Invesco Real Estate Income Trust 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
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		585,603
Class S Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		413,851
Class D Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		766,963
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,438,020
Class E Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,186,278
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	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Investments in real estate, net	$ 751,583	$ 759,461
Investments in unconsolidated entities	124,315	127,360
Investments in commercial loans, at fair value	34,807	21,800
Investments in real estate-related securities, at fair value	28,871	23,512
Investments in affiliated fund, at fair value	28,583	14,969
Intangible assets, net	23,063	26,018
Cash and cash equivalents	11,499	39,888
Restricted cash	6,056	5,354
Other assets	22,615	20,796
Total assets	1,031,392	1,039,158
LIABILITIES
Mortgages payable, net	377,106	374,733
Financing obligation, net	53,752	53,752
Revolving credit facility	17,900	9,000
Due to affiliates	21,462	22,952
Accounts payable, accrued expenses and other liabilities	13,154	12,430
Total liabilities	483,374	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	415,766	432,604
Redeemable non-controlling interest in INREIT OP	7,154	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	185,223	167,611
Accumulated deficit and cumulative distributions	(89,362)	(66,856)
Total stockholders' equity	95,974	100,866
Non-controlling interests in consolidated joint ventures	29,124	30,024
Total equity	125,098	130,890
Total liabilities, redeemable equity instruments and equity	1,031,392	1,039,158
Class T Common Stock
EQUITY
Common stock	6	4
Class S Common Stock
EQUITY
Common stock	4	4
Class D Common Stock
EQUITY
Common stock	8	6
Class I Common Stock
EQUITY
Common stock	42	38
Class E Common Stock
EQUITY
Common stock	$ 12	$ 18

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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)	20,626,911	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)	572,182	449,680
Common stock, shares outstanding (in shares)	572,182	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)	365,807	351,856
Common stock, shares outstanding (in shares)	365,807	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)	754,517	604,538
Common stock, shares outstanding (in shares)	754,517	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)	4,235,505	3,764,505
Common stock, shares outstanding (in shares)	4,235,505	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)	1,175,576	1,827,018
Common stock, shares outstanding (in shares)	1,175,576	1,827,018

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Rental revenue	$ 15,552	$ 13,264	$ 31,052	$ 22,927
Income from commercial loans	919	0	2,174	0
Other revenue	753	643	1,478	1,226
Total revenues	17,224	13,907	34,704	24,153
Expenses
Rental property operating	6,768	4,925	12,592	8,143
General and administrative	1,457	1,289	2,621	2,912
Management fee - related party	418	187	814	301
Performance participation interest - related party	0	2,273	0	4,394
Depreciation and amortization	6,139	11,710	13,530	20,488
Total expenses	14,782	20,384	29,557	36,238
Other income (expense), net
Income from unconsolidated entities, net	813	1,728	360	5,707
Losses from real estate-related securities	(195)	(1,123)	(77)	(1,095)
Income (loss) from investments in affiliated fund	515	0	(418)	0
Unrealized gain (loss) on derivative instruments	1,800	954	(546)	2,470
Interest expense	(5,476)	(3,238)	(10,797)	(5,275)
Other income (expense)	85	(9)	72	(84)
Total other income (expense), net	(2,458)	(1,688)	(11,406)	1,723
Net loss attributable to Invesco Real Estate Income Trust Inc.	(16)	(8,165)	(6,259)	(10,362)
Dividends to preferred stockholders	(2)	(2)	(4)	(4)
Net (income) loss attributable to non-controlling interests in consolidated joint ventures	(39)	430	716	444
Net (income) loss attributable to non-controlling interest in INREIT OP	(8)	38	32	299
Net loss attributable to common stockholders, basic	(65)	(7,699)	(5,515)	(9,623)
Net loss attributable to common stockholders, diluted	$ (65)	$ (7,699)	$ (5,515)	$ (9,623)
Loss per share:
Net loss per share of common stock, basic (in USD per share)	$ 0	$ (0.49)	$ (0.27)	$ (0.66)
Net loss per share of common stock, diluted (in USD per share)	$ 0	$ (0.49)	$ (0.27)	$ (0.66)
Weighted average shares of common stock outstanding, basic (in shares)	20,579,561	15,647,218	20,583,036	14,671,363
Weighted average shares of common stock outstanding, diluted (in shares)	20,579,561	15,647,218	20,583,036	14,671,363

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments - USD ($) $ in Thousands	Total	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		(1,922)									(1,922)	(14)
Net loss	(1,936)
Preferred stock dividends	(2)	(2)									(2)
Common stock distributions	(5,876)	(5,876)									(5,876)
Acquired non-controlling interests	2,025											2,025
Distributions to non-controlling interests	(80)											(80)
Adjustment to carrying value of redeemable equity instruments	(10,182)	(10,182)								(10,182)
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, 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]
Net loss	444
Ending balance at Jun. 30, 2022	110,511	79,683	41	4	4	4	26	22	0	125,789	(46,207)	30,828
Beginning balance at Dec. 31, 2021	224,667
Ending balance at Jun. 30, 2022	327,340
Beginning balance at Dec. 31, 2021	0
Redeemable Non-controlling Interest in INREIT OP
Net loss	(299)
Ending balance at Jun. 30, 2022	3,173
Beginning balance at Dec. 31, 2021	74,101	70,030	41	2	2	2	2	22	12	94,097	(24,150)	4,071
Ending balance at Dec. 31, 2022	130,890	100,866	41	4	4	6	38	18	0	167,611	(66,856)	30,024
Beginning balance at Dec. 31, 2021	224,667
Ending balance at Dec. 31, 2022	432,604
Beginning balance at Dec. 31, 2021	0
Ending balance at Dec. 31, 2022	2,797
Beginning balance at Mar. 31, 2022	106,307	100,305	41	4	4	4	5	22	20	132,155	(31,950)	6,002
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	13,061	13,061					4			13,057
Distribution reinvestment	129	129								129
Common stock repurchased	(9,200)	(9,200)					(3)			(9,197)
Share-based compensation	19	19								19
Net loss	430	(7,697)									(7,697)	(430)
Net loss	(8,127)
Exchange of common stock							20		(20)
Preferred stock dividends	(2)	(2)									(2)
Common stock distributions	(6,558)	(6,558)									(6,558)
Acquired non-controlling interests	25,400											25,400
Distributions to non-controlling interests	(144)											(144)
Adjustment to carrying value of redeemable equity instruments	(10,374)	(10,374)								(10,374)
Ending balance at Jun. 30, 2022	110,511	79,683	41	4	4	4	26	22	0	125,789	(46,207)	30,828
Beginning balance at Mar. 31, 2022	277,701
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	(44,188)
Common stock repurchased	(4,795)
Adjustment to carrying value of redeemable equity instruments	(10,246)
Ending balance at Jun. 30, 2022	327,340
Beginning balance at Mar. 31, 2022	3,127
Redeemable Non-controlling Interest in INREIT OP
Net loss	(38)
Distributions to non-controlling interests	(44)
Adjustment to carrying value of redeemable equity instruments	(128)
Ending balance at Jun. 30, 2022	3,173
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		1	2			12,729
Distribution reinvestment	270	270								270
Common stock repurchased	(13,025)	(13,025)						(4)		(13,021)
Share-based compensation	20	20								20
Net loss		5,448									5,448	755
Net loss	(6,203)
Preferred stock dividends	(2)	(2)									(2)
Common stock distributions	(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
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]
Net loss	716
Ending balance at Jun. 30, 2023	125,098	95,974	41	6	4	8	42	12	0	185,223	(89,362)	29,124
Beginning balance at Dec. 31, 2022	432,604
Ending balance at Jun. 30, 2023	415,766
Beginning balance at Dec. 31, 2022	2,797
Redeemable Non-controlling Interest in INREIT OP
Net loss	(32)
Ending balance at Jun. 30, 2023	7,154
Beginning balance at Mar. 31, 2023	128,309	99,238	41	5	4	7	40	14	0	179,933	(80,806)	29,071
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	11,203	11,203		1		1	2			11,199
Distribution reinvestment	324	324								324
Common stock repurchased	(10,177)	(10,177)						(2)		(10,175)
Share-based compensation	19	19								19
Net loss	(39)	63									63	(39)
Net loss	(24)
Preferred stock dividends	(2)	(2)									(2)
Common stock distributions	(8,491)	(8,491)									(8,491)
Contributions from non-controlling interests	191											191
Distributions to non-controlling interests	(177)											(177)
Adjustment to carrying value of redeemable equity instruments	3,923	3,923								3,923
Ending balance at Jun. 30, 2023	125,098	$ 95,974	$ 41	$ 6	$ 4	$ 8	$ 42	$ 12	$ 0	$ 185,223	$ (89,362)	$ 29,124
Beginning balance at Mar. 31, 2023	419,709
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	(2)
Adjustment to carrying value of redeemable equity instruments	(3,941)
Ending balance at Jun. 30, 2023	415,766
Beginning balance at Mar. 31, 2023	7,223
Redeemable Non-controlling Interest in INREIT OP
Net loss	8
Redeemable noncontrolling interest, equity distributions	(95)
Adjustment to carrying value of redeemable equity instruments	18
Ending balance at Jun. 30, 2023	$ 7,154

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity and Redeemable Equity Instruments (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock declared (in USD per share)	$ 0.4155	$ 0.4162	$ 0.4215	$ 0.4252

