Invesco Real Estate Income Trust 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 09, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	true
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	Q3
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		423,225
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		553,677
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,706,840
Class E Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,071,843
Class N Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,385,246

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Investments in real estate, net	$ 763,576	$ 434,373
Investments in unconsolidated entities	127,170	115,285
Investment in commercial loan, at fair value	21,800	0
Investments in real estate-related securities, at fair value	24,396	12,685
Intangible assets, net	29,571	21,977
Cash and cash equivalents	25,992	13,754
Restricted cash	10,161	1,745
Other assets	21,455	12,558
Total assets	1,024,121	612,377
LIABILITIES
Revolving credit facility	88,500	75,500
Mortgage notes payable, net	374,355	161,653
Financing obligation, net	53,752	53,619
Due to affiliates	23,668	16,930
Accounts payable, accrued expenses and other liabilities	19,266	5,907
Total liabilities	559,541	313,609
Commitments and contingencies (See Note 16)	0	0
Class N redeemable common stock, $0.01 par value per share, 10,385,246 and 7,372,812 shares issued and outstanding, respectively	343,404	224,667
Redeemable non-controlling interest in INREIT OP	3,178	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	143,217	94,097
Accumulated deficit and cumulative distributions	(56,125)	(24,150)
Total stockholders' equity	87,200	70,030
Non-controlling interests in consolidated joint ventures	30,798	4,071
Total equity	117,998	74,101
Total liabilities, redeemable equity instruments and equity	1,024,121	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	5	2
Class I Common Stock
EQUITY
Common stock	31	2
Class E Common Stock
EQUITY
Common stock	23	22
Class N Common Stock
EQUITY
Common stock	$ 0	$ 12

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets Parenthetical - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Redeemable common stock, par value (in USD per share)	$ 0.01	$ 0.01
Redeemable common stock, shares issued (in shares)	10,385,246	7,372,812
Redeemable stock, outstanding (in shares)	10,385,246	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)	398,070	186,821
Common stock, shares outstanding (in shares)	398,070	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)	491,506	186,821
Common stock, shares outstanding (in shares)	491,506	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)	3,109,040	186,715
Common stock, shares outstanding (in shares)	3,109,040	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)	2,279,887	2,244,581
Common stock, shares outstanding (in shares)	2,279,887	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)	0	1,183,697
Common stock, shares outstanding (in shares)	0	1,183,697

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Rental revenue	$ 15,516,000	$ 2,748,000	$ 38,443,000	$ 7,315,000
Income from commercial loan	702,000	0	702,000	0
Other revenue	860,000	88,000	2,086,000	268,000
Total revenues	17,078,000	2,836,000	41,231,000	7,583,000
Expenses
Rental property operating	7,198,000	623,000	15,341,000	1,734,000
General and administrative	1,214,000	893,000	4,126,000	3,033,000
Management fee - related party	337,000	100	638,000	100
Performance participation interest - related party	1,335,000	1,446,000	5,729,000	2,237,000
Depreciation and amortization	11,759,000	1,417,000	32,247,000	4,979,000
Total expenses	21,843,000	4,379,000	58,081,000	11,983,000
Other income (expense), net
Income from unconsolidated entities, net	2,757,000	182,000	8,464,000	1,686,000
Income (loss) from real estate-related securities	(925,000)	19,000	(2,020,000)	83,000
Unrealized gain on derivative instruments	4,547,000	0	7,017,000	0
Interest expense	(4,996,000)	(730,000)	(10,271,000)	(1,813,000)
Other expense	(34,000)	0	(118,000)	0
Total other income (expense), net	1,349,000	(529,000)	3,072,000	(44,000)
Net loss attributable to Invesco Real Estate Income Trust Inc.	(3,416,000)	(2,072,000)	(13,778,000)	(4,444,000)
Dividends to preferred stockholders	(2,000)	(2,000)	(6,000)	(6,000)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	324,000	(4,000)	768,000	(4,000)
Net loss attributable to non-controlling interest in INREIT OP	4,000	0	303,000	0
Net loss attributable to common stockholders, basic	(3,090,000)	(2,078,000)	(12,713,000)	(4,454,000)
Net loss attributable to common stockholders, diluted	$ (3,090,000)	$ (2,078,000)	$ (12,713,000)	$ (4,454,000)
Loss per share:
Net loss per share of common stock, basic (in USD per share)	$ (0.19)	$ (0.32)	$ (0.83)	$ (0.73)
Net loss per share of common stock, diluted (in USD per share)	$ (0.19)	$ (0.32)	$ (0.83)	$ (0.73)
Weighted average shares of common stock outstanding, basic (in shares)	16,386,546	6,544,739	15,249,373	6,103,685
Weighted average shares of common stock outstanding, diluted (in shares)	16,386,546	6,544,739	15,249,373	6,103,685

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 Stock Class T Common Stock	Common Stock Class S Common Stock	Common Stock Class D Common Stock	Common Stock Class I Common Stock	Common Stock Class E Common Stock	Common Stock Class 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
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
Ending balance at Mar. 31, 2021	0
Beginning balance at Dec. 31, 2020	5,232		5,232	41	0	0	0	0	0	4	9,276	(4,089)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		$ 58
Ending balance at Sep. 30, 2021	9,646		8,515	41	0	0	0	0	10	7	24,716	(16,259)	1,131
Beginning balance at Dec. 31, 2020	83,194
Ending balance at Sep. 30, 2021	203,532
Beginning balance at Dec. 31, 2020	0
Redeemable Non-controlling Interest in INREIT OP
Net loss attributable to non-controlling interest in INREIT OP	0
Ending balance at Sep. 30, 2021	0
Beginning balance at Mar. 31, 2021	12,226		12,226	41	0	0	0	0	0	7	18,611	(6,433)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	(6)		(6)								(6)
Distribution reinvestment	26		26								26
Share-based compensation	19		19								19
Net income (loss)	(2,408)		(2,408)									(2,408)
Exchange of common stock	0		0						2	(2)
Preferred stock dividends	(2)		(2)									(2)
Common stock distributions	(2,659)		(2,659)									(2,659)
Adjustment to carrying value of redeemable equity instruments	(10,249)		(10,249)								(10,249)
Ending balance at Jun. 30, 2021	(3,053)		(3,053)	41	0	0	0	0	2	5	8,401	(11,502)	0
Beginning balance at Mar. 31, 2021	144,920
Class N Redeemable Common Stock
Adjustment to carrying value of redeemable equity instruments	10,249
Ending balance at Jun. 30, 2021	155,169
Beginning balance at Mar. 31, 2021	0
Ending balance at Jun. 30, 2021	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	24,949		24,949						8	2	24,939
Distribution reinvestment	33		33								33
Share-based compensation	19	19	19								19
Net income (loss)	(2,072)		(2,076)									(2,076)	4
Preferred stock dividends	(2)		(2)									(2)
Common stock distributions	(2,679)		(2,679)									(2,679)
Adjustment to carrying value of redeemable equity instruments	(8,676)		(8,676)								(8,676)
Contributions from non-controlling interests	1,127												1,127
Ending balance at Sep. 30, 2021	9,646		8,515	41	0	0	0	0	10	7	24,716	(16,259)	1,131
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	61,687
Common stock repurchased	(22,000)
Adjustment to carrying value of redeemable equity instruments	8,676
Ending balance at Sep. 30, 2021	203,532
Redeemable Non-controlling Interest in INREIT OP
Net loss attributable to non-controlling interest in INREIT OP	0
Issuance of Class E OP Units to non-controlling interests	1,127												1,127
Ending balance at Sep. 30, 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
Net income (loss)	(1,936)		(1,922)									(1,922)	(14)
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 equity instruments	(10,182)		(10,182)								(10,182)
Contributions from non-controlling interests	3,280
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 equity instruments	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 attributable to non-controlling interest in INREIT OP	(261)
Issuance of Class E OP Units to 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
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]
Share-based compensation		57
Ending balance at Sep. 30, 2022	117,998		87,200	41	4	4	5	31	23	0	143,217	(56,125)	30,798
Beginning balance at Dec. 31, 2021	224,667
Ending balance at Sep. 30, 2022	343,404
Beginning balance at Dec. 31, 2021	0
Redeemable Non-controlling Interest in INREIT OP
Net loss attributable to non-controlling interest in INREIT OP	(303)
Ending balance at Sep. 30, 2022	3,178
Beginning balance at Mar. 31, 2022	106,307		100,305	41	4	4	4	5	22	20	132,155	(31,950)	6,002
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	13,061		13,061					4			13,057
Distribution reinvestment	129		129								129
Common stock repurchased	(9,200)							(3)			(9,197)
Share-based compensation	19		19								19
Net income (loss)	(8,127)		(7,697)									(7,697)	(430)
Exchange of common stock	0		0					20		(20)
Preferred stock dividends	(2)		(2)									(2)
Common stock distributions	(6,558)		(6,558)									(6,558)
Acquired non-controlling interests	25,400												25,400
Distributions to non-controlling interests	(144)												(144)
Adjustment to carrying value of redeemable equity instruments	(10,374)		(10,374)								(10,374)
Ending balance at Jun. 30, 2022	110,511		79,683	41	4	4	4	26	22	0	125,789	(46,207)	30,828
Beginning balance at Mar. 31, 2022	277,701
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	44,188
Common stock repurchased	(4,795)
Adjustment to carrying value of redeemable equity instruments	10,246
Ending balance at Jun. 30, 2022	327,340
Beginning balance at Mar. 31, 2022	3,127
Redeemable Non-controlling Interest in INREIT OP
Net loss attributable to non-controlling interest in INREIT OP	(38)
Distributions to non-controlling interests	(44)
Adjustment to carrying value of redeemable equity instruments	128
Ending balance at Jun. 30, 2022	3,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	21,372		21,372				1	5	1		21,365
Distribution reinvestment	161		161								161
Share-based compensation	19	$ 19	19								19
Net income (loss)	(3,412)		(3,088)									(3,088)	(324)
Preferred stock dividends	(2)		(2)									(2)
Common stock distributions	(6,828)		(6,828)									(6,828)
Distributions to non-controlling interests	(604)												(604)
Adjustment to carrying value of redeemable equity instruments	(4,117)		(4,117)								(4,117)
Contributions from non-controlling interests	898												898
Ending balance at Sep. 30, 2022	117,998		$ 87,200	$ 41	$ 4	$ 4	$ 5	$ 31	$ 23	$ 0	$ 143,217	$ (56,125)	30,798
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	12,000
Distribution reinvestment	0
Adjustment to carrying value of redeemable equity instruments	4,064
Ending balance at Sep. 30, 2022	343,404
Redeemable Non-controlling Interest in INREIT OP
Net loss attributable to non-controlling interest in INREIT OP	(4)
Issuance of Class E OP Units to non-controlling interests	898												$ 898
Distributions to non-controlling interests	(44)
Adjustment to carrying value of redeemable equity instruments	53
Ending balance at Sep. 30, 2022	$ 3,178

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (13,778,000)	$ (4,444,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	638,000	100
Performance participation interest - related party	5,729,000	2,237,000
Income from unconsolidated entities, net	(8,464,000)	(1,686,000)
Depreciation and amortization	32,247,000	4,979,000
Share-based compensation	57,000	58,000
Straight-line rents	(1,056,000)	(412,000)
Amortization of below-market lease intangibles	(259,000)	(146,000)
Amortization of above-market lease intangibles	121,000	0
Amortization of deferred financing costs	1,035,000	495,000
Unrealized loss on real estate-related securities, net	2,796,000	(3,000)
Unrealized gain on derivative instruments	(7,017,000)	0
Distributions of earnings from investments in unconsolidated entities	6,212,000	701,000
Other operating activities	633,000	51,000
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	2,612,000	(786,000)
Increase in due to affiliates	1,763,000	3,380,000
Increase in accounts payable, accrued expenses and other liabilities	3,222,000	530,000
Net cash provided by operating activities	26,491,000	4,954,000
Cash flows from investing activities:
Investments in unconsolidated entities	(9,633,000)	(13,806,000)
Origination of commercial loan	(21,800,000)	0
Acquisitions of real estate	(367,220,000)	(237,848,000)
Capital improvements to real estate	(806,000)	(2,923,000)
Purchase of real estate-related securities	(14,813,000)	(5,909,000)
Proceeds from sale of real estate-related securities	285,000	2,222,000
Distributions of capital from investments in unconsolidated entities	0	4,580,000
Net cash used in investing activities	(413,987,000)	(253,684,000)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	99,200,000	123,475,000
Repurchase of redeemable common stock	(4,795,000)	(22,000,000)
Proceeds from issuance of common stock	83,621,000	37,303,000
Repayments of secured financings of investments in real estate debt	(38,000)	0
Repurchase of common stock	(9,200,000)	0
Subscriptions received in advance	6,970,000	0
Proceeds from revolving credit facility	177,000,000	133,500,000
Repayment of revolving credit facility	(164,000,000)	(111,700,000)
Borrowings from mortgages payable	215,032,000	98,000,000
Purchase of derivative instruments	(2,196,000)	0
Payment of deferred financing costs	(2,987,000)	(2,003,000)
Common stock and INREIT OP unit distributions	(17,843,000)	(7,163,000)
Preferred stock dividends	(6,000)	(4,000)
Sale of interest to non-controlling interest	22,462,000	0
Contributions from non-controlling interests	5,861,000	1,127,000
Distributions to non-controlling interests	(931,000)	0
Net cash provided by financing activities	408,150,000	250,535,000
Net change in cash and cash equivalents and restricted cash	20,654,000	1,805,000
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	36,153,000	5,523,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	25,992,000	4,581,000
Restricted cash	10,161,000	942,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	36,153,000	5,523,000
Supplemental disclosures:
Interest paid	7,803,000	1,046,000
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	1,092,000	526,000
Issuance of Class E OP Units	3,280,000	0
Issuance of Class E shares for payment of management fees	408,000	0
Issuance of Class E OP Units to non-controlling interests	0	4,000
Accrued capital expenditures	466,000	85,000
Accrued preferred dividends	0	2,000
Distributions payable	2,124,000	996,000
Distribution reinvestment	370,000	60,000
Accrued offering costs due to affiliates	1,422,000	3,105,000
Adjustment to carrying value of redeemable equity instruments	$ 24,673,000	$ 18,925,000

