net Fair Value Period-end Weighted Average Yield Weighted-Average Maturity Date Non-agency CMBS $ 10,946 $ (87) $ 10,859 $ (559) $ 10,300 4.22 % 6/8/2043 Corporate debt 5,228 213 5,441 (196) 5,245 3.70 % 3/19/2026 Preferred stock of REITs N/A N/A 3,651 (10) 3,641 6.26 % N/A Common stock of REITs N/A N/A 4,034 440 4,474 3.23 % N/A Total $ 16,174 $ 126 $ 23,985 $ (325) $ 23,660 December 31, 2021 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost / Cost (1) 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 Preferred stock of REITs N/A N/A $ 411 $ (4) $ 407 6.8 % N/A Common stock of REITs N/A N/A $ — $ — $ — — % N/A Total $ 12,296 $ 143 $ 12,850 $ (165) $ 12,685

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: March 31, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 37,835 $ (11,451) $ 26,384 Leasing commissions 5,749 (331) 5,418 Above-market lease intangibles 1,951 (59) 1,892 Total intangible assets, net $ 45,535 $ (11,841) $ 33,694 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (244) $ 2,660 Total intangible liabilities, net $ 2,904 $ (244) $ 2,660 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 The estimated future amortization of our intangibles for each of the next five years and thereafter as of March 31, 2022 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2022 (remainder) $ 7,748 $ 477 $ 132 $ (371) 2023 2,194 619 176 (387) 2024 2,194 619 176 (387) 2025 2,194 615 176 (387) 2026 2,194 612 176 (387) 2027 1,972 552 176 (300) Thereafter 7,888 1,924 880 (441) $ 26,384 $ 5,418 $ 1,892 $ (2,660)

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table summarizes the components of other assets: $ in thousands March 31, 2022 December 31, 2021 Capitalized tax abatement, net (1) $ 8,611 $ 7,049 Deposits 6,228 3,460 Derivative instruments 3,324 — Prepaid expenses 1,093 460 Deferred rent 887 528 Deferred financing costs, net 811 818 Other 291 243 Total $ 21,245 $ 12,558 (1) We obtained tax abatements in conjunction with our purchases of the Cortona Apartments and 3101 Agler Road properties with expiration dates of December 31, 2038 and December 31, 2031, respectively. We are amortizing the tax abatements over their remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of March 31, 2022, accumulated amortization of the capitalized tax abatements was $0.5 million, and the estimated annual amortization is $0.6 million. Derivative Instruments We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate risk, primarily by managing the amount, sources, and duration of our investments, borrowings, and the use of derivative financial instruments. Specifically, we use derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings. We have not designated any of our derivative financial instruments as hedges. Derivatives not designated as hedges are not speculative and are used to manage our exposure to increases in interest rates. During the three months ended March 31, 2022, we entered into two interest rate cap transactions. The following table summarizes the notional amount and other information related to these instruments as of March 31, 2022: $ in thousands Number of Instruments Notional Amount (1) Fixed Amount Fair Value (2) Weighted Average Remaining Term In Years Interest Rate Caps 2 $ 118,500 $ 1,832 $ 3,324 2.87 (1) The notional amount represents the amount of the borrowings that we are hedging, but does not represent exposure to credit, interest rate or market risks. (2) Included in other assets on our condensed consolidated balance sheets. For the three months ended March 31, 2022, the change in fair value of $1.5 million is included in unrealized gain on derivative instruments in our condensed consolidated statements of operations.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Borrowings	Borrowings Revolving Credit Facility The following is a summary of the revolving credit facility: $ in thousands Maximum Facility Size (2) Principal Outstanding Balance Indebtedness Interest Rate Maturity Date March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Revolving Credit Facility S + applicable margin (1) 1/22/2024 $ 150,000 $ 100,000 $ 108,300 $ 75,500 (1) During the quarter ended March 31, 2022, we entered into an amendment for the Revolving Credit Facility which converted the benchmark interest rate for all outstanding borrowings from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”). Prior to the amendment, borrowings under the Revolving Credit Facility carried interest at a rate equal to (i) one-month LIBOR or (ii) 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 N.A. 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. After the amendment, borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) Daily Simple SOFR, (ii) Term SOFR with an interest period of one, three or six-months, or (iii) 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 N.A. as its “prime rate”, (3) Term SOFR with an interest period of one month plus 1.0%, or (4) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio. The weighted-average interest rate for the three months ended March 31, 2022 and 2021 was 1.91% and 1.71%, respectively. (2) During the quarter ended March 31, 2022, we entered into an amendment for the Revolving Credit Facility that increased our maximum facility size from $100 million to $150 million. As of March 31, 2022, the borrowing capacity on the Revolving Credit Facility was $41.7 million . As of March 31, 2022, we are in compliance with all loan covenants. Mortgage Notes Payable, Net 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 March 31, 2022 December 31, 2021 Cortona Apartments L + applicable margin (2) 6/1/2028 $ 45,000 $ 45,000 $ 45,000 Bixby Kennesaw L + applicable margin (3) 9/24/2026 $ 53,000 53,000 53,000 Tempe Student Housing S + applicable margin (4) 1/01/2025 $ 65,500 65,500 65,500 Cortlandt Crossing 3.13% 3/01/2027 $ 39,660 39,660 — Total mortgages payable 203,160 163,500 Deferred financing costs, net (2,108) (1,847) Mortgage notes payable, net $ 201,052 $ 161,653 (1) The terms “L” and “S” refer 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 three months ended March 31, 2022 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 three months ended March 31, 2022 was 1.75%. (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 three months ended March 31, 2022 was 1.80%. As of March 31, 2022, we are in compliance with all loan covenants. Financing Obligation, Net In connection with the acquisition of Tempe Student Housing in December 2021, 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 $0.2 million, are accounted for as a financing obligation on our condensed 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 $36.4 million over the term of the arrangement. The following table presents the future principal payments due under our outstanding borrowings as of March 31, 2022 : Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2022 (remaining) $ — $ — $ — $ — 2023 — — 3 3 2024 108,300 — 6 108,306 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 39,660 15 39,675 Thereafter — 45,000 36,309 81,309 Total $ 108,300 $ 203,160 $ 36,354 $ 347,814

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 Subscriptions received in advance $ 3,092 $ 250 Intangible liabilities, net 2,660 1,482 Accounts payable and accrued expenses 1,585 1,237 Real estate taxes payable 1,400 743 Accrued interest expense 770 608 Tenant security deposits 475 274 Prepaid rental income 1,214 409 Unsettled trade payable — 904 Total $ 11,196 $ 5,907 As of March 31, 2022 and December 31, 2021, we recorded both a net tax liability and a deferred tax liability of $0.1 million and approximately $9,000, respectively. These were recorded within other expense on our condensed consolidated statements of operations and other liabilities on our condensed consolidated balance sheets, respectively. There is no current tax expense for the three months ended March 31, 2022 and 2021. Our taxable REIT subsidiaries did not have deferred tax assets or liabilities during the three months ended March 31, 2021. As of March 31, 2022, our tax years 2019 through 2021 remain subject to examination by the United States tax authorities.

