Invesco Real Estate Income Trust 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 11, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001756761
Current Fiscal Year End Date	--12-31
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		554,552
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		744,184
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,139,784
Class E Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,167,816
Class N Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,523,324

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Investments in real estate, net	$ 755,017	$ 759,461
Investments in unconsolidated entities	125,068	127,360
Investments in commercial loans, at fair value	34,807	21,800
Investments in real estate-related securities, at fair value	29,209	23,512
Investments in affiliated fund, at fair value	28,712	14,969
Intangible assets, net	23,962	26,018
Cash and cash equivalents	12,609	39,888
Restricted cash	5,648	5,354
Other assets	19,273	20,796
Total assets	1,034,305	1,039,158
LIABILITIES
Mortgages payable, net	375,501	374,733
Financing obligation, net	53,752	53,752
Revolving credit facility	18,000	9,000
Due to affiliates	20,560	22,952
Accounts payable, accrued expenses and other liabilities	11,251	12,430
Total liabilities	479,064	472,867
Commitments and contingencies (See Note 17)	0	0
Class N redeemable common stock, $0.01 par value per share, 13,523,324 and 13,523,324 shares issued and outstanding, respectively	419,709	432,604
Redeemable non-controlling interest in INREIT OP	7,223	2,797
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	179,933	167,611
Accumulated deficit and cumulative distributions	(80,806)	(66,856)
Total stockholders' equity	99,238	100,866
Non-controlling interests in consolidated joint ventures	29,071	30,024
Total equity	128,309	130,890
Total liabilities, redeemable equity instruments and equity	1,034,305	1,039,158
Class T Common Stock
EQUITY
Common stock	5	4
Class S Common Stock
EQUITY
Common stock	4	4
Class D Common Stock
EQUITY
Common stock	7	6
Class I Common Stock
EQUITY
Common stock	40	38
Class E Common Stock
EQUITY
Common stock	$ 14	$ 18

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets Parenthetical - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Redeemable common stock, par value (in USD per share)	$ 0.01	$ 0.01
Redeemable common stock, shares issued (in shares)	13,523,324	13,523,324
Redeemable stock, outstanding (in shares)	13,523,324	13,523,324
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
Common stock, shares outstanding (in shares)	20,544,379	20,520,921
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)	534,026	449,680
Common stock, shares outstanding (in shares)	534,026	449,680
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	351,856
Common stock, shares outstanding (in shares)	351,856	351,856
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)	658,895	604,538
Common stock, shares outstanding (in shares)	658,895	604,538
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)	4,034,345	3,764,505
Common stock, shares outstanding (in shares)	4,034,345	3,764,505
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)	1,441,933	1,827,018
Common stock, shares outstanding (in shares)	1,441,933	1,827,018

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Rental revenue	$ 15,500	$ 9,663
Income from commercial loans	1,255	0
Other revenue	725	583
Total revenues	17,480	10,246
Expenses
Rental property operating	5,824	3,218
General and administrative	1,164	1,623
Management fee - related party	396	114
Performance participation interest - related party	0	2,121
Depreciation and amortization	7,391	8,778
Total expenses	14,775	15,854
Other income (expense), net
Income (loss) from unconsolidated entities, net	(453)	3,979
Income from real estate-related securities	118	28
Loss from investments in affiliated fund	(933)	0
Unrealized gain (loss) on derivative instruments	(2,346)	1,516
Interest expense	(5,321)	(2,037)
Other expense	(13)	(75)
Total other income (expense), net	(8,948)	3,411
Net loss attributable to Invesco Real Estate Income Trust Inc.	(6,243)	(2,197)
Dividends to preferred stockholders	(2)	(2)
Net loss attributable to non-controlling interests in consolidated joint ventures	755	14
Net loss attributable to non-controlling interest in INREIT OP	40	261
Net loss attributable to common stockholders, basic	(5,450)	(1,924)
Net loss attributable to common stockholders, diluted	$ (5,450)	$ (1,924)
Loss per share:
Net loss per share of common stock, basic (in USD per share)	$ (0.26)	$ (0.14)
Net loss per share of common stock, diluted (in USD per share)	$ (0.26)	$ (0.14)
Weighted average shares of common stock outstanding, basic (in shares)	20,583,532	13,684,665
Weighted average shares of common stock outstanding, diluted (in shares)	20,583,532	13,684,665

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, 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 loss	(14)		(1,922)									(1,922)	(14)
Net loss	(1,936)
Preferred stock dividends	(2)		(2)									(2)
Dividends, Common Stock	(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)
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	(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, 2022	130,890		100,866	41	4	4	6	38	18	0	167,611	(66,856)	30,024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	12,733		12,733		1	0	1	2		0	12,729
Distribution reinvestment	270		270								270
Common stock repurchased	(13,025)	$ (13,000)	(13,025)						(4)		(13,021)
Share-based compensation	20		20								20
Net loss	(755)		(5,448)									(5,448)	(755)
Net loss	(6,203)
Preferred stock dividends	(2)		(2)									(2)
Dividends, Common Stock	(8,500)		(8,500)									(8,500)
Contributions from non-controlling interests	28												28
Distributions to non-controlling interests	(226)												(226)
Adjustment to carrying value of redeemable equity instruments	12,324		12,324								12,324
Ending balance at Mar. 31, 2023	128,309		$ 99,238	$ 41	$ 5	$ 4	$ 7	$ 40	$ 14	$ 0	$ 179,933	$ (80,806)	$ 29,071
Beginning balance at Dec. 31, 2022	432,604
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	(3)
Adjustment to carrying value of redeemable equity instruments	(12,892)
Ending balance at Mar. 31, 2023	419,709
Beginning balance at Dec. 31, 2022	2,797
Redeemable Non-controlling Interest in INREIT OP
Net loss	(40)
Redeemable noncontrolling interest, equity distributions	(78)
Issuance of Class E OP Units to non-controlling interests	3,976
Adjustment to carrying value of redeemable equity instruments	568
Ending balance at Mar. 31, 2023	$ 7,223

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity and Redeemable Equity Instruments (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock declared (in USD per share)	$ 0.4162	$ 0.4252

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flow - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (6,243)	$ (2,197)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	396	114
Performance participation interest - related party	0	2,121
(Income) loss from unconsolidated entities, net	453	(3,979)
Depreciation and amortization	7,391	8,778
Share-based compensation	20	19
Straight-line rents	(305)	(359)
Amortization of below-market lease intangibles	(99)	(49)
Amortization of above-market lease intangibles	44	33
Amortization of deferred financing costs	406	293
Loss from investments in affiliated fund	933	0
Unrealized loss on real estate-related securities, net	322	160
Unrealized gain (loss) on derivative instruments	2,346	(1,516)
Distributions of earnings from investments in unconsolidated entities	795	989
Other items	206	123
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Decrease (increase) in other assets	(261)	2,808
Increase in due to affiliates	1,026	1,510
Decrease (increase) in accounts payable, accrued expenses and other liabilities	(2,915)	508
Net cash provided by operating activities	4,515	9,356
Cash flows from investing activities:
Investments in unconsolidated entities	(369)	(3,068)
Investment in unconsolidated affiliated fund	(15,000)	0
Origination of commercial loan	(13,007)	0
Acquisitions of real estate	0	(150,997)
Pre-acquisition deposits	0	(6,118)
Capital improvements to real estate	(685)	(164)
Purchase of real estate-related securities	(6,249)	(11,161)
Proceeds from sale of real estate-related securities	287	0
Distributions of capital from investments in unconsolidated entities	1,413	0
Net cash used in investing activities	(33,610)	(171,508)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	0	42,999
Proceeds from issuance of common stock	12,737	48,535
Offering costs paid	(86)	0
Repurchase of common stock	(13,025)	0
Subscriptions received in advance	1,257	3,092
Proceeds from revolving credit facility	23,000	79,800
Repayment of revolving credit facility	(14,000)	(47,000)
Borrowings from mortgages payable	464	39,660
Purchase of derivative instruments	0	(1,808)
Payment of deferred financing costs	(300)	(534)
Common stock and INREIT OP unit distributions	(7,737)	(5,119)
Preferred stock dividends	(2)	(2)
Sale of interest to non-controlling interest	0	2,025
Contributions from non-controlling interests	28	0
Distributions to non-controlling interests	(226)	(95)
Net cash provided by financing activities	2,110	161,553
Net change in cash and cash equivalents and restricted cash	(26,985)	(599)
Cash and cash equivalents and restricted cash, beginning of period	45,242	15,499
Cash and cash equivalents and restricted cash, end of period	18,257	14,900
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	12,609	9,633
Restricted cash	5,648	5,267
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	18,257	14,900
Supplemental disclosures:
Interest paid	4,824	1,570
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	0	510
Issuance of Class E OP Units to non-controlling interests	3,976	3,280
Issuance of Class E shares for payment of management fees	399	0
Accrued capital expenditures	280	0
Distributions payable	2,894	2,132
Distribution reinvestment	270	80
Accrued offering costs due to affiliates	320	386
Adjustment to carrying value of redeemable equity instruments	$ (12,324)	$ 10,182

Organization and Business Purpo

Organization and Business Purpose	3 Months Ended
	Mar. 31, 2023
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. In May 2021, we registered a public offering with the Securities and Exchange Commission (“SEC”) of up to $3.0 billion in shares of common stock, consisting of up to $2.4 billion in shares in our primary offering (the “Primary Offering”) and up to $600 million in shares under our distribution reinvestment plan (collectively, the “Offering”). We are offering to sell any combination of five classes of shares of our common stock in the Offering: Class T shares, Class S shares, Class D shares, Class I shares and Class E shares, with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions and dealer manager fees and different ongoing stockholder servicing fees. We are also conducting private offerings of up to $1.0 billion in shares of our Class N common stock (“Class N shares” or “Class N common stock”) (the “Class N Private Offering”) and up to $20.0 million in shares of our Class E common stock (the “Class E Private Offering”) (collectively, the “Private Offerings”). On February 3, 2023, we, through our Operating Partnership, initiated a private placement program (the “DST Program”) to issue and sell up to $3.0 billion of beneficial interests in specific Delaware statutory trusts (the “DSTs”) holding real properties (the “DST Properties”), which may be sourced from our real properties or from third parties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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, 2022. 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. 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 as net loss attributable to non-controlling interests in consolidated joint ventures on our consolidated statements of operations. We apply the equity method of accounting if we have significant influence over an entity, typically when we hold 20% 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. 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. We calculate basic earnings (loss) per share by dividing net earnings (loss) attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period, including redeemable common stock. All classes of common stock are allocated net earnings (loss) at the same rate per share and receive the same gross distribution per share. We calculate diluted net earnings (loss) per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. As of March 31, 2023 and 2022, 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. Income Taxes For the three months ended March 31, 2023 and 2022, we recorded a net tax expense of approximately $14,000 and $75,000, respectively, located within other expense on our condensed consolidated statements of operations. As of March 31, 2023, we recorded a deferred tax liability of approximately $11,000. As of December 31, 2022, we recorded a deferred tax liability of approximately $3,000. This deferred liability was recorded within other liabilities on our condensed consolidated balance sheets. As of March 31, 2023, our tax years 2019 through 2022 remain subject to examination by the United States tax authorities. Significa nt Accounting Policies

Investments in Real Estate, net

Investments in Real Estate, net	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Investments in Real Estate, net	Investments in Real Estate, net Investments in real estate, net consist of: $ in thousands March 31, 2023 December 31, 2022 Building and improvements $ 613,110 $ 612,374 Land and land improvements 158,191 158,191 Furniture, fixtures and equipment 11,590 11,514 Total 782,891 782,079 Accumulated depreciation (27,874) (22,618) Investments in real estate, net $ 755,017 $ 759,461