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (6,259)	$ (10,362)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	814	301
Performance participation interest - related party	0	4,394
Income from unconsolidated entities, net	(360)	(5,707)
Depreciation and amortization	13,530	20,488
Share-based compensation	39	38
Straight-line rents	(624)	(719)
Amortization of below-market lease intangibles	(198)	(50)
Amortization of above-market lease intangibles	87	77
Amortization of deferred financing costs	853	645
Loss from investments in affiliated fund	418	0
Unrealized loss on real estate-related securities, net	616	1,554
Unrealized loss (gain) on derivative instruments	546	(2,470)
Distributions of earnings from investments in unconsolidated entities	1,314	3,413
Other items	754	392
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
(Increase) decrease in other assets	(842)	2,525
Increase in due to affiliates	1,112	1,574
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(945)	1,136
Net cash provided by operating activities	10,855	17,229
Cash flows from investing activities:
Investments in unconsolidated entities	(651)	(3,720)
Investment in unconsolidated affiliated fund	(15,000)	0
Origination of commercial loan	(13,007)	0
Acquisitions of real estate	0	(342,453)
Pre-acquisition deposits	0	(480)
Capital improvements to real estate	(2,533)	(223)
Purchase of real estate-related securities	(8,826)	(14,235)
Proceeds from sale of real estate-related securities	2,590	0
Distributions of capital from investments in unconsolidated entities	2,742	0
Net cash used in investing activities	(34,685)	(361,111)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	0	87,202
Proceeds from issuance of common stock	24,395	61,833
Offering costs paid	(124)	0
Repurchase of common stock	(23,202)	(13,995)
Subscriptions received in advance	1,619	6,328
Proceeds from revolving credit facility	34,100	123,400
Repayment of revolving credit facility	(25,200)	(136,800)
Borrowings from mortgages payable	1,716	214,925
Purchase of derivative instruments	(323)	(1,808)
Payment of deferred financing costs	(300)	(2,987)
Common stock and INREIT OP unit distributions	(16,350)	(11,482)
Preferred stock dividends	(4)	(4)
Sale of interest to non-controlling interest	0	22,462
Contributions from non-controlling interests	219	4,963
Distributions to non-controlling interests	(403)	(283)
Net cash (used in) provided by financing activities	(3,857)	353,754
Net change in cash and cash equivalents and restricted cash	(27,687)	9,872
Cash and cash equivalents and restricted cash, beginning of period	45,242	15,499
Cash and cash equivalents and restricted cash, end of period	17,555	25,371
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	11,499	16,144
Restricted cash	6,056	9,227
Total cash and cash equivalents and restricted cash	17,555	25,371
Supplemental disclosures:
Interest paid	10,175	4,128
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	0	1,331
Issuance of Class E OP Units to non-controlling interests	3,976	3,280
Issuance of Class E shares for payment of management fees	797	157
Accrued capital expenditures	334	508
Distributions payable	2,870	2,198
Distribution reinvestment	594	209
Accrued offering costs due to affiliates	1,137	795
Adjustment to carrying value of redeemable equity instruments	$ (16,247)	$ 20,556

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 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”). In February 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	6 Months Ended
	Jun. 30, 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. Reclassifications Certain prior period reported amounts have been reclassified to be consistent with the current presentation. Such reclassifications have no impact on total assets, net income or equity attributable to common stockholders. 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 June 30, 2023 and 2022, there are no common share equivalents outstanding that would have a dilutive effect as a result of our net loss, 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 and six months ended June 30, 2023, we recorded a net tax expense of approximately $3,000 and $17,000, respectively, located within other expense on our condensed consolidated statements of operations. For the three and six months ended June 30, 2022, we recorded a net tax expense of approximately $9,000 and $84,000, respectively, located within other expense on our consolidated statements of operations. As of June 30, 2023, we recorded neither a deferred tax asset or deferred tax liability. As of December 31, 2022, we recorded a deferred tax asset of approximately $3,000. This deferred tax asset was recorded within other assets on our condensed consolidated balance sheets. As of June 30, 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	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Investments in Real Estate, net	Investments in Real Estate, net Investments in real estate, net consist of: $ in thousands June 30, 2023 December 31, 2022 Building and improvements $ 614,869 $ 612,374 Land and land improvements 158,197 158,191 Furniture, fixtures and equipment 11,674 11,514 Total 784,740 782,079 Accumulated depreciation (33,157) (22,618) Investments in real estate, net $ 751,583 $ 759,461

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of June 30, 2023, we held five investments in unconsolidated entities for an aggregate investment balance of $124.3 million that are accounted for using the equity method of accounting. The amounts reflected in the following tables (except for our share of equity and income) are based on the historical financial information of the individual unconsolidated entities. We do not record operating losses of an unconsolidated entity in excess of its investment balance unless we are liable for the obligations of the entity or are otherwise committed to provide financial support to the entity. Our investments in unconsolidated entities as of June 30, 2023 and December 31, 2022 were as follows: $ in thousands Carrying Amount Entity Ownership Percentage (1) June 30, 2023 December 31, 2022 Vida JV LLC (2) 42.5 % $ 76,242 $ 79,478 San Simeon Holdings (3) — 26,434 25,516 PTCR Holdco, LLC (4) — 8,285 8,129 Retail GP Fund (5) 4.5% to 13.5% 13,342 14,237 Homestead Communities, LLC (6) 50 % 12 — Total $ 124,315 $ 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 June 30, 2023, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of June 30, 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. (6) We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufacturing housing through a joint venture, Homestead Communities, LLC (“Homestead”). An affiliated Invesco fund owns the remaining 50% ownership interest. An unaffiliated third party has a promote incentive that could dilute our ownership percentage if certain performance milestones are exceeded. Our share of the unconsolidated entities’ income (loss) for the three and six months ended June 30, 2023 and 2022 were as follows: $ in thousands Company’s Share of Unconsolidated Entities' Income (Loss) Three Months Ended June 30, Six Months Ended June 30, Entity 2023 2022 2023 2022 Vida JV LLC $ 293 $ 447 $ (899) $ 3,599 San Simeon Holdings 735 640 1,448 1,247 PTCR Holdco, LLC 268 361 534 535 Retail GP Fund (219) 280 (459) 326 Homestead Communities, LLC (264) — (264) — Total $ 813 $ 1,728 $ 360 $ 5,707 The following tables provide summarized balance sheets of our investments in unconsolidated entities: June 30, 2023 December 31, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 403,461 $ 126,533 $ 582,936 $ 1,112,930 $ 407,405 $ 123,664 $ 595,006 $ 1,126,075 Total liabilities (224,624) (75,535) (301,506) (601,665) (220,573) (76,583) (284,118) (581,274) Total equity $ 178,837 $ 50,998 $ 281,430 $ 511,265 $ 186,832 $ 47,081 $ 310,888 $ 544,801 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 9,241 $ 2,502 $ 20,619 $ 32,362 $ 9,241 $ 2,528 $ 16,326 $ 28,095 Net income (loss) $ 695 $ 334 $ (7,666) $ (6,637) $ 1,056 $ 609 $ 5,888 $ 7,553 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 18,711 $ 5,163 $ 33,429 $ 57,303 $ 18,296 $ 4,992 $ 23,649 $ 46,937 Net income (loss) $ (2,107) $ 947 $ (1,400) $ (2,560) $ 8,477 $ 1,329 $ 6,658 $ 16,464

Investments in Commercial Loans

Investments in Commercial Loans	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Investments in Commercial Loans	Investments in Commercial Loans As of June 30, 2023 , we have the following investments in commercial loans: Current Principal Balance $ in thousands Origination Date Loan Type Interest Rate June 30, 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 and six months ended June 30, 2023, we recognized interest income and loan origination fee income from our investments in commercial loans of $0.9 million and $2.2 million, respectively, in our condensed consolidated statements of operations. For the three and six months ended June 30, 2023, we did not record an unrealized gain or loss on the commercial loans, as the outstanding par value approximated fair value as of June 30, 2023.

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	6 Months Ended
	Jun. 30, 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: June 30, 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 $ 22,911 $ (718) $ 22,193 $ (2,043) $ 20,150 8.24 % 7/29/2039 Corporate debt 4,478 (158) 4,320 (288) 4,032 5.02 % 9/27/2027 Preferred stock of REITs N/A N/A 2,107 (180) 1,927 6.74 % N/A Common stock of REITs N/A N/A 4,034 (1,272) 2,762 5.57 % N/A Total $ 27,389 $ (876) $ 32,654 $ (3,783) $ 28,871 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	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: June 30, 2023 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (30,696) $ 16,670 Leasing commissions 5,895 (1,174) 4,721 Above-market lease intangibles 1,951 (279) 1,672 Total intangible assets, net $ 55,212 $ (32,149) $ 23,063 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (758) $ 2,146 Total intangible liabilities, net $ 2,904 $ (758) $ 2,146 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 June 30, 2023 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2023 (remainder) $ 1,356 $ 333 $ 88 $ (199) 2024 2,602 656 176 (396) 2025 2,189 637 176 (396) 2026 2,184 636 176 (396) 2027 1,805 556 176 (309) 2028 1,672 521 176 (258) Thereafter 4,862 1,382 704 (192) $ 16,670 $ 4,721 $ 1,672 $ (2,146)