Class N Redeemable Common Stock

Class N Redeemable Common Stock	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Class N Redeemable Common Stock	Class N Redeemable Common Stock As of March 31, 2022, we have issued 11,165,872 shares of Class N redeemable common stock to Massachusetts Mutual Life Insurance Company (“MassMutual”) for proceeds of $314.5 million and repurchased 2,388,175 shares of redeemable common stock for $70.0 million. MassMutual has committed to purchase an additional $85.5 million of Class N common stock at our request prior to January 20, 2023. As of March 31, 2022, we recorded an increase to Class N redeemable common stock and a decrease to additional paid-in capital of $10.0 million to adjust the value of the MassMutual shares to our March 31, 2022 NAV per Class N share. We will limit any adjustment to the carrying amount of the Class N redeemable common stock so as to not reduce the carrying amount below the initial amount reported as Class N 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 and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Preferred Stock As of March 31, 2022 and December 31, 2021, 125 shares of preferred stock are issued and outstanding. Holders of our 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. 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: Three Months Ended March 31, 2022 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2021 186,821 186,821 186,821 186,715 2,244,581 8,556,509 11,548,268 Issuance of common stock 165,035 165,035 165,035 279,643 1,814 2,213,413 2,989,975 Distribution reinvestment — — — 458 2,133 — 2,591 Balance at March 31, 2022 351,856 351,856 351,856 466,816 2,248,528 10,769,922 14,540,834 Three Months Ended March 31, 2021 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2020 — — — — — 3,608,831 3,608,831 Issuance of common stock — — — — — 2,636,645 2,636,645 Distribution reinvestment — — — — — 32 32 Balance at March 31, 2021 — — — — — 6,245,508 6,245,508 As of March 31, 2022 and December 31, 2021, 8,777,697 and 7,372,812, 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 March 31, 2022 and December 31, 2021, the remaining Class N shares that were issued of 1,992,225 and 1,183,697, respectively, have been recorded as common stock. As of March 31, 2022, MassMutual has committed to purchase an additional $85.5 million of Class N common stock, as discussed in Note 10 — “Class N 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 intend to distribute substantially all of our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Taxable income does not necessarily equal net income as calculated in accordance with GAAP. For the three months ended March 31, 2022 and 2021, we declared distributions of $5.9 million and $2.4 million, respectively. We accrued $2.1 million and $1.4 million for distributions payable to related parties as a component of due to affiliates in our condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively. Additionally, we accrued approximately $16,000 for distributions payable to third parties as a component of accounts payable and accrued expenses in our condensed consolidated balance sheets as of March 31, 2022. As of December 31, 2021, we did not accrue any distributions payable to third parties. The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 Stockholder servicing fee per share (1) — (0.0643) (0.0643) (0.0189) — — — Net distributions declared per share $ — $ 0.3609 $ 0.3609 $ 0.4063 $ 0.4252 $ 0.4252 $ 0.4252 Three Months Ended March 31, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ — $ — $ — $ — $ — $ 0.4280 Net distributions declared per share $ — $ — $ — $ — $ — $ — $ 0.4280 (1) See Note 13 — “Related Party Transactions” for a discussion of our stockholder servicing fee. Redeemable Non-controlling Interest in INREIT OP In connection with its performance participation interest, the Special Limited Partner holds Class E units in INREIT OP. See Note 13 — “Related Party Transactions” for further details of the Special Limited Partner’s performance participation interest. Because the Special Limited Partner has the ability to redeem its Class E units for cash, at its election, we have classified these Class E units as redeemable non-controlling interest in INREIT OP on our condensed consolidated balance sheets. The redeemable non-controlling interest in INREIT OP is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period. As the redemption value was greater than the adjusted carrying value at March 31, 2022, we recorded an allocation adjustment of $0.1 million between additional paid-in capital and redeemable non-controlling interest in INREIT OP on our condensed consolidated balance sheets. The following table details the non-controlling interest activity related to the Special Limited Partner: Three Months Ended March 31, $ in thousands 2022 2021 Net loss allocated $ (261) $ — Distributions $ 30 $ — Adjustment to carrying value $ 138 $ — As of March 31, 2022, distributions payable to the Special Limited Partner were approximately $15,000. As the Special Limited Partner did not receive Class E INREIT OP units until February 2022, there was no distribution payable to the Special Limited Partner as of December 31, 2021. 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. For the three months ended March 31, 2022, we did not repurchase any shares under the share repurchase plan as no repurchase requests were made. Share-Based Compensation Plan For the three months ended March 31, 2022, we awarded independent members of our board of directors 628 Class E shares under our 2019 Equity Incentive Plan (the “Incentive Plan”) and recognized approximately $19,000 of compensation expense related to these awards. For the three months ended March 31, 2021, we awarded independent members of our board of directors 719 Class N shares under the Incentive Plan and recognized approximately $19,000 of compensation expense related to these awards. As of March 31, 2022, 191,493 shares of common stock remain available for future issuance under the Incentive Plan.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. The three levels are defined as follows: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. We do 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 of Assets Measured at Fair Value The following table details our assets measured at fair value on a recurring basis: March 31, 2022 December 31, 2021 $ in thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 8,115 $ 15,545 $ — $ 23,660 $ 407 $ 12,278 $ — $ 12,685 Interest rate caps — 3,324 — 3,324 — — — — Total $ 8,115 $ 18,869 $ — $ 26,984 $ 407 $ 12,278 $ — $ 12,685 Valuation of Liabilities Not Measured at Fair Value The following table presents the carrying value and estimated fair value of our financial instruments that are not carried at fair value on the condensed consolidated balance sheets: $ in thousands March 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Liabilities: Revolving credit facility $ 108,300 $ 108,300 $ 75,500 $ 75,500 Mortgage notes payable 203,160 202,593 163,500 163,500 Financing obligation 53,752 53,752 53,619 53,619 Total $ 365,212 $ 364,645 $ 292,619 $ 292,619 The fair value of our indebtedness is estimated by modeling the cash flows required by our debt agreements and discounting them back to present value using the appropriate discount rate. Additionally, we consider current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of our indebtedness are considered Level 3.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 Advanced general and administrative expenses $ 8,019 $ 6,443 Advanced offering costs 4,631 4,245 Performance participation interest 2,121 3,280 Advanced organization expenses 1,474 1,474 Distributions payable 2,132 1,440 Accrued management fee 77 28 Share-based compensation payable 19 20 Total $ 18,473 $ 16,930 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. 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 three months ended March 31, 2022, we incurred management fees of $0.1 million, of which approximately $77,000 is accrued as a component of due to affiliates on our condensed consolidated balance sheets. During the three months ended March 31, 2021, we did not incur management fees. 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. During the three months ended March 31, 2022 and 2021, we incurred $0.4 million and $0.3 million, respectively, for costs of support personnel that were provided by the Adviser. The Special Limited Partner 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 March 31, 2022 and 2021, we accrued $2.1 million and $0.2 million, respectively, for the Special Limited Partner's 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. On February 1, 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 and is entitled to receive selling commissions, dealer manager fees and stockholder servicing fees for certain classes of shares sold in the Offering. As of March 31, 2022 and December 31, 2021, we have not incurred selling commissions, dealer manager fees or stockholder servicing fees. The following table presents the upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees per annum for each class of shares sold in the Offering: 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 Through March 31, 2022, 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) — — — — — 11,165,872 $ 314,526 Invesco Global Property Plus Fund — — — — 1,994,164 1,992,224 119,500 Invesco Realty, Inc. (2) 165,126 165,126 165,126 164,573 — 738,701 40,008 Members of our board of directors and employees of our Adviser (3) — — — 174 19,922 75,128 2,583 165,126 165,126 165,126 164,747 2,014,086 13,971,925 $ 476,617 (1) In accordance with MassMutual’s subscription agreement to purchase up to $400.0 million of Class N shares of our common stock in the Class N Private Offering, 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 of Class N shares for $20.0 million and we 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 we subsequently exchanged these Class N shares for 75,128 Class E shares. As of March 31, 2022, MassMutual has committed to purchase an additional $85.5 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. Organization and Offering Expenses The Adviser has agreed to advance all of our organization and offering expenses (other than selling commissions, dealer manager fees, and 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 March 31, 2022 , the Adviser had incurred organization costs and offering expenses of $2.4 million on our behalf in connection with the private offering of our Class N shares that are recorded as a component of due to affiliates on our condensed consolidated balance sheets. As of March 31, 2022, the Adviser and its affiliates have also incurred organization costs and offering expenses of $3.7 million on our behalf in connection with the Offering that are recorded as a component of due to affiliates on our condensed consolidated balance sheets . Operating Expenses Reimbursement As of March 31, 2022 and December 31, 2021 , the Adviser advanced on our behalf $8.0 million and $6.4 million , respectively, for general and administrative expenses. In January 2022, we began ratably reimbursing the Adviser over 60 months for the operating expenses incurred prior to December 31, 2021. The amount due to the Adviser is recorded as a component of due to affiliates on our condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021. We are reimbursing the Adviser for all operating expenses incurred subsequent to December 31, 2021 quarterly. Under our charter, we may reimburse the Adviser, at the end of each fiscal quarter, for total operating expenses paid by the Adviser. However, 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	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 are discussed below. As discussed in Note 4 — “Investments in Unconsolidated Entities”, we have committed to fund improvements to a multifamily property owned by San Simeon Holdings. We are required to fund our commitment as requested through December 31, 2023. As of March 31, 2022, our undrawn capital commitment was $2.4 million. We have also committed to fund up to $3.5 million of tenant improvements at our Willows Facility through December 31, 2022. As of March 31, 2022, we have funded $3.1 million. As of March 31, 2022 and December 31, 2021, we were not subject to any material litigation or aware of any pending or threatened material litigation.