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of March 31, 2023, we held four investments in unconsolidated entities for an aggregate investment balance of $125.1 million that are accounted for using the equity method of accounting. The amounts reflected in the following tables (except for our share of equity and income) are based on the historical financial information of the individual unconsolidated entities. We do not record operating losses of an unconsolidated entity in excess of its investment balance unless we are liable for the obligations of the entity or are otherwise committed to provide financial support to the entity. Our investments in unconsolidated entities as of March 31, 2023 and December 31, 2022 were as follows: $ in thousands Carrying Amount Entity Ownership Percentage (1) March 31, 2023 December 31, 2022 Vida JV LLC (2) 42.5 % $ 77,139 $ 79,478 San Simeon Holdings (3) — 26,162 25,516 PTCR Holdco, LLC (4) — 8,206 8,129 Retail GP Fund (5) 4.5% to 13.5% 13,561 14,237 Total $ 125,068 $ 127,360 (1) Ownership percentage represents our entitlement to residual distributions after payments of priority returns, where applicable. Preferred equity investment ownership percentages are not presented. (2) We formed a joint venture with Invesco U.S. Income Fund L.P., an affiliate of Invesco, (the “Invesco JV”) to acquire an interest in a portfolio of medical office buildings located throughout the United States (the “Sunbelt Medical Office Portfolio”). As of March 31, 2023, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of March 31, 2023, 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 7.00%, increasing by 0.25% during each extension term, as well as a preferred accrued return of 4.00% due upon redemption. (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 4.5% to 13.5% in nine retail properties. Our share of the unconsolidated entities’ income (loss) for the three months ended March 31, 2023 and 2022 were as follows: $ in thousands Company’s Share of Unconsolidated Entities' Income (Loss) Three Months Ended March 31, Entity 2023 2022 Vida JV LLC $ (1,192) $ 3,152 San Simeon Holdings 713 607 PTCR Holdco, LLC 266 174 Retail GP Fund (240) 46 Total $ (453) $ 3,979 The following tables provide summarized balance sheets of our investments in unconsolidated entities: March 31, 2023 December 31, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 406,177 $ 123,557 $ 598,929 $ 1,128,663 $ 407,405 $ 123,664 $ 595,006 $ 1,126,075 Total liabilities (225,234) (75,172) (299,537) (599,943) (220,573) (76,583) (284,118) (581,274) Total equity $ 180,943 $ 48,385 $ 299,392 $ 528,720 $ 186,832 $ 47,081 $ 310,888 $ 544,801 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 9,470 $ 2,661 $ 14,580 $ 26,711 $ 9,055 $ 2,464 $ 7,323 $ 18,842 Net income (loss) $ (2,802) $ 613 $ 6,361 $ 4,172 $ 7,421 $ 720 $ 770 $ 8,911

Investments in Commercial Loans

Investments in Commercial Loans	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Investments in Commercial Loans	Investments in Commercial Loans As of March 31, 2023 , we have the following investments in commercial loans: Current Principal Balance $ in thousands Origination Date Loan Type Interest Rate March 31, 2023 December 31, 2022 Maturity Date 9801 Blue Grass Loan 9/1/2022 Mezzanine SOFR + 7.21% $ 21,800 $ 21,800 9/9/2024 5805 N Jackson Gap Loan 1/20/2023 Mezzanine SOFR + 8.00% 13,007 — 2/9/2025 Total $ 34,807 $ 21,800 We elected the fair value option and, accordingly, there are no capitalized origination costs or fees associated with the loans. For the three months ended March 31, 2023, we recognized in terest income and loan origination fee income from our investments in commercial loans of $1.3 million in our condensed consolidated statements of operations. For the three months ended March 31, 2023, we did not record an unrealized gain or loss on the commercial loans, as the outstanding par value approximated fair value as of March 31, 2023.

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 $ 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 $ 22,458 $ (737) $ 21,721 $ (2,210) $ 19,511 6.88 % 11/21/2039 Corporate debt 4,978 (143) 4,835 (288) 4,547 5.00 % 6/28/2027 Preferred stock of REITs N/A N/A 4,034 (789) 3,245 4.79 % N/A Common stock of REITs N/A N/A 2,107 (201) 1,906 6.93 % N/A Total $ 27,436 $ (880) $ 32,697 $ (3,488) $ 29,209 December 31, 2022 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost / Cost (1) Unrealized Gain (Loss), Net Fair Value Period-end Weighted Average Yield Weighted-Average Maturity Date Non-agency CMBS $ 16,123 $ (419) $ 15,704 $ (1,816) $ 13,888 7.96 % 11/16/2039 Corporate debt 4,978 (144) 4,834 (339) 4,495 5.15 % 7/11/2025 Preferred stock of REITs N/A N/A 2,107 (267) 1,840 7.06 % N/A Common stock of REITs N/A N/A 4,034 (745) 3,289 4.68 % N/A Total $ 21,101 $ (563) $ 26,679 $ (3,167) $ 23,512

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: March 31, 2023 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (30,007) $ 17,359 Leasing commissions 5,895 (1,008) 4,887 Above-market lease intangibles 1,951 (235) 1,716 Total intangible assets, net $ 55,212 $ (31,250) $ 23,962 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (659) $ 2,245 Total intangible liabilities, net $ 2,904 $ (659) $ 2,245 December 31, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (28,038) $ 19,328 Leasing commissions 5,774 (844) 4,930 Above-market lease intangibles 1,951 (191) 1,760 Total intangible assets, net $ 55,091 $ (29,073) $ 26,018 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (560) $ 2,344 Total intangible liabilities, net $ 2,904 $ (560) $ 2,344 The estimated future amortization of our intangibles for each of the next five years and thereafter as of March 31, 2023 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2023 (remainder) $ 2,046 $ 610 $ 132 $ (352) 2024 2,602 642 176 (387) 2025 2,189 623 176 (387) 2026 2,184 620 176 (387) 2027 1,805 542 176 (300) 2028 1,672 507 176 (248) Thereafter 4,861 1,343 704 (184) $ 17,359 $ 4,887 $ 1,716 $ (2,245)

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table summarizes the components of other assets: $ in thousands March 31, 2023 December 31, 2022 Capitalized tax abatement, net (1) $ 8,022 $ 8,166 Derivative instruments 6,999 9,345 Deferred rent 2,161 1,857 Prepaid expenses 940 581 Receivables, net 574 472 Deferred financing costs, net 299 102 Deposits 85 76 Other 193 197 Total $ 19,273 $ 20,796 (1) We obtained tax abatements in conjunction with our purchases of the Cortona Apartments and 3101 Agler Road properties with expiration dates of December 31, 2038 and December 31, 2031, respectively. We are amortizing the tax abatements over their remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of March 31, 2023, accumulated amortization of the capitalized tax abatements was $1.1 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. Our derivatives are not speculative and are used to manage our exposure to increases in interest rates. As of March 31, 2023, we have entered into four interest rate caps and one interest rate swap. The following table summarizes the notional amount and other information related to these instruments as of March 31, 2023: $ 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 4 $ 198,500 $ 2,666 $ 5,617 2.13% 1.56 Interest rate swap 1 52,500 N/A 1,382 2.73% 4.08 Total 5 $ 251,000 $ 2,666 $ 6,999 (1) The notional amount represents the amount of the borrowings that we are hedging. It does not represent our 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 months ended March 31, 2023 and 2022, we reported a decrease in fair value of $2.3 million and an increase in fair value of $1.5 million, respectively. These changes are included in unrealized gain (loss) on derivative instruments in our condensed consolidated statements of operations.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings Revolving Credit Facility The following is a summary of the revolving credit facility: $ in thousands Maximum Facility Size (2) Principal Outstanding Balance Indebtedness Interest Rate Maturity Date March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Revolving Credit Facility S + applicable margin (1) 1/22/2024 $ 150,000 $ 150,000 $ 18,000 $ 9,000 (1) Borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) Daily Simple SOFR, (ii) Term SOFR with an interest period of one, three or six-months, or (iii) a Base Rate, where the base rate is the highest of (1) federal funds rate plus 0.5%, (2) the rate of interest as publicly announced by Bank of America N.A. as its “prime rate”, (3) Term SOFR with an interest period of one month plus 1.0%, or (4) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio. The weighted-average interest rate for the three months ended March 31, 2023 and 2022 was 6.21% and 1.91%, respectively. (2) As of March 31, 2023 , the borrowing capacity on the Revolving Credit Facili ty was $76.1 million . The borrowing capacity is less than the difference between the maximum facility size and the current principal outstanding balance as the calculation of borrowing capacity is limited by the aggregate fair value and cash flows of our unencumbered properties. As of March 31, 2023, 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 March 31, 2023 December 31, 2022 Cortona Apartments L + applicable margin (2) 6/1/2028 $ 45,000 $ 45,000 $ 45,000 Bixby Kennesaw S + 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 39,660 Everly Roseland Apartments S + applicable margin (5) 4/28/2027 $ 113,500 105,927 105,463 Midwest Industrial Portfolio 4.44% and S + applicable margin (6) 7/5/2027 $ 70,000 70,000 70,000 Total mortgages payable 379,087 378,623 Deferred financing costs, net (3,586) (3,890) Mortgage notes payable, net $ 375,501 $ 374,733 (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 agreement that utilizes LIBOR contains 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 months ended March 31, 2023 and 2022 was 6.76% and 2.65%, respectively. (3) The mortgage note secured by Bixby Kennesaw bears interest at the sum of (i) 1.00% plus (ii) Daily Compounding SOFR. The weighted-average interest rate for the three months ended March 31, 2023 and 2022 was 5.98% and 1.75%, 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 months ended March 31, 2023 and 2022 was 5.77% and 1.80%, 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 months ended March 31, 2023 was 6.00%. (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 of the combined $70.0 million principal balance for the three months ended March 31, 2023 was 5.31% . Financing Obligation, Net In connection with the Tempe Student Housing property, as of March 31, 2023 we hold a financing obligation on our condensed consolidated balance sheets of $53.8 million, net of debt issuance costs. The following table presents the future principal payments due under our outstanding borrowings as of March 31, 2023: Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2023 (remaining) $ — $ — $ 3 $ 3 2024 18,000 — 6 18,006 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 215,587 15 215,602 2028 — 45,000 18 45,018 Thereafter — — 36,291 36,291 Total $ 18,000 $ 379,087 $ 36,354 $ 433,441

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the components of accounts payable, accrued expenses and other liabilities: $ in thousands March 31, 2023 December 31, 2022 Intangible liabilities, net $ 2,245 $ 2,344 Real estate taxes payable 1,918 2,466 Accrued interest expense 1,812 1,968 Tenant security deposits 1,306 1,323 Prepaid rental income 1,258 1,390 Subscriptions received in advance 1,257 1,843 Accounts payable and accrued expenses 1,123 824 Distributions payable 332 272 Total $ 11,251 $ 12,430

Class N Redeemable Common Stock

Class N Redeemable Common Stock	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 As of December 31, 2022 Shares Amount Shares Amount Class N Redeemable Common Stock issued 16,061,114 $ 473,415 16,061,114 $ 473,415 Class N Redeemable Common Stock repurchased 2,537,790 $ 74,795 2,537,790 $ 74,795 For the three months ended March 31, 2023, we recorded a decrease to Class N redeemable common stock and an increase to additional paid-in capital of $12.9 million to adjust the value of the Class N shares held by MassMutual to our March 31, 2023 NAV per Class N share. For the three months ended March 31, 2022, we recorded an increase to Class N redeemable common stock and a decrease to additional paid-in capital of $10.0 million to adjust the value of the Class N shares held by MassMutual to our March 31, 2022 NAV per Class N share. The change in the redemption value does not affect income available to common stockholders. MassMutual committed to purchase $400.0 million of Class N common stock in our Class N Private Offering and fully met its commitment as of March 31, 2023. Exchange Rights and Registration Agreement We have entered into an exchange rights and registration agreement with MassMutual (the “Registration Rights Agreement”). After September 28, 2025, MassMutual may require us to exchange all or a portion of its Class N shares for any class of shares of our common stock being sold in the Primary Offering and file and maintain an effective registration statement with the SEC (for no longer than three years) registering the offer and sale of the new shares issued in the exchange. MassMutual's rights under the Registration Rights Agreement will terminate when its shares of our common stock have an aggregate NAV of less than $20.0 million.