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 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 originate and acquire private real estate debt and invest in real estate-related securities. 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”). On August 11, 2022, our board of directors authorized management to create, under the Operating Partnership, a private placement program to issue and sell up to a maximum aggregate offering amount of $3.0 billion of beneficial interests in specific Delaware statutory trusts (the “DSTs”) holding real properties (the “DST Program”). Under the DST Program, the real property held in each DST will be leased back by a wholly-owned subsidiary of the Operating Partnership in accordance with a master lease agreement. Each master lease agreement will be guaranteed by the Operating Partnership, which will retain a fair market value purchase option (the “FMV Option”) giving it the right, but not the obligation, to acquire the interests in the applicable DST from the investors any time after two years from the closing of the applicable DST offering in exchange for units of the Operating Partnership (“OP Units”) or cash. After a one-year holding period, investors who acquire OP Units under the FMV Option generally have the right to cause the Operating Partnership to redeem all or a portion of their OP Units for, at our sole discretion, shares of the our common stock, cash, or a combination of both. As of September 30, 2022, we have not commenced offering interests through the DST Program.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 both the power to direct the most significant activities impacting the economic performance of the VIE and the obligation to absorb losses or receive benefits significant to the VIE. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of each joint venture is included in non-controlling interests in consolidated joint ventures and reported as equity of the Company on our consolidated balance sheets. The non-controlling partner’s interest is generally calculated as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the joint venture partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the joint venture partner is reported 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 investee but do not have a controlling financial interest. In certain circumstances, such as with investments in limited liability companies or limited partnerships, we apply the equity method of accounting when we own as little as three to five percent. See Note 4 — “Investments in Unconsolidated Entities” for further information about our investments in partially owned entities. Revenue Recognition During the three months ended September 30, 2022, we originated a floating rate mezzanine loan. This loan represent a new source of revenue and the related revenue recognition policy is as follows: Income from commercial loan consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on the commercial loan is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual commercial loan”), unless the loan is well-secured and is in the process of collection. Interest income on the nonaccrual commercial loan is subsequently recognized only to the extent cash payments are received until the debt is returned to accrual status. As of September 30, 2022, we did not have a commercial loan in nonaccrual status. Investment in Commercial Loan We have originated a floating rate mezzanine loan and elected the fair value option. At our election, this investment in commercial loan was stated at fair value and was initially valued at the face amount of the loan funding. Subsequently, the commercial loan is valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value is based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral) and the credit quality of the borrower. The income from the commercial loan represents interest income and origination fee income, which is reported as income from commercial loan on our condensed consolidated statements of operations. Any related origination fees or costs on the commercial loan for which we have elected the fair value option are recognized immediately in earnings. Unrealized gains and losses are recorded as a component of unrealized gain (loss) on investment in commercial loan on our condensed consolidated statements of operations. Derivative Financial Instruments We use derivative financial instruments such as interest rate caps and swaps 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 derivative instruments 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 derivative instruments provide an economic hedge. Income Taxes For the three and nine months ended September 30, 2022, we recorded a net tax expense of approximately $34,000 and $118,000, respectively, located within other expense on our consolidated statements of operations. For the three and nine months ended September 30, 2021, our taxable REIT subsidiaries did not have a tax expense. As of September 30, 2022, we recorded a deferred tax asset of approximately $97,000. As of December 31, 2021, we recorded a deferred tax liability of approximately $9,000. These deferred tax assets and liabilities were recorded within other assets and other liabilities, respectively, on our condensed consolidated balance sheets. As of September 30, 2022, our tax years 2019 through 2021 remain subject to examination by the United States tax authorities. 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 in cash under certain circumstances as described in Note 11 — “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 in cash under certain circumstances as described in Note 12 — “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 of Class N common stock or per unit of Class E units, as applicable. NAV is equivalent to 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 September 30, 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	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Investments in Real Estate, net	Investments in Real Estate, net Investments in real estate, net consist of: $ in thousands September 30, 2022 December 31, 2021 Building and improvements $ 611,630 $ 365,687 Land and land improvements 158,117 64,127 Furniture, fixtures and equipment 11,188 8,690 Total 780,935 438,504 Accumulated depreciation (17,359) (4,131) Investments in real estate, net $ 763,576 $ 434,373 The following table details the properties acquired during the nine months ended September 30, 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 Winston-Salem Self-Storage 100% 1 Self-Storage April 2022 12,154 Everly Roseland Apartments (2) 57% 1 Multifamily April 2022 162,023 Bend Self-Storage 100% 2 Self-Storage June 2022 18,078 Clarksville Self-Storage 100% 3 Self-Storage July 2022 24,529 11 $ 368,288 (1) Purchase price is inclusive of acquisition-related costs. (2) In April 2022, we acquired a 95% consolidated interest in the Everly Roseland Apartments property. In May 2022, we sold 40% of our 95% interest in the Everly Roseland Apartments to an affiliate of Invesco. We continue to consolidate the property subsequent to the sale due to our controlling financial interest. The following table summarizes the allocation of the total cost for the properties acquired during the nine months ended September 30, 2022: $ in thousands Amount Building and building improvements $ 244,921 Land and land improvements 93,949 Lease intangibles (1) 26,088 Capitalized tax abatement (2) 1,666 Furniture, fixtures and equipment 2,263 Above-market lease intangibles 629 Below-market lease intangibles (1,228) Total purchase price (3) $ 368,288 (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 8 — “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 nine months ended September 30, 2022 were as follows: In-place lease intangibles Leasing commissions Above-market lease intangibles Below-market lease intangibles Weighted-average amortization periods (in years) 7.77 13.39 7.58 9.86 We did not record any impairment losses on investments in real estate for the three and nine months ended September 30, 2022. Out of Period Adjustment During the three months ended September 30, 2022, we recorded $0.7 million of depreciation and amortization adjustment related to the Everly Roseland Apartments property which should have been recorded in the condensed consolidated financial statements for the three and six months ended June 30, 2022. Management concluded that this misstatement was not material to the condensed consolidated financial statements for the three and six months ended June 30, 2022 or for the three months ended September 30, 2022.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Our investments in unconsolidated entities as of September 30, 2022 and December 31, 2021 were as follows: $ in thousands Carrying Amount Entity Ownership Percentage (1) September 30, 2022 December 31, 2021 Vida JV LLC (2) 42.5 % $ 81,405 $ 80,455 San Simeon Holdings (3) — 24,747 21,088 PTCR Holdco, LLC (4) — 8,141 7,749 Retail GP Fund (5) 6.8% to 13.5% 12,877 5,993 Total $ 127,170 $ 115,285 (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 September 30, 2022, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of September 30, 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 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 may 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 16 — “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 (“Retail 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 Retail GP Fund ranging from 6.8% to 13.5% in nine retail properties. Our share of the unconsolidated entities’ income (loss) for the three and nine months ended September 30, 2022 and 2021 were as follows: $ in thousands Company’s Share of Unconsolidated Entities' Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, Entity 2022 2021 2022 2021 Vida JV LLC $ 1,770 $ (328) $ 5,370 $ 258 San Simeon Holdings 664 510 1,911 1,428 PTCR Holdco, LLC 372 — 906 — Retail GP Fund (49) — 277 — Total $ 2,757 $ 182 $ 8,464 $ 1,686 The following tables provide summarized balance sheets of our investments in unconsolidated entities: September 30, 2022 December 31, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 416,097 $ 124,061 $ 483,521 $ 1,023,679 $ 407,574 $ 122,661 $ 234,015 $ 764,250 Total liabilities (225,123) (76,023) (264,269) (565,415) (218,845) (79,237) (94,373) (392,455) Total equity $ 190,974 $ 48,038 $ 219,252 $ 458,264 $ 188,729 $ 43,424 $ 139,642 $ 371,795 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 9,089 $ 2,476 $ 22,158 $ 33,723 $ 9,397 $ 2,003 $ — $ 11,400 Net income (loss) $ 4,169 $ 478 $ 1,781 $ 6,428 $ (766) $ 1,093 $ — $ 327 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 27,385 $ 7,467 $ 45,807 $ 80,659 $ 27,236 $ 6,381 $ — $ 33,617 Net income $ 12,645 $ 1,806 $ 8,440 $ 22,891 $ 622 $ 374 $ — $ 996 We did not record any impairment losses on our investments in unconsolidated entities for the three and nine months ended September 30, 2022.

Investment in Commercial Loan

Investment in Commercial Loan	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Investment in Commercial Loan	Investment in Commercial Loan On September 1, 2022, we originated a floating rate mezzanine loan to partially finance the acquisition of an industrial property in Philadelphia, Pennsylvania for $21.8 million with a coupon rate of Term SOFR plus 3.3% and a maturity date of August 31, 2024. As of September 30, 2022, the loan has a principal balance of $21.8 million. We account for the loan under the fair value option and, accordingly, there are no capitalized origination costs or fees associated with the loan. For the three and nine months ended September 30, 2022, we recognized interest income and loan origination fee income from our investment in commercial loan of $0.7 million in our condensed consolidated statements of operations. For the three and nine months ended September 30, 2022, we did not record an unrealized gain or loss on the investment in commercial loan in our condensed consolidated statements of operations.

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	9 Months Ended
	Sep. 30, 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 securities by asset type: September 30, 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 $ 14,661 $ (397) $ 14,264 $ (1,495) $ 12,769 5.82 % 9/2/2042 Corporate debt 5,228 180 5,408 (552) 4,856 3.99 % 3/4/2026 Preferred stock of REITs N/A N/A 3,651 (384) 3,267 6.98 % N/A Common stock of REITs N/A N/A 4,034 (530) 3,504 4.12 % N/A Total $ 19,889 $ (217) $ 27,357 $ (2,961) $ 24,396 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 6.78 % N/A Total $ 12,296 $ 143 $ 12,850 $ (165) $ 12,685

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: September 30, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (24,693) $ 22,673 Leasing commissions 5,774 (680) 5,094 Above-market lease intangibles 1,951 (147) 1,804 Total intangible assets, net $ 55,091 $ (25,520) $ 29,571 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (454) $ 2,450 Total intangible liabilities, net $ 2,904 $ (454) $ 2,450 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 September 30, 2022 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2022 (remainder) $ 3,345 $ 161 $ 44 $ (169) 2023 4,047 649 176 (387) 2024 2,602 642 176 (387) 2025 2,189 623 176 (387) 2026 2,152 620 176 (387) 2027 1,805 542 176 (300) Thereafter 6,533 1,857 880 (433) $ 22,673 $ 5,094 $ 1,804 $ (2,450)

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Derivative instruments $ 9,213 $ — Capitalized tax abatement, net (1) 8,311 7,049 Deferred rent 1,585 528 Prepaid expenses 963 460 Deferred financing costs, net 462 818 Deposits 70 3,460 Other 851 243 Total $ 21,455 $ 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 September 30, 2022, accumulated amortization of the capitalized tax abatements was $0.8 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 nine months ended September 30, 2022, we entered into three interest rate caps and one interest rate swap transaction. The following table summarizes the notional amount and other information related to these instruments as of September 30, 2022: $ in thousands Number of Instruments Notional Amount (1) Fixed Amount Fair Value (2) Weighted Average Strike Rate Weighted Average Remaining Term In Years Interest rate caps 3 $ 163,500 $ 2,196 $ 6,925 1.7% 2.11 Interest rate swaps 1 52,500 N/A 2,288 2.7% 4.58 Total 4 $ 216,000 $ 2,196 $ 9,213 (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) The fair value of each derivative instrument is included in other assets on our condensed consolidated balance sheets. For the three and nine months ended September 30, 2022, the changes in fair value of $4.5 million and $7.0 million, respectively, are included in unrealized gain on derivative instruments in our condensed consolidated statements of operations.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Revolving Credit Facility S + applicable margin (1) 1/22/2024 $ 150,000 $ 100,000 $ 88,500 $ 75,500 (1) The term “S” refers to the Secured Overnight Financing Rate (“SOFR”) benchmark interest rate. 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 and nine months ended September 30, 2022 was 3.73% and 2.70%, respectively. (2) As of September 30, 2022 , the borrowing capacity on the Revolving Credit Facili ty was $18.3 million . The borrowing capacity is less than the difference between the maximum facility size and the current principal outstanding balance as the calculation of borrowing capacity is limited by the aggregate fair value and cash flows of our unencumbered properties. As of September 30, 2022, we were in compliance with all loan covenants in our revolving credit facility agreement. 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 September 30, 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) 1/1/2025 $ 65,500 65,500 65,500 Cortlandt Crossing 3.13% 3/1/2027 $ 39,660 39,660 — Everly Roseland Apartments S + applicable margin (5) 4/28/2027 $ 113,500 105,372 — Midwest Industrial Portfolio 4.44% and S + applicable margin (6) 7/5/2027 $ 70,000 70,000 — Total mortgages payable 378,532 163,500 Deferred financing costs, net (4,177) (1,847) Mortgage notes payable, net $ 374,355 $ 161,653 (1) The terms “L” and “S” refer to the relevant floating benchmark rates, the one-month U.S. Dollar denominated London Interbank Offered Rate (“LIBOR”) and SOFR, respectively, 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 2.40% plus one-month LIBOR. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.12% and 3.23%, respectively. (3) The mortgage note secured by Bixby Kennesaw bears interest at the sum of 1.60% plus one-month LIBOR. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 3.81% and 2.65%, respectively. (4) The mortgage note secured by Tempe Student Housing bears interest at 1.75% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 2.83% and 2.25%, respectively. (5) The mortgage note secured by Everly Roseland Apartments bears interest at 1.45% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.06% and 3.35%, respectively. (6) The mortgage note secured by Meridian Business 940, Grove City Industrial, 3101 Agler Road and Earth City Industrial (collectively the “Midwest Industrial Portfolio”) bears interest at two rates. Of the $70.0 million principal balance, $35.0 million bears interest at a fixed rate of 4.44%, and $35.0 million bears interest at a floating rate of the greater of (a) 2.20% or (b) the sum of 1.70% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.24% and 4.21% , respectively. Financing Obligation, Net In connection with the Tempe Student Housing property, as of September 30, 2022 we hold a financing obligation on our condensed consolidated balance sheets of $53.8 million, net of debt issuance costs. The following table presents the future principal payments due under our outstanding borrowings as of September 30, 2022: Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2022 (remaining) $ — $ — $ — $ — 2023 — — 3 3 2024 88,500 — 6 88,506 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 215,032 15 215,047 Thereafter — 45,000 36,309 81,309 Total $ 88,500 $ 378,532 $ 36,354 $ 503,386

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Subscriptions received in advance $ 6,970 $ 250 Real estate taxes payable 2,994 743 Intangible liabilities, net 2,450 1,482 Accrued interest expense 2,171 608 Accounts payable and accrued expenses 1,663 1,237 Prepaid rental income 1,577 274 Tenant security deposits 1,249 409 Distributions payable 192 — Unsettled trade payable — 904 Total $ 19,266 $ 5,907