Tenant Leases

Tenant Leases	3 Months Ended
	Mar. 31, 2022
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 operating lease income: Three Months Ended March 31, $ in thousands 2022 2021 Fixed lease payments $ 8,807 $ 1,854 Variable lease payments 856 $ 261 Rental revenue $ 9,663 $ 2,115 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 (remainder) $ 8,708 2023 8,396 2024 7,941 2025 7,369 2026 7,523 2027 7,296 Thereafter 28,767 Total $ 76,000 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	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of March 31, 2022, we operated in eight reportable segments: healthcare, office, industrial, self-storage, multifamily, student housing, grocery-anchored retail 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 our 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 March 31, 2022 December 31, 2021 Healthcare $ 83,098 $ 80,455 Office 39,619 38,633 Industrial 147,396 60,071 Self-Storage 54,491 57,305 Multifamily 67,368 67,866 Student Housing 239,052 242,014 Grocery-Anchored Retail 66,375 — Real Estate Preferred Equity 22,697 21,088 Corporate and Other 59,812 44,945 Total assets $ 779,908 $ 612,377 The following table summarizes our financial results by segment for the three months ended March 31, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Preferred Equity Corporate and Other Total Revenues: Rental revenue $ — $ 737 $ 1,645 $ 1,103 $ 1,243 $ 4,213 $ 722 $ — $ — $ 9,663 Other revenue — — 88 162 119 214 — — — 583 Total revenues — 737 1,733 1,265 1,362 4,427 722 — — 10,246 Expenses: Rental property operating — 131 449 396 414 1,576 210 — 42 3,218 Total expenses — 131 449 396 414 1,576 210 — 42 3,218 Income from unconsolidated entities 8,177 — — — — — — 606 220 9,003 Income from real estate-related securities — — — — — — — — 28 28 Segment net operating income $ 8,177 $ 606 $ 1,284 $ 869 $ 948 $ 2,851 $ 512 $ 606 $ 206 $ 16,059 Depreciation and amortization $ (5,024) $ (415) $ (582) $ (2,708) $ (493) $ (4,270) $ (247) $ — $ (63) $ (13,802) General and administrative (1,623) Unrealized gain on derivative instruments 1,516 Interest expense (2,037) Management fee - related party (114) Performance participation interest - related party (2,121) Other income (expense) (75) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (2,197) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 14 Net loss attributable to non-controlling interest in INREIT OP 261 Net loss attributable to common stockholders $ (1,924) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2022: $ in thousands Segment income from unconsolidated entities $ 9,003 Depreciation and amortization attributable to unconsolidated entities (5,024) Income from unconsolidated entities $ 3,979 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2022: $ in thousands Segment depreciation and amortization $ (13,802) Depreciation and amortization attributable to unconsolidated entities 5,024 Depreciation and amortization $ (8,778) The following table summarizes our financial results by segment for the three months ended March 31, 2021: $ in thousands Healthcare Office Industrial Multifamily Real Estate Preferred Equity Corporate and Other Total Revenues: Rental revenue $ — $ 687 $ 566 $ 862 $ — $ — $ 2,115 Other revenue — — — 63 — — 63 Total revenues — 687 566 925 — — 2,178 Expenses: Rental property operating — 96 163 253 — — 512 Total expenses — 96 163 253 — — 512 Income from unconsolidated real estate entities 5,959 — — — 447 — 6,406 Income from real estate-related securities — — — — — 9 9 Segment net operating income $ 5,959 $ 591 $ 403 $ 672 $ 447 $ 9 $ 8,081 Depreciation and amortization $ (4,674) $ (298) $ (211) $ (1,016) $ — $ — $ (6,199) General and administrative (1,161) Interest expense (503) Performance participation interest - related party (182) Net income attributable to Invesco Real Estate Income Trust Inc. 36 Dividends to preferred stockholders (2) Net income attributable to common stockholders $ 34 The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2021: $ in thousands Segment income from unconsolidated entities $ 6,406 Depreciation and amortization attributable to unconsolidated entities (4,674) Income from unconsolidated entities $ 1,732 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2021: $ in thousands Segment depreciation and amortization $ (6,199) Depreciation and amortization attributable to unconsolidated entities 4,674 Depreciation and amortization $ (1,525)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Private Offering On April 27, 2022, we received proceeds of $44.2 million from the issuance of Class N common stock in the Class N Private Offering. Public Offering Subsequent to March 31, 2022, we received total net proceeds of $3.7 million from the issuance of common stock in our public offering. Acquisitions Subsequent to March 31, 2022, we acquired an aggregate of $172.5 million of real estate, exclusive of acquisition-related costs, across two separate transactions. These transactions consisted of a multifamily property and a self-storage property. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Certain disclosures included in our Annual Report on Form 10-K are not required to be included on an interim basis in our quarterly reports on Form 10-Q. We have condensed or omitted these disclosures. Therefore, this Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the periods presented.
Use of Estimates	Use of EstimatesThe preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Significant Accounting Policies	Significa nt Accounting Policies
Consolidation	Consolidation We consolidate entities in which we have 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 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 condensed 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 within non-controlling interests. We apply the equity method of accounting if we have significant influence over an entity, typically when we hold 20% or more of the voting common stock (or equivalent) of an entity 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.
Derivatives Financial Instruments	Derivative Financial Instruments We use derivative financial instruments such as interest rate caps to manage risks from increases in interest rates. We record all derivatives at fair value on our condensed consolidated balance sheets. At the inception of a derivative contract, we determine whether the instrument will be part of a qualifying hedge accounting relationship or whether we will account for the contract as a trading instrument. We have elected not to apply hedge accounting to all derivative contracts. Changes in the fair value of our derivatives are recorded in unrealized gain on derivative instruments in our condensed consolidated statements of operations. Derivative financial instruments are recorded as a component of other assets on our condensed consolidated balance sheets at fair value. We have elected to classify our interest rate caps as financing activities on our condensed consolidated statements of cash flows in the same category as the cash flow from the instrument for which the interest rate caps provide an economic hedge.
Redeemable Equity Instruments	Redeemable Equity Instruments Certain shares of our Class N common stock are classified as Class N redeemable common stock on our condensed 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 — “Class N Redeemable Common Stock”. Our Class E units in INREIT OP are classified as redeemable non-controlling interest in INREIT OP on our condensed consolidated balance sheets because the holder of these units, Invesco REIT Special Limited Partner L.L.C. (the “Special Limited Partner”), a wholly-owned subsidiary of Invesco, has the contractual right to redeem the units under certain circumstances as described in Note 11— “Equity and Redeemable Non-controlling Interest ”. We report our Class N redeemable common stock and redeemable non-controlling interest in INREIT OP on our condensed consolidated balance sheets at redemption value. The redemption value is determined as of our balance sheet date based on our net asset value (“NAV”) per share/unit, as applicable. 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.
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 March 31, 2022 and 2021, 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.

Investments in Real Estate, n_2

Investments in Real Estate, net (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Investments in Real Estate	Investments in real estate, net consist of: $ in thousands March 31, 2022 December 31, 2021 Building and improvements $ 469,232 $ 365,687 Land and land improvements 94,603 64,127 Furniture, fixtures and equipment 8,714 8,690 Total 572,549 438,504 Accumulated depreciation (7,426) (4,131) Investments in real estate, net $ 565,123 $ 434,373
Asset Acquisition	The following table details the properties acquired during the three months ended March 31, 2022: $ in thousands Property Name Ownership Interest Number of Segment Acquisition Date Purchase Price (1) Grove City Industrial 95% 1 Industrial January 2022 $ 28,030 Cortlandt Crossing 100% 1 Grocery-Anchored Retail February 2022 65,553 3101 Agler Road 95% 1 Industrial March 2022 20,503 Earth City Industrial 95% 1 Industrial March 2022 37,418 4 $ 151,504 (1) Purchase price is inclusive of acquisition-related costs. The following table summarizes the allocation of the total cost for the properties acquired during the three months ended March 31, 2022: $ in thousands Amount Building and building improvements $ 103,408 Land and land improvements 30,472 Lease intangibles (1) 16,557 Capitalized tax abatement (2) 1,666 Above-market lease intangibles 629 Below-market lease intangibles (1,228) Total purchase price (3) $ 151,504 (1) Lease intangibles consist of in-place leases and leasing commissions. (2) We obtained a tax abatement in conjunction with our purchase of the 3101 Agler Road property with an expiration date of December 31, 2031 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 three months ended March 31, 2022 were as follows: In-place lease intangibles Leasing commissions Above-market lease intangibles Below-market lease intangibles Weighted-average amortization periods (in years) 12.73 13.39 7.58 9.86

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Our investments in unconsolidated entities as of March 31, 2022 and December 31, 2021, and our share of the unconsolidated entities’ income (loss) for the three months ended March 31, 2022 and 2021 were as follows: $ in thousands Carrying Amount Company’s Share of Unconsolidated Entities Income (Loss) Entity Ownership Percentage (1) March 31, 2022 December 31, 2021 Three months ended March 31, 2022 Three months ended March 31, 2021 Vida JV LLC (2) 42.5 % $ 83,098 $ 80,455 $ 3,152 $ 1,285 San Simeon Holdings (3) — 22,696 21,088 607 447 PTCR Holdco, LLC (4) — 7,787 7,749 174 — GP Fund (5) 6.8% to 9.0% 7,705 5,993 46 — Total $ 121,286 $ 115,285 $ 3,979 $ 1,732 (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) 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 March 31, 2022, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of March 31, 2022, Vida JV LLC owned a portfolio of twenty medical office buildings. (3) We own a preferred membership interest in San Simeon Holdings LLC (“San Simeon Holdings”), a limited liability company that owns a multifamily property. Our investment is structured as a preferred membership interest. Our preferred membership interest is mandatorily redeemable on December 15, 2023, although there are certain conditions that may accelerate the redemption date. The common member of San Simeon Holdings has two one-year options that extend the mandatory redemption date of our preferred membership interest to December 15, 2025. The investment yields a current pay rate of 6.50%, increasing 0.50% annually on the anniversary of the investment 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”). ITP LLC holds a preferred equity investment in PTCR Holdco, LLC, a fully integrated retail platform operating company. (5) ITP LLC has a 90% interest in PT Co-GP Fund, LLC (“GP Fund”), which was formed to invest in retail properties through non-controlling general partner interests. ITP LLC holds non-controlling general partner interests through its interest in the GP Fund ranging from 6.8% to 9.0% in seven retail properties. The following tables provide summarized balance sheets of our investments in unconsolidated entities: March 31, 2022 December 31, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 415,135 $ 122,749 $ 296,714 $ 834,598 $ 407,574 $ 122,661 $ 234,015 $ 764,250 Total liabilities (220,186) (74,691) (153,591) (448,468) (218,845) (79,237) (94,373) (392,455) Total equity $ 194,949 $ 48,058 $ 143,123 $ 386,130 $ 188,729 $ 43,424 $ 139,642 $ 371,795 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 9,055 $ 2,464 $ 7,323 $ 18,842 $ 8,588 $ 2,255 $ — $ 10,843 Net income (loss) $ 7,421 $ 720 $ 770 $ 8,911 $ 3,031 $ (224) $ — $ 2,807