Equity and Redeemable Non-contr

Equity and Redeemable Non-controlling Interest	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Preferred Stock As of March 31, 2023 and December 31, 2022, 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. Common Stock The following tables detail the movement in the Company’s outstanding shares of common stock: Three Months Ended March 31, 2023 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2022 449,680 351,856 604,538 3,764,505 1,827,018 13,523,324 20,520,921 Issuance of common stock 83,872 — 53,224 265,404 13,601 — 416,101 Common stock repurchased — — — — (401,116) — (401,116) Distribution reinvestment 474 — 1,133 4,436 2,430 — 8,473 Balance at March 31, 2023 534,026 351,856 658,895 4,034,345 1,441,933 13,523,324 20,544,379 Three Months Ended March 31, 2022 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2021 186,821 186,821 186,821 186,715 2,244,581 8,556,509 11,548,268 Issuance of common stock 165,035 165,035 165,035 279,643 1,814 2,213,413 2,989,975 Distribution reinvestment — — — 458 2,133 — 2,591 Balance at March 31, 2022 351,856 351,856 351,856 466,816 2,248,528 10,769,922 14,540,834 As of March 31, 2023 and December 31, 2022, all of our Class N shares have been classified as redeemable common stock because the only stockholder, MassMutual, has the contractual right to redeem the shares under certain circumstances. Distributions We generally intend to distribute substantially all of our taxable income to our stockholders each year. Taxable income does not necessarily equal net income as calculated in accordance with GAAP. For the three months ended March 31, 2023 and 2022, we declared distributions of $8.6 million and $5.9 million, respectively. We accrued $2.6 million and $2.4 million for distributions payable to related parties as a component of due to affiliates in our condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. Additionally, as of March 31, 2023 and December 31, 2022 we accrued $0.3 million, respectively, for distributions payable to third parties as a component of accounts payable and accrued expenses in our condensed consolidated balance sheets. The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4162 $ 0.4162 $ 0.4162 $ 0.4162 $ 0.4162 $ 0.4162 Stockholder servicing fee per share (1)(2) — (0.0193) — (0.0085) — — — Net distributions declared per share $ — $ 0.3969 $ 0.4162 $ 0.4077 $ 0.4162 $ 0.4162 $ 0.4162 Three Months Ended March 31, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 Stockholder servicing fee per share (1) — (0.0643) (0.0643) (0.0189) — — — Net distributions declared per share $ — $ 0.3609 $ 0.3609 $ 0.4063 $ 0.4252 $ 0.4252 $ 0.4252 (1) See Note 15 — “ Related Party Transactions” for a discussion of our stockholder servicing fee. (2) For Class S Common Stock, the stockholder servicing fee is rounded and may result in a net distribution equal to the gross distribution when the stockholder servicing fee is less than $0.0001 per share 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 15 — “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. For the three months ended March 31, 2023 and 2022, we recorded an allocation adjustment of $0.6 million and $0.1 million, respectively, from additional paid-in capital to redeemable non-controlling interest in INREIT OP on our condensed consolidated balance sheets. The following table details the non-controlling interest activity related to the Special Limited Partner: Three Months Ended March 31, $ in thousands 2023 2022 Net loss allocated $ (40) $ (261) Distributions $ 78 $ 30 Adjustment to carrying value $ 568 $ 138 As of March 31, 2023 and December 31, 2022, distributions payable to the Special Limited Partner were approximately $32,000 and $15,000, respectively. Distribution Reinvestment Plan We have adopted a distribution reinvestment plan whereby stockholders (other than stockholders residing in certain states, as discussed below) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Stockholders residing in Alabama, Idaho, Kansas, Kentucky, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of common stock. The per share purchase price for shares purchased under the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the “transaction price”) at the time the distribution is payable. The transaction price will generally be equal to our prior month’s NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares under the distribution reinvestment plan. The stockholder servicing fees for shares of our Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Share Repurchase Plan We have adopted a share repurchase plan. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to any limitations in the share repurchase plan. For the three months ended March 31, 2023, we repurchased 401,116 shares of common stock for $13.0 million and fulfilled all repurchase requests that were made. For three months ended March 31, 2022, we did not repurchase any shares under the share repurchase plan as no repurchase requests were made. Share-Based Compensation Plan For the three months ended March 31, 2023 and 2022, we awarded independent members of our board of directors 604 and 628 Class E shares, respectively, under our 2019 Equity Incentive Plan (the “Incentive Plan”) and recognized approximately $20,000 and $19,000, respectively, of compensation expense related to these awards. As of March 31, 2023, 189,106 shares of common stock remain available for future issuance under the Incentive Plan.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
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. Certain investments that are measured at fair value using NAV per share as a practical expedient are not required to be categorized in the fair value hierarchy tables. The total fair value of these investments is included in the tables below to permit reconciliation of the fair value hierarchy to amounts presented on our consolidated balance sheets. As of March 31, 2023 and December 31, 2022, none of these investments were expected to be sold at a value materially different than NAV. Valuation of Financial Instruments Measured at Fair Value The following table details our financial instruments measured at fair value on a recurring basis: March 31, 2023 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient (1) Total at Fair Value Investments in real estate-related securities $ 5,151 $ 24,058 $ — $ — $ 29,209 Investments in commercial loans — — 34,807 — 34,807 Investment in affiliated fund — — — 28,484 28,484 Interest rate caps — 5,617 — — 5,617 Interest rate swap — 1,382 — — 1,382 Total $ 5,151 $ 31,057 $ 34,807 $ 28,484 $ 99,499 December 31, 2022 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient (1) Total at Fair Value Investments in real estate-related securities $ 5,129 $ 18,383 $ — $ — $ 23,512 Investments in commercial loans — — 21,800 — 21,800 Investment in affiliated fund — — — 14,969 14,969 Interest rate caps — 7,167 — — 7,167 Interest rate swap — 2,178 — — 2,178 Total $ 5,129 $ 27,728 $ 21,800 $ 14,969 $ 69,626 (1) Our investment in unconsolidated affiliated fund is valued using the NAV as a practical expedient and is not subject to redemption, although investors may sell or transfer their interest at the approval of the general partner of the underlying funds on a monthly basis by giving notice 45 days prior. Our commercial loan investments consist of two floating rate mezzanine loans we originated and are classified as Level 3. The commercial loans are carried at fair value based on significant unobservable inputs. The following table details our investments in commercial loans: $ in thousands Investments in Commercial Loans Balance as of December 31, 2022 $ 21,800 Loan originations 13,007 Net unrealized gain (loss) — Balance as of March 31, 2023 $ 34,807 The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurement of our investments in commercial loans as of March 31, 2023. Type Asset Class Valuation Technique Unobservable Input Weighted Average Rate Commercial loans Industrial Discounted cash flow Discount rate 12.20% 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: March 31, 2023 December 31, 2022 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility $ 18,000 $ 18,000 $ 9,000 $ 9,000 Mortgage notes payable (1) 379,087 373,372 378,623 372,682 Financing obligation (1) 54,000 54,000 54,000 54,000 Total $ 451,087 $ 445,372 $ 441,623 $ 435,682 (1) The mortgage notes payable and financing obligation do not include unamortized debt issuance costs. The fair value of our borrowings is estimated by modeling the cash flows required by our debt agreements and discounting them back to present value using the appropriate discount rate. Additionally, we consider current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of our borrowings are considered Level 3.

DST Program

DST Program	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
DST Program	DST Program On February 3, 2023, we, through our Operating Partnership, initiated the DST Program to issue and sell up to a maximum aggregate offering amount of $3.0 billion of beneficial interests in specific Delaware statutory trusts (“DSTs”) holding real properties (“DST Properties”). Under the DST Program, each DST Property may be sourced from our real properties or from third parties, will be held in a separate DST, and 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. The sale of beneficial interests in the DST Property will be accounted for as a failed sale-leaseback transaction due to the fair market value purchase option retained by our operating partnership and as such, the property will remain on our books and records. The proceeds received from each DST offering will be accounted for as a financing obligation on our condensed consolidated balance sheets. Under the master lease, we are responsible for subleasing the DST Property to tenants, for covering all costs associated with operating the underlying DST Property, and for paying base rent to the DST that owns such property. For financial reporting purposes (but not for income tax purposes), the DST Properties are included in our condensed consolidated financial statements, with the master lease rent payments accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as a reduction of the outstanding principal balance of the financing obligation. As of March 31, 2023, we have not sold any interests related to the DST Program. Thus, there is no financing obligation or interest payments related to the DST program on our condensed consolidated financial statements. Additionally, as we are the only investor in the DSTs as of March 31, 2023, the activity of the DSTs are fully consolidated into our condensed consolidated financial statements. Upon the determination that it is probable that our Operating Partnership will exercise the FMV Option, we will recognize additional interest expense or interest income to the financing obligation to account for the difference between the fair value of the property and the outstanding liabilities. For the three months ended March 31, 2023, we determined that no property was eligible to exercise the FMV Option and no non-cash interest expense was recorded. We will remeasure the fair value of these properties at each balance sheet date and adjust the non-cash interest expense recognized over the remaining term of the master lease for any changes in fair value. If we elect to repurchase the property prior to the maturity date of the master lease, we will record the difference between the repurchase amount and the financial obligation as additional non-cash interest expense in the period of repurchase. For financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line items on our condensed consolidated statements of operations. The net amount we receive from the underlying DST Properties may be more or less than the amount we pay to the investors in the relevant DST and could fluctuate over time.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to Affiliates The following table details the components of due to affiliates: $ in thousands March 31, 2023 December 31, 2022 Advanced general and administrative expenses $ 9,821 $ 8,626 Advanced offering costs 5,552 5,307 Distributions payable 2,562 2,378 Advanced organization expenses 1,474 1,474 Accrued stockholder servicing fee 858 891 Accrued management fee 262 266 Share-based compensation payable 20 20 Accrued affiliate service provider expenses 11 13 Performance participation interest — 3,977 Total $ 20,560 $ 22,952 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 will not pay a management fee on Class E shares. Commencing on January 16, 2030, ten years after the commencement of the Class N Private Offering, we will pay the Adviser a management fee equal to 1.0% of NAV for Class N shares per annum. The Adviser may elect to receive its management fee in cash, shares of our Class I common stock, shares of our Class E common stock, INREIT OP Class I units or INREIT OP Class E units. During the three months ended March 31, 2023, we incurred management fees of $0.4 million, of which $0.3 million is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of March 31, 2023. We have issued 12,336 Class E shares as payment for the management fees earned during the three months ended March 31, 2023. During the three months ended March 31, 2022, we incurred management fees of $0.1 million and issued 3,603 Class E shares as payment for those fees. 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. Invesco REIT Special Limited Partner L.L.C. (the “Special Limited Partner”), a wholly-owned subsidiary of Invesco, holds a performance participation interest in INREIT OP that entitles it to receive an allocation from INREIT OP equal to (1) with respect to all INREIT OP units other than Class N units and Class E units, 12.5% of the Total Return, subject to a 6.0% Hurdle Amount and a High Water Mark, with a Catch-Up (each such term as defined in the limited partnership agreement of INREIT OP), and (2) with respect to Class N units, 10.0% of the Class N Total Return, subject to a 7.0% Class N Hurdle Amount and a Class N High Water Mark, with a Catch-Up (each such term as defined in the limited partnership agreement of INREIT OP). The performance participation interest is calculated and payable on an annual basis. For the three months ended March 31, 2023 the Special Limited Partner did not earn a performance participation interest. For the three months ended March 31, 2022 we incurred $2.1 million 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. In February 2023, we issued 122,065 Class E units of our Operating Partnership to the Special Limited Partner as payment for the 2022 performance fee. Such units were issued at the NAV per unit as of December 31, 2022. 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 months ended March 31, 2023 and 2022, we incurred $0.3 million and $0.4 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 Company. 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 three months ended March 31, 2023 and 2022, we incurred a total of approximately $11,000 and $62,000, respectively, for these operational and travel expenses that were incurred by the Adviser. 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 March 31, 2023 and December 31, 2022, for each period we have accrued we have accrued $0.9 million of stockholder servicing fees with respect to the outstanding Class T, Class S and Class D shares. 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 a representative 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 shows the amount of shares and the total purchase price of those shares which have been purchased by affiliates as of March 31, 2023. Any share repurchases or exchanges are not a component of the table but have been described in further detail below. $ in thousands, except share amounts Class T Class S Class D Class I Class E Class N Total Purchase Price MassMutual (1) — — — — — 16,061,114 $ 473,415 Invesco Global Property Plus Fund (2) — — — — 1,994,164 1,992,224 119,500 Invesco Realty, Inc. (3) 165,126 165,126 165,126 416,893 — 738,701 48,216 Members of our board of directors and employees of our Adviser (4) — — — 183 22,903 75,128 2,674 165,126 165,126 165,126 417,076 2,017,067 18,867,167 $ 643,805 (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 subsequently repurchased. (2) Invesco Global Property Plus Fund (“IGP+”) 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. Additionally, we have repurchased 875,273 Class E shares from IGP+ for $29.0 million. The amount presented is inclusive of the shares subsequently repurchased. (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 subsequently 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. Organization and Offering Expenses The Adviser advanced all of our organization and offering expenses (other than upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees) incurred through December 31, 2022. The Adviser 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. In 2023, we will reimburse the Adviser on a quarterly basis for organization and offering expenses incurred subsequent to December 31, 2022. As of March 31, 2023 and December 31, 2022, the Adviser and its affiliates have incurred organization costs and offering expenses of $7.2 million and $6.8 million, respectively, on our behalf in connection with the Private Offerings and Offering that are recorded as a component of due to affiliates on our condensed consolidated balance sheets . Operating Expenses Reimbursement As of March 31, 2023 and December 31, 2022 , the Adviser advanced on our behalf $9.8 million and $8.6 million, respectively, for general and administrative expenses. The amount due to the Adviser is recorded as a component of due to affiliates on our condensed consolidated balance sheets. The Adviser has advanced all of our operating expenses (excluding the organizational and offering expenses discussed above) on our behalf through December 31, 2021. 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 on a quarterly basis for operating expenses incurred subsequent to December 31, 2021. T he Adviser 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. 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 March 31, 2023 did not exceed the charter-imposed limitation. Accrued Affiliate Service Provider Expenses We have engaged and expect 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 months ended March 31, 2023 and 2022, we incurred approximately $35,000 and $7,000, respectively, of expenses due to Pine Tree for services in connection with the property management of Cortlandt Crossing. 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. Investment in Affiliated Fund As of March 31, 2023, we have invested $30.0 million in Invesco Commercial Mortgage Income - U.S. Fund, L.P. (“CMI”), an affiliate of Invesco managed by our Adviser. CMI invests primarily in mortgage loans that are collateralized by commercial and multifamily residential real estate throughout the United States. Other We 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.