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 Derivative instruments $ 9,122 $ 9,345 Capitalized tax abatement, net (1) 7,877 8,166 Deferred rent 2,481 1,857 Prepaid expenses 2,043 581 Receivables, net 639 472 Other 453 375 Total $ 22,615 $ 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 June 30, 2023, accumulated amortization of the capitalized tax abatements was $1.2 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 June 30, 2023, we have entered into five interest rate caps and one interest rate swap. The following table summarizes the notional amount and other information related to these instruments as of June 30, 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 5 $ 223,500 $ 2,989 $ 6,641 2.28% 1.45 Interest rate swap 1 52,500 N/A 2,481 2.73% 3.83 Total 6 $ 276,000 $ 2,989 $ 9,122 (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 and six months ended June 30, 2023 we reported an increase in fair value of $1.8 million and a decrease in fair value of $0.5 million, respectively. For the three and six months ended June 30, 2022 we reported increases in fair value of $1.0 million and $2.5 million, respectively. These changes are included in unrealized gain (loss) on derivative instruments in our condensed consolidated statements of operations.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Revolving Credit Facility S + applicable margin (1) 1/22/2024 $ 150,000 $ 150,000 $ 17,900 $ 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 and six months ended June 30, 2023 was 6.75% and 6.49%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 2.41% and 2.22%, respectively. (2) As of June 30, 2023, the borrowing capacity on the Revolving Credit Facili ty was $73.8 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 June 30, 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 June 30, 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 $ 113,500 107,179 105,463 Midwest Industrial Portfolio 4.44% and S + applicable margin (6) 7/5/2027 $ 70,000 70,000 70,000 Total mortgages payable 380,339 378,623 Deferred financing costs, net (3,233) (3,890) Mortgage notes payable, net $ 377,106 $ 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 and six months ended June 30, 2023 was 7.25% and 7.01%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 2.90% and 2.78%, respectively. On June 30, 2023, LIBOR ceased being published. In connection with the cessation of LIBOR, the one month LIBOR interest rate under this mortgage note was modified to One Month Term SOFR plus a spread adjustment of 0.11448%, effective on and after June 1, 2023. (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 and six months ended June 30, 2023 was 6.60% and 6.29%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 2.37% and 2.06%, respectively. (4) The mortgage note secured by Tempe Student Housing bears interest at 1.75% plus SOFR. The weighted-average interest rate for the three and six months ended June 30, 2023 was 6.40% and 6.09%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 2.11% and 1.96%, respectively. (5) The mortgage note secured by Everly Roseland Apartments bears interest at 1.45% plus SOFR. The weighted-average interest rate for the three and six months ended June 30, 2023 was 6.42% and 6.21%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 2.33%. (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 and six months ended June 30, 2023 was 5.57% and 5.44%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 3.84%. Financing Obligation, Net In connection with the Tempe Student Housing property, as of June 30, 2023 we hold a financing obligation on our condensed consolidated balance sheets of $53.8 million, net of debt issuance costs. The following table presents the future principal payments due under our outstanding borrowings as of June 30, 2023: Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2023 (remaining) $ — $ — $ 3 $ 3 2024 17,900 — 6 17,906 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 216,839 15 216,854 2028 — 45,000 18 45,018 Thereafter — — 36,291 36,291 Total $ 17,900 $ 380,339 $ 36,354 $ 434,593

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 Real estate taxes payable $ 2,376 $ 2,466 Intangible liabilities, net 2,146 2,344 Accrued interest expense 1,737 1,968 Subscriptions received in advance 1,619 1,843 Tenant security deposits 1,367 1,323 Accounts payable and accrued expenses 1,289 824 Prepaid rental income 1,231 1,390 Common stock repurchases 1,025 — Distributions payable 364 272 Total $ 13,154 $ 12,430

Class N Redeemable Common Stock

Class N Redeemable Common Stock	6 Months Ended
	Jun. 30, 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 June 30, 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 and six months ended June 30, 2023, we recorded a decrease to Class N redeemable common stock and an increase to additional paid-in capital of $3.9 million and $16.8 million, respectively, to adjust the value of the Class N shares held by MassMutual to our June 30, 2023 NAV per Class N share. For the three and six months ended June 30, 2022, we recorded an increase to Class N redeemable common stock and a decrease to additional paid-in capital of $10.2 million and $20.3 million, respectively, to adjust the value of the Class N shares held by MassMutual to our June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Preferred Stock As of June 30, 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: Six Months Ended June 30, 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 Issuance of common stock 36,963 13,951 93,684 235,524 15,596 — 395,718 Common stock repurchased — — — (39,210) (284,496) — (323,706) Distribution reinvestment 1,193 — 1,938 4,846 2,543 — 10,520 Balance at June 30, 2023 572,182 365,807 754,517 4,235,505 1,175,576 13,523,324 20,626,911 Six Months Ended June 30, 2022 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2021 186,821 186,821 186,821 186,715 2,244,581 8,556,509 11,548,268 Issuance of common stock 165,035 165,035 165,035 279,643 1,814 2,213,413 2,989,975 Distribution reinvestment — — — 458 2,133 — 2,591 Balance at March 31, 2022 351,856 351,856 351,856 466,816 2,248,528 10,769,922 14,540,834 Issuance of common stock 838 — 24,365 398,375 5,099 1,392,047 1,820,724 Common stock repurchased (1) — — — (291,818) — (149,616) (441,434) Exchange of common stock (2) — — — 2,028,085 — (1,992,225) 35,860 Distribution reinvestment — — 21 1,892 2,130 — 4,043 Balance at June 30, 2022 352,694 351,856 376,242 2,603,350 2,255,757 10,020,128 15,960,027 (1) We repurchased 149,615 Class N shares under MassMutual’s subscription agreement and 291,818 Class I shares as permitted under Invesco Reality, Inc.’s subscription agreement. (2) On June 29, 2022, we issued 2,028,085 unregistered Class I shares of common stock to an affiliate of our Adviser in exchange for 1,992,225 of Class N shares with an equivalent aggregate NAV based on the NAV per share of Class I shares and Class N shares as of May 31, 2022. As of June 30, 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 and six months ended June 30, 2023, we declared distributions of $8.6 million and $17.2 million, respectively. For the three and six months ended June 30, 2022, we declared distributions of $6.6 million and $12.5 million, respectively. We accrued $2.5 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 June 30, 2023 and December 31, 2022, respectively. Additionally, as of June 30, 2023 and December 31, 2022 we accrued $0.4 million and $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 and six months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.4155 $ 0.4155 $ 0.4155 $ 0.4155 $ 0.4155 $ 0.4155 Stockholder servicing fee per share (1) — (0.0235) (0.0008) (0.0098) — — — Net distributions declared per share $ 31.2500 $ 0.3920 $ 0.4147 $ 0.4057 $ 0.4155 $ 0.4155 $ 0.4155 Three Months Ended June 30, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.4215 $ 0.4215 $ 0.4215 $ 0.4215 $ 0.4215 $ 0.4215 Stockholder servicing fee per share (1)(2) — 0.0754 0.0758 0.0216 — — — Net distributions declared per share $ 31.2500 $ 0.4969 $ 0.4973 $ 0.4431 $ 0.4215 $ 0.4215 $ 0.4215 Six Months Ended June 30, 2023 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.8317 $ 0.8317 $ 0.8317 $ 0.8317 $ 0.8317 $ 0.8317 Stockholder servicing fee per share (1) — (0.0429) (0.0008) (0.0183) — — — Net distributions declared per share $ 31.2500 $ 0.7888 $ 0.8309 $ 0.8134 $ 0.8317 $ 0.8317 $ 0.8317 Six Months Ended June 30, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.8467 $ 0.8467 $ 0.8467 $ 0.8467 $ 0.8467 $ 0.8467 Stockholder servicing fee per share (1)(2) — 0.0111 0.0115 0.0027 — — — Net distributions declared per share $ 31.2500 $ 0.8578 $ 0.8582 $ 0.8494 $ 0.8467 $ 0.8467 $ 0.8467 (1) See Note 15 — “ Related Party Transactions” for a discussion of our stockholder servicing fee. (2) For Class T, Class S and Class D Common Stock, the stockholder servicing fee in the distribution above results in a net distribution higher than the gross distribution because it includes an adjustment for stockholder servicing fees deducted from prior monthly distributions. Redeemable Non-controlling Interest in INREIT OP In connection with its performance participation interest, the Special Limited Partner holds Class E units in INREIT OP. See Note 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 and six months ended June 30, 2023, we recorded an allocation adjustment of approximately $18,000 and $0.6 million, respectively, from additional paid-in capital to redeemable non-controlling interest in INREIT OP on our condensed consolidated balance sheets. For the three and six months ended June 30, 2022, we recorded an allocation adjustment of $0.1 million 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 June 30, Six Months Ended June 30, $ in thousands 2023 2022 2023 2022 Net income (loss) allocated $ 8 $ (38) $ (32) $ (299) Distributions $ 95 $ 44 $ 173 $ 74 Adjustment to carrying value $ 18 $ 128 $ 586 $ 128 As of June 30, 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 and six months ended June 30, 2023, we repurchased 323,706 and 724,822 shares of common stock for $10.2 million and $23.2 million, respectively, and fulfilled all repurchase requests that were made. For the three and six months ended June 30, 2022, we did not repurchase any shares under the share repurchase plan as no repurchase requests were made. Share-Based Compensation Plan For the three and six months ended June 30, 2023, we awarded independent members of our board of directors 622 and 1,226 Class E shares, respectively, under our 2019 Equity Incentive Plan (the “Incentive Plan”) and recognized approximately $19,000 and $39,000, respectively, of compensation expense related to these awards. For the three and six months ended June 30, 2022, we awarded independent members of our board of directors 602 and 1,230 Class E shares, respectively, under our Incentive Plan and recognized approximately $19,000 and $38,000, respectively, of compensation expense related to these awards. As of June 30, 2023, 188,484 shares of common stock remain available for future issuance under the Incentive Plan.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 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: June 30, 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 $ 4,689 $ 24,182 $ — $ — $ 28,871 Investments in commercial loans — — 34,807 — 34,807 Investment in affiliated fund — — — 28,583 28,583 Interest rate caps — 6,641 — — 6,641 Interest rate swap — 2,481 — — 2,481 Total $ 4,689 $ 33,304 $ 34,807 $ 28,583 $ 101,383 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 quarterly 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 June 30, 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 June 30, 2023. Type Asset Class Valuation Technique Unobservable Input Weighted Average Rate Commercial loans Industrial Discounted cash flow Discount rate 12.67% 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: June 30, 2023 December 31, 2022 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility $ 17,900 $ 17,900 $ 9,000 $ 9,000 Mortgage notes payable (1) 380,339 374,647 378,623 372,682 Financing obligation (1) 54,000 54,000 54,000 54,000 Total $ 452,239 $ 446,547 $ 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	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
DST Program	DST ProgramIn February 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 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 June 30, 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 June 30, 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 and six months ended June 30, 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. As of June 30, 2023, the Excelsior Warehouse and Industry Warehouse properties are included in our DST Program.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 Advanced general and administrative expenses $ 9,934 $ 8,626 Advanced offering costs 5,710 5,307 Distributions payable 2,506 2,378 Accrued stockholder servicing fee 1,518 891 Advanced organization expenses 1,474 1,474 Accrued management fee 284 266 Share-based compensation payable 19 20 Accrued affiliate service provider expenses 17 13 Performance participation interest — 3,977 Total $ 21,462 $ 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 and six months ended June 30, 2023, we incurred management fees of $0.4 million and $0.8 million, respectively, of which $0.3 million is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of June 30, 2023. During the three and six months ended June 30, 2023, we issued 13,348 and 25,684 Class E shares, respectively, as payment for the management fees earned. During the three and six months ended June 30, 2022, we incurred management fees of $0.2 million and $0.3 million, respectively. 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 and six months ended June 30, 2023 the Special Limited Partner did not earn a performance participation interest. For the three and six months ended June 30, 2022, we incurred $2.3 million and $4.4 million, respectively, for the Special Limited Partner's performance participation interest. The Special Limited Partner may elect to receive payment of the performance participation interest in cash, INREIT OP Class I units or INREIT OP Class E units. 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. In addition, the Adviser and its affiliates facilitate 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, and IT support. The Adviser and its affiliates also facilitate the payment of travel expenses incurred by the management team and support personnel on behalf of the Company. During the three and six months ended June 30, 2023, we incurred $0.2 million and $0.6 million, respectively, for these expenses that were provided by the Adviser. During the three and six months ended June 30, 2022, we incurred $0.6 million and $1.0 million, respectively, for these expenses that were provided 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 June 30, 2023 and December 31, 2022, we have accrued $1.5 million and $0.9 million, respectively, 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 June 30, 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 1,159,749 Class E shares from IGP+ for $38.0 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 also began reimbursing the Adviser on a quarterly basis for organization and offering expenses incurred subsequent to December 31, 2022. As of June 30, 2023 and December 31, 2022, the Adviser and its affiliates have incurred organization costs and offering expenses of $7.3 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 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. As of June 30, 2023 and December 31, 2022 , the Adviser advanced on our behalf $9.9 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. 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 June 30, 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 and six months ended June 30, 2023, we incurred approximately $41,000 and $76,000, respectively, of expenses due to Pine Tree for services in connection with the property management of Cortlandt Crossing. During the three and six months ended June 30, 2022, we incurred approximately $38,000 and $45,000, 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 a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufacturing housing through a joint venture, Homestead Communities, LLC (“Homestead”). Invesco U.S. Income Fund L.P. owns the remaining 50% ownership interest. 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 June 30, 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2023, we were not subject to any material litigation or aware of any pending or threatened material litigation.