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost / Cost (1) Unrealized Gain (Loss), Net Fair Value Period-end Weighted Average Yield Weighted-Average Maturity Date Non-agency CMBS $ 10,946 $ (87) $ 10,859 $ (559) $ 10,300 4.22 % 6/8/2043 Corporate debt 5,228 213 5,441 (196) 5,245 3.70 % 3/19/2026 Preferred stock of REITs N/A N/A 3,651 (10) 3,641 6.26 % N/A Common stock of REITs N/A N/A 4,034 440 4,474 3.23 % N/A Total $ 16,174 $ 126 $ 23,985 $ (325) $ 23,660 December 31, 2021 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost / Cost (1) 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 Preferred stock of REITs N/A N/A $ 411 $ (4) $ 407 6.8 % N/A Common stock of REITs N/A N/A $ — $ — $ — — % N/A Total $ 12,296 $ 143 $ 12,850 $ (165) $ 12,685

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 37,835 $ (11,451) $ 26,384 Leasing commissions 5,749 (331) 5,418 Above-market lease intangibles 1,951 (59) 1,892 Total intangible assets, net $ 45,535 $ (11,841) $ 33,694 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (244) $ 2,660 Total intangible liabilities, net $ 2,904 $ (244) $ 2,660 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
Schedule of Below Market Leases	The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: March 31, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 37,835 $ (11,451) $ 26,384 Leasing commissions 5,749 (331) 5,418 Above-market lease intangibles 1,951 (59) 1,892 Total intangible assets, net $ 45,535 $ (11,841) $ 33,694 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (244) $ 2,660 Total intangible liabilities, net $ 2,904 $ (244) $ 2,660 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
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 March 31, 2022 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2022 (remainder) $ 7,748 $ 477 $ 132 $ (371) 2023 2,194 619 176 (387) 2024 2,194 619 176 (387) 2025 2,194 615 176 (387) 2026 2,194 612 176 (387) 2027 1,972 552 176 (300) Thereafter 7,888 1,924 880 (441) $ 26,384 $ 5,418 $ 1,892 $ (2,660)
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 March 31, 2022 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2022 (remainder) $ 7,748 $ 477 $ 132 $ (371) 2023 2,194 619 176 (387) 2024 2,194 619 176 (387) 2025 2,194 615 176 (387) 2026 2,194 612 176 (387) 2027 1,972 552 176 (300) Thereafter 7,888 1,924 880 (441) $ 26,384 $ 5,418 $ 1,892 $ (2,660)

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table summarizes the components of other assets: $ in thousands March 31, 2022 December 31, 2021 Capitalized tax abatement, net (1) $ 8,611 $ 7,049 Deposits 6,228 3,460 Derivative instruments 3,324 — Prepaid expenses 1,093 460 Deferred rent 887 528 Deferred financing costs, net 811 818 Other 291 243 Total $ 21,245 $ 12,558 (1) We obtained tax abatements in conjunction with our purchases of the Cortona Apartments and 3101 Agler Road properties with expiration dates of December 31, 2038 and December 31, 2031, respectively. We are amortizing the tax abatements over their remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of March 31, 2022, accumulated amortization of the capitalized tax abatements was $0.5 million, and the estimated annual amortization is $0.6 million.
Derivatives Not Designated as Hedging Instruments	During the three months ended March 31, 2022, we entered into two interest rate cap transactions. The following table summarizes the notional amount and other information related to these instruments as of March 31, 2022: $ in thousands Number of Instruments Notional Amount (1) Fixed Amount Fair Value (2) Weighted Average Remaining Term In Years Interest Rate Caps 2 $ 118,500 $ 1,832 $ 3,324 2.87 (1) The notional amount represents the amount of the borrowings that we are hedging, but does not represent exposure to credit, interest rate or market risks. (2) Included in other assets on our condensed consolidated balance sheets. For the three months ended March 31, 2022, the change in fair value of $1.5 million is included in unrealized gain on derivative instruments in our condensed consolidated statements of operations.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Revolving Credit Facility	The following is a summary of the revolving credit facility: $ in thousands Maximum Facility Size (2) Principal Outstanding Balance Indebtedness Interest Rate Maturity Date March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Revolving Credit Facility S + applicable margin (1) 1/22/2024 $ 150,000 $ 100,000 $ 108,300 $ 75,500 (1) During the quarter ended March 31, 2022, we entered into an amendment for the Revolving Credit Facility which converted the benchmark interest rate for all outstanding borrowings from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”). Prior to the amendment, borrowings under the Revolving Credit Facility carried interest at a rate equal to (i) one-month LIBOR or (ii) 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 N.A. 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. After the amendment, borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) Daily Simple SOFR, (ii) Term SOFR with an interest period of one, three or six-months, or (iii) 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 N.A. as its “prime rate”, (3) Term SOFR with an interest period of one month plus 1.0%, or (4) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio. The weighted-average interest rate for the three months ended March 31, 2022 and 2021 was 1.91% and 1.71%, respectively. (2) During the quarter ended March 31, 2022, we entered into an amendment for the Revolving Credit Facility that increased our maximum facility size from $100 million to $150 million. As of March 31, 2022, the borrowing capacity on the Revolving Credit Facility was $41.7 million . 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 March 31, 2022 December 31, 2021 Cortona Apartments L + applicable margin (2) 6/1/2028 $ 45,000 $ 45,000 $ 45,000 Bixby Kennesaw L + applicable margin (3) 9/24/2026 $ 53,000 53,000 53,000 Tempe Student Housing S + applicable margin (4) 1/01/2025 $ 65,500 65,500 65,500 Cortlandt Crossing 3.13% 3/01/2027 $ 39,660 39,660 — Total mortgages payable 203,160 163,500 Deferred financing costs, net (2,108) (1,847) Mortgage notes payable, net $ 201,052 $ 161,653 (1) The terms “L” and “S” refer 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 three months ended March 31, 2022 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 three months ended March 31, 2022 was 1.75%. (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 three months ended March 31, 2022 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 March 31, 2022 : Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2022 (remaining) $ — $ — $ — $ — 2023 — — 3 3 2024 108,300 — 6 108,306 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 39,660 15 39,675 Thereafter — 45,000 36,309 81,309 Total $ 108,300 $ 203,160 $ 36,354 $ 347,814

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 Subscriptions received in advance $ 3,092 $ 250 Intangible liabilities, net 2,660 1,482 Accounts payable and accrued expenses 1,585 1,237 Real estate taxes payable 1,400 743 Accrued interest expense 770 608 Tenant security deposits 475 274 Prepaid rental income 1,214 409 Unsettled trade payable — 904 Total $ 11,196 $ 5,907

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The following tables detail the movement in the Company’s outstanding shares of common stock: Three Months Ended March 31, 2022 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2021 186,821 186,821 186,821 186,715 2,244,581 8,556,509 11,548,268 Issuance of common stock 165,035 165,035 165,035 279,643 1,814 2,213,413 2,989,975 Distribution reinvestment — — — 458 2,133 — 2,591 Balance at March 31, 2022 351,856 351,856 351,856 466,816 2,248,528 10,769,922 14,540,834 Three Months Ended March 31, 2021 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2020 — — — — — 3,608,831 3,608,831 Issuance of common stock — — — — — 2,636,645 2,636,645 Distribution reinvestment — — — — — 32 32 Balance at March 31, 2021 — — — — — 6,245,508 6,245,508
Schedule of Aggregate Distributions Declared	The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 Stockholder servicing fee per share (1) — (0.0643) (0.0643) (0.0189) — — — Net distributions declared per share $ — $ 0.3609 $ 0.3609 $ 0.4063 $ 0.4252 $ 0.4252 $ 0.4252 Three Months Ended March 31, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ — $ — $ — $ — $ — $ 0.4280 Net distributions declared per share $ — $ — $ — $ — $ — $ — $ 0.4280 (1) See Note 13 — “Related Party Transactions” for a discussion of our stockholder servicing fee.
Redeemable Noncontrolling Interest	The following table details the non-controlling interest activity related to the Special Limited Partner: Three Months Ended March 31, $ in thousands 2022 2021 Net loss allocated $ (261) $ — Distributions $ 30 $ — Adjustment to carrying value $ 138 $ —