Class N Redeemable Common Stock

Class N Redeemable Common Stock	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Class N Redeemable Common Stock	Class N Redeemable Common Stock The following table details our Class N redeemable common stock activity with MassMutual: $ in thousands, except share amounts As of September 30, 2022 As of December 31, 2021 Shares Amount Shares Amount Class N Redeemable Common Stock issued 12,923,036 $ 370,726 9,760,987 $ 271,526 Class N Redeemable Common Stock repurchased 2,537,790 $ 74,795 2,388,175 $ 70,000 For the three and nine months ended September 30, 2022, we recorded an increase to Class N redeemable common stock and a decrease to additional paid-in capital of $4.1 million and $24.4 million, respectively, to adjust the value of the Class N shares held by MassMutual to our September 30, 2022 NAV per Class N share. For the three and nine months ended September 30, 2021, we recorded an increase to Class N redeemable common stock and a decrease to additional paid-in capital of $10.2 million for both periods to adjust the value of the Class N shares held by MassMutual to our September 30, 2021 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. As of September 30, 2022, MassMutual has committed to purchase an additional $29.3 million of Class N common stock at our request prior to January 20, 2023. 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	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Preferred Stock As of September 30, 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: Nine Months Ended September 30, 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 Issuance of common stock 838 — 24,365 398,375 5,099 1,392,047 1,820,724 Common stock repurchased (1) — — — (291,818) — (149,616) (441,434) Exchange of common stock (2) — — — 2,028,085 — (1,992,225) 35,860 Distribution reinvestment — — 21 1,892 2,130 — 4,043 Balance at June 30, 2022 352,694 351,856 376,242 2,603,350 2,255,757 10,020,128 15,960,027 Issuance of common stock 45,375 — 115,191 502,883 22,075 365,118 1,050,642 Distribution reinvestment 1 — 73 2,807 2,055 — 4,936 Balance at September 30, 2022 398,070 351,856 491,506 3,109,040 2,279,887 10,385,246 17,015,605 Nine Months Ended September 30, 2021 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2020 — — — — — 3,608,830 3,608,830 Issuance of common stock — — — — — 2,636,645 2,636,645 Distribution reinvestment — — — — — 32 32 Balance at March 31, 2021 — — — — — 6,245,507 6,245,507 Issuance of common stock 91 91 91 — — 1,154 1,427 Exchange of common stock (3) — — — — 156,066 (156,066) — Distribution reinvestment — — — 492 — — 492 Balance at June 30, 2021 91 91 91 492 156,066 6,090,595 6,247,426 Issuance of common stock — — — — 801,593 2,290,960 3,092,553 Common stock repurchased (4) — — — — — (785,025) (785,025) Distribution reinvestment — — — 7 1,172 — 1,179 Balance at September 30, 2021 91 91 91 499 958,831 7,596,530 8,556,133 (1) We repurchased 149,616 Class N shares under MassMutual’s subscription agreement and 291,818 Class I shares as permitted under Invesco Realty, Inc.’s subscription agreement. (2) On June 29, 2022, we issued 2,028,085 unregistered Class I shares of common stock to an affiliate of our Adviser in exchange for 1,992,225 of Class N shares with an equivalent aggregate NAV based on the NAV per share of Class I shares and Class N shares as of May 31, 2022. (3) On May 14, 2021, we exchanged 156,066 Class N shares of our common stock held by our directors and employees of the Adviser and its affiliates, for no additional consideration, on a one-for-one basis for Class E shares of our common stock. (4) In accordance with MassMutual’s Subscription Agreement, on August 5, 2021, we repurchased 785,025 of Class N shares held by MassMutual for $20.0 million. As of September 30, 2022 and December 31, 2021, 10,385,246 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 September 30, 2022 all outstanding Class N shares were classified as redeemable common stock. As of December 31, 2021, of the 8,556,509 outstanding Class N shares, 1,183,697 have been recorded as common stock. As of September 30, 2022, MassMutual has committed to purchase an additional $29.3 million of Class N common stock, as discussed in Note 11 — “Class N Redeemable Common Stock.” We also have 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 and nine months ended September 30, 2022, we declared distributions of $6.9 million and $19.4 million, respectively. For the three and nine months ended September 30, 2021, we declared distributions of $2.7 million and $7.7 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 September 30, 2022 and December 31, 2021, respectively. Additionally, we accrued $0.2 million for distributions payable to third parties as a component of accounts payable and accrued expenses in our condensed consolidated balance sheets as of September 30, 2022. As of December 31, 2021, we did not incur 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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 Stockholder servicing fee per share (1) — (0.0033) — (0.0046) — — — Net distributions declared per share $ — $ 0.4137 $ 0.4170 $ 0.4124 $ 0.4170 $ 0.4170 $ 0.4170 Three Months Ended September 30, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 Stockholder servicing fee per share (1) — (0.0602) (0.0602) (0.0178) — — — Net distributions declared per share $ — $ 0.3474 $ 0.3474 $ 0.3898 $ 0.4076 $ 0.4076 $ 0.4076 Nine Months Ended September 30, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 Stockholder servicing fee per share (1)(2) — 0.0078 0.0115 (0.0019) — — — Net distributions declared per share $ 31.2500 $ 1.2715 $ 1.2752 $ 1.2618 $ 1.2637 $ 1.2637 $ 1.2637 Nine Months Ended September 30, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.5396 $ 0.5396 $ 0.5396 $ 0.6698 $ 0.6698 $ 1.2598 Stockholder servicing fee per share (1) — (0.0797) (0.0797) (0.0235) — — — Net distributions declared per share $ 31.2500 $ 0.4599 $ 0.4599 $ 0.5161 $ 0.6698 $ 0.6698 $ 1.2598 (1) See Note 14 — “Related Party Transactions” for a discussion of the stockholder servicing fees. (2) For the nine months ended September 30, 2022, the stockholder servicing fee for Class T and Class S Common Stock results in a net distribution higher than the gross distribution because it includes an adjustment for stockholder servicing fees deducted from prior monthly distributions. 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 14 — “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. See Note 2 — “Summary of Significant Accounting Policies” for additional information on the redemption value. As the redemption value was greater than the adjusted carrying value at September 30, 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 September 30, Nine Months Ended September 30, $ in thousands 2022 2021 2022 2021 Net loss allocated $ (4) $ — $ (303) $ — Distributions $ 44 $ — $ 118 $ — Adjustment to carrying value $ 53 $ — $ 181 $ — As of September 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 2022, we awarded independent members of our board of directors 581 and 1,811 Class E shares, respectively, under our 2019 Equity Incentive Plan (the “Incentive Plan”) and recognized approximately $19,000 and $57,000, respectively, of compensation expense related to these awards. For the three and nine months ended September 30, 2021, we awarded independent members of our board of directors 1,422 and 690 Class N shares, respectively, under the Incentive Plan and recognized approximately $19,000 and $58,000, respectively, of compensation expense related to these awards. As of September 30, 2022, 190,310 shares of common stock remain available for future issuance under the Incentive Plan.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 Financial Instruments Measured at Fair Value The following table details our financial instruments measured at fair value on a recurring basis: September 30, 2022 December 31, 2021 $ in thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments in real estate-related securities $ 6,771 $ 17,625 $ — $ 24,396 $ 407 $ 12,278 $ — $ 12,685 Investment in commercial loan — — 21,800 21,800 — — — — Interest rate caps — 6,925 — 6,925 — — — — Interest rate swap — 2,288 — 2,288 — — — — Total $ 6,771 $ 26,838 $ 21,800 $ 55,409 $ 407 $ 12,278 $ — $ 12,685 Our investment in commercial loan consists of a floating rate mezzanine loan we originated and have classified as Level 3. The commercial loan is carried at fair value based on significant unobservable inputs. The following table details our investment in commercial loan: $ in thousands Investment in Commercial Loan Balance as of December 31, 2021 $ — Loan originations 21,800 Net unrealized gain (loss) — Balance as of September 30, 2022 $ 21,800 The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurement of our investment in commercial loan as of September 30, 2022. As of December 31, 2021, we did not have an investment in a commercial loan. Type Asset Class Valuation Technique Unobservable Input Rate Commercial loan Retail Discounted cash flow Discount rate 7.21% The discount rate above is subject to change based on changes in economic and market conditions both current and anticipated, in addition to changes in use or timing of exit if applicable. These rates are also based on the location, type and nature of each property and related industry publications. Changes in discount rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. It is not possible for us to predict the effect of future economic or market conditions based on our estimated fair values. Valuation of Financial Instruments Not Carried 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: September 30, 2022 December 31, 2021 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility $ 88,500 $ 88,500 $ 75,500 $ 75,500 Mortgage notes payable (1) 378,532 373,526 163,500 163,500 Financing obligation (1) 54,000 54,000 54,000 54,000 Total $ 521,032 $ 516,026 $ 293,000 $ 293,000 (1) The mortgage notes payable and financing obligation do not include unamortized debt issuance costs.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Advanced general and administrative expenses $ 8,414 $ 6,443 Advanced offering costs 5,185 4,245 Performance participation interest 5,729 3,280 Distributions payable 2,124 1,440 Advanced organization expenses 1,474 1,474 Accrued management fee 230 28 Accrued stockholder servicing fee 482 — Share-based compensation payable 19 20 Accrued affiliate service provider expenses 11 — Total $ 23,668 $ 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 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 do not pay a management fee on the Class E shares and do not currently pay a management fee on the Class N 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 and nine months ended September 30, 2022, we incurred management fees of $0.3 million and $0.6 million, respectively, of which $0.2 million is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of September 30, 2022. During the three and nine months ended September 30, 2021, we incurred management fees of less than $100 for both periods . As of September 30, 2022, we have issued 19,266 Class E shares to the Adviser as payment for the management fee. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. 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. For the three and nine months ended September 30, 2022, we incurred $1.3 million and $5.7 million, respectively, for the Special Limited Partner's performance participation interest. For the three and nine months ended September 30, 2021, we incurred $1.4 million and $2.2 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. As of September 30, 2022, we have 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. Reimbursement of Expenses Incurred by Adviser 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 and nine months ended September 30, 2022, we incurred $0.1 million and $0.7 million, respectively, for costs of support personnel that were provided by the Adviser. During the three and nine months ended September 30, 2021, we incurred $0.2 million and $0.6 million, respectively, for costs of support personnel that were provided by the Adviser. The Adviser and its affiliates facilitates the payment of certain operational costs and bundled contracts to third-party vendors that directly relate to the on-going management operations of the properties. These expenses may include costs for third-party software, tenant relations, property management assessment, regulatory compliance, travel and IT support. The Adviser and its affiliates also facilitates the payment of travel expenses incurred by the management team and support personnel on behalf of the Company. During the nine months ended September 30, 2022, we incurred a total of $0.2 million for these operational and travel expenses that were incurred by the Adviser. We did not incur any operational or travel expenses during the three and nine months ended September 30, 2021. Stockholder Servicing Fees and Other Selling Commissions Invesco Distributors, Inc. (“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 Class T, Class S and Class D shares sold in the Offering. The Dealer Manager reallows (pays) all or a portion of the stockholder servicing fees to participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers and will waive stockholder servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such services. We accrue the full amount of stockholder servicing fees payable as an offering cost at the time each Class T, Class S and Class D share is sold during the Primary Offering. As of September 30, 2022, we have accrued approximately $0.5 million of stockholder servicing fees with respect to the outstanding Class T, Class S and Class D shares. As of December 31, 2021, we had 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. Related Party Share Ownership The table below provides details of purchases of common stock affiliates have made as of September 30, 2022. The table is exclusive of common stock that has been issued to the Advisor as payment for the management fee, common stock issued to the board of directors as compensation and OP units issued to the SLP as payment for the performance participation. $ in thousands, except share amounts Class T Class S Class D Class I Class E Class N Total Purchase Price MassMutual (1) — — — — — 12,923,036 $ 370,726 Invesco Global Property Plus Fund (2) — — — — 1,994,164 1,992,224 119,500 Invesco Realty, Inc. (3) 165,126 165,126 165,126 164,573 — 738,701 40,008 Members of our board of directors and employees of our Adviser (4) — — 179 21,629 75,128 2,647 165,126 165,126 165,126 164,752 2,015,793 15,729,089 $ 532,881 (1) In accordance with MassMutual’s subscription agreement, we have repurchased 2,537,790 of MassMutual Shares for $74.8 million. The amount presented is inclusive of the shares repurchased. (2) Invesco Global Property Plus Fund purchased 1,992,224 of Class N shares for $61.0 million, and we subsequently exchanged these Class N shares for 2,028,086 Class I shares. (3) 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. Additionally, we have repurchased 291,818 Class I shares from Invesco Realty, Inc. for $9.2 million. The amount presented is inclusive of the shares repurchased. (4) Members of our board of directors and employees of our Adviser who are officers of the Company or serve on the Company’s steering committee 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 September 30, 2022, MassMutual has committed to purchase an additional $29.3 million of Class N common stock. We also have 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 upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees) incurred through the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2022. We will reimburse the Adviser for all of our advanced expenses ratably over the 60 months following such date. We will reimburse the Adviser for any subsequent organization and offering expenses as incurred. Subsequent to September 30, 2022, the Advisor agreed that we will not be required to make payments for the reimbursement of advanced organization and offering expenses until the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2023. We will reimburse the Adviser for all of our advanced expenses ratably over the 60 months following such date. As of September 30, 2022 , the Adviser had incurred organization costs and offering expenses of $2.4 million on our behalf in connection with the Private Offerings that are recorded as a component of due to affiliates on our condensed consolidated balance sheets. As of September 30, 2022, the Adviser and its affiliates have also incurred organization costs and offering expenses of $4.2 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 September 30, 2022 and December 31, 2021 , the Adviser advanced on our behalf $8.4 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. In January 2022, we also began reimbursing the Adviser for operating expenses incurred subsequent to December 31, 2021 quarterly. The amount due to the Adviser is recorded as a component of due to affiliates on our condensed consolidated balance sheets . 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. Operating expenses for the four fiscal quarters ended September 30, 2022 did not exceed the charter-imposed limitation. Subsequent to September 30, 2022, the Advisor has agreed that from September 30, 2022, we will not be required to make further repayment of our advanced operating expenses incurred prior to December 31, 2021 until the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2023. Accrued Affiliate Service Provider Expenses The Company has engaged and expects to continue to engage Pine Tree Commercial Realty, LLC (“Pine Tree”), a wholly owned subsidiary of PTCR Holdco, LLC, in which we have a preferred equity investment, to provide property management services (including leasing, revenue management, accounting, legal and contract management, expense management and capital expenditure project services) for Cortlandt Crossing. The cost for such services is a percentage of the gross receipts and project costs, respectively. During the three and nine months ended September 30, 2022, we have incurred approximately $30,000 and $76,000, respectively, of expenses due to Pine Tree for services in connection with the property management of Cortlandt Crossing. The property was acquired in February 2022, thus no property management fees were paid to Pine Tree in 2021. All property management fees paid to Pine Tree are included in rental property operating expenses on our condensed consolidated statements of operations. Co-Investments with Affiliated Products As discussed in Note 4 — “Investments in Unconsolidated Entities”, we formed a joint venture with Invesco U.S. Income Fund L.P., an affiliate of Invesco, to acquire an interest in the Sunbelt Medical Office Portfolio. The Company and Invesco U.S. Income Fund L.P. each hold a 50% interest in the joint venture, which owns 85% of the Sunbelt Medical Office Portfolio. We hold our interest in Everly Roseland Apartments through a 60% consolidated ownership interest in Everly Roseland Co-Invest, a co-investment between INREIT OP and Invesco Real Estate Atlas US Everly LLC, an affiliate of Invesco. The Everly Roseland Co-Invest holds a 95% consolidated ownership interest in a joint venture with a third-party.

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2022, our undrawn capital commitment was $0.9 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 September 30, 2022, we have funded $3.1 million. We have entered into a subscription agreement with Invesco Commercial Mortgage Income - U.S. Fund, L.P. (“CMI”), an affiliate of Invesco managed by our Adviser, for a commitment of $30.0 million. CMI primarily originates and acquires real estate-related debt with underlying properties located throughout the United States. On October 3, 2022, $15.0 million of our capital commitment in this affiliate was called and funded.