Economic Dependency

Economic Dependency	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Economic Dependency	Economic DependencyWe are dependent on the Adviser and its affiliates for certain essential services, including the sale of shares of our common stock, acquisition and disposition decisions, and certain other responsibilities. If the Adviser and its affiliates are unable to provide such services, we would be required to find alternative service providers.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and contingencies may arise in the ordinary course of business. As of March 31, 2023, we have no material off-balance sheet commitments and contingencies. From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2023, we were not subject to any material litigation or aware of any pending or threatened material litigation.

Tenant Leases

Tenant Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Tenant Leases	Tenant Leases Our real estate properties are leased to tenants under operating lease agreements that expire on various dates. Our tenants have the option to extend or terminate certain leases at their discretion and also have termination options that may result in additional fees due to the Company. We recognize rental revenue on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. Our tenant leases do not have material residual value guarantees or material restrictive covenants. The following table details the components of operating lease income: Three Months Ended March 31, $ in thousands 2023 2022 Fixed lease payments $ 13,774 $ 8,807 Variable lease payments 1,726 856 Rental revenue $ 15,500 $ 9,663 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 2023 (remainder) $ 8,867 2024 11,792 2025 11,238 2026 11,413 2027 11,217 2028 11,411 Thereafter 50,346 Total $ 116,284 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of March 31, 2023, 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, the preferred equity investment in San Simeon Holdings and our investment in an affiliated debt fund. We allocate resources and evaluate results based on the performance of each segment individually. We believe that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. We define segment net operating income as real estate 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 March 31, 2023 December 31, 2022 Healthcare $ 77,139 $ 79,478 Office 38,138 38,487 Industrial 145,266 146,121 Self-Storage 90,288 92,182 Multifamily 224,403 226,417 Student Housing 236,002 238,648 Grocery-Anchored Retail 65,929 65,666 Real Estate Debt 89,453 62,285 Corporate and Other 67,687 89,874 Total assets $ 1,034,305 $ 1,039,158 The following table summarizes our financial results by segment for the three months ended March 31, 2023: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 725 $ 2,878 $ 2,061 $ 4,041 $ 4,440 $ 1,355 $ — $ — $ 15,500 Income from commercial loans — — — — — — 1,255 — 1,255 Other revenue — — 81 230 145 269 — — — 725 Total revenues — 725 2,959 2,291 4,186 4,709 1,355 1,255 — 17,480 Expenses: Rental property operating — 150 1,055 1,040 1,514 1,572 443 — 50 5,824 Total expenses — 150 1,055 1,040 1,514 1,572 443 — 50 5,824 Income from unconsolidated entities, net 3,245 — — — — — — 714 26 3,985 Loss from investments in affiliated fund — — — — — — — (933) — (933) Income from real estate-related securities — — — — — — — 118 118 Segment net operating income $ 3,245 $ 575 $ 1,904 $ 1,251 $ 2,672 $ 3,137 $ 912 $ 1,036 $ 94 $ 14,826 Depreciation and amortization $ (4,438) $ (416) $ (1,373) $ (1,904) $ (1,602) $ (1,596) $ (498) $ — $ (2) $ (11,829) General and administrative (1,164) Unrealized loss on derivative instruments (2,346) Interest expense (5,321) Management fee - related party (396) Other expense (13) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (6,243) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 755 Net loss attributable to non-controlling interest in INREIT OP 40 Net loss attributable to common stockholders $ (5,450) The following table reconciles our segment income from unconsolidated entities to loss from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2023: $ in thousands Segment income from unconsolidated entities $ 3,985 Depreciation and amortization attributable to unconsolidated entities (4,438) Income from unconsolidated entities, net $ (453) The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2023: $ in thousands Segment depreciation and amortization $ (11,829) Depreciation and amortization attributable to unconsolidated entities 4,438 Depreciation and amortization $ (7,391) The following table summarizes our financial results by segment for the three months ended March 31, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 737 $ 1,645 $ 1,103 $ 1,243 $ 4,213 $ 722 $ — $ — $ 9,663 Income from commercial loans — — — — — — — — — — Other revenue — — 88 162 119 214 — — — 583 Total revenues — 737 1,733 1,265 1,362 4,427 722 — — 10,246 Expenses: Rental property operating — 131 449 396 414 1,576 210 — 42 3,218 Total expenses — 131 449 396 414 1,576 210 — 42 3,218 Income from unconsolidated real estate entities, net 8,177 — — — — — — 606 220 9,003 Income from real estate-related securities — — — — — — — — 28 28 Segment net operating income $ 8,177 $ 606 $ 1,284 $ 869 $ 948 $ 2,851 $ 512 $ 606 $ 206 $ 16,059 Depreciation and amortization $ (5,024) $ (415) $ (582) $ (2,708) $ (493) $ (4,270) $ (247) $ — $ (63) $ (13,802) General and administrative (1,623) Unrealized gain on derivative instruments 1,516 Interest expense (2,037) Management fee - related party (114) Performance participation interest - related party (2,121) Other income (expense) (75) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (2,197) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 14 Net loss attributable to non-controlling interest in INREIT OP 261 Net loss attributable to common stockholders $ (1,924) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2022: $ in thousands Segment income from unconsolidated entities $ 9,003 Depreciation and amortization attributable to unconsolidated entities (5,024) Income from unconsolidated entities, net $ 3,979 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2022: $ in thousands Segment depreciation and amortization $ (13,802) Depreciation and amortization attributable to unconsolidated entities 5,024 Depreciation and amortization $ (8,778)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Public Offering Subsequent to March 31, 2023, we received total net proceeds of $6.6 million from the issuance of common stock in our Offering.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022. 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.
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 as net loss attributable to non-controlling interests in consolidated joint ventures on our consolidated statements of operations. We apply the equity method of accounting if we have significant influence over an entity, typically when we hold 20% 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.
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.
Earnings (Loss) per Share	Earnings (Loss) per Share We calculate basic earnings (loss) per share by dividing net earnings (loss) attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period, including redeemable common stock. All classes of common stock are allocated net earnings (loss) at the same rate per share and receive the same gross distribution per share. We calculate diluted net earnings (loss) per share by dividing net income (loss) attributable to common stockholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. As of March 31, 2023 and 2022, 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.
Income Taxes	Income Taxes For the three months ended March 31, 2023 and 2022, we recorded a net tax expense of approximately $14,000 and $75,000, respectively, located within other expense on our condensed consolidated statements of operations. As of March 31, 2023, we recorded a deferred tax liability of approximately $11,000. As of December 31, 2022, we recorded a deferred tax liability of approximately $3,000. This deferred liability was recorded within other liabilities on our condensed consolidated balance sheets. As of March 31, 2023, our tax years 2019 through 2022 remain subject to examination by the United States tax authorities.

Investments in Real Estate, n_2

Investments in Real Estate, net (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate	Investments in real estate, net consist of: $ in thousands March 31, 2023 December 31, 2022 Building and improvements $ 613,110 $ 612,374 Land and land improvements 158,191 158,191 Furniture, fixtures and equipment 11,590 11,514 Total 782,891 782,079 Accumulated depreciation (27,874) (22,618) Investments in real estate, net $ 755,017 $ 759,461

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Our investments in unconsolidated entities as of March 31, 2023 and December 31, 2022 were as follows: $ in thousands Carrying Amount Entity Ownership Percentage (1) March 31, 2023 December 31, 2022 Vida JV LLC (2) 42.5 % $ 77,139 $ 79,478 San Simeon Holdings (3) — 26,162 25,516 PTCR Holdco, LLC (4) — 8,206 8,129 Retail GP Fund (5) 4.5% to 13.5% 13,561 14,237 Total $ 125,068 $ 127,360 (1) Ownership percentage represents our entitlement to residual distributions after payments of priority returns, where applicable. Preferred equity investment ownership percentages are not presented. (2) We formed a joint venture with Invesco U.S. Income Fund L.P., an affiliate of Invesco, (the “Invesco JV”) to acquire an interest in a portfolio of medical office buildings located throughout the United States (the “Sunbelt Medical Office Portfolio”). As of March 31, 2023, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of March 31, 2023, 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 7.00%, increasing by 0.25% during each extension term, as well as a preferred accrued return of 4.00% due upon redemption. (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 4.5% to 13.5% in nine retail properties. Our share of the unconsolidated entities’ income (loss) for the three months ended March 31, 2023 and 2022 were as follows: $ in thousands Company’s Share of Unconsolidated Entities' Income (Loss) Three Months Ended March 31, Entity 2023 2022 Vida JV LLC $ (1,192) $ 3,152 San Simeon Holdings 713 607 PTCR Holdco, LLC 266 174 Retail GP Fund (240) 46 Total $ (453) $ 3,979 The following tables provide summarized balance sheets of our investments in unconsolidated entities: March 31, 2023 December 31, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 406,177 $ 123,557 $ 598,929 $ 1,128,663 $ 407,405 $ 123,664 $ 595,006 $ 1,126,075 Total liabilities (225,234) (75,172) (299,537) (599,943) (220,573) (76,583) (284,118) (581,274) Total equity $ 180,943 $ 48,385 $ 299,392 $ 528,720 $ 186,832 $ 47,081 $ 310,888 $ 544,801 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 9,470 $ 2,661 $ 14,580 $ 26,711 $ 9,055 $ 2,464 $ 7,323 $ 18,842 Net income (loss) $ (2,802) $ 613 $ 6,361 $ 4,172 $ 7,421 $ 720 $ 770 $ 8,911

Investments in Commercial Loa_2

Investments in Commercial Loans (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Investments Classified by Commercial Loan	As of March 31, 2023 , we have the following investments in commercial loans: Current Principal Balance $ in thousands Origination Date Loan Type Interest Rate March 31, 2023 December 31, 2022 Maturity Date 9801 Blue Grass Loan 9/1/2022 Mezzanine SOFR + 7.21% $ 21,800 $ 21,800 9/9/2024 5805 N Jackson Gap Loan 1/20/2023 Mezzanine SOFR + 8.00% 13,007 — 2/9/2025 Total $ 34,807 $ 21,800

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 $ 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 $ 22,458 $ (737) $ 21,721 $ (2,210) $ 19,511 6.88 % 11/21/2039 Corporate debt 4,978 (143) 4,835 (288) 4,547 5.00 % 6/28/2027 Preferred stock of REITs N/A N/A 4,034 (789) 3,245 4.79 % N/A Common stock of REITs N/A N/A 2,107 (201) 1,906 6.93 % N/A Total $ 27,436 $ (880) $ 32,697 $ (3,488) $ 29,209 December 31, 2022 $ in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost / Cost (1) Unrealized Gain (Loss), Net Fair Value Period-end Weighted Average Yield Weighted-Average Maturity Date Non-agency CMBS $ 16,123 $ (419) $ 15,704 $ (1,816) $ 13,888 7.96 % 11/16/2039 Corporate debt 4,978 (144) 4,834 (339) 4,495 5.15 % 7/11/2025 Preferred stock of REITs N/A N/A 2,107 (267) 1,840 7.06 % N/A Common stock of REITs N/A N/A 4,034 (745) 3,289 4.68 % N/A Total $ 21,101 $ (563) $ 26,679 $ (3,167) $ 23,512

Intangibles (Tables)