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	The following table details our assets measured at fair value on a recurring basis: March 31, 2022 December 31, 2021 $ in thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Investments in real estate-related securities $ 8,115 $ 15,545 $ — $ 23,660 $ 407 $ 12,278 $ — $ 12,685 Interest rate caps — 3,324 — 3,324 — — — — Total $ 8,115 $ 18,869 $ — $ 26,984 $ 407 $ 12,278 $ — $ 12,685
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis	The following table presents the carrying value and estimated fair value of our financial instruments that are not carried at fair value on the condensed consolidated balance sheets: $ in thousands March 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Liabilities: Revolving credit facility $ 108,300 $ 108,300 $ 75,500 $ 75,500 Mortgage notes payable 203,160 202,593 163,500 163,500 Financing obligation 53,752 53,752 53,619 53,619 Total $ 365,212 $ 364,645 $ 292,619 $ 292,619

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details the components of due to affiliates: $ in thousands March 31, 2022 December 31, 2021 Advanced general and administrative expenses $ 8,019 $ 6,443 Advanced offering costs 4,631 4,245 Performance participation interest 2,121 3,280 Advanced organization expenses 1,474 1,474 Distributions payable 2,132 1,440 Accrued management fee 77 28 Share-based compensation payable 19 20 Total $ 18,473 $ 16,930 Through March 31, 2022, 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) — — — — — 11,165,872 $ 314,526 Invesco Global Property Plus Fund — — — — 1,994,164 1,992,224 119,500 Invesco Realty, Inc. (2) 165,126 165,126 165,126 164,573 — 738,701 40,008 Members of our board of directors and employees of our Adviser (3) — — — 174 19,922 75,128 2,583 165,126 165,126 165,126 164,747 2,014,086 13,971,925 $ 476,617 (1) In accordance with MassMutual’s subscription agreement to purchase up to $400.0 million of Class N shares of our common stock in the Class N Private Offering, 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 of Class N shares for $20.0 million and we 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 we 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, dealer manager fees and ongoing stockholder servicing fees per annum for each class of shares sold in the Offering: 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)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Operating Lease Income	The following table details the components of operating lease income: Three Months Ended March 31, $ in thousands 2022 2021 Fixed lease payments $ 8,807 $ 1,854 Variable lease payments 856 $ 261 Rental revenue $ 9,663 $ 2,115
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 (remainder) $ 8,708 2023 8,396 2024 7,941 2025 7,369 2026 7,523 2027 7,296 Thereafter 28,767 Total $ 76,000

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes our total assets by segment: $ in thousands March 31, 2022 December 31, 2021 Healthcare $ 83,098 $ 80,455 Office 39,619 38,633 Industrial 147,396 60,071 Self-Storage 54,491 57,305 Multifamily 67,368 67,866 Student Housing 239,052 242,014 Grocery-Anchored Retail 66,375 — Real Estate Preferred Equity 22,697 21,088 Corporate and Other 59,812 44,945 Total assets $ 779,908 $ 612,377 The following table summarizes our financial results by segment for the three months ended March 31, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Preferred Equity Corporate and Other Total Revenues: Rental revenue $ — $ 737 $ 1,645 $ 1,103 $ 1,243 $ 4,213 $ 722 $ — $ — $ 9,663 Other revenue — — 88 162 119 214 — — — 583 Total revenues — 737 1,733 1,265 1,362 4,427 722 — — 10,246 Expenses: Rental property operating — 131 449 396 414 1,576 210 — 42 3,218 Total expenses — 131 449 396 414 1,576 210 — 42 3,218 Income from unconsolidated entities 8,177 — — — — — — 606 220 9,003 Income from real estate-related securities — — — — — — — — 28 28 Segment net operating income $ 8,177 $ 606 $ 1,284 $ 869 $ 948 $ 2,851 $ 512 $ 606 $ 206 $ 16,059 Depreciation and amortization $ (5,024) $ (415) $ (582) $ (2,708) $ (493) $ (4,270) $ (247) $ — $ (63) $ (13,802) General and administrative (1,623) Unrealized gain on derivative instruments 1,516 Interest expense (2,037) Management fee - related party (114) Performance participation interest - related party (2,121) Other income (expense) (75) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (2,197) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 14 Net loss attributable to non-controlling interest in INREIT OP 261 Net loss attributable to common stockholders $ (1,924) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2022: $ in thousands Segment income from unconsolidated entities $ 9,003 Depreciation and amortization attributable to unconsolidated entities (5,024) Income from unconsolidated entities $ 3,979 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2022: $ in thousands Segment depreciation and amortization $ (13,802) Depreciation and amortization attributable to unconsolidated entities 5,024 Depreciation and amortization $ (8,778) The following table summarizes our financial results by segment for the three months ended March 31, 2021: $ in thousands Healthcare Office Industrial Multifamily Real Estate Preferred Equity Corporate and Other Total Revenues: Rental revenue $ — $ 687 $ 566 $ 862 $ — $ — $ 2,115 Other revenue — — — 63 — — 63 Total revenues — 687 566 925 — — 2,178 Expenses: Rental property operating — 96 163 253 — — 512 Total expenses — 96 163 253 — — 512 Income from unconsolidated real estate entities 5,959 — — — 447 — 6,406 Income from real estate-related securities — — — — — 9 9 Segment net operating income $ 5,959 $ 591 $ 403 $ 672 $ 447 $ 9 $ 8,081 Depreciation and amortization $ (4,674) $ (298) $ (211) $ (1,016) $ — $ — $ (6,199) General and administrative (1,161) Interest expense (503) Performance participation interest - related party (182) Net income attributable to Invesco Real Estate Income Trust Inc. 36 Dividends to preferred stockholders (2) Net income attributable to common stockholders $ 34 The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2021: $ in thousands Segment income from unconsolidated entities $ 6,406 Depreciation and amortization attributable to unconsolidated entities (4,674) Income from unconsolidated entities $ 1,732 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2021: $ in thousands Segment depreciation and amortization $ (6,199) Depreciation and amortization attributable to unconsolidated entities 4,674 Depreciation and amortization $ (1,525)

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Millions	May 14, 2021USD ($)shareClass	Mar. 31, 2022USD ($)
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

Investments in Real Estate, n_3

Investments in Real Estate, net - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Building and improvements	$ 469,232	$ 365,687
Land and land improvements	94,603	64,127
Furniture, fixtures and equipment	8,714	8,690
Total	572,549	438,504
Accumulated depreciation	(7,426)	(4,131)
Investments in real estate, net	$ 565,123	$ 434,373

Investments in Real Estate, n_4

Investments in Real Estate, net - Schedule of Transactions (Details) $ in Thousands	1 Months Ended			3 Months Ended
	Mar. 31, 2022USD ($)property	Feb. 28, 2022USD ($)property	Jan. 31, 2022USD ($)property	Mar. 31, 2022USD ($)property
Real Estate [Line Items]
Number of Properties | property				4
Purchase Price | $				$ 151,504
Industrial | Grove City Industrial
Real Estate [Line Items]
Ownership Interest			95.00%
Number of Properties | property			1
Purchase Price | $			$ 28,030
Industrial | 3101 Agler Road
Real Estate [Line Items]
Ownership Interest	95.00%			95.00%
Number of Properties | property	1
Purchase Price | $	$ 20,503
Industrial | Earth City Industrial
Real Estate [Line Items]
Ownership Interest	95.00%			95.00%
Number of Properties | property	1
Purchase Price | $	$ 37,418
Grocery-Anchored Retail | Cortlandt Crossing
Real Estate [Line Items]
Ownership Interest		100.00%
Number of Properties | property		1
Purchase Price | $		$ 65,553

Investments in Real Estate, n_5

Investments in Real Estate, net - Schedule of Assets Acquired (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Real Estate [Abstract]
Building and building improvements	$ 103,408
Land and land improvements	30,472
Lease intangibles	16,557
Capitalized tax abatement	1,666
Above-market lease intangibles	629
Below-market lease intangibles	(1,228)
Total purchase price	$ 151,504

Investments in Real Estate, n_6

Investments in Real Estate, net - Schedule of Weighted-average Amortization Periods (Details)	3 Months Ended
	Mar. 31, 2022
In-place lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	12 years 8 months 23 days
Leasing commissions
Real Estate [Line Items]
Weighted-average amortization periods (in years)	13 years 4 months 20 days
Above-market lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	7 years 6 months 29 days
Below-market lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	9 years 10 months 9 days

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)segment	Dec. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Number of equity method investments | segment	4
Investments in unconsolidated entities	$ 121,286,000	$ 115,285,000
Vida JV LLC | Invesco JV
Schedule of Equity Method Investments [Line Items]
Impairment losses	$ 0