Tenant Leases

Tenant Leases	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, $ in thousands 2022 2021 2022 2021 Fixed lease payments $ 13,425 $ 2,448 $ 33,904 $ 6,451 Variable lease payments 2,091 300 4,539 864 Rental revenue $ 15,516 $ 2,748 $ 38,443 $ 7,315 Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable lease term are as follows: $ in thousands Future Minimum Year Rents 2022 (remainder) $ 3,119 2023 11,897 2024 11,608 2025 11,054 2026 11,229 2027 11,032 Thereafter 60,619 Total $ 120,557 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	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of September 30, 2022, we operated in eight reportable segments: healthcare, office, industrial, self-storage, multifamily, student housing, grocery-anchored retail, as well as real estate debt, which includes originated commercial loans and the preferred equity investment in San Simeon Holdings. W e 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 revenue, property operating expenses and the net of revenues and property operating expenses of unconsolidated entities that is allocable to our ownership interest. Real estate revenues include revenues generated from owned properties and interest income generated from commercial loans. The following table summarizes our total assets by segment: $ in thousands September 30, 2022 December 31, 2021 Healthcare $ 81,405 $ 80,455 Office 38,929 38,633 Industrial 145,632 60,071 Self-Storage 94,147 57,305 Multifamily 228,768 67,866 Student Housing 241,295 242,014 Grocery-Anchored Retail 65,770 — Real Estate Debt 46,647 21,088 Corporate and Other 81,528 44,945 Total assets $ 1,024,121 $ 612,377 The following table summarizes our financial results by segment for the three months ended September 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 826 $ 2,872 $ 2,031 $ 3,990 $ 4,445 $ 1,352 $ — $ — $ 15,516 Income from commercial loan — — — — — — — 702 — 702 Other revenue — — 89 218 130 407 16 — — 860 Total revenues — 826 2,961 2,249 4,120 4,852 1,368 702 — 17,078 Expenses: Rental property operating — 119 1,363 1,032 1,421 2,697 419 — 147 7,198 Total expenses — 119 1,363 1,032 1,421 2,697 419 — 147 7,198 Income from unconsolidated entities, net 6,539 — — — — — — 664 397 7,600 Loss from real estate-related securities — — — — — — — — (925) (925) Segment net operating income $ 6,539 $ 707 $ 1,598 $ 1,217 $ 2,699 $ 2,155 $ 949 $ 1,366 $ (675) $ 16,555 Depreciation and amortization $ (4,770) $ (418) $ (1,393) $ (2,423) $ (4,414) $ (2,614) $ (495) $ — $ (75) $ (16,602) General and administrative (1,214) Unrealized gain on derivative instruments 4,547 Interest expense (4,996) Management fee - related party (337) Performance participation interest - related party (1,335) Other expense (34) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (3,416) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 324 Net loss attributable to non-controlling interest in INREIT OP 4 Net loss attributable to common stockholders $ (3,090) 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 September 30, 2022: $ in thousands Segment income from unconsolidated entities $ 7,600 Depreciation and amortization attributable to unconsolidated entities (4,843) Income from unconsolidated entities, net $ 2,757 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended September 30, 2022: $ in thousands Segment depreciation and amortization $ (16,602) Depreciation and amortization attributable to unconsolidated entities 4,843 Depreciation and amortization $ (11,759) The following table summarizes our financial results by segment for the three months ended September 30, 2021: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 683 $ 612 $ 91 $ 1,239 $ 123 $ — $ — $ 2,748 Other revenue — — — — 88 — — — 88 Total revenues — 683 612 91 1,327 123 — — 2,836 Expenses: Rental property operating — 113 129 — 381 — — — 623 Total expenses — 113 129 — 381 — — — 623 Income from unconsolidated real estate entities, net 4,745 — — — — — 510 — 5,255 Income from real estate-related securities — — — — — — — 19 19 Segment net operating income $ 4,745 $ 570 $ 483 $ 91 $ 946 $ 123 $ 510 $ 19 $ 7,487 Depreciation and amortization $ (5,073) $ (298) $ (214) $ — $ (905) $ — $ — $ — $ (6,490) General and administrative (893) Interest expense (730) Performance participation interest - related party (1,446) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (2,072) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures (4) Net loss attributable to common stockholders $ (2,078) 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 September 30, 2021: $ in thousands Segment income from unconsolidated entities $ 5,255 Depreciation and amortization attributable to unconsolidated entities (5,073) Income from unconsolidated entities, net $ 182 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended September 30, 2021: $ in thousands Segment depreciation and amortization $ (6,490) Depreciation and amortization attributable to unconsolidated entities 5,073 Depreciation and amortization $ (1,417) The following table summarizes our financial results by segment for the nine months ended September 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 2,171 $ 7,197 $ 4,434 $ 8,366 $ 12,907 $ 3,368 $ — $ — $ 38,443 Income from commercial loan — — — — — — — 702 — 702 Other revenue — — 265 546 420 837 18 — — 2,086 Total revenues — 2,171 7,462 4,980 8,786 13,744 3,386 702 — 41,231 Expenses: Rental property operating — 358 2,635 1,906 2,984 6,132 1,084 — 242 15,341 Total expenses — 358 2,635 1,906 2,984 6,132 1,084 — 242 15,341 Income from unconsolidated entities, net 19,941 — — — — — — 1,911 1,555 23,407 Income from real estate-related securities — — — — — — — — (2,020) (2,020) Segment net operating income $ 19,941 $ 1,813 $ 4,827 $ 3,074 $ 5,802 $ 7,612 $ 2,302 $ 2,613 $ (707) $ 47,277 Depreciation and amortization $ (14,572) $ (1,275) $ (3,624) $ (7,295) $ (6,835) $ (11,972) $ (1,236) $ — $ (381) $ (47,190) General and administrative (4,126) Unrealized gain on derivative instruments 7,017 Interest expense (10,271) Management fee - related party (638) Performance participation interest - related party (5,729) Other expense (118) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (13,778) Dividends to preferred stockholders $ (6) Net loss attributable to non-controlling interests in consolidated joint ventures 768 Net loss attributable to non-controlling interest in INREIT OP 303 Net loss attributable to common stockholders $ (12,713) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the nine months ended September 30, 2022: $ in thousands Segment income from unconsolidated entities $ 23,407 Depreciation and amortization attributable to unconsolidated entities (14,943) Income from unconsolidated entities, net $ 8,464 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2022: $ in thousands Segment depreciation and amortization $ (47,190) Depreciation and amortization attributable to unconsolidated entities 14,943 Depreciation and amortization $ (32,247) The following table summarizes our financial results by segment for the nine months ended September 30, 2021: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 2,061 $ 1,744 $ 91 $ 3,296 $ 123 $ — $ — $ 7,315 Other revenue — — — — 268 — — — 268 Total revenues — 2,061 1,744 91 3,564 123 — — 7,583 Expenses: Rental property operating — 330 411 — 993 — — — 1,734 Total expenses — 330 411 — 993 — — — 1,734 Income from unconsolidated real estate entities, net 15,288 — — — — — 1,428 — 16,716 Income from real estate-related securities — — — — — — — 83 83 Segment net operating income $ 15,288 $ 1,731 $ 1,333 $ 91 $ 2,571 $ 123 $ 83 $ 83 $ 22,648 Depreciation and amortization $ (15,030) $ (893) $ (639) $ — $ (3,447) $ — $ — $ — $ (20,009) General and administrative (3,033) Interest expense (1,813) Performance participation interest - related party (2,237) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (4,444) Dividends to preferred stockholders $ (6) Net loss attributable to non-controlling interests in consolidated joint ventures (4) Net loss attributable to common stockholders $ (4,454) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the nine months ended September 30, 2021: $ in thousands Segment income from unconsolidated entities $ 16,716 Depreciation and amortization attributable to unconsolidated entities (15,030) Income from unconsolidated entities, net $ 1,686 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2021: $ in thousands Segment depreciation and amortization $ (20,009) Depreciation and amortization attributable to unconsolidated entities 15,030 Depreciation and amortization $ (4,979)

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Private Offering On November 8, 2022, we received proceeds of $29.3 million from the issuance of Class N common stock in the Class N Private Offering. Public Offering Subsequent to September 30, 2022, we received total net proceeds for $22.4 million from the issuance of common stock in our Offering. Additionally, on October 26, 2022, we received a redemption request for $7.5 million effective as of October 31, 2022. The full amount of the redemption was paid on November 2, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 both the power to direct the most significant activities impacting the economic performance of the VIE and the obligation to absorb losses or receive benefits significant to the VIE. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of each joint venture is included in non-controlling interests in consolidated joint ventures and reported as equity of the Company on our consolidated balance sheets. The non-controlling partner’s interest is generally calculated as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the joint venture partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the joint venture partner is reported 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 investee but do not have a controlling financial interest. In certain circumstances, such as with investments in limited liability companies or limited partnerships, we apply the equity method of accounting when we own as little as three to five percent. See Note 4 — “Investments in Unconsolidated Entities” for further information about our investments in partially owned entities.
Revenue Recognition	Revenue Recognition During the three months ended September 30, 2022, we originated a floating rate mezzanine loan. This loan represent a new source of revenue and the related revenue recognition policy is as follows: Income from commercial loan consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on the commercial loan is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual commercial loan”), unless the loan is well-secured and is in the process of collection. Interest income on the nonaccrual commercial loan is subsequently recognized only to the extent cash payments are received until the debt is returned to accrual status. As of September 30, 2022, we did not have a commercial loan in nonaccrual status.
Investment in Commercial Loan	Investment in Commercial Loan We have originated a floating rate mezzanine loan and elected the fair value option. At our election, this investment in commercial loan was stated at fair value and was initially valued at the face amount of the loan funding. Subsequently, the commercial loan is valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value is based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral) and the credit quality of the borrower. The income from the commercial loan represents interest income and origination fee income, which is reported as income from commercial loan on our condensed consolidated statements of operations. Any related origination fees or costs on the commercial loan for which we have elected the fair value option are recognized immediately in earnings. Unrealized gains and losses are recorded as a component of unrealized gain (loss) on investment in commercial loan on our condensed consolidated statements of operations.
Derivatives Financial Instruments	Derivative Financial Instruments We use derivative financial instruments such as interest rate caps and swaps 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 derivative instruments 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 derivative instruments provide an economic hedge.
Income Taxes	Income Taxes For the three and nine months ended September 30, 2022, we recorded a net tax expense of approximately $34,000 and $118,000, respectively, located within other expense on our consolidated statements of operations. For the three and nine months ended September 30, 2021, our taxable REIT subsidiaries did not have a tax expense. As of September 30, 2022, we recorded a deferred tax asset of approximately $97,000. As of December 31, 2021, we recorded a deferred tax liability of approximately $9,000. These deferred tax assets and liabilities were recorded within other assets and other liabilities, respectively, on our condensed consolidated balance sheets. As of September 30, 2022, our tax years 2019 through 2021 remain subject to examination by the United States tax authorities.
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 in cash under certain circumstances as described in Note 11 — “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 in cash under certain circumstances as described in Note 12 — “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 of Class N common stock or per unit of Class E units, as applicable. NAV is equivalent to 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 September 30, 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)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of Investments in Real Estate	Investments in real estate, net consist of: $ in thousands September 30, 2022 December 31, 2021 Building and improvements $ 611,630 $ 365,687 Land and land improvements 158,117 64,127 Furniture, fixtures and equipment 11,188 8,690 Total 780,935 438,504 Accumulated depreciation (17,359) (4,131) Investments in real estate, net $ 763,576 $ 434,373
Asset Acquisition	The following table details the properties acquired during the nine months ended September 30, 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 Winston-Salem Self-Storage 100% 1 Self-Storage April 2022 12,154 Everly Roseland Apartments (2) 57% 1 Multifamily April 2022 162,023 Bend Self-Storage 100% 2 Self-Storage June 2022 18,078 Clarksville Self-Storage 100% 3 Self-Storage July 2022 24,529 11 $ 368,288 (1) Purchase price is inclusive of acquisition-related costs. (2) In April 2022, we acquired a 95% consolidated interest in the Everly Roseland Apartments property. In May 2022, we sold 40% of our 95% interest in the Everly Roseland Apartments to an affiliate of Invesco. We continue to consolidate the property subsequent to the sale due to our controlling financial interest. The following table summarizes the allocation of the total cost for the properties acquired during the nine months ended September 30, 2022: $ in thousands Amount Building and building improvements $ 244,921 Land and land improvements 93,949 Lease intangibles (1) 26,088 Capitalized tax abatement (2) 1,666 Furniture, fixtures and equipment 2,263 Above-market lease intangibles 629 Below-market lease intangibles (1,228) Total purchase price (3) $ 368,288 (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 8 — “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 nine months ended September 30, 2022 were as follows: In-place lease intangibles Leasing commissions Above-market lease intangibles Below-market lease intangibles Weighted-average amortization periods (in years) 7.77 13.39 7.58 9.86

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Our investments in unconsolidated entities as of September 30, 2022 and December 31, 2021 were as follows: $ in thousands Carrying Amount Entity Ownership Percentage (1) September 30, 2022 December 31, 2021 Vida JV LLC (2) 42.5 % $ 81,405 $ 80,455 San Simeon Holdings (3) — 24,747 21,088 PTCR Holdco, LLC (4) — 8,141 7,749 Retail GP Fund (5) 6.8% to 13.5% 12,877 5,993 Total $ 127,170 $ 115,285 (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 September 30, 2022, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of September 30, 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 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 may 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 16 — “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 (“Retail 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 Retail GP Fund ranging from 6.8% to 13.5% in nine retail properties. Our share of the unconsolidated entities’ income (loss) for the three and nine months ended September 30, 2022 and 2021 were as follows: $ in thousands Company’s Share of Unconsolidated Entities' Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, Entity 2022 2021 2022 2021 Vida JV LLC $ 1,770 $ (328) $ 5,370 $ 258 San Simeon Holdings 664 510 1,911 1,428 PTCR Holdco, LLC 372 — 906 — Retail GP Fund (49) — 277 — Total $ 2,757 $ 182 $ 8,464 $ 1,686 The following tables provide summarized balance sheets of our investments in unconsolidated entities: September 30, 2022 December 31, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 416,097 $ 124,061 $ 483,521 $ 1,023,679 $ 407,574 $ 122,661 $ 234,015 $ 764,250 Total liabilities (225,123) (76,023) (264,269) (565,415) (218,845) (79,237) (94,373) (392,455) Total equity $ 190,974 $ 48,038 $ 219,252 $ 458,264 $ 188,729 $ 43,424 $ 139,642 $ 371,795 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 9,089 $ 2,476 $ 22,158 $ 33,723 $ 9,397 $ 2,003 $ — $ 11,400 Net income (loss) $ 4,169 $ 478 $ 1,781 $ 6,428 $ (766) $ 1,093 $ — $ 327 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 27,385 $ 7,467 $ 45,807 $ 80,659 $ 27,236 $ 6,381 $ — $ 33,617 Net income $ 12,645 $ 1,806 $ 8,440 $ 22,891 $ 622 $ 374 $ — $ 996 We did not record any impairment losses on our investments in unconsolidated entities for the three and nine months ended September 30, 2022.

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	9 Months Ended
	Sep. 30, 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 securities by asset type: September 30, 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 $ 14,661 $ (397) $ 14,264 $ (1,495) $ 12,769 5.82 % 9/2/2042 Corporate debt 5,228 180 5,408 (552) 4,856 3.99 % 3/4/2026 Preferred stock of REITs N/A N/A 3,651 (384) 3,267 6.98 % N/A Common stock of REITs N/A N/A 4,034 (530) 3,504 4.12 % N/A Total $ 19,889 $ (217) $ 27,357 $ (2,961) $ 24,396 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 6.78 % N/A Total $ 12,296 $ 143 $ 12,850 $ (165) $ 12,685

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (24,693) $ 22,673 Leasing commissions 5,774 (680) 5,094 Above-market lease intangibles 1,951 (147) 1,804 Total intangible assets, net $ 55,091 $ (25,520) $ 29,571 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (454) $ 2,450 Total intangible liabilities, net $ 2,904 $ (454) $ 2,450 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: September 30, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (24,693) $ 22,673 Leasing commissions 5,774 (680) 5,094 Above-market lease intangibles 1,951 (147) 1,804 Total intangible assets, net $ 55,091 $ (25,520) $ 29,571 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (454) $ 2,450 Total intangible liabilities, net $ 2,904 $ (454) $ 2,450 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 September 30, 2022 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2022 (remainder) $ 3,345 $ 161 $ 44 $ (169) 2023 4,047 649 176 (387) 2024 2,602 642 176 (387) 2025 2,189 623 176 (387) 2026 2,152 620 176 (387) 2027 1,805 542 176 (300) Thereafter 6,533 1,857 880 (433) $ 22,673 $ 5,094 $ 1,804 $ (2,450)
Schedule of Below Market Lease, Future Amortization Income	The estimated future amortization of our intangibles for each of the next five years and thereafter as of September 30, 2022 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2022 (remainder) $ 3,345 $ 161 $ 44 $ (169) 2023 4,047 649 176 (387) 2024 2,602 642 176 (387) 2025 2,189 623 176 (387) 2026 2,152 620 176 (387) 2027 1,805 542 176 (300) Thereafter 6,533 1,857 880 (433) $ 22,673 $ 5,094 $ 1,804 $ (2,450)