Intangibles (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: March 31, 2023 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (30,007) $ 17,359 Leasing commissions 5,895 (1,008) 4,887 Above-market lease intangibles 1,951 (235) 1,716 Total intangible assets, net $ 55,212 $ (31,250) $ 23,962 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (659) $ 2,245 Total intangible liabilities, net $ 2,904 $ (659) $ 2,245 December 31, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (28,038) $ 19,328 Leasing commissions 5,774 (844) 4,930 Above-market lease intangibles 1,951 (191) 1,760 Total intangible assets, net $ 55,091 $ (29,073) $ 26,018 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (560) $ 2,344 Total intangible liabilities, net $ 2,904 $ (560) $ 2,344
Schedule of Below Market Leases	The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: March 31, 2023 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (30,007) $ 17,359 Leasing commissions 5,895 (1,008) 4,887 Above-market lease intangibles 1,951 (235) 1,716 Total intangible assets, net $ 55,212 $ (31,250) $ 23,962 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (659) $ 2,245 Total intangible liabilities, net $ 2,904 $ (659) $ 2,245 December 31, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (28,038) $ 19,328 Leasing commissions 5,774 (844) 4,930 Above-market lease intangibles 1,951 (191) 1,760 Total intangible assets, net $ 55,091 $ (29,073) $ 26,018 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (560) $ 2,344 Total intangible liabilities, net $ 2,904 $ (560) $ 2,344
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization of our intangibles for each of the next five years and thereafter as of March 31, 2023 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2023 (remainder) $ 2,046 $ 610 $ 132 $ (352) 2024 2,602 642 176 (387) 2025 2,189 623 176 (387) 2026 2,184 620 176 (387) 2027 1,805 542 176 (300) 2028 1,672 507 176 (248) Thereafter 4,861 1,343 704 (184) $ 17,359 $ 4,887 $ 1,716 $ (2,245)
Schedule of Below Market Lease, Future Amortization Income	The estimated future amortization of our intangibles for each of the next five years and thereafter as of March 31, 2023 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2023 (remainder) $ 2,046 $ 610 $ 132 $ (352) 2024 2,602 642 176 (387) 2025 2,189 623 176 (387) 2026 2,184 620 176 (387) 2027 1,805 542 176 (300) 2028 1,672 507 176 (248) Thereafter 4,861 1,343 704 (184) $ 17,359 $ 4,887 $ 1,716 $ (2,245)

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table summarizes the components of other assets: $ in thousands March 31, 2023 December 31, 2022 Capitalized tax abatement, net (1) $ 8,022 $ 8,166 Derivative instruments 6,999 9,345 Deferred rent 2,161 1,857 Prepaid expenses 940 581 Receivables, net 574 472 Deferred financing costs, net 299 102 Deposits 85 76 Other 193 197 Total $ 19,273 $ 20,796 (1) We obtained tax abatements in conjunction with our purchases of the Cortona Apartments and 3101 Agler Road properties with expiration dates of December 31, 2038 and December 31, 2031, respectively. We are amortizing the tax abatements over their remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of March 31, 2023, accumulated amortization of the capitalized tax abatements was $1.1 million, and the estimated annual amortization is $0.6 million.
Derivatives Not Designated as Hedging Instruments	As of March 31, 2023, we have entered into four interest rate caps and one interest rate swap. The following table summarizes the notional amount and other information related to these instruments as of March 31, 2023: $ 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 4 $ 198,500 $ 2,666 $ 5,617 2.13% 1.56 Interest rate swap 1 52,500 N/A 1,382 2.73% 4.08 Total 5 $ 251,000 $ 2,666 $ 6,999 (1) The notional amount represents the amount of the borrowings that we are hedging. It does not represent our 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 months ended March 31, 2023 and 2022, we reported a decrease in fair value of $2.3 million and an increase in fair value of $1.5 million, respectively. These changes are included in unrealized gain (loss) on derivative instruments in our condensed consolidated statements of operations.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Revolving Credit Facility	The following is a summary of the revolving credit facility: $ in thousands Maximum Facility Size (2) Principal Outstanding Balance Indebtedness Interest Rate Maturity Date March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Revolving Credit Facility S + applicable margin (1) 1/22/2024 $ 150,000 $ 150,000 $ 18,000 $ 9,000 (1) Borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) Daily Simple SOFR, (ii) Term SOFR with an interest period of one, three or six-months, or (iii) a Base Rate, where the base rate is the highest of (1) federal funds rate plus 0.5%, (2) the rate of interest as publicly announced by Bank of America N.A. as its “prime rate”, (3) Term SOFR with an interest period of one month plus 1.0%, or (4) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio. The weighted-average interest rate for the three months ended March 31, 2023 and 2022 was 6.21% and 1.91%, respectively. (2) As of March 31, 2023 , the borrowing capacity on the Revolving Credit Facili ty was $76.1 million . The borrowing capacity is less than the difference between the maximum facility size and the current principal outstanding balance as the calculation of borrowing capacity is limited by the aggregate fair value and cash flows of our unencumbered properties. The following table summarize certain characteristics of our mortgage notes that are secured by the Company’s properties: $ in thousands Principal Balance Outstanding Indebtedness Interest Rate (1) Maturity Date Maximum Principal Amount March 31, 2023 December 31, 2022 Cortona Apartments L + applicable margin (2) 6/1/2028 $ 45,000 $ 45,000 $ 45,000 Bixby Kennesaw S + 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 39,660 Everly Roseland Apartments S + applicable margin (5) 4/28/2027 $ 113,500 105,927 105,463 Midwest Industrial Portfolio 4.44% and S + applicable margin (6) 7/5/2027 $ 70,000 70,000 70,000 Total mortgages payable 379,087 378,623 Deferred financing costs, net (3,586) (3,890) Mortgage notes payable, net $ 375,501 $ 374,733 (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 agreement that utilizes LIBOR contains 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 months ended March 31, 2023 and 2022 was 6.76% and 2.65%, respectively. (3) The mortgage note secured by Bixby Kennesaw bears interest at the sum of (i) 1.00% plus (ii) Daily Compounding SOFR. The weighted-average interest rate for the three months ended March 31, 2023 and 2022 was 5.98% and 1.75%, 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 months ended March 31, 2023 and 2022 was 5.77% and 1.80%, 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 months ended March 31, 2023 was 6.00%. (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 of the combined $70.0 million principal balance for the three months ended March 31, 2023 was 5.31%
Schedule of Maturities of Long-term Debt	The following table presents the future principal payments due under our outstanding borrowings as of March 31, 2023: Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2023 (remaining) $ — $ — $ 3 $ 3 2024 18,000 — 6 18,006 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 215,587 15 215,602 2028 — 45,000 18 45,018 Thereafter — — 36,291 36,291 Total $ 18,000 $ 379,087 $ 36,354 $ 433,441

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses and Other Liabilities	The following table summarizes the components of accounts payable, accrued expenses and other liabilities: $ in thousands March 31, 2023 December 31, 2022 Intangible liabilities, net $ 2,245 $ 2,344 Real estate taxes payable 1,918 2,466 Accrued interest expense 1,812 1,968 Tenant security deposits 1,306 1,323 Prepaid rental income 1,258 1,390 Subscriptions received in advance 1,257 1,843 Accounts payable and accrued expenses 1,123 824 Distributions payable 332 272 Total $ 11,251 $ 12,430

Class N Redeemable Common Sto_2

Class N Redeemable Common Stock (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 As of December 31, 2022 Shares Amount Shares Amount Class N Redeemable Common Stock issued 16,061,114 $ 473,415 16,061,114 $ 473,415 Class N Redeemable Common Stock repurchased 2,537,790 $ 74,795 2,537,790 $ 74,795

Equity and Redeemable Non-con_2

Equity and Redeemable Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The following tables detail the movement in the Company’s outstanding shares of common stock: Three Months Ended March 31, 2023 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2022 449,680 351,856 604,538 3,764,505 1,827,018 13,523,324 20,520,921 Issuance of common stock 83,872 — 53,224 265,404 13,601 — 416,101 Common stock repurchased — — — — (401,116) — (401,116) Distribution reinvestment 474 — 1,133 4,436 2,430 — 8,473 Balance at March 31, 2023 534,026 351,856 658,895 4,034,345 1,441,933 13,523,324 20,544,379 Three Months Ended March 31, 2022 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2021 186,821 186,821 186,821 186,715 2,244,581 8,556,509 11,548,268 Issuance of common stock 165,035 165,035 165,035 279,643 1,814 2,213,413 2,989,975 Distribution reinvestment — — — 458 2,133 — 2,591 Balance at March 31, 2022 351,856 351,856 351,856 466,816 2,248,528 10,769,922 14,540,834
Schedule of Aggregate Distributions Declared	The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4162 $ 0.4162 $ 0.4162 $ 0.4162 $ 0.4162 $ 0.4162 Stockholder servicing fee per share (1)(2) — (0.0193) — (0.0085) — — — Net distributions declared per share $ — $ 0.3969 $ 0.4162 $ 0.4077 $ 0.4162 $ 0.4162 $ 0.4162 Three Months Ended March 31, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 $ 0.4252 Stockholder servicing fee per share (1) — (0.0643) (0.0643) (0.0189) — — — Net distributions declared per share $ — $ 0.3609 $ 0.3609 $ 0.4063 $ 0.4252 $ 0.4252 $ 0.4252 (1) See Note 15 — “ Related Party Transactions” for a discussion of our stockholder servicing fee. (2) For Class S Common Stock, the stockholder servicing fee is rounded and may result in a net distribution equal to the gross distribution when the stockholder servicing fee is less than $0.0001 per share
Schedule of Redeemable Noncontrolling Interest	The following table details the non-controlling interest activity related to the Special Limited Partner: Three Months Ended March 31, $ in thousands 2023 2022 Net loss allocated $ (40) $ (261) Distributions $ 78 $ 30 Adjustment to carrying value $ 568 $ 138

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient (1) Total at Fair Value Investments in real estate-related securities $ 5,151 $ 24,058 $ — $ — $ 29,209 Investments in commercial loans — — 34,807 — 34,807 Investment in affiliated fund — — — 28,484 28,484 Interest rate caps — 5,617 — — 5,617 Interest rate swap — 1,382 — — 1,382 Total $ 5,151 $ 31,057 $ 34,807 $ 28,484 $ 99,499 December 31, 2022 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient (1) Total at Fair Value Investments in real estate-related securities $ 5,129 $ 18,383 $ — $ — $ 23,512 Investments in commercial loans — — 21,800 — 21,800 Investment in affiliated fund — — — 14,969 14,969 Interest rate caps — 7,167 — — 7,167 Interest rate swap — 2,178 — — 2,178 Total $ 5,129 $ 27,728 $ 21,800 $ 14,969 $ 69,626 (1) Our investment in unconsolidated affiliated fund is valued using the NAV as a practical expedient and is not subject to redemption, although investors may sell or transfer their interest at the approval of the general partner of the underlying funds on a monthly basis by giving notice 45 days prior.
Schedule of Investment In Real Estate Debt	The following table details our investments in commercial loans: $ in thousands Investments in Commercial Loans Balance as of December 31, 2022 $ 21,800 Loan originations 13,007 Net unrealized gain (loss) — Balance as of March 31, 2023 $ 34,807
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 investments in commercial loans as of March 31, 2023. Type Asset Class Valuation Technique Unobservable Input Weighted Average Rate Commercial loans Industrial Discounted cash flow Discount rate 12.20%
Schedule of 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: March 31, 2023 December 31, 2022 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility $ 18,000 $ 18,000 $ 9,000 $ 9,000 Mortgage notes payable (1) 379,087 373,372 378,623 372,682 Financing obligation (1) 54,000 54,000 54,000 54,000 Total $ 451,087 $ 445,372 $ 441,623 $ 435,682 (1) The mortgage notes payable and financing obligation do not include unamortized debt issuance costs.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details the components of due to affiliates: $ in thousands March 31, 2023 December 31, 2022 Advanced general and administrative expenses $ 9,821 $ 8,626 Advanced offering costs 5,552 5,307 Distributions payable 2,562 2,378 Advanced organization expenses 1,474 1,474 Accrued stockholder servicing fee 858 891 Accrued management fee 262 266 Share-based compensation payable 20 20 Accrued affiliate service provider expenses 11 13 Performance participation interest — 3,977 Total $ 20,560 $ 22,952 $ in thousands, except share amounts Class T Class S Class D Class I Class E Class N Total Purchase Price MassMutual (1) — — — — — 16,061,114 $ 473,415 Invesco Global Property Plus Fund (2) — — — — 1,994,164 1,992,224 119,500 Invesco Realty, Inc. (3) 165,126 165,126 165,126 416,893 — 738,701 48,216 Members of our board of directors and employees of our Adviser (4) — — — 183 22,903 75,128 2,674 165,126 165,126 165,126 417,076 2,017,067 18,867,167 $ 643,805 (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 subsequently repurchased. (2) Invesco Global Property Plus Fund (“IGP+”) 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. Additionally, we have repurchased 875,273 Class E shares from IGP+ for $29.0 million. The amount presented is inclusive of the shares subsequently repurchased. (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 subsequently 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 a representative stockholder servicing fee (0.65% per annum) and a dealer stockholder servicing fee (0.20% per annum).