Investments in Unconsolidated_4

Investments in Unconsolidated Entities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)buildingretailProperty	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying Amount	$ 121,286		$ 115,285
Company’s Share of Unconsolidated Entities Income (Loss)	$ 3,979	$ 1,732
Number of properties owned | retailProperty	7
Vida JV LLC
Schedule of Equity Method Investments [Line Items]
Number of buildings owned | building	20
GP Fund | ITP LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	90.00%
ITP LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	85.00%
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	$ 83,098		80,455
Company’s Share of Unconsolidated Entities Income (Loss)	3,152	1,285
San Simeon Holdings
Schedule of Equity Method Investments [Line Items]
Carrying Amount	22,696		21,088
Company’s Share of Unconsolidated Entities Income (Loss)	$ 607	447
Investment yield	6.50%
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	$ 7,787		7,749
Company’s Share of Unconsolidated Entities Income (Loss)	174	0
GP Fund
Schedule of Equity Method Investments [Line Items]
Carrying Amount	7,705		$ 5,993
Company’s Share of Unconsolidated Entities Income (Loss)	$ 46	$ 0
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Balance Sheet
Total assets	$ 779,908		$ 612,377
Total liabilities	(392,773)		(313,609)
Total equity	100,305		70,030
Operating Data
Total revenue	10,246	$ 2,178
Net income (loss)	(1,936)	36
Vida JV LLC, San Simeon Holdings and Other
Balance Sheet
Total assets	834,598		764,250
Total liabilities	(448,468)		(392,455)
Total equity	386,130		371,795
Operating Data
Total revenue	18,842	10,843
Net income (loss)	8,911	2,807
Vida JV LLC
Balance Sheet
Total assets	415,135		407,574
Total liabilities	(220,186)		(218,845)
Total equity	194,949		188,729
Operating Data
Total revenue	9,055	8,588
Net income (loss)	7,421	3,031
San Simeon Holdings
Balance Sheet
Total assets	122,749		122,661
Total liabilities	(74,691)		(79,237)
Total equity	48,058		43,424
Operating Data
Total revenue	2,464	2,255
Net income (loss)	720	(224)
Other
Balance Sheet
Total assets	296,714		234,015
Total liabilities	(153,591)		(94,373)
Total equity	143,123		$ 139,642
Operating Data
Total revenue	7,323	0
Net income (loss)	$ 770	$ 0

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Balance	$ 16,174	$ 12,296
Unamortized Premium (Discount)	126	143
Amortized Cost / Cost	23,985	12,850
Unrealized Gain (Loss), Net	(325)	(165)
Fair Value	23,660	12,685
Non-agency CMBS
Debt Instrument [Line Items]
Principal Balance	10,946	7,171
Unamortized Premium (Discount)	(87)	(83)
Amortized Cost / Cost	10,859	7,088
Unrealized Gain (Loss), Net	(559)	(154)
Fair Value	$ 10,300	$ 6,934
Period-end Weighted Average Yield	4.22%	3.60%
Corporate debt
Debt Instrument [Line Items]
Principal Balance	$ 5,228	$ 5,125
Unamortized Premium (Discount)	213	226
Amortized Cost / Cost	5,441	5,351
Unrealized Gain (Loss), Net	(196)	(7)
Fair Value	$ 5,245	$ 5,344
Period-end Weighted Average Yield	3.70%	3.58%
Preferred stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 3,651	$ 411
Unrealized Gain (Loss), Net	(10)	(4)
Fair Value	$ 3,641	$ 407
Period-end Weighted Average Yield	6.26%	6.80%
Common stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 4,034	$ 0
Unrealized Gain (Loss), Net	440	0
Fair Value	$ 4,474	$ 0
Period-end Weighted Average Yield	3.23%	0.00%

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible assets, net:
Total Cost	$ 45,535	$ 28,348
Accumulated Amortization	(11,841)	(6,371)
Intangible Assets, net	33,694	21,977
Intangible liabilities, net:
Total Cost	2,904	1,677
Accumulated Amortization	(244)	(195)
Intangible Assets, net	2,660	1,482
In-place lease intangibles
Intangible assets, net:
Total Cost	37,835	24,094
Accumulated Amortization	(11,451)	(6,115)
Intangible Assets, net	26,384	17,979
Leasing commissions
Intangible assets, net:
Total Cost	5,749	2,932
Accumulated Amortization	(331)	(230)
Intangible Assets, net	5,418	2,702
Above-market lease intangibles
Intangible assets, net:
Total Cost	1,951	1,322
Accumulated Amortization	(59)	(26)
Intangible Assets, net	$ 1,892	$ 1,296

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, net	$ 33,694	$ 21,977
Below-market Lease Intangibles
2022 (remainder)	(371)
2023	(387)
2024	(387)
2025	(387)
2026	(387)
2027	(300)
Thereafter	(441)
Leasing Commissions	(2,660)	(1,482)
In-place lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2022 (remainder)	7,748
2023	2,194
2024	2,194
2025	2,194
2026	2,194
2027	1,972
Thereafter	7,888
Intangible Assets, net	26,384	17,979
Leasing commissions
Acquired Finite-Lived Intangible Assets [Line Items]
2022 (remainder)	477
2023	619
2024	619
2025	615
2026	612
2027	552
Thereafter	1,924
Intangible Assets, net	5,418	2,702
Above-market lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2022 (remainder)	132
2023	176
2024	176
2025	176
2026	176
2027	176
Thereafter	880
Intangible Assets, net	$ 1,892	$ 1,296

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized tax abatement, net	$ 8,611	$ 7,049
Deposits	6,228	3,460
Derivative instruments	3,324	0
Prepaid expenses	1,093	460
Deferred rent	887	528
Deferred financing costs, net	811	818
Other	291	243
Total	21,245	$ 12,558
Capitalized tax abatement, accumulated depreciation	500
Capitalized tax abatement, estimated annual amortization	$ 600

Other Assets - Schedule of Deri

Other Assets - Schedule of Derivative Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)derivative	Mar. 31, 2021USD ($)
Derivative [Line Items]
Unrealized gain on derivative instruments	$ 1,516	$ 0
Interest Rate Cap
Derivative [Line Items]
Number of interest rate cap transactions | derivative	2
Notional Amount	$ 118,500
Fixed Amount	1,832
Fair Value	$ 3,324
Weighted Average Remaining Term In Years	2 years 10 months 13 days

Borrowings - Revolving Credit F

Borrowings - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 108,300
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Facility Size	150,000	$ 100,000	$ 100,000
Principal Outstanding Balance	$ 108,300	$ 75,500
Weighted average interest rate	1.91%		1.71%
Principal Balance Outstanding	$ 41,700
Revolving Credit Facility | Federal funds rate
Debt Instrument [Line Items]
Variable interest rate	0.50%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Variable interest rate	1.00%
Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Variable interest rate	1.00%
Revolving Credit Facility | Margin Based On Leverage Ratio
Debt Instrument [Line Items]
Variable interest rate	1.00%

Borrowings - Schedule of Mortga

Borrowings - Schedule of Mortgage Notes (Details) - Mortgages Payable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 203,160	$ 163,500
Deferred financing costs, net	(2,108)	(1,847)
Mortgage notes payable, net	$ 201,052	161,653
Cortona Apartment Mortgage
Debt Instrument [Line Items]
Interest rate	2.65%
Maximum Principal Amount	$ 45,000
Principal Balance Outstanding	$ 45,000	45,000
Weighted average interest rate	2.65%
Cortona Apartment Mortgage | LIBOR
Debt Instrument [Line Items]
Variable interest rate	2.40%
Bixby Kennesaw Mortgage
Debt Instrument [Line Items]
Maximum Principal Amount	$ 53,000
Principal Balance Outstanding	$ 53,000	53,000
Weighted average interest rate	1.75%
Bixby Kennesaw Mortgage | LIBOR
Debt Instrument [Line Items]
Variable interest rate	1.60%
Tempe Student Housing Mortgage
Debt Instrument [Line Items]
Maximum Principal Amount	$ 65,500
Principal Balance Outstanding	$ 65,500	65,500
Weighted average interest rate	1.80%
Tempe Student Housing Mortgage | SOFR
Debt Instrument [Line Items]
Variable interest rate	1.75%
Cortlandt Crossing
Debt Instrument [Line Items]
Interest rate	3.13%
Maximum Principal Amount	$ 39,660
Principal Balance Outstanding	$ 39,660	$ 0

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Line of Credit Facility [Line Items]
Total		$ 36,354
Tempe Student Housing
Line of Credit Facility [Line Items]
Proceeds from finance lease	$ 54,000
Term of contract	104 years
Finance lease, initial payment	$ 1,400
Finance lease, annual lease payment Increase	102.00%
Finance obligation, debt issuance costs	$ 200
Finance lease, carrying value of land	17,600
Total	$ 36,400

Borrowings - Schedule of Future

Borrowings - Schedule of Future Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Obligation
2022 (remaining)	$ 0
2023	3
2024	6
2025	9
2026	12
2027	15
Thereafter	36,309
Total	36,354
2022 (remaining)	0
2023	3
2024	108,306
2025	65,509
2026	53,012
2027	39,675
Thereafter	81,309
Total	347,814
Revolving Credit Facility
Maturities of Long-term Debt [Abstract]
2022 (remaining)	0
2023	0
2024	108,300
2025	0
2026	0
2027	0
Thereafter	0
Total	108,300
Mortgages Payable
Maturities of Long-term Debt [Abstract]
2022 (remaining)	0
2023	0
2024	0
2025	65,500
2026	53,000
2027	39,660
Thereafter	45,000
Total	$ 203,160	$ 163,500

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Subscriptions received in advance	$ 3,092	$ 250
Intangible liabilities, net	2,660	1,482
Accounts payable and accrued expenses	1,585	1,237
Real estate taxes payable	1,400	743
Accrued interest expense	770	608
Tenant security deposits	475	274
Prepaid rental income	1,214	409
Unsettled trade payable	0	904
Total	$ 11,196	$ 5,907