Tenant Leases

Tenant Leases	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2022 $ in thousands 2023 2022 2023 2022 Fixed lease payments $ 13,724 $ 11,672 $ 27,498 $ 20,479 Variable lease payments 1,828 1,592 3,554 2,448 Rental revenue $ 15,552 $ 13,264 $ 31,052 $ 22,927 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) $ 5,867 2024 11,792 2025 11,238 2026 11,413 2027 11,217 2028 11,410 Thereafter 50,362 Total $ 113,299 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	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of June 30, 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 June 30, 2023 December 31, 2022 Healthcare $ 76,242 $ 79,478 Office 37,780 38,487 Industrial 144,392 146,121 Self-Storage 101,210 92,182 Multifamily 226,008 226,417 Student Housing 235,882 238,648 Grocery-Anchored Retail 65,720 65,666 Real Estate Debt 89,823 62,285 Corporate and Other 54,335 89,874 Total assets $ 1,031,392 $ 1,039,158 The following table summarizes our financial results by segment for the three months ended June 30, 2023: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 728 $ 2,572 $ 2,098 $ 4,114 $ 4,416 $ 1,624 $ — $ — $ 15,552 Income from commercial loans — — — — — — — 919 — 919 Other revenue — — 89 236 171 257 — — — 753 Total revenues — 728 2,661 2,334 4,285 4,673 1,624 919 — 17,224 Expenses: Rental property operating — 127 1,535 1,048 1,574 1,892 474 — 118 6,768 Total expenses — 127 1,535 1,048 1,574 1,892 474 — 118 6,768 Income (loss) from unconsolidated entities, net 4,595 — — — — — — 733 (214) 5,114 Income from investments in affiliated fund — — — — — — — 515 — 515 Loss from real estate-related securities — — — — — — — — (195) (195) Segment net operating income $ 4,595 $ 601 $ 1,126 $ 1,286 $ 2,711 $ 2,781 $ 1,150 $ 2,167 $ (527) $ 15,890 Depreciation and amortization $ (4,301) $ (416) $ (1,386) $ (621) $ (1,602) $ (1,615) $ (497) $ — $ (2) $ (10,440) General and administrative (1,457) Unrealized gain on derivative instruments 1,800 Interest expense (5,476) Management fee - related party (418) Other income 85 Net loss attributable to Invesco Real Estate Income Trust Inc. $ (16) Dividends to preferred stockholders $ (2) Net income attributable to non-controlling interests in consolidated joint ventures (39) Net income attributable to non-controlling interest in INREIT OP (8) Net loss attributable to common stockholders $ (65) 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 June 30, 2023: $ in thousands Segment income from unconsolidated entities $ 5,114 Depreciation and amortization attributable to unconsolidated entities (4,301) Income from unconsolidated entities, net $ 813 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 June 30, 2023: $ in thousands Segment depreciation and amortization $ (10,440) Depreciation and amortization attributable to unconsolidated entities 4,301 Depreciation and amortization $ (6,139) The following table summarizes our financial results by segment for the three months ended June 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 608 $ 2,680 $ 1,300 $ 3,133 $ 4,249 $ 1,294 $ — $ — $ 13,264 Other revenue — — 89 166 171 215 2 — — 643 Total revenues — 608 2,769 1,466 3,304 4,464 1,296 — — 13,907 Expenses: Rental property operating — 108 823 478 1,149 1,859 455 — 53 4,925 Total expenses — 108 823 478 1,149 1,859 455 — 53 4,925 Income from unconsolidated entities, net 5,225 — — — — — — 641 938 6,804 Income from real estate-related securities — — — — — — — — (1,123) (1,123) Segment net operating income $ 5,225 $ 500 $ 1,946 $ 988 $ 2,155 $ 2,605 $ 841 $ 641 $ (238) $ 14,663 Depreciation and amortization $ (4,778) $ (443) $ (1,648) $ (2,164) $ (1,928) $ (5,088) $ (494) $ — $ (243) $ (16,786) General and administrative (1,289) Unrealized gain on derivative instruments 954 Interest expense (3,238) Management fee - related party (187) Performance participation interest - related party (2,273) Other expense (9) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (8,165) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 430 Net loss attributable to non-controlling interest in INREIT OP 38 Net loss attributable to common stockholders $ (7,699) 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 June 30, 2022: $ in thousands Segment income from unconsolidated entities $ 6,804 Depreciation and amortization attributable to unconsolidated entities (5,076) Income from unconsolidated entities, net $ 1,728 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 June 30, 2022: $ in thousands Segment depreciation and amortization $ (16,786) Depreciation and amortization attributable to unconsolidated entities 5,076 Depreciation and amortization $ (11,710) The following table summarizes our financial results by segment for the six months ended June 30, 2023: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 1,453 $ 5,450 $ 4,159 $ 8,155 $ 8,856 $ 2,979 $ — $ — $ 31,052 Income from commercial loan — — — — — — — 2,174 — 2,174 Other revenue — — 170 466 316 526 — — — 1,478 Total revenues — 1,453 5,620 4,625 8,471 9,382 2,979 2,174 — 34,704 Expenses: Rental property operating — 277 2,590 2,088 3,088 3,464 917 — 168 12,592 Total expenses — 277 2,590 2,088 3,088 3,464 917 — 168 12,592 Income (loss) from unconsolidated entities, net 7,840 — — — — — — 1,447 (188) 9,099 Loss from investments in affiliated fund — — — — — — — (418) — (418) Loss from real estate-related securities — — — — — — — — (77) (77) Segment net operating income $ 7,840 $ 1,176 $ 3,030 $ 2,537 $ 5,383 $ 5,918 $ 2,062 $ 3,621 $ (433) $ 30,716 Depreciation and amortization $ (8,739) $ (832) $ (2,759) $ (2,525) $ (3,204) $ (3,211) $ (995) $ — $ (4) $ (22,269) General and administrative (2,621) Unrealized loss on derivative instruments (546) Interest expense (10,797) Management fee - related party (814) Other income 72 Net loss attributable to Invesco Real Estate Income Trust Inc. $ (6,259) Dividends to preferred stockholders $ (4) Net loss attributable to non-controlling interests in consolidated joint ventures 716 Net loss attributable to non-controlling interest in INREIT OP 32 Net loss attributable to common stockholders $ (5,515) 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 six months ended June 30, 2023: $ in thousands Segment income from unconsolidated entities $ 9,099 Depreciation and amortization attributable to unconsolidated entities (8,739) Income from unconsolidated entities, net $ 360 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the six months ended June 30, 2023: $ in thousands Segment depreciation and amortization $ (22,269) Depreciation and amortization attributable to unconsolidated entities 8,739 Depreciation and amortization $ (13,530) The following table summarizes our financial results by segment for the six months ended June 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 1,345 $ 4,325 $ 2,403 $ 4,376 $ 8,462 $ 2,016 $ — $ — $ 22,927 Other revenue — — 177 328 290 429 2 — — 1,226 Total revenues — 1,345 4,502 2,731 4,666 8,891 2,018 — — 24,153 Expenses: Rental property operating — 239 1,272 874 1,563 3,435 665 — 95 8,143 Total expenses — 239 1,272 874 1,563 3,435 665 — 95 8,143 Income from unconsolidated entities, net 13,402 — — — — — 1,247 1,158 15,807 Income from real estate-related securities — — — — — — — — (1,095) (1,095) Segment net operating income $ 13,402 $ 1,106 $ 3,230 $ 1,857 $ 3,103 $ 5,456 $ 1,353 $ 1,247 $ (32) $ 30,722 Depreciation and amortization $ (9,802) $ (858) $ (2,230) $ (4,872) $ (2,421) $ (9,358) $ (741) $ — $ (306) $ (30,588) General and administrative (2,912) Unrealized gain on derivative instruments 2,470 Interest expense (5,275) Management fee - related party (301) Performance participation interest - related party (4,394) Other expense (84) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (10,362) Dividends to preferred stockholders $ (4) Net loss attributable to non-controlling interests in consolidated joint ventures 444 Net loss attributable to non-controlling interest in INREIT OP 299 Net loss attributable to common stockholders $ (9,623) 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 six months ended June 30, 2022: $ in thousands Segment income from unconsolidated entities $ 15,807 Depreciation and amortization attributable to unconsolidated entities (10,100) Income from unconsolidated entities, net $ 5,707 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the six months ended June 30, 2022: $ in thousands Segment depreciation and amortization $ (30,588) Depreciation and amortization attributable to unconsolidated entities 10,100 Depreciation and amortization $ (20,488)