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Derivative instruments $ 9,213 $ — Capitalized tax abatement, net (1) 8,311 7,049 Deferred rent 1,585 528 Prepaid expenses 963 460 Deferred financing costs, net 462 818 Deposits 70 3,460 Other 851 243 Total $ 21,455 $ 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 September 30, 2022, accumulated amortization of the capitalized tax abatements was $0.8 million, and the estimated annual amortization is $0.6 million.
Derivatives Not Designated as Hedging Instruments	During the nine months ended September 30, 2022, we entered into three interest rate caps and one interest rate swap transaction. The following table summarizes the notional amount and other information related to these instruments as of September 30, 2022: $ in thousands Number of Instruments Notional Amount (1) Fixed Amount Fair Value (2) Weighted Average Strike Rate Weighted Average Remaining Term In Years Interest rate caps 3 $ 163,500 $ 2,196 $ 6,925 1.7% 2.11 Interest rate swaps 1 52,500 N/A 2,288 2.7% 4.58 Total 4 $ 216,000 $ 2,196 $ 9,213 (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) The fair value of each derivative instrument is included in other assets on our condensed consolidated balance sheets. For the three and nine months ended September 30, 2022, the changes in fair value of $4.5 million and $7.0 million, respectively, are included in unrealized gain on derivative instruments in our condensed consolidated statements of operations.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Revolving Credit Facility S + applicable margin (1) 1/22/2024 $ 150,000 $ 100,000 $ 88,500 $ 75,500 (1) The term “S” refers to the Secured Overnight Financing Rate (“SOFR”) benchmark interest rate. 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 and nine months ended September 30, 2022 was 3.73% and 2.70%, respectively. (2) As of September 30, 2022 , the borrowing capacity on the Revolving Credit Facili ty was $18.3 million . The borrowing capacity is less than the difference between the maximum facility size and the current principal outstanding balance as the calculation of borrowing capacity is limited by the aggregate fair value and cash flows of our unencumbered properties. 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 September 30, 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) 1/1/2025 $ 65,500 65,500 65,500 Cortlandt Crossing 3.13% 3/1/2027 $ 39,660 39,660 — Everly Roseland Apartments S + applicable margin (5) 4/28/2027 $ 113,500 105,372 — Midwest Industrial Portfolio 4.44% and S + applicable margin (6) 7/5/2027 $ 70,000 70,000 — Total mortgages payable 378,532 163,500 Deferred financing costs, net (4,177) (1,847) Mortgage notes payable, net $ 374,355 $ 161,653 (1) The terms “L” and “S” refer to the relevant floating benchmark rates, the one-month U.S. Dollar denominated London Interbank Offered Rate (“LIBOR”) and SOFR, respectively, 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 2.40% plus one-month LIBOR. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.12% and 3.23%, respectively. (3) The mortgage note secured by Bixby Kennesaw bears interest at the sum of 1.60% plus one-month LIBOR. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 3.81% and 2.65%, respectively. (4) The mortgage note secured by Tempe Student Housing bears interest at 1.75% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 2.83% and 2.25%, respectively. (5) The mortgage note secured by Everly Roseland Apartments bears interest at 1.45% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.06% and 3.35%, respectively. (6) The mortgage note secured by Meridian Business 940, Grove City Industrial, 3101 Agler Road and Earth City Industrial (collectively the “Midwest Industrial Portfolio”) bears interest at two rates. Of the $70.0 million principal balance, $35.0 million bears interest at a fixed rate of 4.44%, and $35.0 million bears interest at a floating rate of the greater of (a) 2.20% or (b) the sum of 1.70% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.24% and 4.21%
Schedule of Maturities of Long-term Debt	The following table presents the future principal payments due under our outstanding borrowings as of September 30, 2022: Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2022 (remaining) $ — $ — $ — $ — 2023 — — 3 3 2024 88,500 — 6 88,506 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 215,032 15 215,047 Thereafter — 45,000 36,309 81,309 Total $ 88,500 $ 378,532 $ 36,354 $ 503,386

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Subscriptions received in advance $ 6,970 $ 250 Real estate taxes payable 2,994 743 Intangible liabilities, net 2,450 1,482 Accrued interest expense 2,171 608 Accounts payable and accrued expenses 1,663 1,237 Prepaid rental income 1,577 274 Tenant security deposits 1,249 409 Distributions payable 192 — Unsettled trade payable — 904 Total $ 19,266 $ 5,907

Class N Redeemable Common Sto_2

Class N Redeemable Common Stock (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Stock by Class	The following table details our Class N redeemable common stock activity with MassMutual: $ in thousands, except share amounts As of September 30, 2022 As of December 31, 2021 Shares Amount Shares Amount Class N Redeemable Common Stock issued 12,923,036 $ 370,726 9,760,987 $ 271,526 Class N Redeemable Common Stock repurchased 2,537,790 $ 74,795 2,388,175 $ 70,000

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, 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 Issuance of common stock 838 — 24,365 398,375 5,099 1,392,047 1,820,724 Common stock repurchased (1) — — — (291,818) — (149,616) (441,434) Exchange of common stock (2) — — — 2,028,085 — (1,992,225) 35,860 Distribution reinvestment — — 21 1,892 2,130 — 4,043 Balance at June 30, 2022 352,694 351,856 376,242 2,603,350 2,255,757 10,020,128 15,960,027 Issuance of common stock 45,375 — 115,191 502,883 22,075 365,118 1,050,642 Distribution reinvestment 1 — 73 2,807 2,055 — 4,936 Balance at September 30, 2022 398,070 351,856 491,506 3,109,040 2,279,887 10,385,246 17,015,605 Nine Months Ended September 30, 2021 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2020 — — — — — 3,608,830 3,608,830 Issuance of common stock — — — — — 2,636,645 2,636,645 Distribution reinvestment — — — — — 32 32 Balance at March 31, 2021 — — — — — 6,245,507 6,245,507 Issuance of common stock 91 91 91 — — 1,154 1,427 Exchange of common stock (3) — — — — 156,066 (156,066) — Distribution reinvestment — — — 492 — — 492 Balance at June 30, 2021 91 91 91 492 156,066 6,090,595 6,247,426 Issuance of common stock — — — — 801,593 2,290,960 3,092,553 Common stock repurchased (4) — — — — — (785,025) (785,025) Distribution reinvestment — — — 7 1,172 — 1,179 Balance at September 30, 2021 91 91 91 499 958,831 7,596,530 8,556,133 (1) We repurchased 149,616 Class N shares under MassMutual’s subscription agreement and 291,818 Class I shares as permitted under Invesco Realty, Inc.’s subscription agreement. (2) On June 29, 2022, we issued 2,028,085 unregistered Class I shares of common stock to an affiliate of our Adviser in exchange for 1,992,225 of Class N shares with an equivalent aggregate NAV based on the NAV per share of Class I shares and Class N shares as of May 31, 2022. (3) On May 14, 2021, we exchanged 156,066 Class N shares of our common stock held by our directors and employees of the Adviser and its affiliates, for no additional consideration, on a one-for-one basis for Class E shares of our common stock. (4) In accordance with MassMutual’s Subscription Agreement, on August 5, 2021, we repurchased 785,025 of Class N shares held by MassMutual for $20.0 million.
Schedule of Aggregate Distributions Declared	The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 Stockholder servicing fee per share (1) — (0.0033) — (0.0046) — — — Net distributions declared per share $ — $ 0.4137 $ 0.4170 $ 0.4124 $ 0.4170 $ 0.4170 $ 0.4170 Three Months Ended September 30, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 $ 0.4076 Stockholder servicing fee per share (1) — (0.0602) (0.0602) (0.0178) — — — Net distributions declared per share $ — $ 0.3474 $ 0.3474 $ 0.3898 $ 0.4076 $ 0.4076 $ 0.4076 Nine Months Ended September 30, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 Stockholder servicing fee per share (1)(2) — 0.0078 0.0115 (0.0019) — — — Net distributions declared per share $ 31.2500 $ 1.2715 $ 1.2752 $ 1.2618 $ 1.2637 $ 1.2637 $ 1.2637 Nine Months Ended September 30, 2021 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.5396 $ 0.5396 $ 0.5396 $ 0.6698 $ 0.6698 $ 1.2598 Stockholder servicing fee per share (1) — (0.0797) (0.0797) (0.0235) — — — Net distributions declared per share $ 31.2500 $ 0.4599 $ 0.4599 $ 0.5161 $ 0.6698 $ 0.6698 $ 1.2598 (1) See Note 14 — “Related Party Transactions” for a discussion of the stockholder servicing fees. (2) For the nine months ended September 30, 2022, the stockholder servicing fee for Class T and Class S Common Stock results in a net distribution higher than the gross distribution because it includes an adjustment for stockholder servicing fees deducted from prior monthly distributions.
Redeemable Noncontrolling Interest	The following table details the non-controlling interest activity related to the Special Limited Partner: Three Months Ended September 30, Nine Months Ended September 30, $ in thousands 2022 2021 2022 2021 Net loss allocated $ (4) $ — $ (303) $ — Distributions $ 44 $ — $ 118 $ — Adjustment to carrying value $ 53 $ — $ 181 $ —

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	The following table details our financial instruments measured at fair value on a recurring basis: September 30, 2022 December 31, 2021 $ in thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments in real estate-related securities $ 6,771 $ 17,625 $ — $ 24,396 $ 407 $ 12,278 $ — $ 12,685 Investment in commercial loan — — 21,800 21,800 — — — — Interest rate caps — 6,925 — 6,925 — — — — Interest rate swap — 2,288 — 2,288 — — — — Total $ 6,771 $ 26,838 $ 21,800 $ 55,409 $ 407 $ 12,278 $ — $ 12,685
Schedule of Investment In Real Estate Debt	The following table details our investment in commercial loan: $ in thousands Investment in Commercial Loan Balance as of December 31, 2021 $ — Loan originations 21,800 Net unrealized gain (loss) — Balance as of September 30, 2022 $ 21,800
Schedule of Fair Value Measurements Of Our Investment In Real Estate Debt	The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurement of our investment in commercial loan as of September 30, 2022. As of December 31, 2021, we did not have an investment in a commercial loan. Type Asset Class Valuation Technique Unobservable Input Rate Commercial loan Retail Discounted cash flow Discount rate 7.21%
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: September 30, 2022 December 31, 2021 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility $ 88,500 $ 88,500 $ 75,500 $ 75,500 Mortgage notes payable (1) 378,532 373,526 163,500 163,500 Financing obligation (1) 54,000 54,000 54,000 54,000 Total $ 521,032 $ 516,026 $ 293,000 $ 293,000 (1) The mortgage notes payable and financing obligation do not include unamortized debt issuance costs.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details the components of due to affiliates: $ in thousands September 30, 2022 December 31, 2021 Advanced general and administrative expenses $ 8,414 $ 6,443 Advanced offering costs 5,185 4,245 Performance participation interest 5,729 3,280 Distributions payable 2,124 1,440 Advanced organization expenses 1,474 1,474 Accrued management fee 230 28 Accrued stockholder servicing fee 482 — Share-based compensation payable 19 20 Accrued affiliate service provider expenses 11 — Total $ 23,668 $ 16,930 $ in thousands, except share amounts Class T Class S Class D Class I Class E Class N Total Purchase Price MassMutual (1) — — — — — 12,923,036 $ 370,726 Invesco Global Property Plus Fund (2) — — — — 1,994,164 1,992,224 119,500 Invesco Realty, Inc. (3) 165,126 165,126 165,126 164,573 — 738,701 40,008 Members of our board of directors and employees of our Adviser (4) — — 179 21,629 75,128 2,647 165,126 165,126 165,126 164,752 2,015,793 15,729,089 $ 532,881 (1) In accordance with MassMutual’s subscription agreement, we have repurchased 2,537,790 of MassMutual Shares for $74.8 million. The amount presented is inclusive of the shares repurchased. (2) Invesco Global Property Plus Fund purchased 1,992,224 of Class N shares for $61.0 million, and we subsequently exchanged these Class N shares for 2,028,086 Class I shares. (3) 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. Additionally, we have repurchased 291,818 Class I shares from Invesco Realty, Inc. for $9.2 million. The amount presented is inclusive of the shares repurchased. (4) Members of our board of directors and employees of our Adviser who are officers of the Company or serve on the Company’s steering committee 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)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Operating Lease Income	The following table details the components of operating lease income: Three Months Ended September 30, Nine Months Ended September 30, $ in thousands 2022 2021 2022 2021 Fixed lease payments $ 13,425 $ 2,448 $ 33,904 $ 6,451 Variable lease payments 2,091 300 4,539 864 Rental revenue $ 15,516 $ 2,748 $ 38,443 $ 7,315
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable lease term are as follows: $ in thousands Future Minimum Year Rents 2022 (remainder) $ 3,119 2023 11,897 2024 11,608 2025 11,054 2026 11,229 2027 11,032 Thereafter 60,619 Total $ 120,557

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes our total assets by segment: $ in thousands September 30, 2022 December 31, 2021 Healthcare $ 81,405 $ 80,455 Office 38,929 38,633 Industrial 145,632 60,071 Self-Storage 94,147 57,305 Multifamily 228,768 67,866 Student Housing 241,295 242,014 Grocery-Anchored Retail 65,770 — Real Estate Debt 46,647 21,088 Corporate and Other 81,528 44,945 Total assets $ 1,024,121 $ 612,377 The following table summarizes our financial results by segment for the three months ended September 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 826 $ 2,872 $ 2,031 $ 3,990 $ 4,445 $ 1,352 $ — $ — $ 15,516 Income from commercial loan — — — — — — — 702 — 702 Other revenue — — 89 218 130 407 16 — — 860 Total revenues — 826 2,961 2,249 4,120 4,852 1,368 702 — 17,078 Expenses: Rental property operating — 119 1,363 1,032 1,421 2,697 419 — 147 7,198 Total expenses — 119 1,363 1,032 1,421 2,697 419 — 147 7,198 Income from unconsolidated entities, net 6,539 — — — — — — 664 397 7,600 Loss from real estate-related securities — — — — — — — — (925) (925) Segment net operating income $ 6,539 $ 707 $ 1,598 $ 1,217 $ 2,699 $ 2,155 $ 949 $ 1,366 $ (675) $ 16,555 Depreciation and amortization $ (4,770) $ (418) $ (1,393) $ (2,423) $ (4,414) $ (2,614) $ (495) $ — $ (75) $ (16,602) General and administrative (1,214) Unrealized gain on derivative instruments 4,547 Interest expense (4,996) Management fee - related party (337) Performance participation interest - related party (1,335) Other expense (34) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (3,416) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 324 Net loss attributable to non-controlling interest in INREIT OP 4 Net loss attributable to common stockholders $ (3,090) 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 September 30, 2022: $ in thousands Segment income from unconsolidated entities $ 7,600 Depreciation and amortization attributable to unconsolidated entities (4,843) Income from unconsolidated entities, net $ 2,757 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended September 30, 2022: $ in thousands Segment depreciation and amortization $ (16,602) Depreciation and amortization attributable to unconsolidated entities 4,843 Depreciation and amortization $ (11,759) The following table summarizes our financial results by segment for the three months ended September 30, 2021: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 683 $ 612 $ 91 $ 1,239 $ 123 $ — $ — $ 2,748 Other revenue — — — — 88 — — — 88 Total revenues — 683 612 91 1,327 123 — — 2,836 Expenses: Rental property operating — 113 129 — 381 — — — 623 Total expenses — 113 129 — 381 — — — 623 Income from unconsolidated real estate entities, net 4,745 — — — — — 510 — 5,255 Income from real estate-related securities — — — — — — — 19 19 Segment net operating income $ 4,745 $ 570 $ 483 $ 91 $ 946 $ 123 $ 510 $ 19 $ 7,487 Depreciation and amortization $ (5,073) $ (298) $ (214) $ — $ (905) $ — $ — $ — $ (6,490) General and administrative (893) Interest expense (730) Performance participation interest - related party (1,446) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (2,072) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures (4) Net loss attributable to common stockholders $ (2,078) 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 September 30, 2021: $ in thousands Segment income from unconsolidated entities $ 5,255 Depreciation and amortization attributable to unconsolidated entities (5,073) Income from unconsolidated entities, net $ 182 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended September 30, 2021: $ in thousands Segment depreciation and amortization $ (6,490) Depreciation and amortization attributable to unconsolidated entities 5,073 Depreciation and amortization $ (1,417) The following table summarizes our financial results by segment for the nine months ended September 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 2,171 $ 7,197 $ 4,434 $ 8,366 $ 12,907 $ 3,368 $ — $ — $ 38,443 Income from commercial loan — — — — — — — 702 — 702 Other revenue — — 265 546 420 837 18 — — 2,086 Total revenues — 2,171 7,462 4,980 8,786 13,744 3,386 702 — 41,231 Expenses: Rental property operating — 358 2,635 1,906 2,984 6,132 1,084 — 242 15,341 Total expenses — 358 2,635 1,906 2,984 6,132 1,084 — 242 15,341 Income from unconsolidated entities, net 19,941 — — — — — — 1,911 1,555 23,407 Income from real estate-related securities — — — — — — — — (2,020) (2,020) Segment net operating income $ 19,941 $ 1,813 $ 4,827 $ 3,074 $ 5,802 $ 7,612 $ 2,302 $ 2,613 $ (707) $ 47,277 Depreciation and amortization $ (14,572) $ (1,275) $ (3,624) $ (7,295) $ (6,835) $ (11,972) $ (1,236) $ — $ (381) $ (47,190) General and administrative (4,126) Unrealized gain on derivative instruments 7,017 Interest expense (10,271) Management fee - related party (638) Performance participation interest - related party (5,729) Other expense (118) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (13,778) Dividends to preferred stockholders $ (6) Net loss attributable to non-controlling interests in consolidated joint ventures 768 Net loss attributable to non-controlling interest in INREIT OP 303 Net loss attributable to common stockholders $ (12,713) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the nine months ended September 30, 2022: $ in thousands Segment income from unconsolidated entities $ 23,407 Depreciation and amortization attributable to unconsolidated entities (14,943) Income from unconsolidated entities, net $ 8,464 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2022: $ in thousands Segment depreciation and amortization $ (47,190) Depreciation and amortization attributable to unconsolidated entities 14,943 Depreciation and amortization $ (32,247) The following table summarizes our financial results by segment for the nine months ended September 30, 2021: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 2,061 $ 1,744 $ 91 $ 3,296 $ 123 $ — $ — $ 7,315 Other revenue — — — — 268 — — — 268 Total revenues — 2,061 1,744 91 3,564 123 — — 7,583 Expenses: Rental property operating — 330 411 — 993 — — — 1,734 Total expenses — 330 411 — 993 — — — 1,734 Income from unconsolidated real estate entities, net 15,288 — — — — — 1,428 — 16,716 Income from real estate-related securities — — — — — — — 83 83 Segment net operating income $ 15,288 $ 1,731 $ 1,333 $ 91 $ 2,571 $ 123 $ 83 $ 83 $ 22,648 Depreciation and amortization $ (15,030) $ (893) $ (639) $ — $ (3,447) $ — $ — $ — $ (20,009) General and administrative (3,033) Interest expense (1,813) Performance participation interest - related party (2,237) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (4,444) Dividends to preferred stockholders $ (6) Net loss attributable to non-controlling interests in consolidated joint ventures (4) Net loss attributable to common stockholders $ (4,454) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the nine months ended September 30, 2021: $ in thousands Segment income from unconsolidated entities $ 16,716 Depreciation and amortization attributable to unconsolidated entities (15,030) Income from unconsolidated entities, net $ 1,686 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2021: $ in thousands Segment depreciation and amortization $ (20,009) Depreciation and amortization attributable to unconsolidated entities 15,030 Depreciation and amortization $ (4,979)