Accounts Payable, Accrued Exp_4

Accounts Payable, Accrued Expenses and Other Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounts Payable [Line Items]
Tax liability	$ 100	$ 9
Accounts Payable, Accrued Expenses, And Other Liabilities
Accounts Payable [Line Items]
Deferred tax liability	$ 100	$ 9

Class N Redeemable Common Sto_2

Class N Redeemable Common Stock (Details) $ in Thousands	3 Months Ended	29 Months Ended
	Mar. 31, 2022USD ($)shares	Mar. 31, 2022USD ($)shares
Class of Stock [Line Items]
Increase to redeemable common stock	$ 10,000
Decrease to additional paid In capital	10,000
Affiliated entity
Class of Stock [Line Items]
Aggregate net proceeds		$ 476,617
Class N Common Stock | Affiliated entity
Class of Stock [Line Items]
Number of shares issued in transaction (in shares) | shares		13,971,925
Class N Common Stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Capital commitment	$ 85,500	$ 85,500
Massachusetts Mutual Life Insurance Company | Class N Common Stock | Affiliated entity
Class of Stock [Line Items]
Stock repurchased during period (in shares) | shares		2,388,175
Stock repurchased during period		$ (70,000)
Stock redemption terms	3 years
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) | shares	11,165,872
Aggregate net proceeds		314,500
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

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
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)	8,777,697		7,372,812
Dividends	$ 5,900,000	$ 2,400,000
Adjustment to carrying value of redeemable equity instruments	138,000	0
Share-based compensation	$ 19,000	$ 19,000
Share-based compensation plan, shares available for issuance (in shares)	191,493
Redeemable Non-controlling Interest in INREIT OP
Class of Stock [Line Items]
Distributions Payable To Noncontrolling Interests	$ 15,000		$ 0
Third Parties
Class of Stock [Line Items]
Dividends accrued	16,000		0
Revolving Credit Facility
Class of Stock [Line Items]
Capital commitment from related party	30,000,000
Affiliated entity
Class of Stock [Line Items]
Dividends accrued	$ 2,100,000		$ 1,400,000
Private Placement
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125		125
Redeemable common stock | Affiliated entity | Massachusetts Mutual Life Insurance Company
Class of Stock [Line Items]
Redeemable common stock, shares issued (in shares)	8,777,697		7,372,812
Class N Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	1,992,225		1,183,697
Share-based compensation (in shares)	719
Class N Common Stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Capital commitment	$ 85,500,000
Class E Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	2,248,528		2,244,581
Share-based compensation (in shares)	628
Share-based compensation	$ 19,000

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	11,548,268	3,608,831
Issuance of common stock (in shares)	2,989,975	2,636,645
Distribution reinvestment (in shares)	2,591	32
Ending balance (in shares)	14,540,834	6,245,508
Class T Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	186,821	0
Issuance of common stock (in shares)	165,035	0
Distribution reinvestment (in shares)	0	0
Ending balance (in shares)	351,856	0
Class S Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	186,821	0
Issuance of common stock (in shares)	165,035	0
Distribution reinvestment (in shares)	0	0
Ending balance (in shares)	351,856	0
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	186,821	0
Issuance of common stock (in shares)	165,035	0
Distribution reinvestment (in shares)	0	0
Ending balance (in shares)	351,856	0
Class I Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	186,715	0
Issuance of common stock (in shares)	279,643	0
Distribution reinvestment (in shares)	458	0
Ending balance (in shares)	466,816	0
Class E Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,244,581	0
Issuance of common stock (in shares)	1,814	0
Distribution reinvestment (in shares)	2,133	0
Ending balance (in shares)	2,248,528	0
Class N Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	8,556,509	3,608,831
Issuance of common stock (in shares)	2,213,413	2,636,645
Distribution reinvestment (in shares)	0	32
Ending balance (in shares)	10,769,922	6,245,508

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest- Schedule of Aggregate Distributions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Series A Preferred Stock
Class of Stock [Line Items]
Aggregate distributions declared, preferred stock (in USD per share)	$ 0	$ 0
Stockholder servicing fee, preferred stock (in USD per share)	0
Net distributions declared, common stock (in USD per share)	0	0
Class T Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4252	0
Stockholder servicing fee, common stock (in USD per share)	(0.0643)
Net distributions declared, common stock (in USD per share)	0.3609	0
Class S Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4252	0
Stockholder servicing fee, common stock (in USD per share)	(0.0643)
Net distributions declared, common stock (in USD per share)	0.3609	0
Class D Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4252	0
Stockholder servicing fee, common stock (in USD per share)	(0.0189)
Net distributions declared, common stock (in USD per share)	0.4063	0
Class I Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4252	0
Stockholder servicing fee, common stock (in USD per share)	0
Net distributions declared, common stock (in USD per share)	0.4252	0
Class E Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4252	0
Stockholder servicing fee, common stock (in USD per share)	0
Net distributions declared, common stock (in USD per share)	0.4252	0
Class N Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4252	0.4280
Stockholder servicing fee, common stock (in USD per share)	0
Net distributions declared, common stock (in USD per share)	$ 0.4252	$ 0.4280

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Net loss allocated	$ (261)	$ 0
Distributions	30	0
Adjustment to carrying value of redeemable equity instruments	$ 138	$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	$ 23,660	$ 12,685
Derivative instruments	3,324	0
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	23,660	12,685
Total	26,984	12,685
Fair Value, Recurring | Interest Rate Cap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	3,324	0
Level 1 | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	8,115	407
Total	8,115	407
Level 1 | Fair Value, Recurring | Interest Rate Cap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	0	0
Level 2 | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	15,545	12,278
Total	18,869	12,278
Level 2 | Fair Value, Recurring | Interest Rate Cap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	3,324	0
Level 3 | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	0	0
Total	0	0
Level 3 | Fair Value, Recurring | Interest Rate Cap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Value
Debt Instrument [Line Items]
Financing obligation	$ 53,752	$ 53,619
Total	365,212	292,619
Carrying Value | Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	108,300	75,500
Carrying Value | Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	203,160	163,500
Estimated Fair Value
Debt Instrument [Line Items]
Financing obligation	53,752	53,619
Total	364,645	292,619
Estimated Fair Value | Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	108,300	75,500
Estimated Fair Value | Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	$ 202,593	$ 163,500

Related Party Transactions - Du

Related Party Transactions - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliates	$ 18,473	$ 16,930
Advanced general and administrative expenses
Related Party Transaction [Line Items]
Due to affiliates	8,019	6,443
Advanced offering costs
Related Party Transaction [Line Items]
Due to affiliates	4,631	4,245
Performance participation interest
Related Party Transaction [Line Items]
Due to affiliates	2,121	3,280
Advanced organization expenses
Related Party Transaction [Line Items]
Due to affiliates	1,474	1,474
Distributions payable
Related Party Transaction [Line Items]
Due to affiliates	2,132	1,440
Accrued management fee
Related Party Transaction [Line Items]
Due to affiliates		28
Share-based compensation payable
Related Party Transaction [Line Items]
Due to affiliates	$ 19	$ 20

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	Feb. 01, 2022shares	Mar. 31, 2022USD ($)quarterinvestment	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2022USD ($)shares	Dec. 31, 2021USD ($)
Related Party Transaction [Line Items]
Management fees		$ 114,000	$ 0
Due to affiliates		18,473,000		$ 18,473,000	$ 18,473,000	$ 16,930,000
Affiliate costs		2,121,000	182,000
Advance of organization and offering fees, net asset value threshold		$ 1,000,000,000		1,000,000,000	1,000,000,000
Reimbursement term, organization and offering expenses		60 months
Adviser fee, number of consecutive quarters, reimbursement period | quarter		4
Total expenses				9,500,000
Advisor fee, excess of operating expenses per agreement				700,000
Invested asset growth		37.00%
Number of investments closed | investment		4
Accrued management fee
Related Party Transaction [Line Items]
Due to affiliates						28,000
Advance Of Operating Expenses
Related Party Transaction [Line Items]
Operating expenses advanced		$ 8,000,000		8,000,000	8,000,000	$ 6,400,000
Reimbursement of operating expenses threshold, percentage of average invested assets over four quarters		2.00%
Reimbursement of operating expenses threshold, percentage of net income over four quarters		25.00%
Revolving Credit Facility
Related Party Transaction [Line Items]
Capital commitment from related party		$ 30,000,000		$ 30,000,000	$ 30,000,000
Private Offering | Organization Costs And Offering Expenses
Related Party Transaction [Line Items]
Organization and offering expenses		2,400,000
Public Offering | Organization Costs And Offering Expenses
Related Party Transaction [Line Items]
Organization and offering expenses		$ 3,700,000
The Adviser
Related Party Transaction [Line Items]
Management fee percentage of NAV		1.00%		1.00%	1.00%
Management fee commencement period		10 years
Management fees		$ 100,000
The Adviser | Accrued management fee
Related Party Transaction [Line Items]
Due to affiliates		77,000		$ 77,000	$ 77,000
The Adviser | Support Personnel Costs
Related Party Transaction [Line Items]
Expenses from transactions with related party		$ 400,000	$ 300,000
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%
Affiliated entity | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares					13,971,925
Affiliated entity | Class N Common Stock | Private Offering
Related Party Transaction [Line Items]
Capital commitment		$ 85,500,000		$ 85,500,000	$ 85,500,000
Affiliated entity | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares	106,268				2,014,086
The Dealer Manager
Related Party Transaction [Line Items]
Stockholder servicing fee accrual threshold		8.75%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Stockholder Servicing Fees (Details) - The Dealer Manager	3 Months Ended
	Mar. 31, 2022
Related Party Transaction [Line Items]
Advisor servicing fees	0.65%
Dealer stockholder servicing fees	0.20%
Class T Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.00%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class S Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class D Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	1.50%
Stockholder Servicing Fee (% of NAV)	0.25%