Tenant Leases (Tables)

Tenant Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Operating Lease Income	The following table details the components of operating lease income: Three Months Ended March 31, $ in thousands 2023 2022 Fixed lease payments $ 13,774 $ 8,807 Variable lease payments 1,726 856 Rental revenue $ 15,500 $ 9,663
Schedule of 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 2023 (remainder) $ 8,867 2024 11,792 2025 11,238 2026 11,413 2027 11,217 2028 11,411 Thereafter 50,346 Total $ 116,284

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes our total assets by segment: $ in thousands March 31, 2023 December 31, 2022 Healthcare $ 77,139 $ 79,478 Office 38,138 38,487 Industrial 145,266 146,121 Self-Storage 90,288 92,182 Multifamily 224,403 226,417 Student Housing 236,002 238,648 Grocery-Anchored Retail 65,929 65,666 Real Estate Debt 89,453 62,285 Corporate and Other 67,687 89,874 Total assets $ 1,034,305 $ 1,039,158 The following table summarizes our financial results by segment for the three months ended March 31, 2023: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 725 $ 2,878 $ 2,061 $ 4,041 $ 4,440 $ 1,355 $ — $ — $ 15,500 Income from commercial loans — — — — — — 1,255 — 1,255 Other revenue — — 81 230 145 269 — — — 725 Total revenues — 725 2,959 2,291 4,186 4,709 1,355 1,255 — 17,480 Expenses: Rental property operating — 150 1,055 1,040 1,514 1,572 443 — 50 5,824 Total expenses — 150 1,055 1,040 1,514 1,572 443 — 50 5,824 Income from unconsolidated entities, net 3,245 — — — — — — 714 26 3,985 Loss from investments in affiliated fund — — — — — — — (933) — (933) Income from real estate-related securities — — — — — — — 118 118 Segment net operating income $ 3,245 $ 575 $ 1,904 $ 1,251 $ 2,672 $ 3,137 $ 912 $ 1,036 $ 94 $ 14,826 Depreciation and amortization $ (4,438) $ (416) $ (1,373) $ (1,904) $ (1,602) $ (1,596) $ (498) $ — $ (2) $ (11,829) General and administrative (1,164) Unrealized loss on derivative instruments (2,346) Interest expense (5,321) Management fee - related party (396) Other expense (13) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (6,243) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 755 Net loss attributable to non-controlling interest in INREIT OP 40 Net loss attributable to common stockholders $ (5,450) The following table reconciles our segment income from unconsolidated entities to loss from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2023: $ in thousands Segment income from unconsolidated entities $ 3,985 Depreciation and amortization attributable to unconsolidated entities (4,438) Income from unconsolidated entities, net $ (453) The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2023: $ in thousands Segment depreciation and amortization $ (11,829) Depreciation and amortization attributable to unconsolidated entities 4,438 Depreciation and amortization $ (7,391) The following table summarizes our financial results by segment for the three months ended March 31, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 737 $ 1,645 $ 1,103 $ 1,243 $ 4,213 $ 722 $ — $ — $ 9,663 Income from commercial loans — — — — — — — — — — Other revenue — — 88 162 119 214 — — — 583 Total revenues — 737 1,733 1,265 1,362 4,427 722 — — 10,246 Expenses: Rental property operating — 131 449 396 414 1,576 210 — 42 3,218 Total expenses — 131 449 396 414 1,576 210 — 42 3,218 Income from unconsolidated real estate entities, net 8,177 — — — — — — 606 220 9,003 Income from real estate-related securities — — — — — — — — 28 28 Segment net operating income $ 8,177 $ 606 $ 1,284 $ 869 $ 948 $ 2,851 $ 512 $ 606 $ 206 $ 16,059 Depreciation and amortization $ (5,024) $ (415) $ (582) $ (2,708) $ (493) $ (4,270) $ (247) $ — $ (63) $ (13,802) General and administrative (1,623) Unrealized gain on derivative instruments 1,516 Interest expense (2,037) Management fee - related party (114) Performance participation interest - related party (2,121) Other income (expense) (75) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (2,197) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 14 Net loss attributable to non-controlling interest in INREIT OP 261 Net loss attributable to common stockholders $ (1,924) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended March 31, 2022: $ in thousands Segment income from unconsolidated entities $ 9,003 Depreciation and amortization attributable to unconsolidated entities (5,024) Income from unconsolidated entities, net $ 3,979 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended March 31, 2022: $ in thousands Segment depreciation and amortization $ (13,802) Depreciation and amortization attributable to unconsolidated entities 5,024 Depreciation and amortization $ (8,778)

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Millions	1 Months Ended
	May 31, 2021 USD ($) share_class	Mar. 31, 2023 USD ($)	Feb. 03, 2023 USD ($)
Class of Stock [Line Items]
Maximum public offering	$ 3,000		$ 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 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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounting Policies [Line Items]
Income tax expense	$ 14	$ 75
Deferred tax liability	$ 11		$ 3
Minimum
Accounting Policies [Line Items]
Equity method investment accounting, minimum ownership percentage required	3%
Maximum
Accounting Policies [Line Items]
Equity method investment accounting, minimum ownership percentage required	5%

Investments in Real Estate, n_3

Investments in Real Estate, net - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Building and improvements	$ 613,110	$ 612,374
Land and land improvements	158,191	158,191
Furniture, fixtures and equipment	11,590	11,514
Total	782,891	782,079
Accumulated depreciation	(27,874)	(22,618)
Investments in real estate, net	$ 755,017	$ 759,461

Investments in Real Estate, n_4

Investments in Real Estate, net - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Real Estate [Abstract]
Impairment of real estate	$ 0

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Number of equity method investments | investment	4
Investments in unconsolidated entities	$ 125,068	$ 127,360
Impairment losses	$ 0

Investments in Unconsolidated_4

Investments in Unconsolidated Entities- Schedule of Equity Method Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) retail_property option building	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying Amount	$ 125,068		$ 127,360
Number of properties owned | retail_property	9
Company’s Share of Unconsolidated Entities' Income (Loss)	$ (453)	$ 3,979
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%
ITP LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	85%
GP Fund | ITP LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	90%
Vida JV LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	42.50%
Carrying Amount	$ 77,139		79,478
Company’s Share of Unconsolidated Entities' Income (Loss)	(1,192)	3,152
San Simeon Holdings
Schedule of Equity Method Investments [Line Items]
Carrying Amount	$ 26,162		25,516
Number of options to extend | option	2
Period for redemption extension	1 year
Investment yield	7%
Investment yield, annual increase during extensions	0.25%
Preferred accrued return	4%
Company’s Share of Unconsolidated Entities' Income (Loss)	$ 713	607
PTCR Holdco, LLC
Schedule of Equity Method Investments [Line Items]
Carrying Amount	8,206		8,129
Company’s Share of Unconsolidated Entities' Income (Loss)	266	174
Retail GP Fund
Schedule of Equity Method Investments [Line Items]
Carrying Amount	13,561		$ 14,237
Company’s Share of Unconsolidated Entities' Income (Loss)	$ (240)	$ 46
Retail GP Fund | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	4.50%
Retail GP Fund | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	13.50%

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Schedule of Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Balance Sheet
Total assets	$ 1,034,305		$ 1,039,158
Total liabilities	(479,064)		(472,867)
Total equity	99,238		100,866
Operating Data
Total revenue	17,480	$ 10,246
Net income (loss)	(6,243)	(2,197)
Vida JV LLC, San Simeon Holdings and Other
Balance Sheet
Total assets	1,128,663		1,126,075
Total liabilities	(599,943)		(581,274)
Total equity	528,720		544,801
Operating Data
Total revenue	26,711	18,842
Net income (loss)	4,172	8,911
Vida JV LLC
Balance Sheet
Total assets	406,177		407,405
Total liabilities	(225,234)		(220,573)
Total equity	180,943		186,832
Operating Data
Total revenue	9,470	9,055
Net income (loss)	(2,802)	7,421
San Simeon Holdings
Balance Sheet
Total assets	123,557		123,664
Total liabilities	(75,172)		(76,583)
Total equity	48,385		47,081
Operating Data
Total revenue	2,661	2,464
Net income (loss)	613	720
Other
Balance Sheet
Total assets	598,929		595,006
Total liabilities	(299,537)		(284,118)
Total equity	299,392		$ 310,888
Operating Data
Total revenue	14,580	7,323
Net income (loss)	$ 6,361	$ 770

Investments in Commercial Loa_3

Investments in Commercial Loans - Schedule of Investments Classified by Commercial Loan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Investment owned, principal amount	$ 34,807	$ 21,800
Investment, Identifier [Axis]: 5805 N Jackson Gap Loan, Mezzanine
Real Estate [Line Items]
Investment owned, principal amount	$ 13,007	0
Investment owned, interest rate	8%
Investment, Identifier [Axis]: 9801 Blue Grass Loan, Mezzanine
Real Estate [Line Items]
Investment owned, principal amount	$ 21,800	$ 21,800
Investment owned, interest rate	7.21%

Investments in Commercial Loa_4

Investments in Commercial Loans - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate [Line Items]
Income from commercial loans	$ 1,255,000	$ 0
Real Estate Investment
Real Estate [Line Items]
Income from commercial loans	1,300,000
Unrealized gain (loss) on real estate-related securities, net	$ 0

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Schedule of Investments in Real Estate-Related Debt Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Balance	$ 27,436	$ 21,101
Unamortized Premium (Discount)	(880)	(563)
Amortized Cost / Cost	32,697	26,679
Unrealized Gain (Loss), Net	(3,488)	(3,167)
Fair Value	29,209	23,512
Non-agency CMBS
Debt Instrument [Line Items]
Principal Balance	22,458	16,123
Unamortized Premium (Discount)	(737)	(419)
Amortized Cost / Cost	21,721	15,704
Unrealized Gain (Loss), Net	(2,210)	(1,816)
Fair Value	$ 19,511	$ 13,888
Period-end Weighted Average Yield	6.88%	7.96%
Corporate debt
Debt Instrument [Line Items]
Principal Balance	$ 4,978	$ 4,978
Unamortized Premium (Discount)	(143)	(144)
Amortized Cost / Cost	4,835	4,834
Unrealized Gain (Loss), Net	(288)	(339)
Fair Value	$ 4,547	$ 4,495
Period-end Weighted Average Yield	5%	5.15%
Preferred stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 4,034	$ 2,107
Unrealized Gain (Loss), Net	(789)	(267)
Fair Value	$ 3,245	$ 1,840
Period-end Weighted Average Yield	4.79%	7.06%
Common stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 2,107	$ 4,034
Unrealized Gain (Loss), Net	(201)	(745)
Fair Value	$ 1,906	$ 3,289
Period-end Weighted Average Yield	6.93%	4.68%

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Intangible assets, net:
Total Cost	$ 55,212	$ 55,091
Accumulated Amortization	(31,250)	(29,073)
Intangible Assets, net	23,962	26,018
Intangible liabilities, net:
Total Cost	2,904	2,904
Accumulated Amortization	(659)	(560)
Intangible Assets, net	2,245	2,344
In-place lease intangibles
Intangible assets, net:
Total Cost	47,366	47,366
Accumulated Amortization	(30,007)	(28,038)
Intangible Assets, net	17,359	19,328
Leasing commissions
Intangible assets, net:
Total Cost	5,895	5,774
Accumulated Amortization	(1,008)	(844)
Intangible Assets, net	4,887	4,930
Above-market lease intangibles
Intangible assets, net:
Total Cost	1,951	1,951
Accumulated Amortization	(235)	(191)
Intangible Assets, net	$ 1,716	$ 1,760

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, net	$ 23,962	$ 26,018
Below-market Lease Intangibles
2023 (remainder)	(352)
2024	(387)
2025	(387)
2026	(387)
2027	(300)
2028	(248)
Thereafter	(184)
Leasing Commissions	(2,245)	(2,344)
In-place lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	2,046
2024	2,602
2025	2,189
2026	2,184
2027	1,805
2028	1,672
Thereafter	4,861
Intangible Assets, net	17,359	19,328
Leasing commissions
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	610
2024	642
2025	623
2026	620
2027	542
2028	507
Thereafter	1,343
Intangible Assets, net	4,887	4,930
Above-market lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	132
2024	176
2025	176
2026	176
2027	176
2028	176
Thereafter	704
Intangible Assets, net	$ 1,716	$ 1,760