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) share_class	Aug. 11, 2022 USD ($)
Class of Stock [Line Items]
Maximum public offering	$ 3,000
Number of share classes offered in transaction | share_class	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 of Stock [Line Items]
Maximum public offering		$ 3,000
Private Offering | Class N Common Stock
Class of Stock [Line Items]
Maximum public offering	1,000
Private Offering | Class E Common Stock
Class of Stock [Line Items]
Maximum public offering	$ 20

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Income tax expense	$ 34	$ 118
Deferred tax assets	$ 97	$ 97
Deferred tax liability			$ 9

Investments in Real Estate, n_3

Investments in Real Estate, net - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Building and improvements	$ 611,630	$ 365,687
Land and land improvements	158,117	64,127
Furniture, fixtures and equipment	11,188	8,690
Total	780,935	438,504
Accumulated depreciation	(17,359)	(4,131)
Investments in real estate, net	$ 763,576	$ 434,373

Investments in Real Estate, n_4

Investments in Real Estate, net - Schedule of Transactions (Details) $ in Thousands	1 Months Ended						9 Months Ended
	Jul. 31, 2022 USD ($) property	Jun. 30, 2022 USD ($) property	Apr. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Feb. 28, 2022 USD ($) property	Jan. 31, 2022 USD ($) property	Sep. 30, 2022 USD ($) property	May 31, 2022
Real Estate [Line Items]
Number of Properties | property							11
Purchase Price | $							$ 368,288
Industrial | Grove City Industrial
Real Estate [Line Items]
Ownership Interest						95%
Number of Properties | property						1
Purchase Price | $						$ 28,030
Industrial | 3101 Agler Road
Real Estate [Line Items]
Ownership Interest				95%
Number of Properties | property				1
Purchase Price | $				$ 20,503
Industrial | Earth City Industrial
Real Estate [Line Items]
Ownership Interest				95%
Number of Properties | property				1
Purchase Price | $				$ 37,418
Grocery-Anchored Retail | Cortlandt Crossing
Real Estate [Line Items]
Ownership Interest					100%
Number of Properties | property					1
Purchase Price | $					$ 65,553
Self-Storage | Winston-Salem Self-Storage
Real Estate [Line Items]
Ownership Interest			100%
Number of Properties | property			1
Purchase Price | $			$ 12,154
Self-Storage | Bend Self-Storage
Real Estate [Line Items]
Ownership Interest		100%
Number of Properties | property		2
Purchase Price | $		$ 18,078
Self-Storage | Clarksville Self-Storage
Real Estate [Line Items]
Ownership Interest	100%
Number of Properties | property	3
Purchase Price | $	$ 24,529
Multifamily | Everly Roseland Apartments
Real Estate [Line Items]
Ownership Interest			57%
Number of Properties | property			1
Purchase Price | $			$ 162,023
Percentage of consolidated interest acquired			95%
Percentage of shares sold								40%

Investments in Real Estate, n_5

Investments in Real Estate, net - Schedule of Assets Acquired (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Real Estate [Abstract]
Building and building improvements	$ 244,921
Land and land improvements	93,949
Lease intangibles	26,088
Capitalized tax abatement	1,666
Furniture, fixtures and equipment	2,263
Above-market lease intangibles	629
Below-market lease intangibles	(1,228)
Total purchase price	$ 368,288

Investments in Real Estate, n_6

Investments in Real Estate, net - Schedule of Weighted-average Amortization Periods (Details)	9 Months Ended
	Sep. 30, 2022
In-place lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	7 years 9 months 7 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 Real Estate, n_7

Investments in Real Estate, net - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
Cumulative Effect, Period of Adoption, Adjusted Balance
Real Estate [Line Items]
Depreciation	$ 0.7

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of equity method investments | segment		4
Investments in unconsolidated entities	$ 127,170,000	$ 127,170,000	$ 115,285,000
Vida JV LLC | Invesco JV
Schedule of Equity Method Investments [Line Items]
Impairment losses	$ 0	$ 0

Investments in Unconsolidated_4

Investments in Unconsolidated Entities (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) retail_property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) option building	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying Amount	$ 127,170		$ 127,170		$ 115,285
Number of properties owned | retail_property	9
Company’s Share of Unconsolidated Entities' Income (Loss)	$ 2,757	$ 182	$ 8,464	$ 1,686
Vida JV LLC
Schedule of Equity Method Investments [Line Items]
Number of buildings owned | building			20
Vida JV LLC | Invesco JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	85%		85%
ITP LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	85%		85%
GP Fund | ITP LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	90%		90%
Vida JV LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	42.50%		42.50%
Carrying Amount	$ 81,405		$ 81,405		80,455
Company’s Share of Unconsolidated Entities' Income (Loss)	1,770	(328)	5,370	258
San Simeon Holdings
Schedule of Equity Method Investments [Line Items]
Carrying Amount	24,747		$ 24,747		21,088
Number of options to extend redemption date | option			2
Period for redemption extension			1 year
Investment yield			6.50%
Investment yield, annual increase			0.50%
Investment yield, annual increase during extensions			0.25%
Preferred accrued return			4%
Company’s Share of Unconsolidated Entities' Income (Loss)	664	510	$ 1,911	1,428
PTCR Holdco, LLC
Schedule of Equity Method Investments [Line Items]
Carrying Amount	8,141		8,141		7,749
Company’s Share of Unconsolidated Entities' Income (Loss)	372	0	906	0
Retail GP Fund
Schedule of Equity Method Investments [Line Items]
Carrying Amount	12,877		12,877		$ 5,993
Company’s Share of Unconsolidated Entities' Income (Loss)	$ (49)	$ 0	$ 277	$ 0
Retail GP Fund | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	6.80%		6.80%
Retail GP Fund | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	13.50%		13.50%

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Schedule of Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Balance Sheet
Total assets	$ 1,024,121						$ 1,024,121		$ 612,377
Total liabilities	(559,541)						(559,541)		(313,609)
Total equity	87,200						87,200		70,030
Operating Data
Total revenue	17,078			$ 2,836			41,231	$ 7,583
Net income (loss)	(3,412)	$ (8,127)	$ (1,936)	(2,072)	$ (2,408)	$ 36
Vida JV LLC, San Simeon Holdings and Other
Balance Sheet
Total assets	1,023,679						1,023,679		764,250
Total liabilities	(565,415)						(565,415)		(392,455)
Total equity	458,264						458,264		371,795
Operating Data
Total revenue	33,723			11,400			80,659	33,617
Net income (loss)	6,428			327			22,891	996
Vida JV LLC
Balance Sheet
Total assets	416,097						416,097		407,574
Total liabilities	(225,123)						(225,123)		(218,845)
Total equity	190,974						190,974		188,729
Operating Data
Total revenue	9,089			9,397			27,385	27,236
Net income (loss)	4,169			(766)			12,645	622
San Simeon Holdings
Balance Sheet
Total assets	124,061						124,061		122,661
Total liabilities	(76,023)						(76,023)		(79,237)
Total equity	48,038						48,038		43,424
Operating Data
Total revenue	2,476			2,003			7,467	6,381
Net income (loss)	478			1,093			1,806	374
Other
Balance Sheet
Total assets	483,521						483,521		234,015
Total liabilities	(264,269)						(264,269)		(94,373)
Total equity	219,252						219,252		$ 139,642
Operating Data
Total revenue	22,158			0			45,807	0
Net income (loss)	$ 1,781			$ 0			$ 8,440	$ 0

Investment in Commercial Loan (

Investment in Commercial Loan (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate [Line Items]
Income from commercial loan		$ 702	$ 0	$ 702	$ 0
Real Estate Investment
Real Estate [Line Items]
Investment owned, at cost	$ 21,800
Investment owned, principal amount		21,800		21,800
Income from commercial loan		$ 700		$ 700
SOFR | Real Estate Investment
Real Estate [Line Items]
Investment owned, interest rate	3.30%

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Balance	$ 19,889	$ 12,296
Unamortized Premium (Discount)	(217)	143
Amortized Cost / Cost	27,357	12,850
Unrealized Gain (Loss), Net	(2,961)	(165)
Fair Value	24,396	12,685
Non-agency CMBS
Debt Instrument [Line Items]
Principal Balance	14,661	7,171
Unamortized Premium (Discount)	(397)	(83)
Amortized Cost / Cost	14,264	7,088
Unrealized Gain (Loss), Net	(1,495)	(154)
Fair Value	$ 12,769	$ 6,934
Period-end Weighted Average Yield	5.82%	3.60%
Corporate debt
Debt Instrument [Line Items]
Principal Balance	$ 5,228	$ 5,125
Unamortized Premium (Discount)	180	226
Amortized Cost / Cost	5,408	5,351
Unrealized Gain (Loss), Net	(552)	(7)
Fair Value	$ 4,856	$ 5,344
Period-end Weighted Average Yield	3.99%	3.58%
Preferred stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 3,651	$ 411
Unrealized Gain (Loss), Net	(384)	(4)
Fair Value	$ 3,267	$ 407
Period-end Weighted Average Yield	6.98%	6.78%
Common stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 4,034
Unrealized Gain (Loss), Net	(530)
Fair Value	$ 3,504
Period-end Weighted Average Yield	4.12%

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible assets, net:
Total Cost	$ 55,091	$ 28,348
Accumulated Amortization	(25,520)	(6,371)
Intangible Assets, net	29,571	21,977
Intangible liabilities, net:
Total Cost	2,904	1,677
Accumulated Amortization	(454)	(195)
Intangible Assets, net	2,450	1,482
In-place lease intangibles
Intangible assets, net:
Total Cost	47,366	24,094
Accumulated Amortization	(24,693)	(6,115)
Intangible Assets, net	22,673	17,979
Leasing commissions
Intangible assets, net:
Total Cost	5,774	2,932
Accumulated Amortization	(680)	(230)
Intangible Assets, net	5,094	2,702
Above-market lease intangibles
Intangible assets, net:
Total Cost	1,951	1,322
Accumulated Amortization	(147)	(26)
Intangible Assets, net	$ 1,804	$ 1,296

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, net	$ 29,571	$ 21,977
Below-market Lease Intangibles
2022 (remainder)	(169)
2023	(387)
2024	(387)
2025	(387)
2026	(387)
2027	(300)
Thereafter	(433)
Leasing Commissions	(2,450)	(1,482)
In-place lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2022 (remainder)	3,345
2023	4,047
2024	2,602
2025	2,189
2026	2,152
2027	1,805
Thereafter	6,533
Intangible Assets, net	22,673	17,979
Leasing commissions
Acquired Finite-Lived Intangible Assets [Line Items]
2022 (remainder)	161
2023	649
2024	642
2025	623
2026	620
2027	542
Thereafter	1,857
Intangible Assets, net	5,094	2,702
Above-market lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2022 (remainder)	44
2023	176
2024	176
2025	176
2026	176
2027	176
Thereafter	880
Intangible Assets, net	$ 1,804	$ 1,296

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized tax abatement, net	$ 8,311	$ 7,049
Derivative instruments	9,213	0
Prepaid expenses	963	460
Deferred rent	1,585	528
Deferred financing costs, net	462	818
Deposits	70	3,460
Other	851	243
Total	21,455	$ 12,558
Capitalized tax abatement, accumulated depreciation	800
Capitalized tax abatement, estimated annual amortization	$ 600

Other Assets - Schedule of Deri

Other Assets - Schedule of Derivative Instruments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) derivative	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) derivative	Sep. 30, 2021 USD ($)
Derivative [Line Items]
Number of Instruments | derivative	4		4
Notional Amount	$ 216,000		$ 216,000
Fixed Amount	2,196		2,196
Fair Value	9,213		9,213
Unrealized gain on derivative instruments	$ 4,547	$ 0	$ 7,017	$ 0
Interest Rate Cap
Derivative [Line Items]
Number of Instruments | derivative	3		3
Notional Amount	$ 163,500		$ 163,500
Fixed Amount	2,196		2,196
Fair Value	$ 6,925		$ 6,925
Weighted Average Strike Rate			1.70%
Weighted Average Remaining Term In Years			2 years 1 month 9 days
Interest Rate Swap
Derivative [Line Items]
Number of Instruments | derivative	1		1
Notional Amount	$ 52,500		$ 52,500
Fair Value	$ 2,288		$ 2,288
Weighted Average Strike Rate			2.70%
Weighted Average Remaining Term In Years			4 years 6 months 29 days

Borrowings - Revolving Credit F

Borrowings - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 88,500
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Facility Size	150,000	$ 100,000
Principal Outstanding Balance	$ 88,500	$ 75,500
Weighted average interest rate	3.73%	2.70%
Principal Balance Outstanding	$ 18,300
Revolving Credit Facility | Federal funds rate
Debt Instrument [Line Items]
Variable interest rate	0.50%
Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Variable interest rate	1%
Revolving Credit Facility | Leverage Ratio
Debt Instrument [Line Items]
Variable interest rate	1%