Related Party Transactions - _2

Related Party Transactions - Schedule of Related Party Share Ownership (Details) - Affiliated entities - USD ($) $ in Thousands	Feb. 01, 2022	Mar. 31, 2022
Related Party Transaction [Line Items]
Total Purchase Price		$ 476,617
MassMutual
Related Party Transaction [Line Items]
Total Purchase Price		314,526
Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Total Purchase Price		119,500
Invesco Realty, Inc.
Related Party Transaction [Line Items]
Total Purchase Price		40,008
Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Total Purchase Price		$ 2,583
Class T Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		165,126
Class T Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class T Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class T Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		165,126
Stock issued during period, exchange of common stock (in shares)		186,731
Class T Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class S Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		165,126
Class S Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class S Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class S Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		165,126
Stock issued during period, exchange of common stock (in shares)		186,731
Class S Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class D Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		165,126
Class D Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class D Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class D Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		165,126
Stock issued during period, exchange of common stock (in shares)		186,731
Class D Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		164,747
Class I Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class I Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class I Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		164,573
Stock issued during period, exchange of common stock (in shares)		186,208
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)		174
Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	106,268	2,014,086
Class E Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class E Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		1,994,164
Class E Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		0
Class E Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		19,922
Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		13,971,925
Class N Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		11,165,872
Class N Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)		1,992,224
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
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
Class N Common Stock | Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)		2,388,175
Stock repurchased during period		$ 70,000
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
Redeemable common stock | Massachusetts Mutual Life Insurance Company | Private Offering
Related Party Transaction [Line Items]
Sale of stock, purchase commitment received		$ 400,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Capital Commitment
Other Commitments [Line Items]
Other commitment	$ 2.4
Tenant Improvements
Other Commitments [Line Items]
Other commitment	3.5
Other commitments, funded	$ 3.1

Tenant Leases - Operating Lease

Tenant Leases - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Fixed lease payments	$ 8,807	$ 1,854
Variable lease payments	856	261
Rental revenue	$ 9,663	$ 2,115

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rental Payments Receivable (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (remainder)	$ 8,708
2023	8,396
2024	7,941
2025	7,369
2026	7,523
2027	7,296
Thereafter	28,767
Total	$ 76,000

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of reportable segments	8

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 779,908	$ 612,377
Operating segments | Healthcare
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	83,098	80,455
Operating segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	39,619	38,633
Operating segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	147,396	60,071
Operating segments | Self-Storage
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	54,491	57,305
Operating segments | Multifamily
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	67,368	67,866
Operating segments | Student Housing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	239,052	242,014
Operating segments | Grocery-Anchored Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	66,375	0
Operating segments | Real Estate Preferred Equity
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	22,697	21,088
Corporate, non-segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 59,812	$ 44,945

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental revenue	$ 9,663,000	$ 2,115,000
Other revenue	583,000	63,000
Total revenues	10,246,000	2,178,000
Expenses
Rental property operating	3,218,000	512,000
Total expenses	3,218,000
Income from unconsolidated entities	9,003,000	6,406,000
Income from real estate-related securities	28,000	9,000
Segment net operating income	16,059,000
Depreciation and amortization	(13,802,000)	(6,199,000)
General and administrative	(1,623,000)	(1,161,000)
Unrealized gain on derivative instruments	1,516,000	0
Interest expense	(2,037,000)	(503,000)
Management fee - related party	(114,000)	0
Performance participation interest - related party	(2,121,000)	(182,000)
Other income (expense)	(75,000)	0
Net income (loss) attributable to Invesco Real Estate Income Trust Inc.	(2,197,000)	36,000
Dividends to preferred stockholders	(2,000)	(2,000)
Net loss attributable to non-controlling interests in consolidated joint ventures	(14,000)	0
Net loss attributable to non-controlling interest in INREIT OP	(261,000)	0
Net income (loss) attributable to common stockholders, basic	(1,924,000)	34,000
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	8,177,000	5,959,000
Income from real estate-related securities	0	0
Segment net operating income	8,177,000	5,959,000
Depreciation and amortization	(5,024,000)	(4,674,000)
Operating segments | Office
Revenues
Rental revenue	737,000	687,000
Other revenue	0	0
Total revenues	737,000	687,000
Expenses
Rental property operating	131,000	96,000
Total expenses	131,000	96,000
Income from unconsolidated entities	0	0
Income from real estate-related securities	0	0
Segment net operating income	606,000	591,000
Depreciation and amortization	(415,000)	(298,000)
Operating segments | Industrial
Revenues
Rental revenue	1,645,000	566,000
Other revenue	88,000	0
Total revenues	1,733,000	566,000
Expenses
Rental property operating	449,000	163,000
Total expenses	449,000	163,000
Income from unconsolidated entities	0	0
Income from real estate-related securities	0	0
Segment net operating income	1,284,000	403,000
Depreciation and amortization	(582,000)	(211,000)
Operating segments | Self-Storage
Revenues
Rental revenue	1,103,000	862,000
Other revenue	162,000	63,000
Total revenues	1,265,000	925,000
Expenses
Rental property operating	396,000	253,000
Total expenses	396,000	253,000
Income from unconsolidated entities	0	0
Income from real estate-related securities	0	0
Segment net operating income	869,000	672,000
Depreciation and amortization	(2,708,000)	(1,016,000)
Operating segments | Multifamily
Revenues
Rental revenue	1,243,000	0
Other revenue	119,000	0
Total revenues	1,362,000	0
Expenses
Rental property operating	414,000	0
Total expenses	414,000	0
Income from unconsolidated entities	0	447,000
Income from real estate-related securities	0	0
Segment net operating income	948,000	447,000
Depreciation and amortization	(493,000)	0
Operating segments | Student Housing
Revenues
Rental revenue	4,213,000	0
Other revenue	214,000	0
Total revenues	4,427,000	0
Expenses
Rental property operating	1,576,000	0
Total expenses	1,576,000	0
Income from unconsolidated entities	0	0
Income from real estate-related securities	0	9,000
Segment net operating income	2,851,000	9,000
Depreciation and amortization	(4,270,000)	0
Operating segments | Grocery-Anchored Retail
Revenues
Rental revenue	722,000	2,115,000
Other revenue	0	63,000
Total revenues	722,000	2,178,000
Expenses
Rental property operating	210,000	512,000
Total expenses	210,000	512,000
Income from unconsolidated entities	0	6,406,000
Income from real estate-related securities	0	9,000
Segment net operating income	512,000	8,081,000
Depreciation and amortization	(247,000)	$ (6,199,000)
Operating segments | Real Estate Preferred Equity
Revenues
Rental revenue	0
Other revenue	0
Total revenues	0
Expenses
Rental property operating	0
Total expenses	0
Income from unconsolidated entities	606,000
Income from real estate-related securities	0
Segment net operating income	606,000
Depreciation and amortization	0
Corporate, non-segment
Revenues
Rental revenue	0
Other revenue	0
Total revenues	0
Expenses
Rental property operating	42,000
Total expenses	42,000
Income from unconsolidated entities	220,000
Income from real estate-related securities	28,000
Segment net operating income	206,000
Depreciation and amortization	$ (63,000)

Segment Reporting - Income (Los

Segment Reporting - Income (Loss) From Unconsolidated Real Estate Entities Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Segment income from unconsolidated entities	$ 9,003	$ 6,406
Depreciation and amortization attributable to unconsolidated entities	(5,024)	(4,674)
Income (loss) from unconsolidated real estate entities	$ 3,979	$ 1,732

Segment Reporting - Depreciatio

Segment Reporting - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Segment depreciation and amortization	$ (13,802)	$ (6,199)
Depreciation and amortization attributable to unconsolidated entities	5,024	4,674
Depreciation and amortization	$ (8,778)	$ (1,525)

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Apr. 27, 2022USD ($)	May 13, 2022USD ($)transaction	Mar. 31, 2022USD ($)
Subsequent Event [Line Items]
Consideration transferred			$ 151,504
Subsequent Event
Subsequent Event [Line Items]
Consideration transferred		$ 172,500
Number of asset acquisitions in period | transaction		2
Subsequent Event | Public Offering
Subsequent Event [Line Items]
Aggregate net proceeds		$ 3,700
Subsequent Event | Class N Common Stock | Private Offering
Subsequent Event [Line Items]
Proceeds from issuance of private placement	$ 44,200