Other Assets- Schedule of Other

Other Assets- Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized tax abatement, net	$ 8,022	$ 8,166
Derivative instruments	6,999	9,345
Deferred rent	2,161	1,857
Prepaid expenses	940	581
Receivables, net	574	472
Deferred financing costs, net	299	102
Deposits	85	76
Other	193	197
Total	19,273	$ 20,796
Capitalized tax abatement, accumulated depreciation	1,100
Capitalized tax abatement, estimated annual amortization	$ 600

Other Assets - Schedule of Deri

Other Assets - Schedule of Derivative Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) derivative	Mar. 31, 2022 USD ($)
Derivative [Line Items]
Number of Instruments | derivative	5
Notional Amount	$ 251,000
Fixed Amount	2,666
Fair Value	6,999
Unrealized gain (loss) on derivative instruments	$ (2,346)	$ 1,516
Interest rate caps
Derivative [Line Items]
Number of Instruments | derivative	4
Notional Amount	$ 198,500
Fixed Amount	2,666
Fair Value	$ 5,617
Weighted Average Strike Rate	2.13%
Weighted Average Remaining Term In Years	1 year 6 months 21 days
Interest rate swap
Derivative [Line Items]
Number of Instruments | derivative	1
Notional Amount	$ 52,500
Fair Value	$ 1,382
Weighted Average Strike Rate	2.73%
Weighted Average Remaining Term In Years	4 years 29 days

Borrowings -Schedule of Revolvi

Borrowings -Schedule of Revolving Credit Facility (Details) - Revolving Credit Facility - Revolving credit facility - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Maximum Facility Size	$ 150,000,000	$ 150,000,000
Principal Outstanding Balance	$ 18,000,000	$ 9,000,000
Weighted average interest rate	6.21%		1.91%
Current borrowing capacity	$ 76,100,000
Federal funds rate
Debt Instrument [Line Items]
Variable interest rate	0.50%
SOFR
Debt Instrument [Line Items]
Variable interest rate	1%
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
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 379,087	$ 378,623
Deferred financing costs, net	(3,586)	(3,890)
Mortgage notes payable, net	$ 375,501	374,733
Cortona Apartments
Debt Instrument [Line Items]
Interest rate	2.65%
Maximum Principal Amount	$ 45,000
Principal Balance Outstanding	$ 45,000	45,000
Weighted average interest rate	6.76%		2.65%
Cortona Apartments | LIBOR
Debt Instrument [Line Items]
Variable interest rate	2.40%
Bixby Kennesaw
Debt Instrument [Line Items]
Maximum Principal Amount	$ 53,000
Principal Balance Outstanding	$ 53,000	53,000
Weighted average interest rate	5.98%		1.75%
Bixby Kennesaw | SOFR
Debt Instrument [Line Items]
Variable interest rate	1%
Tempe Student Housing
Debt Instrument [Line Items]
Maximum Principal Amount	$ 65,500
Principal Balance Outstanding	$ 65,500	65,500
Weighted average interest rate	5.77%		1.80%
Tempe Student Housing | SOFR
Debt Instrument [Line Items]
Variable interest rate	1.75%
Cortlandt Crossing
Debt Instrument [Line Items]
Interest rate	3.13%
Maximum Principal Amount	$ 39,660
Principal Balance Outstanding	39,660	39,660
Everly Roseland Apartments
Debt Instrument [Line Items]
Maximum Principal Amount	113,500
Principal Balance Outstanding	$ 105,927	105,463
Debt instrument, interest rate during period	6%
Everly Roseland Apartments | SOFR
Debt Instrument [Line Items]
Variable interest rate	1.45%
Midwest Industrial Portfolio
Debt Instrument [Line Items]
Interest rate	4.44%
Maximum Principal Amount	$ 70,000
Principal Balance Outstanding	$ 70,000	$ 70,000
Midwest Industrial Portfolio, One
Debt Instrument [Line Items]
Interest rate	4.44%
Maximum Principal Amount	$ 35,000
Midwest Industrial Portfolio, Two
Debt Instrument [Line Items]
Interest rate	2.20%
Maximum Principal Amount	$ 35,000
Debt instrument, interest rate during period	5.31%
Midwest Industrial Portfolio, Two | SOFR
Debt Instrument [Line Items]
Variable interest rate	1.70%

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Financing obligation, net	$ 53,752	$ 53,752
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	Mar. 31, 2023	Dec. 31, 2022
Financing Obligation
2023 (remaining)	$ 3
2024	6
2025	9
2026	12
2027	15
2028	18
Thereafter	36,291
Total	36,354
2023 (remaining)	3
2024	18,006
2025	65,509
2026	53,012
2027	215,602
2028	45,018
Thereafter	36,291
Total	433,441
Revolving Credit Facility
Maturities of Long-term Debt [Abstract]
2023 (remaining)	0
2024	18,000
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	18,000
Mortgages Payable
Maturities of Long-term Debt [Abstract]
2023 (remaining)	0
2024	0
2025	65,500
2026	53,000
2027	215,587
2028	45,000
Thereafter	0
Total	$ 379,087	$ 378,623

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities- Schedule of Accounts Payable and Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Intangible liabilities, net	$ 2,245	$ 2,344
Real estate taxes payable	1,918	2,466
Accrued interest expense	1,812	1,968
Tenant security deposits	1,306	1,323
Prepaid rental income	1,258	1,390
Subscriptions received in advance	1,257	1,843
Accounts payable and accrued expenses	1,123	824
Distributions payable	332	272
Total	$ 11,251	$ 12,430

Class N Redeemable Common Sto_3

Class N Redeemable Common Stock - Schedule of Redeemable Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended	14 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	401,116
Class N Redeemable Common Stock repurchased	$ 13,025
Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0
Affiliated entity
Class of Stock [Line Items]
Class N Redeemable Common Stock issued	$ 643,805
Affiliated entity | Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock issued (in shares)	18,867,167
Massachusetts Mutual Life Insurance Company | Affiliated entity
Class of Stock [Line Items]
Class N Redeemable Common Stock issued	$ 473,415
Massachusetts Mutual Life Insurance Company | Affiliated entity | Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock issued (in shares)	16,061,114
Class N Redeemable Common Stock repurchased (in shares)	2,537,790	2,537,790
Class N Redeemable Common Stock repurchased	$ 74,795	$ 74,795
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)	16,061,114	16,061,114
Class N Redeemable Common Stock issued	$ 473,415	$ 473,415

Class N Redeemable Common Sto_4

Class N Redeemable Common Stock - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Decrease to redeemable common stock	$ (12.9)	$ 10
Increase to additional paid In capital	$ 12.9	$ (10)
Massachusetts Mutual Life Insurance Company | Class N Common Stock | Affiliated entity
Class of Stock [Line Items]
Stock redemption terms	3 years
Massachusetts Mutual Life Insurance Company | Class N Common Stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Capital commitment	$ 400
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

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125		125
Preferred stock, dividend rate	12.50%		12.50%
Preferred stock, liquidation preference (in USD per share)	$ 500		$ 500
Preferred stock, liquidation preference, per share, per annum (in USD per share)	62.50		62.50
Preferred stock, redemption price (in USD per share)	$ 500		$ 500
Dividends	$ 8,600	$ 5,900
Dividends accrued	2,600		$ 2,400
Adjustment to carrying value INREIT OP	$ 568	$ 138
Class N Redeemable Common Stock repurchased (in shares)	401,116
Stock repurchased during period, value	$ 13,025
Share-based compensation plan, shares available for issuance (in shares)	189,106
Redeemable Non-controlling Interest in INREIT OP
Class of Stock [Line Items]
Distributions payable to noncontrolling interests	$ 32		15
Third Parties
Class of Stock [Line Items]
Dividends accrued	$ 300		$ 300
Private Placement
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125		125
Class E Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	401,116	0
Stock repurchased during period, value	$ 13,000
Share-based compensation (in shares)	604	628
Share-based compensation	$ 20	$ 19

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	20,520,921	11,548,268
Issuance of common stock (in shares)	416,101	2,989,975
Common stock repurchased (in shares)	(401,116)
Distribution reinvestment (in shares)	8,473	2,591
Ending balance (in shares)	20,544,379	14,540,834
Class T Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	449,680	186,821
Issuance of common stock (in shares)	83,872	165,035
Common stock repurchased (in shares)	0
Distribution reinvestment (in shares)	474	0
Ending balance (in shares)	534,026	351,856
Class S Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	351,856	186,821
Issuance of common stock (in shares)	0	165,035
Common stock repurchased (in shares)	0
Distribution reinvestment (in shares)	0	0
Ending balance (in shares)	351,856	351,856
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	604,538	186,821
Issuance of common stock (in shares)	53,224	165,035
Common stock repurchased (in shares)	0
Distribution reinvestment (in shares)	1,133	0
Ending balance (in shares)	658,895	351,856
Class I Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,764,505	186,715
Issuance of common stock (in shares)	265,404	279,643
Common stock repurchased (in shares)	0
Distribution reinvestment (in shares)	4,436	458
Ending balance (in shares)	4,034,345	466,816
Class E Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,827,018	2,244,581
Issuance of common stock (in shares)	13,601	1,814
Common stock repurchased (in shares)	(401,116)	0
Distribution reinvestment (in shares)	2,430	2,133
Ending balance (in shares)	1,441,933	2,248,528
Class N Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	13,523,324	8,556,509
Issuance of common stock (in shares)	0	2,213,413
Common stock repurchased (in shares)	0
Distribution reinvestment (in shares)	0	0
Ending balance (in shares)	13,523,324	10,769,922

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest- Schedule of Aggregate Distributions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	$ 0.4162	$ 0.4252
Series A Preferred Stock
Class of Stock [Line Items]
Aggregate distributions declared, preferred stock (in USD per share)	0	0
Stockholder servicing fee, preferred stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	0	0
Class T Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4162	0.4252
Stockholder servicing fee, common stock (in USD per share)	(0.0193)	(0.0643)
Net distributions declared, common stock (in USD per share)	0.3969	0.3609
Class S Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4162	0.4252
Stockholder servicing fee, common stock (in USD per share)	0	(0.0643)
Net distributions declared, common stock (in USD per share)	0.4162	0.3609
Class D Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4162	0.4252
Stockholder servicing fee, common stock (in USD per share)	(0.0085)	(0.0189)
Net distributions declared, common stock (in USD per share)	0.4077	0.4063
Class I Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4162	0.4252
Stockholder servicing fee, common stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	0.4162	0.4252
Class E Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4162	0.4252
Stockholder servicing fee, common stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	0.4162	0.4252
Class N Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4162	0.4252
Stockholder servicing fee, common stock (in USD per share)	0	0
Net distributions declared, common stock (in USD per share)	$ 0.4162	$ 0.4252

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Noncontrolling Interest [Line Items]
Net loss attributable to non-controlling interest in INREIT OP	$ (40)	$ (261)
Distributions	226	80
Adjustment to carrying value INREIT OP	568	138
Redeemable Non-controlling Interest in INREIT OP
Noncontrolling Interest [Line Items]
Net loss attributable to non-controlling interest in INREIT OP	(40)	(261)
Distributions	$ 78	$ 30

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	$ 29,209	$ 23,512
Investments in commercial loans	34,807	21,800
Investment in affiliated fund	28,712	14,969
Derivative instruments	6,999	9,345
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	29,209	23,512
Investments in commercial loans	34,807	21,800
Investment in affiliated fund	28,484	14,969
Total	99,499	69,626
Fair Value, Recurring | Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	5,617	7,167
Fair Value, Recurring | Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	1,382	2,178
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	5,151	5,129
Investments in commercial loans	0	0
Investment in affiliated fund	0	0
Total	5,151	5,129
Level 1 | Fair Value, Recurring | Interest rate caps
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	24,058	18,383
Investments in commercial loans	0	0
Investment in affiliated fund	0	0
Total	31,057	27,728
Level 2 | Fair Value, Recurring | Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	5,617	7,167
Level 2 | Fair Value, Recurring | Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	1,382	2,178
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
Investments in commercial loans	34,807	21,800
Investment in affiliated fund	0	0
Total	34,807	21,800
Level 3 | Fair Value, Recurring | Interest rate caps
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 Measured at Net Asset Value Per Share | 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
Investments in commercial loans	0	0
Investment in affiliated fund	28,484	14,969
Total	28,484	14,969
Fair Value Measured at Net Asset Value Per Share | Fair Value, Recurring | Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	0	0
Fair Value Measured at Net Asset Value Per Share | 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	3 Months Ended
	Mar. 31, 2023 USD ($)
Investment In Real Estate Debt [Roll Forward]
Opening balance of investment in real estate debt, at fair value	$ 21,800
Loan originations	13,007
Net unrealized gain (loss)	0
Ending balance of investment in real estate debt, at fair value	$ 34,807