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsPublic OfferingSubsequent to June 30, 2023, we received total net proceeds of $8.1 million from the issuance of common stock in our Offering.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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.
Reclassifications	Reclassifications Certain prior period reported amounts have been reclassified to be consistent with the current presentation. Such reclassifications have no impact on total assets, net income or equity attributable to common stockholders.
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 June 30, 2023 and 2022, there are no common share equivalents outstanding that would have a dilutive effect as a result of our net loss, 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 and six months ended June 30, 2023, we recorded a net tax expense of approximately $3,000 and $17,000, respectively, located within other expense on our condensed consolidated statements of operations. For the three and six months ended June 30, 2022, we recorded a net tax expense of approximately $9,000 and $84,000, respectively, located within other expense on our consolidated statements of operations. As of June 30, 2023, we recorded neither a deferred tax asset or deferred tax liability. As of December 31, 2022, we recorded a deferred tax asset of approximately $3,000. This deferred tax asset was recorded within other assets on our condensed consolidated balance sheets. As of June 30, 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)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate	Investments in real estate, net consist of: $ in thousands June 30, 2023 December 31, 2022 Building and improvements $ 614,869 $ 612,374 Land and land improvements 158,197 158,191 Furniture, fixtures and equipment 11,674 11,514 Total 784,740 782,079 Accumulated depreciation (33,157) (22,618) Investments in real estate, net $ 751,583 $ 759,461

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Our investments in unconsolidated entities as of June 30, 2023 and December 31, 2022 were as follows: $ in thousands Carrying Amount Entity Ownership Percentage (1) June 30, 2023 December 31, 2022 Vida JV LLC (2) 42.5 % $ 76,242 $ 79,478 San Simeon Holdings (3) — 26,434 25,516 PTCR Holdco, LLC (4) — 8,285 8,129 Retail GP Fund (5) 4.5% to 13.5% 13,342 14,237 Homestead Communities, LLC (6) 50 % 12 — Total $ 124,315 $ 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 June 30, 2023, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of June 30, 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. (6) We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufacturing housing through a joint venture, Homestead Communities, LLC (“Homestead”). An affiliated Invesco fund owns the remaining 50% ownership interest. An unaffiliated third party has a promote incentive that could dilute our ownership percentage if certain performance milestones are exceeded. Our share of the unconsolidated entities’ income (loss) for the three and six months ended June 30, 2023 and 2022 were as follows: $ in thousands Company’s Share of Unconsolidated Entities' Income (Loss) Three Months Ended June 30, Six Months Ended June 30, Entity 2023 2022 2023 2022 Vida JV LLC $ 293 $ 447 $ (899) $ 3,599 San Simeon Holdings 735 640 1,448 1,247 PTCR Holdco, LLC 268 361 534 535 Retail GP Fund (219) 280 (459) 326 Homestead Communities, LLC (264) — (264) — Total $ 813 $ 1,728 $ 360 $ 5,707 The following tables provide summarized balance sheets of our investments in unconsolidated entities: June 30, 2023 December 31, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 403,461 $ 126,533 $ 582,936 $ 1,112,930 $ 407,405 $ 123,664 $ 595,006 $ 1,126,075 Total liabilities (224,624) (75,535) (301,506) (601,665) (220,573) (76,583) (284,118) (581,274) Total equity $ 178,837 $ 50,998 $ 281,430 $ 511,265 $ 186,832 $ 47,081 $ 310,888 $ 544,801 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 9,241 $ 2,502 $ 20,619 $ 32,362 $ 9,241 $ 2,528 $ 16,326 $ 28,095 Net income (loss) $ 695 $ 334 $ (7,666) $ (6,637) $ 1,056 $ 609 $ 5,888 $ 7,553 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 18,711 $ 5,163 $ 33,429 $ 57,303 $ 18,296 $ 4,992 $ 23,649 $ 46,937 Net income (loss) $ (2,107) $ 947 $ (1,400) $ (2,560) $ 8,477 $ 1,329 $ 6,658 $ 16,464

Investments in Commercial Loa_2

Investments in Commercial Loans (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Investments Classified by Commercial Loan	As of June 30, 2023 , we have the following investments in commercial loans: Current Principal Balance $ in thousands Origination Date Loan Type Interest Rate June 30, 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)	6 Months Ended
	Jun. 30, 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: June 30, 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 $ 22,911 $ (718) $ 22,193 $ (2,043) $ 20,150 8.24 % 7/29/2039 Corporate debt 4,478 (158) 4,320 (288) 4,032 5.02 % 9/27/2027 Preferred stock of REITs N/A N/A 2,107 (180) 1,927 6.74 % N/A Common stock of REITs N/A N/A 4,034 (1,272) 2,762 5.57 % N/A Total $ 27,389 $ (876) $ 32,654 $ (3,783) $ 28,871 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)	6 Months Ended
	Jun. 30, 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: June 30, 2023 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (30,696) $ 16,670 Leasing commissions 5,895 (1,174) 4,721 Above-market lease intangibles 1,951 (279) 1,672 Total intangible assets, net $ 55,212 $ (32,149) $ 23,063 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (758) $ 2,146 Total intangible liabilities, net $ 2,904 $ (758) $ 2,146 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: June 30, 2023 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (30,696) $ 16,670 Leasing commissions 5,895 (1,174) 4,721 Above-market lease intangibles 1,951 (279) 1,672 Total intangible assets, net $ 55,212 $ (32,149) $ 23,063 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (758) $ 2,146 Total intangible liabilities, net $ 2,904 $ (758) $ 2,146 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 June 30, 2023 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2023 (remainder) $ 1,356 $ 333 $ 88 $ (199) 2024 2,602 656 176 (396) 2025 2,189 637 176 (396) 2026 2,184 636 176 (396) 2027 1,805 556 176 (309) 2028 1,672 521 176 (258) Thereafter 4,862 1,382 704 (192) $ 16,670 $ 4,721 $ 1,672 $ (2,146)
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 June 30, 2023 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2023 (remainder) $ 1,356 $ 333 $ 88 $ (199) 2024 2,602 656 176 (396) 2025 2,189 637 176 (396) 2026 2,184 636 176 (396) 2027 1,805 556 176 (309) 2028 1,672 521 176 (258) Thereafter 4,862 1,382 704 (192) $ 16,670 $ 4,721 $ 1,672 $ (2,146)