Borrowings - Schedule of Mortga

Borrowings - Schedule of Mortgage Notes (Details) - Mortgages Payable - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 378,532	$ 378,532	$ 163,500
Deferred financing costs, net	(4,177)	(4,177)	(1,847)
Mortgage notes payable, net	$ 374,355	$ 374,355	161,653
Cortona Apartments
Debt Instrument [Line Items]
Interest rate	2.65%	2.65%
Maximum Principal Amount	$ 45,000	$ 45,000
Principal Balance Outstanding	$ 45,000	$ 45,000	45,000
Weighted-average interest rate	4.12%	3.23%
Cortona Apartments | LIBOR
Debt Instrument [Line Items]
Variable interest rate		2.40%
Bixby Kennesaw
Debt Instrument [Line Items]
Maximum Principal Amount	$ 53,000	$ 53,000
Principal Balance Outstanding	$ 53,000	$ 53,000	53,000
Weighted-average interest rate	3.81%	2.65%
Bixby Kennesaw | LIBOR
Debt Instrument [Line Items]
Variable interest rate		1.60%
Tempe Student Housing
Debt Instrument [Line Items]
Maximum Principal Amount	$ 65,500	$ 65,500
Principal Balance Outstanding	$ 65,500	$ 65,500	65,500
Weighted-average interest rate	2.83%	2.25%
Tempe Student Housing | SOFR
Debt Instrument [Line Items]
Variable interest rate		1.75%
Cortlandt Crossing
Debt Instrument [Line Items]
Interest rate	3.13%	3.13%
Maximum Principal Amount	$ 39,660	$ 39,660
Principal Balance Outstanding	39,660	39,660	0
Everly Roseland Apartments
Debt Instrument [Line Items]
Maximum Principal Amount	113,500	113,500
Principal Balance Outstanding	$ 105,372	$ 105,372	0
Weighted-average interest rate	4.06%	3.35%
Everly Roseland Apartments | SOFR
Debt Instrument [Line Items]
Variable interest rate		145%
Midwest Industrial Portfolio
Debt Instrument [Line Items]
Interest rate	4.44%	4.44%
Maximum Principal Amount	$ 70,000	$ 70,000
Principal Balance Outstanding	$ 70,000	$ 70,000	$ 0
Midwest Industrial Portfolio, One
Debt Instrument [Line Items]
Interest rate	4.44%	4.44%
Maximum Principal Amount	$ 35,000	$ 35,000
Midwest Industrial Portfolio, Two
Debt Instrument [Line Items]
Interest rate	2.20%	2.20%
Maximum Principal Amount	$ 35,000	$ 35,000
Weighted-average interest rate	4.24%	4.21%
Midwest Industrial Portfolio, Two | SOFR
Debt Instrument [Line Items]
Variable interest rate		1.70%

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Financing obligation, net	$ 53,752	$ 53,619
Tempe Student Housing
Line of Credit Facility [Line Items]
Financing obligation, net	$ 53,800

Borrowings - Schedule of Future

Borrowings - Schedule of Future Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 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	88,506
2025	65,509
2026	53,012
2027	215,047
Thereafter	81,309
Total	503,386
Revolving Credit Facility
Maturities of Long-term Debt [Abstract]
2022 (remaining)	0
2023	0
2024	88,500
2025	0
2026	0
2027	0
Thereafter	0
Total	88,500
Mortgages Payable
Maturities of Long-term Debt [Abstract]
2022 (remaining)	0
2023	0
2024	0
2025	65,500
2026	53,000
2027	215,032
Thereafter	45,000
Total	$ 378,532	$ 163,500

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Subscriptions received in advance	$ 6,970	$ 250
Real estate taxes payable	2,994	743
Intangible liabilities, net	2,450	1,482
Accrued interest expense	2,171	608
Accounts payable and accrued expenses	1,663	1,237
Prepaid rental income	1,577	274
Tenant security deposits	1,249	409
Distributions payable	192	0
Unsettled trade payable	0	904
Total	$ 19,266	$ 5,907

Class N Redeemable Common Sto_3

Class N Redeemable Common Stock - Schedule of Redeemable Common Stock (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended	11 Months Ended	26 Months Ended
	Aug. 05, 2021	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	20,000,000	441,434	785,025
Class N Redeemable Common Stock repurchased		$ 9,200
Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	785,025	149,616	785,025	149,616
Affiliated entity
Class of Stock [Line Items]
Class N Redeemable Common Stock issued				$ 532,881
Affiliated entity | Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock issued (in shares)				15,729,089
Massachusetts Mutual Life Insurance Company | Affiliated entity | Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)				2,537,790	2,537,790	2,388,175
Class N Redeemable Common Stock repurchased				$ 74,800	$ 74,795	$ 70,000
Massachusetts Mutual Life Insurance Company | Affiliated entity | Class N Common Stock | Initial Subscription Agreement
Class of Stock [Line Items]
Class N Redeemable Common Stock issued (in shares)					12,923,036	9,760,987
Class N Redeemable Common Stock issued					$ 370,726	$ 271,526

Class N Redeemable Common Sto_4

Class N Redeemable Common Stock - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Increase to redeemable common stock	$ 4.1	$ 10.2	$ 4.1	$ 10.2
Decrease to additional paid In capital	24.4	$ 10.2	24.4	$ 10.2
Class N Common Stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Capital commitment	29.3		29.3
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		$ 20

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Narrative (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125						125		125
Preferred stock, dividend rate							12.50%
Preferred stock, liquidation preference (in USD per share)	$ 500						$ 500		$ 500
Preferred stock, liquidation preference, per share, per annum (in USD per share)	62.50						62.50
Preferred stock, redemption price (in USD per share)	500						500
Preferred stock, redemption premium (in USD per share)	$ 50						$ 50
Redeemable common stock, shares issued (in shares)	10,385,246						10,385,246		7,372,812
Common stock and preferred stock outstanding (in shares)	17,015,605	15,960,027	14,540,834	8,556,133	6,247,426	6,245,507	17,015,605	8,556,133	11,548,268	3,608,830
Dividends	$ 6,900,000			$ 2,700,000			$ 19,400,000	$ 7,700,000
Dividends accrued	2,100,000						2,100,000		$ 1,400,000
Adjustment to carrying value INREIT OP	53,000			0			$ 181,000	$ 0
Share-based compensation	$ 19,000	$ 19,000	$ 19,000	$ 19,000	$ 19,000	$ 19,000
Share-based compensation plan, shares available for issuance (in shares)	190,310						190,310
Redeemable Non-controlling Interest in INREIT OP
Class of Stock [Line Items]
Distributions payable to noncontrolling interests	$ 15,000						$ 15,000		0
Revolving Credit Facility
Class of Stock [Line Items]
Capital commitment from related party	30,000,000						30,000,000
Third Parties
Class of Stock [Line Items]
Dividends accrued	$ 200,000						$ 200,000		$ 0
Private Placement
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125						125		125
Redeemable common stock | Affiliated entity | Massachusetts Mutual Life Insurance Company
Class of Stock [Line Items]
Redeemable common stock, shares issued (in shares)	10,385,246						10,385,246		7,372,812
Class N Common Stock
Class of Stock [Line Items]
Common stock and preferred stock outstanding (in shares)	10,385,246	10,020,128	10,769,922	7,596,530	6,090,595	6,245,507	10,385,246	7,596,530	8,556,509	3,608,830
Common stock, shares issued (in shares)	0						0		1,183,697
Share-based compensation (in shares)				1,422				690
Class N Common Stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Capital commitment	$ 29,300,000						$ 29,300,000
Class E Common Stock
Class of Stock [Line Items]
Common stock and preferred stock outstanding (in shares)	2,279,887	2,255,757	2,248,528	958,831	156,066	0	2,279,887	958,831	2,244,581	0
Common stock, shares issued (in shares)	2,279,887						2,279,887		2,244,581
Share-based compensation (in shares)	581						1,811
Share-based compensation	$ 19,000			$ 19,000			$ 57,000	$ 58,000

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding (Details)				3 Months Ended						9 Months Ended
	Jun. 29, 2022 shares	Aug. 05, 2021 shares	May 14, 2021 shares	Sep. 30, 2022 shares	Jun. 30, 2022 shares	Mar. 31, 2022 shares	Sep. 30, 2021 shares	Jun. 30, 2021 shares	Mar. 31, 2021 shares	Sep. 30, 2022 shares	May 14, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				15,960,027	14,540,834	11,548,268	6,247,426	6,245,507	3,608,830	11,548,268
Issuance of common stock (in shares)				1,050,642	1,820,724	2,989,975	3,092,553	1,427	2,636,645
Common stock repurchased (in shares)		(20,000,000)			(441,434)		(785,025)
Exchange of common stock (in shares)					35,860			0
Distribution reinvestment (in shares)				4,936	4,043	2,591	1,179	492	32
Ending balance (in shares)				17,015,605	15,960,027	14,540,834	8,556,133	6,247,426	6,245,507	17,015,605
Stock conversion ratio											1
Class T Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				352,694	351,856	186,821	91	0	0	186,821
Issuance of common stock (in shares)				45,375	838	165,035	0	91	0
Common stock repurchased (in shares)					0		0
Exchange of common stock (in shares)					0			0
Distribution reinvestment (in shares)				1	0	0	0	0	0
Ending balance (in shares)				398,070	352,694	351,856	91	91	0	398,070
Class S Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				351,856	351,856	186,821	91	0	0	186,821
Issuance of common stock (in shares)				0	0	165,035	0	91	0
Common stock repurchased (in shares)					0		0
Exchange of common stock (in shares)					0			0
Distribution reinvestment (in shares)				0	0	0	0	0	0
Ending balance (in shares)				351,856	351,856	351,856	91	91	0	351,856
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				376,242	351,856	186,821	91	0	0	186,821
Issuance of common stock (in shares)				115,191	24,365	165,035	0	91	0
Common stock repurchased (in shares)					0		0
Exchange of common stock (in shares)					0			0
Distribution reinvestment (in shares)				73	21	0	0	0	0
Ending balance (in shares)				491,506	376,242	351,856	91	91	0	491,506
Class I Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				2,603,350	466,816	186,715	492	0	0	186,715
Issuance of common stock (in shares)				502,883	398,375	279,643	0	0	0
Common stock repurchased (in shares)					(291,818)		0			(291,818)
Exchange of common stock (in shares)	2,028,085				2,028,085			0
Distribution reinvestment (in shares)				2,807	1,892	458	7	492	0
Ending balance (in shares)				3,109,040	2,603,350	466,816	499	492	0	3,109,040
Class E Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				2,255,757	2,248,528	2,244,581	156,066	0	0	2,244,581
Issuance of common stock (in shares)				22,075	5,099	1,814	801,593	0	0
Common stock repurchased (in shares)					0		0
Exchange of common stock (in shares)			156,066		0			156,066
Distribution reinvestment (in shares)				2,055	2,130	2,133	1,172	0	0
Ending balance (in shares)				2,279,887	2,255,757	2,248,528	958,831	156,066	0	2,279,887
Class N Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				10,020,128	10,769,922	8,556,509	6,090,595	6,245,507	3,608,830	8,556,509
Issuance of common stock (in shares)				365,118	1,392,047	2,213,413	2,290,960	1,154	2,636,645
Common stock repurchased (in shares)		(785,025)			(149,616)		(785,025)			(149,616)
Exchange of common stock (in shares)	1,992,225				(1,992,225)			(156,066)
Distribution reinvestment (in shares)				0	0	0	0	0	32
Ending balance (in shares)				10,385,246	10,020,128	10,769,922	7,596,530	6,090,595	6,245,507	10,385,246

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest- Schedule of Aggregate Distributions (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Series A Preferred Stock
Class of Stock [Line Items]
Aggregate distributions declared, preferred stock (in USD per share)	$ 0	$ 0	$ 31.2500	$ 31.2500
Stockholder servicing fee, preferred stock (in USD per share)	0	0	0	0
Net distributions declared, common stock (in USD per share)	0	0	31.2500	31.2500
Class T Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170	0.4076	1.2637	0.5396
Stockholder servicing fee, common stock (in USD per share)	(0.0033)	(0.0602)	0.0078	(0.0797)
Net distributions declared, common stock (in USD per share)	0.4137	0.3474	1.2715	0.4599
Class S Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170	0.4076	1.2637	0.5396
Stockholder servicing fee, common stock (in USD per share)	0	(0.0602)	0.0115	(0.0797)
Net distributions declared, common stock (in USD per share)	0.4170	0.3474	1.2752	0.4599
Class D Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170	0.4076	1.2637	0.5396
Stockholder servicing fee, common stock (in USD per share)	(0.0046)	(0.0178)	(0.0019)	(0.0235)
Net distributions declared, common stock (in USD per share)	0.4124	0.3898	1.2618	0.5161
Class I Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170	0.4076	1.2637	0.6698
Stockholder servicing fee, common stock (in USD per share)	0	0	0	0
Net distributions declared, common stock (in USD per share)	0.4170	0.4076	1.2637	0.6698
Class E Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170	0.4076	1.2637	0.6698
Stockholder servicing fee, common stock (in USD per share)	0	0	0	0
Net distributions declared, common stock (in USD per share)	0.4170	0.4076	1.2637	0.6698
Class N Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170	0.4076	1.2637	1.2598
Stockholder servicing fee, common stock (in USD per share)	0	0	0	0
Net distributions declared, common stock (in USD per share)	$ 0.4170	$ 0.4076	$ 1.2637	$ 1.2598

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Noncontrolling Interest [Line Items]
Distributions	$ 604	$ 144	$ 80
Adjustment to carrying value INREIT OP	53			$ 0	$ 181	$ 0
Redeemable Non-controlling Interest in INREIT OP
Noncontrolling Interest [Line Items]
Net loss allocated	(4)			0	(303)	0
Distributions	$ 44			$ 0	$ 118	$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 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	$ 24,396	$ 12,685
Investment in commercial loan, at fair value	21,800	0
Derivative instruments	9,213	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	24,396	12,685
Investment in commercial loan, at fair value	21,800	0
Total	55,409	12,685
Fair Value, Recurring | Interest Rate Cap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	6,925	0
Fair Value, Recurring | Interest Rate Swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	2,288	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	6,771	407
Investment in commercial loan, at fair value	0	0
Total	6,771	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 1 | Fair Value, Recurring | Interest Rate Swap
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	17,625	12,278
Investment in commercial loan, at fair value	0	0
Total	26,838	12,278
Level 2 | Fair Value, Recurring | Interest Rate Cap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	6,925	0
Level 2 | Fair Value, Recurring | Interest Rate Swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	2,288	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
Investment in commercial loan, at fair value	21,800	0
Total	21,800	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
Level 3 | Fair Value, Recurring | Interest Rate Swap
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 Investment In Real Estate Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Investment In Real Estate Debt [Roll Forward]
Balance as of December 31, 2021	$ 0
Loan originations	21,800
Balance as of September 30, 2022	$ 21,800

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Fair Value Measurements Of Our Investment In Real Estate Debt (Details)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Discount rate	7.21%

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying Value
Debt Instrument [Line Items]
Financing obligation	$ 54,000	$ 54,000
Total	521,032	293,000
Carrying Value | Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	88,500	75,500
Carrying Value | Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	378,532	163,500
Estimated Fair Value
Debt Instrument [Line Items]
Financing obligation	54,000	54,000
Total	516,026	293,000
Estimated Fair Value | Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	88,500	75,500
Estimated Fair Value | Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	$ 373,526	$ 163,500