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Fair Value Measurements Of Our Investment In Real Estate Debt (Details)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Discount rate	12.20%

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Value
Debt Instrument [Line Items]
Financing obligation	$ 54,000	$ 54,000
Total	451,087	441,623
Carrying Value | Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	18,000	9,000
Carrying Value | Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	379,087	378,623
Estimated Fair Value
Debt Instrument [Line Items]
Financing obligation	54,000	54,000
Total	445,372	435,682
Estimated Fair Value | Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	18,000	9,000
Estimated Fair Value | Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	$ 373,372	$ 372,682

DST Program (Details)

DST Program (Details) $ in Billions	Feb. 03, 2023 USD ($)
Equity [Abstract]
Sale of stock, maximum aggregate offering amount	$ 3

Related Party Transactions - Sc

Related Party Transactions - Schedule of Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates	$ 20,560	$ 22,952
Advanced general and administrative expenses
Related Party Transaction [Line Items]
Due to affiliates	9,821	8,626
Advanced offering costs
Related Party Transaction [Line Items]
Due to affiliates	5,552	5,307
Distributions payable
Related Party Transaction [Line Items]
Due to affiliates	2,562	2,378
Advanced organization expenses
Related Party Transaction [Line Items]
Due to affiliates	1,474	1,474
Accrued stockholder servicing fee
Related Party Transaction [Line Items]
Due to affiliates	858	891
Accrued management fee
Related Party Transaction [Line Items]
Due to affiliates	262	266
Share-based compensation payable
Related Party Transaction [Line Items]
Due to affiliates	20	20
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Due to affiliates	11	13
Performance participation interest
Related Party Transaction [Line Items]
Due to affiliates	$ 0	$ 3,977

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Feb. 28, 2023 shares	Jan. 31, 2022	Mar. 31, 2023 USD ($) quarter shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Management fee			$ 400	$ 100
Due to affiliate			20,560		$ 22,952
Performance participation interest - related party			0	2,121
Due to affiliate			900		900
Advance of organization and offering fees, net asset value threshold			$ 1,000,000
Reimbursement term, organization and offering expenses		60 months	60 months
Adviser fee, number of consecutive quarters, reimbursement period | quarter			4
Non-controlling Interests in Consolidated Joint Ventures
Related Party Transaction [Line Items]
Ownership percentage			50%
Vida JV LLC | Invesco JV
Related Party Transaction [Line Items]
Ownership percentage			85%
Everly Roseland Co-Invest
Related Party Transaction [Line Items]
Ownership percentage			60%
Everyly Roseland Co-Invest Joint Venture | Everly Roseland Co-Invest
Related Party Transaction [Line Items]
Ownership percentage			95%
Travel Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party			$ 11	62
Organization Costs And Offering Expenses | Private Offering
Related Party Transaction [Line Items]
Organization and offering expenses			7,200
Organization Costs And Offering Expenses | Public Offering
Related Party Transaction [Line Items]
Organization and offering expenses					6,800
Advance Of Operating Expenses
Related Party Transaction [Line Items]
Operating expenses advanced			$ 9,800		8,600
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%
Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Due to affiliate			$ 11		$ 13
Total expenses			$ 35	$ 7
The Adviser
Related Party Transaction [Line Items]
Management fee percentage of NAV			1%
Management fee commencement period			10 years
Shares issued (shares) | shares			12,336	3,603
The Adviser | Management Fees
Related Party Transaction [Line Items]
Due to affiliate			$ 300
The Adviser | Support Personnel Costs
Related Party Transaction [Line Items]
Expenses from transactions with related party			$ 300	$ 400
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	122,065
The Dealer Manager
Related Party Transaction [Line Items]
Stockholder servicing fee accrual threshold			8.75%
Affiliated entity | Invesco Commercial Mortgage Income - U.S. Fund, L.P.
Related Party Transaction [Line Items]
Investment owned, at cost			$ 30,000
Affiliated entity | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Investment owned, at cost			$ 30,000
Affiliated entity | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares			18,867,167
Affiliated entity | Class N Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares			738,701
Affiliated entity | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares			2,017,067
Affiliated entity | Class E Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares			0

Related Party Transactions - _2

Related Party Transactions - Schedule of Stockholder Servicing Fees (Details) - The Dealer Manager	3 Months Ended
	Mar. 31, 2023
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 - _3

Related Party Transactions - Schedule of Related Party Share Ownership (Details) - USD ($) $ in Thousands	3 Months Ended		14 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	401,116
Class N Redeemable Common Stock repurchased	$ 13,025
Class T Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0
Class S Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0
Class D Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0
Class I Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0
Class E Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	401,116	0
Class N Redeemable Common Stock repurchased	$ 13,000
Class N Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0
Affiliated entities
Related Party Transaction [Line Items]
Total Purchase Price	$ 643,805
Affiliated entities | Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Total Purchase Price	473,415
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	48,216
Affiliated entities | Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Total Purchase Price	$ 2,674
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 | Massachusetts Mutual Life Insurance Company
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 | Massachusetts Mutual Life Insurance Company
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 | Massachusetts Mutual Life Insurance Company
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)	0
Affiliated entities | Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	417,076
Affiliated entities | Class I Common Stock | Massachusetts Mutual Life Insurance Company
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)	416,893
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)	183
Affiliated entities | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	2,017,067
Affiliated entities | Class E Common Stock | Massachusetts Mutual Life Insurance Company
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
Total Purchase Price	$ 29,000
Stock issued during period, exchange of common stock (in shares)	875,273
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)	22,903
Affiliated entities | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	18,867,167
Affiliated entities | Class N Common Stock | Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	16,061,114
Class N Redeemable Common Stock repurchased (in shares)	2,537,790		2,537,790
Class N Redeemable Common Stock repurchased	$ 74,795		$ 74,795
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
Total Purchase Price	$ 2,000
Affiliated entities | Redeemable common stock | Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	2,537,790

Tenant Leases - Schedule of Ope

Tenant Leases - Schedule of Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Fixed lease payments	$ 13,774	$ 8,807
Variable lease payments	1,726	856
Rental revenue	$ 15,500	$ 9,663

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rental Payments Receivable (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (remainder)	$ 8,867
2024	11,792
2025	11,238
2026	11,413
2027	11,217
2028	11,411
Thereafter	50,346
Total	$ 116,284

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	8

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,034,305	$ 1,039,158
Operating segments | Healthcare
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	77,139	79,478
Operating segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	38,138	38,487
Operating segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	145,266	146,121
Operating segments | Self-Storage
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	90,288	92,182
Operating segments | Multifamily
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	224,403	226,417
Operating segments | Student Housing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	236,002	238,648
Operating segments | Grocery-Anchored Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	65,929	65,666
Operating segments | Real Estate Debt
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	89,453	62,285
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 67,687	$ 89,874

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Rental revenue	$ 15,500	$ 9,663
Income from commercial loans	1,255	0
Other revenue	725	583
Total revenues	17,480	10,246
Expenses
Rental property operating	5,824	3,218
Total expenses	5,824	3,218
Income from unconsolidated entities, net	3,985	9,003
Loss from investments in affiliated fund	(933)	0
Income from real estate-related securities	118	28
Segment net operating income	14,826	16,059
Depreciation and amortization	(11,829)	(13,802)
General and administrative	(1,164)	(1,623)
Unrealized gain (loss) on derivative instruments	(2,346)	1,516
Interest expense	(5,321)	(2,037)
Management fee - related party	(396)	(114)
Performance participation interest - related party	0	(2,121)
Other expense	(13)	(75)
Net loss attributable to Invesco Real Estate Income Trust Inc.	(6,243)	(2,197)
Dividends to preferred stockholders	(2)	(2)
Net loss attributable to non-controlling interests in consolidated joint ventures	755	14
Net loss attributable to non-controlling interest in INREIT OP	40	261
Net loss attributable to common stockholders, basic	(5,450)	(1,924)
Operating segments | Healthcare
Revenues
Rental revenue	0	0
Income from commercial loans	0	0
Other revenue	0	0
Total revenues	0	0
Expenses
Rental property operating	0	0
Total expenses	0	0
Income from unconsolidated entities, net	3,245	8,177
Loss from investments in affiliated fund	0
Income from real estate-related securities	0	0
Segment net operating income	3,245	8,177
Depreciation and amortization	(4,438)	(5,024)
Operating segments | Office
Revenues
Rental revenue	725	737
Income from commercial loans	0	0
Other revenue	0	0
Total revenues	725	737
Expenses
Rental property operating	150	131
Total expenses	150	131
Income from unconsolidated entities, net	0	0
Loss from investments in affiliated fund	0
Income from real estate-related securities		0
Segment net operating income	575	606
Depreciation and amortization	(416)	(415)
Operating segments | Industrial
Revenues
Rental revenue	2,878	1,645
Income from commercial loans	0	0
Other revenue	81	88
Total revenues	2,959	1,733
Expenses
Rental property operating	1,055	449
Total expenses	1,055	449
Income from unconsolidated entities, net	0	0
Loss from investments in affiliated fund	0
Income from real estate-related securities	0	0
Segment net operating income	1,904	1,284
Depreciation and amortization	(1,373)	(582)
Operating segments | Self-Storage
Revenues
Rental revenue	2,061	1,103
Income from commercial loans	0	0
Other revenue	230	162
Total revenues	2,291	1,265
Expenses
Rental property operating	1,040	396
Total expenses	1,040	396
Income from unconsolidated entities, net	0	0
Loss from investments in affiliated fund	0
Income from real estate-related securities	0	0
Segment net operating income	1,251	869
Depreciation and amortization	(1,904)	(2,708)
Operating segments | Multifamily
Revenues
Rental revenue	4,041	1,243
Income from commercial loans		0
Other revenue	145	119
Total revenues	4,186	1,362
Expenses
Rental property operating	1,514	414
Total expenses	1,514	414
Income from unconsolidated entities, net	0	0
Loss from investments in affiliated fund	0
Income from real estate-related securities	0	0
Segment net operating income	2,672	948
Depreciation and amortization	(1,602)	(493)
Operating segments | Student Housing
Revenues
Rental revenue	4,440	4,213
Income from commercial loans	0	0
Other revenue	269	214
Total revenues	4,709	4,427
Expenses
Rental property operating	1,572	1,576
Total expenses	1,572	1,576
Income from unconsolidated entities, net	0	0
Loss from investments in affiliated fund	0
Income from real estate-related securities	0	0
Segment net operating income	3,137	2,851
Depreciation and amortization	(1,596)	(4,270)
Operating segments | Grocery-Anchored Retail
Revenues
Rental revenue	1,355	722
Income from commercial loans	0	0
Other revenue	0	0
Total revenues	1,355	722
Expenses
Rental property operating	443	210
Total expenses	443	210
Income from unconsolidated entities, net	0	0
Loss from investments in affiliated fund	0
Income from real estate-related securities	0	0
Segment net operating income	912	512
Depreciation and amortization	(498)	(247)
Operating segments | Real Estate Debt
Revenues
Rental revenue	0	0
Income from commercial loans	1,255	0
Other revenue	0	0
Total revenues	1,255	0
Expenses
Rental property operating	0	0
Total expenses	0	0
Income from unconsolidated entities, net	714	606
Loss from investments in affiliated fund	(933)
Income from real estate-related securities	0	0
Segment net operating income	1,036	606
Depreciation and amortization	0	0
Corporate and Other
Revenues
Rental revenue	0	0
Income from commercial loans	0	0
Other revenue	0	0
Total revenues	0	0
Expenses
Rental property operating	50	42
Total expenses	50	42
Income from unconsolidated entities, net	26	220
Loss from investments in affiliated fund	0
Income from real estate-related securities	118	28
Segment net operating income	94	206
Depreciation and amortization	$ (2)	$ (63)

Segment Reporting - Schedule _3

Segment Reporting - Schedule of Income (Loss) From Unconsolidated Real Estate Entities Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting [Abstract]
Segment income from unconsolidated entities	$ 3,985	$ 9,003
Depreciation and amortization attributable to unconsolidated entities	(4,438)	(5,024)
Income (loss) from unconsolidated real estate entities	$ (453)	$ 3,979

Segment Reporting - Schedule _4

Segment Reporting - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting [Abstract]
Segment depreciation and amortization	$ (11,829)	$ (13,802)
Depreciation and amortization attributable to unconsolidated entities	4,438	5,024
Depreciation and amortization	$ (7,391)	$ (8,778)

Subsequent Events (Details)

Subsequent Events (Details) - Public Offering - Subsequent Event - USD ($) $ in Millions		1 Months Ended
	May 11, 2023	May 12, 2023
Subsequent Event [Line Items]
Aggregate net proceeds		$ 6.6
Redemption value	$ 9.2