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 Derivative instruments $ 9,122 $ 9,345 Capitalized tax abatement, net (1) 7,877 8,166 Deferred rent 2,481 1,857 Prepaid expenses 2,043 581 Receivables, net 639 472 Other 453 375 Total $ 22,615 $ 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 June 30, 2023, accumulated amortization of the capitalized tax abatements was $1.2 million, and the estimated annual amortization is $0.6 million.
Derivatives Not Designated as Hedging Instruments	As of June 30, 2023, we have entered into five interest rate caps and one interest rate swap. The following table summarizes the notional amount and other information related to these instruments as of June 30, 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 5 $ 223,500 $ 2,989 $ 6,641 2.28% 1.45 Interest rate swap 1 52,500 N/A 2,481 2.73% 3.83 Total 6 $ 276,000 $ 2,989 $ 9,122 (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 and six months ended June 30, 2023 we reported an increase in fair value of $1.8 million and a decrease in fair value of $0.5 million, respectively. For the three and six months ended June 30, 2022 we reported increases in fair value of $1.0 million and $2.5 million, respectively. These changes are included in unrealized gain (loss) on derivative instruments in our condensed consolidated statements of operations.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Revolving Credit Facility S + applicable margin (1) 1/22/2024 $ 150,000 $ 150,000 $ 17,900 $ 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 and six months ended June 30, 2023 was 6.75% and 6.49%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 2.41% and 2.22%, respectively. (2) As of June 30, 2023, the borrowing capacity on the Revolving Credit Facili ty was $73.8 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 June 30, 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 $ 113,500 107,179 105,463 Midwest Industrial Portfolio 4.44% and S + applicable margin (6) 7/5/2027 $ 70,000 70,000 70,000 Total mortgages payable 380,339 378,623 Deferred financing costs, net (3,233) (3,890) Mortgage notes payable, net $ 377,106 $ 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 and six months ended June 30, 2023 was 7.25% and 7.01%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 2.90% and 2.78%, respectively. On June 30, 2023, LIBOR ceased being published. In connection with the cessation of LIBOR, the one month LIBOR interest rate under this mortgage note was modified to One Month Term SOFR plus a spread adjustment of 0.11448%, effective on and after June 1, 2023. (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 and six months ended June 30, 2023 was 6.60% and 6.29%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 2.37% and 2.06%, respectively. (4) The mortgage note secured by Tempe Student Housing bears interest at 1.75% plus SOFR. The weighted-average interest rate for the three and six months ended June 30, 2023 was 6.40% and 6.09%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 2.11% and 1.96%, respectively. (5) The mortgage note secured by Everly Roseland Apartments bears interest at 1.45% plus SOFR. The weighted-average interest rate for the three and six months ended June 30, 2023 was 6.42% and 6.21%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 2.33%. (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 $70.0 million principal balance for the three and six months ended June 30, 2023 was 5.57% and 5.44%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2022 was 3.84%.
Schedule of Maturities of Long-term Debt	The following table presents the future principal payments due under our outstanding borrowings as of June 30, 2023: Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2023 (remaining) $ — $ — $ 3 $ 3 2024 17,900 — 6 17,906 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 216,839 15 216,854 2028 — 45,000 18 45,018 Thereafter — — 36,291 36,291 Total $ 17,900 $ 380,339 $ 36,354 $ 434,593

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 Real estate taxes payable $ 2,376 $ 2,466 Intangible liabilities, net 2,146 2,344 Accrued interest expense 1,737 1,968 Subscriptions received in advance 1,619 1,843 Tenant security deposits 1,367 1,323 Accounts payable and accrued expenses 1,289 824 Prepaid rental income 1,231 1,390 Common stock repurchases 1,025 — Distributions payable 364 272 Total $ 13,154 $ 12,430

Class N Redeemable Common Sto_2

Class N Redeemable Common Stock (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 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 Issuance of common stock 36,963 13,951 93,684 235,524 15,596 — 395,718 Common stock repurchased — — — (39,210) (284,496) — (323,706) Distribution reinvestment 1,193 — 1,938 4,846 2,543 — 10,520 Balance at June 30, 2023 572,182 365,807 754,517 4,235,505 1,175,576 13,523,324 20,626,911 Six Months Ended June 30, 2022 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2021 186,821 186,821 186,821 186,715 2,244,581 8,556,509 11,548,268 Issuance of common stock 165,035 165,035 165,035 279,643 1,814 2,213,413 2,989,975 Distribution reinvestment — — — 458 2,133 — 2,591 Balance at March 31, 2022 351,856 351,856 351,856 466,816 2,248,528 10,769,922 14,540,834 Issuance of common stock 838 — 24,365 398,375 5,099 1,392,047 1,820,724 Common stock repurchased (1) — — — (291,818) — (149,616) (441,434) Exchange of common stock (2) — — — 2,028,085 — (1,992,225) 35,860 Distribution reinvestment — — 21 1,892 2,130 — 4,043 Balance at June 30, 2022 352,694 351,856 376,242 2,603,350 2,255,757 10,020,128 15,960,027 (1) We repurchased 149,615 Class N shares under MassMutual’s subscription agreement and 291,818 Class I shares as permitted under Invesco Reality, Inc.’s subscription agreement.
Schedule of Aggregate Distributions Declared	The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.4155 $ 0.4155 $ 0.4155 $ 0.4155 $ 0.4155 $ 0.4155 Stockholder servicing fee per share (1) — (0.0235) (0.0008) (0.0098) — — — Net distributions declared per share $ 31.2500 $ 0.3920 $ 0.4147 $ 0.4057 $ 0.4155 $ 0.4155 $ 0.4155 Three Months Ended June 30, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.4215 $ 0.4215 $ 0.4215 $ 0.4215 $ 0.4215 $ 0.4215 Stockholder servicing fee per share (1)(2) — 0.0754 0.0758 0.0216 — — — Net distributions declared per share $ 31.2500 $ 0.4969 $ 0.4973 $ 0.4431 $ 0.4215 $ 0.4215 $ 0.4215 Six Months Ended June 30, 2023 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.8317 $ 0.8317 $ 0.8317 $ 0.8317 $ 0.8317 $ 0.8317 Stockholder servicing fee per share (1) — (0.0429) (0.0008) (0.0183) — — — Net distributions declared per share $ 31.2500 $ 0.7888 $ 0.8309 $ 0.8134 $ 0.8317 $ 0.8317 $ 0.8317 Six Months Ended June 30, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 0.8467 $ 0.8467 $ 0.8467 $ 0.8467 $ 0.8467 $ 0.8467 Stockholder servicing fee per share (1)(2) — 0.0111 0.0115 0.0027 — — — Net distributions declared per share $ 31.2500 $ 0.8578 $ 0.8582 $ 0.8494 $ 0.8467 $ 0.8467 $ 0.8467 (1) See Note 15 — “ Related Party Transactions” for a discussion of our stockholder servicing fee. (2) For Class T, Class S and Class D Common Stock, the stockholder servicing fee in the distribution above results in a net distribution higher than the gross distribution because it includes an adjustment for stockholder servicing fees deducted from prior monthly distributions.
Schedule of Redeemable Noncontrolling Interest	The following table details the non-controlling interest activity related to the Special Limited Partner: Three Months Ended June 30, Six Months Ended June 30, $ in thousands 2023 2022 2023 2022 Net income (loss) allocated $ 8 $ (38) $ (32) $ (299) Distributions $ 95 $ 44 $ 173 $ 74 Adjustment to carrying value $ 18 $ 128 $ 586 $ 128

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 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 $ 4,689 $ 24,182 $ — $ — $ 28,871 Investments in commercial loans — — 34,807 — 34,807 Investment in affiliated fund — — — 28,583 28,583 Interest rate caps — 6,641 — — 6,641 Interest rate swap — 2,481 — — 2,481 Total $ 4,689 $ 33,304 $ 34,807 $ 28,583 $ 101,383 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 quarterly 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 June 30, 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 June 30, 2023. Type Asset Class Valuation Technique Unobservable Input Weighted Average Rate Commercial loans Industrial Discounted cash flow Discount rate 12.67%
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: June 30, 2023 December 31, 2022 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility $ 17,900 $ 17,900 $ 9,000 $ 9,000 Mortgage notes payable (1) 380,339 374,647 378,623 372,682 Financing obligation (1) 54,000 54,000 54,000 54,000 Total $ 452,239 $ 446,547 $ 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)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details the components of due to affiliates: $ in thousands June 30, 2023 December 31, 2022 Advanced general and administrative expenses $ 9,934 $ 8,626 Advanced offering costs 5,710 5,307 Distributions payable 2,506 2,378 Accrued stockholder servicing fee 1,518 891 Advanced organization expenses 1,474 1,474 Accrued management fee 284 266 Share-based compensation payable 19 20 Accrued affiliate service provider expenses 17 13 Performance participation interest — 3,977 Total $ 21,462 $ 22,952 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). The table below shows the amount of shares and the total purchase price of those shares which have been purchased by affiliates as of June 30, 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 1,159,749 Class E shares from IGP+ for $38.0 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.