Related Party Transactions - Du

Related Party Transactions - Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to affiliates	$ 23,668	$ 16,930
Advanced general and administrative expenses
Related Party Transaction [Line Items]
Due to affiliates	8,414	6,443
Advanced offering costs
Related Party Transaction [Line Items]
Due to affiliates	5,185	4,245
Performance participation interest
Related Party Transaction [Line Items]
Due to affiliates	5,729	3,280
Distributions payable
Related Party Transaction [Line Items]
Due to affiliates	2,124	1,440
Advanced organization expenses
Related Party Transaction [Line Items]
Due to affiliates	1,474	1,474
Accrued management fee
Related Party Transaction [Line Items]
Due to affiliates	230	28
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Due to affiliates	482	0
Share-based compensation payable
Related Party Transaction [Line Items]
Due to affiliates	19	20
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 11	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 09, 2022 USD ($)	Sep. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) quarter shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Management fees		$ 337,000		$ 100	$ 638,000	$ 100
Management fee					200,000
Affiliate costs		1,335,000	$ 2,200,000	1,446,000	5,729,000	2,237,000
Due to affiliate		500,000			500,000
Advance of organization and offering fees, net asset value threshold		$ 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
Subsequent Event
Related Party Transaction [Line Items]
Reimbursement term, organization and offering expenses	60 months
Forecast
Related Party Transaction [Line Items]
Advance of organization and offering fees, net asset value threshold	$ 1,000,000,000
Non-controlling Interests in Consolidated Joint Ventures
Related Party Transaction [Line Items]
Ownership percentage		50%			50%
Sunbelt Medical Office Portfolio | Non-controlling Interests in Consolidated Joint Ventures
Related Party Transaction [Line Items]
Ownership percentage		85%			85%
Everly Roseland Co-Invest
Related Party Transaction [Line Items]
Ownership percentage		60%			60%
Everyly Roseland Co-Invest Joint Venture | Everly Roseland Co-Invest
Related Party Transaction [Line Items]
Ownership percentage		95%			95%
Support Personnel
Related Party Transaction [Line Items]
Expenses from transactions with related party		$ 100,000		200,000	$ 700,000	600,000
Travel Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party				$ 0	200,000	$ 0
Advance Of Operating Expenses
Related Party Transaction [Line Items]
Operating expenses advanced		8,400,000			$ 8,400,000		$ 6,400,000
Reimbursement of operating expenses threshold, percentage of average invested assets over four quarters					2%
Reimbursement of operating expenses threshold, percentage of net income over four quarters					25%
Advance Of Operating Expenses | Forecast
Related Party Transaction [Line Items]
Advance of organization and offering fees, net asset value threshold	$ 1,000,000,000
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Total expenses		30,000			$ 76,000
Revolving Credit Facility
Related Party Transaction [Line Items]
Capital commitment from related party		$ 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					$ 4,200,000
The Adviser
Related Party Transaction [Line Items]
Management fee percentage of NAV		1%			1%
Management fee commencement period					10 years
Shares issued (shares) | shares		19,266			19,266
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%
The Special Limited Partner | Class N Common Stock
Related Party Transaction [Line Items]
Performance participation interest, percentage of return					10%
Performance participation interest, percentage of return hurdle amount					7%
The Special Limited Partner | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares					106,268
The Dealer Manager
Related Party Transaction [Line Items]
Stockholder servicing fee accrual threshold					8.75%
Affiliated entity | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares					15,729,089
Affiliated entity | Class N Common Stock | Private Offering
Related Party Transaction [Line Items]
Capital commitment		$ 29,300,000			$ 29,300,000
Affiliated entity | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares					2,015,793

Related Party Transactions - Sc

Related Party Transactions - Schedule of Stockholder Servicing Fees (Details) - The Dealer Manager	9 Months Ended
	Sep. 30, 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%
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%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0%
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%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0%
Stockholder Servicing Fee (% of NAV)	0.25%
Class I Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0%
Stockholder Servicing Fee (% of NAV)	0%
Class E Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0%
Maximum Upfront Dealer Manager Fees (% of Transaction Price)	0%
Stockholder Servicing Fee (% of NAV)	0%

Related Party Transactions - _2

Related Party Transactions - Schedule of Related Party Share Ownership (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended	11 Months Ended	26 Months Ended	29 Months Ended
	Aug. 05, 2021	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Mar. 31, 2022
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	20,000,000	441,434	785,025
Class N Redeemable Common Stock repurchased		$ 9,200
Class T Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)		0	0
Class S Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)		0	0
Class D Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)		0	0
Class I Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)		291,818	0	291,818
Class E Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)		0	0
Class N Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	785,025	149,616	785,025	149,616
Affiliated entities
Related Party Transaction [Line Items]
Total Purchase Price				$ 532,881
Affiliated entities | MassMutual
Related Party Transaction [Line Items]
Total Purchase Price				370,726
Affiliated entities | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Total Purchase Price				119,500
Affiliated entities | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Total Purchase Price				40,008
Affiliated entities | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Total Purchase Price				$ 2,647
Affiliated entities | Class T Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				165,126
Affiliated entities | Class T Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class T Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class T Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				165,126
Stock issued during period, exchange of common stock (in shares)				186,731
Affiliated entities | Class T Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class S Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				165,126
Affiliated entities | Class S Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class S Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class S Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				165,126
Stock issued during period, exchange of common stock (in shares)				186,731
Affiliated entities | Class S Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class D Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				165,126
Affiliated entities | Class D Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class D Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class D Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				165,126
Stock issued during period, exchange of common stock (in shares)				186,731
Affiliated entities | Class D Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)
Affiliated entities | Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				164,752
Affiliated entities | Class I Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class I Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Stock issued during period, exchange of common stock (in shares)				2,028,086
Affiliated entities | Class I Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				164,573
Total Purchase Price				$ 9,200
Stock issued during period, exchange of common stock (in shares)				186,208
Number of additional shares issued in transaction (shares)				291,818
Affiliated entities | Class I Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				179
Affiliated entities | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				2,015,793
Affiliated entities | Class E Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class E Common Stock | Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				1,994,164
Affiliated entities | Class E Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				0
Affiliated entities | Class E Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				21,629
Affiliated entities | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				15,729,089
Affiliated entities | Class N Common Stock | MassMutual
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				12,923,036
Affiliated entities | 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
Total Purchase Price				$ 61,000
Stock issued during period, exchange of common stock (in shares)				1,992,224
Affiliated entities | Class N Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				738,701
Total Purchase Price				$ 20,000
Affiliated entities | Class N Common Stock | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				75,128
Affiliated entities | Class N Common Stock | Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)				2,537,790	2,537,790	2,388,175
Class N Redeemable Common Stock repurchased				$ 74,800	$ 74,795	$ 70,000
Affiliated entities | Class N Common Stock | Board Of Directors, Members
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)				75,128
Total Purchase Price							$ 2,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions		9 Months Ended
	Oct. 03, 2022	Sep. 30, 2022
Subsequent Event
Other Commitments [Line Items]
Other commitments, invested	$ 15
Capital Commitment
Other Commitments [Line Items]
Other commitment		$ 0.9
Tenant Improvements
Other Commitments [Line Items]
Other commitment		3.5
Other commitments, funded		3.1
Subscription Agreement
Other Commitments [Line Items]
Other commitment		$ 30

Tenant Leases - Operating Lease

Tenant Leases - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Fixed lease payments	$ 13,425	$ 2,448	$ 33,904	$ 6,451
Variable lease payments	2,091	300	4,539	864
Rental revenue	$ 15,516	$ 2,748	$ 38,443	$ 7,315

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rental Payments Receivable (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022 (remainder)	$ 3,119
2023	11,897
2024	11,608
2025	11,054
2026	11,229
2027	11,032
Thereafter	60,619
Total	$ 120,557

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	8

Segment Reporting - Schedule of

Segment Reporting - Schedule of Financial Results (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,024,121,000				$ 1,024,121,000		$ 612,377,000
Revenues
Rental revenue	15,516,000			$ 2,748,000	38,443,000	$ 7,315,000
Income from commercial loan	702,000				702,000
Other revenue	860,000			88,000	2,086,000	268,000
Total revenues	17,078,000			2,836,000	41,231,000	7,583,000
Expenses
Rental property operating	7,198,000			623,000	15,341,000	1,734,000
Total expenses	7,198,000			623,000	15,341,000	1,734,000
Income from unconsolidated entities, net	7,600,000			5,255,000	23,407,000	16,716,000
Income (loss) from real estate-related securities	(925,000)			19,000	(2,020,000)	83,000
Segment net operating income	16,555,000			7,487,000	47,277,000	22,648,000
Depreciation and amortization	(16,602,000)			(6,490,000)	(47,190,000)	(20,009,000)
General and administrative	(1,214,000)			(893,000)	(4,126,000)	(3,033,000)
Unrealized gain on derivative instruments	4,547,000			0	7,017,000	0
Interest expense	(4,996,000)			(730,000)	(10,271,000)	(1,813,000)
Management fee - related party	(337,000)			(100)	(638,000)	(100)
Performance participation interest - related party	(1,335,000)		$ (2,200,000)	(1,446,000)	(5,729,000)	(2,237,000)
Other expense	(34,000)			0	(118,000)	0
Net loss attributable to Invesco Real Estate Income Trust Inc.	(3,416,000)			(2,072,000)	(13,778,000)	(4,444,000)
Dividends to preferred stockholders	(2,000)			(2,000)	(6,000)	(6,000)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	324,000			(4,000)	768,000	(4,000)
Net loss attributable to non-controlling interest in INREIT OP	4,000	$ 38,000	$ 261,000	0	303,000	0
Net loss attributable to common stockholders, basic	(3,090,000)			(2,078,000)	(12,713,000)	(4,454,000)
Operating segments | Healthcare
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	81,405,000				81,405,000		80,455,000
Revenues
Rental revenue	0			0	0	0
Income from commercial loan	0				0
Other revenue	0			0	0	0
Total revenues	0			0	0	0
Expenses
Rental property operating	0			0	0	0
Total expenses	0			0	0	0
Income from unconsolidated entities, net	6,539,000			4,745,000	19,941,000	15,288,000
Income (loss) from real estate-related securities	0			0	0	0
Segment net operating income	6,539,000			4,745,000	19,941,000	15,288,000
Depreciation and amortization	(4,770,000)			(5,073,000)	(14,572,000)	(15,030,000)
Operating segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	38,929,000				38,929,000		38,633,000
Revenues
Rental revenue	826,000			683,000	2,171,000	2,061,000
Income from commercial loan	0				0
Other revenue	0			0	0	0
Total revenues	826,000			683,000	2,171,000	2,061,000
Expenses
Rental property operating	119,000			113,000	358,000	330,000
Total expenses	119,000			113,000	358,000	330,000
Income from unconsolidated entities, net	0			0	0	0
Income (loss) from real estate-related securities	0			0	0	0
Segment net operating income	707,000			570,000	1,813,000	1,731,000
Depreciation and amortization	(418,000)			(298,000)	(1,275,000)	(893,000)
Operating segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	145,632,000				145,632,000		60,071,000
Revenues
Rental revenue	2,872,000			612,000	7,197,000	1,744,000
Income from commercial loan	0				0
Other revenue	89,000			0	265,000	0
Total revenues	2,961,000			612,000	7,462,000	1,744,000
Expenses
Rental property operating	1,363,000			129,000	2,635,000	411,000
Total expenses	1,363,000			129,000	2,635,000	411,000
Income from unconsolidated entities, net	0			0	0	0
Income (loss) from real estate-related securities	0			0	0	0
Segment net operating income	1,598,000			483,000	4,827,000	1,333,000
Depreciation and amortization	(1,393,000)			(214,000)	(3,624,000)	(639,000)
Operating segments | Self-Storage
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	94,147,000				94,147,000		57,305,000
Revenues
Rental revenue	2,031,000			91,000	4,434,000	91,000
Income from commercial loan	0				0
Other revenue	218,000			0	546,000	0
Total revenues	2,249,000			91,000	4,980,000	91,000
Expenses
Rental property operating	1,032,000			0	1,906,000	0
Total expenses	1,032,000			0	1,906,000	0
Income from unconsolidated entities, net	0			0	0	0
Income (loss) from real estate-related securities	0			0	0	0
Segment net operating income	1,217,000			91,000	3,074,000	91,000
Depreciation and amortization	(2,423,000)			0	(7,295,000)	0
Operating segments | Multifamily
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	228,768,000				228,768,000		67,866,000
Revenues
Rental revenue	3,990,000			1,239,000	8,366,000	3,296,000
Income from commercial loan	0				0
Other revenue	130,000			88,000	420,000	268,000
Total revenues	4,120,000			1,327,000	8,786,000	3,564,000
Expenses
Rental property operating	1,421,000			381,000	2,984,000	993,000
Total expenses	1,421,000			381,000	2,984,000	993,000
Income from unconsolidated entities, net	0			0	0	0
Income (loss) from real estate-related securities	0			0	0	0
Segment net operating income	2,699,000			946,000	5,802,000	2,571,000
Depreciation and amortization	(4,414,000)			(905,000)	(6,835,000)	(3,447,000)
Operating segments | Student Housing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	241,295,000				241,295,000		242,014,000
Revenues
Rental revenue	4,445,000			123,000	12,907,000	123,000
Income from commercial loan	0				0
Other revenue	407,000			0	837,000	0
Total revenues	4,852,000			123,000	13,744,000	123,000
Expenses
Rental property operating	2,697,000			0	6,132,000	0
Total expenses	2,697,000			0	6,132,000	0
Income from unconsolidated entities, net	0			0	0	0
Income (loss) from real estate-related securities	0			0	0	0
Segment net operating income	2,155,000			123,000	7,612,000	123,000
Depreciation and amortization	(2,614,000)			0	(11,972,000)	0
Operating segments | Grocery-Anchored Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	65,770,000				65,770,000		0
Revenues
Rental revenue	1,352,000				3,368,000
Income from commercial loan	0				0
Other revenue	16,000				18,000
Total revenues	1,368,000				3,386,000
Expenses
Rental property operating	419,000				1,084,000
Total expenses	419,000				1,084,000
Income from unconsolidated entities, net	0				0
Income (loss) from real estate-related securities	0				0
Segment net operating income	949,000				2,302,000
Depreciation and amortization	(495,000)				(1,236,000)
Operating segments | Real Estate Debt
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	46,647,000				46,647,000		21,088,000
Revenues
Rental revenue	0			0	0	0
Income from commercial loan	702,000				702,000
Other revenue	0			0	0	0
Total revenues	702,000			0	702,000	0
Expenses
Rental property operating	0			0	0	0
Total expenses	0			0	0	0
Income from unconsolidated entities, net	664,000			510,000	1,911,000	1,428,000
Income (loss) from real estate-related securities	0			0	0	0
Segment net operating income	1,366,000			510,000	2,613,000	83,000
Depreciation and amortization	0			0	0	0
Corporate, non-segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	81,528,000				81,528,000		$ 44,945,000
Revenues
Rental revenue	0			0	0	0
Income from commercial loan	0				0
Other revenue	0			0	0	0
Total revenues	0			0	0	0
Expenses
Rental property operating	147,000			0	242,000	0
Total expenses	147,000			0	242,000	0
Income from unconsolidated entities, net	397,000			0	1,555,000	0
Income (loss) from real estate-related securities	(925,000)			19,000	(2,020,000)	83,000
Segment net operating income	(675,000)			19,000	(707,000)	83,000
Depreciation and amortization	$ (75,000)			$ 0	$ (381,000)	$ 0

Segment Reporting - Income (Los

Segment Reporting - Income (Loss) From Unconsolidated Real Estate Entities Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting [Abstract]
Segment income from unconsolidated entities	$ 7,600	$ 5,255	$ 23,407	$ 16,716
Depreciation and amortization attributable to unconsolidated entities	(4,843)	(5,073)	(14,943)	(15,030)
Income (loss) from unconsolidated real estate entities	$ 2,757	$ 182	$ 8,464	$ 1,686

Segment Reporting - Depreciatio

Segment Reporting - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting [Abstract]
Segment depreciation and amortization	$ (16,602)	$ (6,490)	$ (47,190)	$ (20,009)
Depreciation and amortization attributable to unconsolidated entities	4,843	5,073	14,943	15,030
Depreciation and amortization	$ (11,759)	$ (1,417)	$ (32,247)	$ (4,979)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
	Nov. 08, 2022	Nov. 14, 2022	Sep. 30, 2022	Sep. 30, 2021	Oct. 26, 2022
Subsequent Event [Line Items]
Proceeds from issuance of common stock			$ 83,621	$ 37,303
Subsequent Event
Subsequent Event [Line Items]
Redemption value					$ 7,500
Private Offering | Subsequent Event | Class N Common Stock
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 29,300
Public Offering | Forecast
Subsequent Event [Line Items]
Aggregate net proceeds		$ 22,400