Tenant Leases (Tables)

Tenant Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Operating Lease Income	The following table details the components of operating lease income: Three Months Ended June 30, Six Months Ended June 30, 2022 $ in thousands 2023 2022 2023 2022 Fixed lease payments $ 13,724 $ 11,672 $ 27,498 $ 20,479 Variable lease payments 1,828 1,592 3,554 2,448 Rental revenue $ 15,552 $ 13,264 $ 31,052 $ 22,927
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) $ 5,867 2024 11,792 2025 11,238 2026 11,413 2027 11,217 2028 11,410 Thereafter 50,362 Total $ 113,299

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes our total assets by segment: $ in thousands June 30, 2023 December 31, 2022 Healthcare $ 76,242 $ 79,478 Office 37,780 38,487 Industrial 144,392 146,121 Self-Storage 101,210 92,182 Multifamily 226,008 226,417 Student Housing 235,882 238,648 Grocery-Anchored Retail 65,720 65,666 Real Estate Debt 89,823 62,285 Corporate and Other 54,335 89,874 Total assets $ 1,031,392 $ 1,039,158 The following table summarizes our financial results by segment for the three months ended June 30, 2023: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 728 $ 2,572 $ 2,098 $ 4,114 $ 4,416 $ 1,624 $ — $ — $ 15,552 Income from commercial loans — — — — — — — 919 — 919 Other revenue — — 89 236 171 257 — — — 753 Total revenues — 728 2,661 2,334 4,285 4,673 1,624 919 — 17,224 Expenses: Rental property operating — 127 1,535 1,048 1,574 1,892 474 — 118 6,768 Total expenses — 127 1,535 1,048 1,574 1,892 474 — 118 6,768 Income (loss) from unconsolidated entities, net 4,595 — — — — — — 733 (214) 5,114 Income from investments in affiliated fund — — — — — — — 515 — 515 Loss from real estate-related securities — — — — — — — — (195) (195) Segment net operating income $ 4,595 $ 601 $ 1,126 $ 1,286 $ 2,711 $ 2,781 $ 1,150 $ 2,167 $ (527) $ 15,890 Depreciation and amortization $ (4,301) $ (416) $ (1,386) $ (621) $ (1,602) $ (1,615) $ (497) $ — $ (2) $ (10,440) General and administrative (1,457) Unrealized gain on derivative instruments 1,800 Interest expense (5,476) Management fee - related party (418) Other income 85 Net loss attributable to Invesco Real Estate Income Trust Inc. $ (16) Dividends to preferred stockholders $ (2) Net income attributable to non-controlling interests in consolidated joint ventures (39) Net income attributable to non-controlling interest in INREIT OP (8) Net loss attributable to common stockholders $ (65) 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 June 30, 2023: $ in thousands Segment income from unconsolidated entities $ 5,114 Depreciation and amortization attributable to unconsolidated entities (4,301) Income from unconsolidated entities, net $ 813 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 June 30, 2023: $ in thousands Segment depreciation and amortization $ (10,440) Depreciation and amortization attributable to unconsolidated entities 4,301 Depreciation and amortization $ (6,139) The following table summarizes our financial results by segment for the three months ended June 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 608 $ 2,680 $ 1,300 $ 3,133 $ 4,249 $ 1,294 $ — $ — $ 13,264 Other revenue — — 89 166 171 215 2 — — 643 Total revenues — 608 2,769 1,466 3,304 4,464 1,296 — — 13,907 Expenses: Rental property operating — 108 823 478 1,149 1,859 455 — 53 4,925 Total expenses — 108 823 478 1,149 1,859 455 — 53 4,925 Income from unconsolidated entities, net 5,225 — — — — — — 641 938 6,804 Income from real estate-related securities — — — — — — — — (1,123) (1,123) Segment net operating income $ 5,225 $ 500 $ 1,946 $ 988 $ 2,155 $ 2,605 $ 841 $ 641 $ (238) $ 14,663 Depreciation and amortization $ (4,778) $ (443) $ (1,648) $ (2,164) $ (1,928) $ (5,088) $ (494) $ — $ (243) $ (16,786) General and administrative (1,289) Unrealized gain on derivative instruments 954 Interest expense (3,238) Management fee - related party (187) Performance participation interest - related party (2,273) Other expense (9) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (8,165) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 430 Net loss attributable to non-controlling interest in INREIT OP 38 Net loss attributable to common stockholders $ (7,699) 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 June 30, 2022: $ in thousands Segment income from unconsolidated entities $ 6,804 Depreciation and amortization attributable to unconsolidated entities (5,076) Income from unconsolidated entities, net $ 1,728 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 June 30, 2022: $ in thousands Segment depreciation and amortization $ (16,786) Depreciation and amortization attributable to unconsolidated entities 5,076 Depreciation and amortization $ (11,710) The following table summarizes our financial results by segment for the six months ended June 30, 2023: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 1,453 $ 5,450 $ 4,159 $ 8,155 $ 8,856 $ 2,979 $ — $ — $ 31,052 Income from commercial loan — — — — — — — 2,174 — 2,174 Other revenue — — 170 466 316 526 — — — 1,478 Total revenues — 1,453 5,620 4,625 8,471 9,382 2,979 2,174 — 34,704 Expenses: Rental property operating — 277 2,590 2,088 3,088 3,464 917 — 168 12,592 Total expenses — 277 2,590 2,088 3,088 3,464 917 — 168 12,592 Income (loss) from unconsolidated entities, net 7,840 — — — — — — 1,447 (188) 9,099 Loss from investments in affiliated fund — — — — — — — (418) — (418) Loss from real estate-related securities — — — — — — — — (77) (77) Segment net operating income $ 7,840 $ 1,176 $ 3,030 $ 2,537 $ 5,383 $ 5,918 $ 2,062 $ 3,621 $ (433) $ 30,716 Depreciation and amortization $ (8,739) $ (832) $ (2,759) $ (2,525) $ (3,204) $ (3,211) $ (995) $ — $ (4) $ (22,269) General and administrative (2,621) Unrealized loss on derivative instruments (546) Interest expense (10,797) Management fee - related party (814) Other income 72 Net loss attributable to Invesco Real Estate Income Trust Inc. $ (6,259) Dividends to preferred stockholders $ (4) Net loss attributable to non-controlling interests in consolidated joint ventures 716 Net loss attributable to non-controlling interest in INREIT OP 32 Net loss attributable to common stockholders $ (5,515) 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 six months ended June 30, 2023: $ in thousands Segment income from unconsolidated entities $ 9,099 Depreciation and amortization attributable to unconsolidated entities (8,739) Income from unconsolidated entities, net $ 360 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the six months ended June 30, 2023: $ in thousands Segment depreciation and amortization $ (22,269) Depreciation and amortization attributable to unconsolidated entities 8,739 Depreciation and amortization $ (13,530) The following table summarizes our financial results by segment for the six months ended June 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 1,345 $ 4,325 $ 2,403 $ 4,376 $ 8,462 $ 2,016 $ — $ — $ 22,927 Other revenue — — 177 328 290 429 2 — — 1,226 Total revenues — 1,345 4,502 2,731 4,666 8,891 2,018 — — 24,153 Expenses: Rental property operating — 239 1,272 874 1,563 3,435 665 — 95 8,143 Total expenses — 239 1,272 874 1,563 3,435 665 — 95 8,143 Income from unconsolidated entities, net 13,402 — — — — — 1,247 1,158 15,807 Income from real estate-related securities — — — — — — — — (1,095) (1,095) Segment net operating income $ 13,402 $ 1,106 $ 3,230 $ 1,857 $ 3,103 $ 5,456 $ 1,353 $ 1,247 $ (32) $ 30,722 Depreciation and amortization $ (9,802) $ (858) $ (2,230) $ (4,872) $ (2,421) $ (9,358) $ (741) $ — $ (306) $ (30,588) General and administrative (2,912) Unrealized gain on derivative instruments 2,470 Interest expense (5,275) Management fee - related party (301) Performance participation interest - related party (4,394) Other expense (84) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (10,362) Dividends to preferred stockholders $ (4) Net loss attributable to non-controlling interests in consolidated joint ventures 444 Net loss attributable to non-controlling interest in INREIT OP 299 Net loss attributable to common stockholders $ (9,623) 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 six months ended June 30, 2022: $ in thousands Segment income from unconsolidated entities $ 15,807 Depreciation and amortization attributable to unconsolidated entities (10,100) Income from unconsolidated entities, net $ 5,707 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the six months ended June 30, 2022: $ in thousands Segment depreciation and amortization $ (30,588) Depreciation and amortization attributable to unconsolidated entities 10,100 Depreciation and amortization $ (20,488)

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Millions	1 Months Ended
	May 31, 2021 USD ($) share_class	Jun. 30, 2023 USD ($)	Feb. 28, 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounting Policies [Line Items]
Income tax expense	$ 3	$ 9	$ 17	$ 84
Deferred tax assets					$ 3
Minimum
Accounting Policies [Line Items]
Equity method investment accounting, minimum ownership percentage required	3%		3%
Maximum
Accounting Policies [Line Items]
Equity method investment accounting, minimum ownership percentage required	5%		5%

Investments in Real Estate, n_3

Investments in Real Estate, net - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Building and improvements	$ 614,869	$ 612,374
Land and land improvements	158,197	158,191
Furniture, fixtures and equipment	11,674	11,514
Total	784,740	782,079
Accumulated depreciation	(33,157)	(22,618)
Investments in real estate, net	$ 751,583	$ 759,461

Investments in Real Estate, n_4

Investments in Real Estate, net - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Real Estate [Abstract]
Impairment of real estate	$ 0	$ 0

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) investment	Dec. 31, 2022 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Number of equity method investments | investment		5
Investments in unconsolidated entities	$ 124,315,000	$ 124,315,000	$ 127,360,000
Impairment losses	$ 0	$ 0

Investments in Unconsolidated_4

Investments in Unconsolidated Entities- Schedule of Equity Method Investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) retail_property option building	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying Amount	$ 124,315		$ 124,315		$ 127,360
Number of properties owned | retail_property			9
Company’s Share of Unconsolidated Entities' Income (Loss)	$ 813	$ 1,728	$ 360	$ 5,707
Vida JV LLC
Schedule of Equity Method Investments [Line Items]
Number of buildings owned | building			20
Vida JV LLC | Invesco JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	85%		85%
ITP LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	85%		85%
GP Fund | ITP LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	90%		90%
Vida JV LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	42.50%		42.50%
Carrying Amount	$ 76,242		$ 76,242		79,478
Company’s Share of Unconsolidated Entities' Income (Loss)	293	447	(899)	3,599
San Simeon Holdings
Schedule of Equity Method Investments [Line Items]
Carrying Amount	26,434		$ 26,434		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)	735	640	$ 1,448	1,247
PTCR Holdco, LLC
Schedule of Equity Method Investments [Line Items]
Carrying Amount	8,285		8,285		8,129
Company’s Share of Unconsolidated Entities' Income (Loss)	268	361	534	535
Retail GP Fund
Schedule of Equity Method Investments [Line Items]
Carrying Amount	13,342		13,342		14,237
Company’s Share of Unconsolidated Entities' Income (Loss)	$ (219)	280	$ (459)	326
Retail GP Fund | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	4.50%		4.50%
Retail GP Fund | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	13.50%		13.50%
Homestead Communities, LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%		50%
Carrying Amount	$ 12		$ 12		$ 0
Company’s Share of Unconsolidated Entities' Income (Loss)	$ (264)	$ 0	$ (264)	$ 0
Homestead Communities, LLC | Affiliated
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%		50%

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Schedule of Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Balance Sheet
Total assets	$ 1,031,392		$ 1,031,392		$ 1,039,158
Total liabilities	(483,374)		(483,374)		(472,867)
Total equity	95,974		95,974		100,866
Operating Data
Total revenue	17,224	$ 13,907	34,704	$ 24,153
Net income (loss)	(16)	(8,165)	(6,259)	(10,362)
Carrying Amount	$ 124,315		$ 124,315		127,360
Vida JV LLC
Operating Data
Ownership Percentage	42.50%		42.50%
Carrying Amount	$ 76,242		$ 76,242		79,478
Vida JV LLC, San Simeon Holdings and Other
Balance Sheet
Total assets	1,112,930		1,112,930		1,126,075
Total liabilities	(601,665)		(601,665)		(581,274)
Total equity	511,265		511,265		544,801
Operating Data
Total revenue	32,362	28,095	57,303	46,937
Net income (loss)	(6,637)	7,553	(2,560)	16,464
Vida JV LLC
Balance Sheet
Total assets	403,461		403,461		407,405
Total liabilities	(224,624)		(224,624)		(220,573)
Total equity	178,837		178,837		186,832
Operating Data
Total revenue	9,241	9,241	18,711	18,296
Net income (loss)	695	1,056	(2,107)	8,477
San Simeon Holdings
Balance Sheet
Total assets	126,533		126,533		123,664
Total liabilities	(75,535)		(75,535)		(76,583)
Total equity	50,998		50,998		47,081
Operating Data
Total revenue	2,502	2,528	5,163	4,992
Net income (loss)	334	609	947	1,329
Other
Balance Sheet
Total assets	582,936		582,936		595,006
Total liabilities	(301,506)		(301,506)		(284,118)
Total equity	281,430		281,430		$ 310,888
Operating Data
Total revenue	20,619	16,326	33,429	23,649
Net income (loss)	$ (7,666)	$ 5,888	$ (1,400)	$ 6,658

Investments in Commercial Loa_3

Investments in Commercial Loans - Schedule of Investments Classified by Commercial Loan (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 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, interest rate	8%
Investment owned, principal amount	$ 13,007	0
Investment, Identifier [Axis]: 9801 Blue Grass Loan, Mezzanine
Real Estate [Line Items]
Investment owned, interest rate	7.21%
Investment owned, principal amount	$ 21,800	$ 21,800

Investments in Commercial Loa_4

Investments in Commercial Loans - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate [Abstract]
Income from commercial loans	$ 919,000	$ 0	$ 2,174,000	$ 0
Unrealized gain (loss) on commercial loans	$ 0		$ 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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Balance	$ 27,389	$ 21,101
Unamortized Premium (Discount)	(876)	(563)
Amortized Cost / Cost	32,654	26,679
Unrealized Gain (Loss), Net	(3,783)	(3,167)
Fair Value	28,871	23,512
Non-agency CMBS
Debt Instrument [Line Items]
Principal Balance	22,911	16,123
Unamortized Premium (Discount)	(718)	(419)
Amortized Cost / Cost	22,193	15,704
Unrealized Gain (Loss), Net	(2,043)	(1,816)
Fair Value	$ 20,150	$ 13,888
Period-end Weighted Average Yield	8.24%	7.96%
Corporate debt
Debt Instrument [Line Items]
Principal Balance	$ 4,478	$ 4,978
Unamortized Premium (Discount)	(158)	(144)
Amortized Cost / Cost	4,320	4,834
Unrealized Gain (Loss), Net	(288)	(339)
Fair Value	$ 4,032	$ 4,495
Period-end Weighted Average Yield	5.02%	5.15%
Preferred stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 2,107	$ 2,107
Unrealized Gain (Loss), Net	(180)	(267)
Fair Value	$ 1,927	$ 1,840
Period-end Weighted Average Yield	6.74%	7.06%
Common stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 4,034	$ 4,034
Unrealized Gain (Loss), Net	(1,272)	(745)
Fair Value	$ 2,762	$ 3,289
Period-end Weighted Average Yield	5.57%	4.68%

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible assets, net:
Total Cost	$ 55,212	$ 55,091
Accumulated Amortization	(32,149)	(29,073)
Intangible Assets, net	23,063	26,018
Intangible liabilities, net:
Total Cost	2,904	2,904
Accumulated Amortization	(758)	(560)
Intangible Assets, net	2,146	2,344
In-place lease intangibles
Intangible assets, net:
Total Cost	47,366	47,366
Accumulated Amortization	(30,696)	(28,038)
Intangible Assets, net	16,670	19,328
Leasing commissions
Intangible assets, net:
Total Cost	5,895	5,774
Accumulated Amortization	(1,174)	(844)
Intangible Assets, net	4,721	4,930
Above-market lease intangibles
Intangible assets, net:
Total Cost	1,951	1,951
Accumulated Amortization	(279)	(191)
Intangible Assets, net	$ 1,672	$ 1,760

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, net	$ 23,063	$ 26,018
Below-market Lease Intangibles
2023 (remainder)	(199)
2024	(396)
2025	(396)
2026	(396)
2027	(309)
2028	(258)
Thereafter	(192)
Leasing Commissions	(2,146)	(2,344)
In-place lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	1,356
2024	2,602
2025	2,189
2026	2,184
2027	1,805
2028	1,672
Thereafter	4,862
Intangible Assets, net	16,670	19,328
Leasing commissions
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	333
2024	656
2025	637
2026	636
2027	556
2028	521
Thereafter	1,382
Intangible Assets, net	4,721	4,930
Above-market lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	88
2024	176
2025	176
2026	176
2027	176
2028	176
Thereafter	704
Intangible Assets, net	$ 1,672	$ 1,760

Other Assets- Schedule of Other

Other Assets- Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative instruments	$ 9,122	$ 9,345
Capitalized tax abatement, net	7,877	8,166
Deferred rent	2,481	1,857
Prepaid expenses	2,043	581
Receivables, net	639	472
Other	453	375
Total	22,615	$ 20,796
Capitalized tax abatement, accumulated depreciation	1,200
Capitalized tax abatement, estimated annual amortization	$ 600

Other Assets - Schedule of Deri

Other Assets - Schedule of Derivative Instruments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) derivative	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) derivative	Jun. 30, 2022 USD ($)
Derivative [Line Items]
Number of Instruments | derivative	6		6
Notional Amount	$ 276,000		$ 276,000
Fixed Amount	2,989		2,989
Fair Value	9,122		9,122
Unrealized gain (loss) on derivative instruments	$ 1,800	$ 954	$ (546)	$ 2,470
Interest rate caps
Derivative [Line Items]
Number of Instruments | derivative	5		5
Notional Amount	$ 223,500		$ 223,500
Fixed Amount	2,989		2,989
Fair Value	$ 6,641		$ 6,641
Weighted Average Strike Rate			2.28%
Weighted Average Remaining Term In Years			1 year 5 months 12 days
Interest rate swap
Derivative [Line Items]
Number of Instruments | derivative	1		1
Notional Amount	$ 52,500		$ 52,500
Fair Value	$ 2,481		$ 2,481
Weighted Average Strike Rate			2.73%
Weighted Average Remaining Term In Years			3 years 9 months 29 days

Borrowings - Schedule of Revolv

Borrowings - Schedule of Revolving Credit Facility (Details) - Revolving Credit Facility - Revolving credit facility - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum Facility Size	$ 150,000,000		$ 150,000,000		$ 150,000,000
Principal Outstanding Balance	17,900,000		17,900,000		$ 9,000,000
Current borrowing capacity	$ 73,800,000		$ 73,800,000
Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period	6.75%	2.41%	6.49%	2.22%
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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cortona Apartments | SOFR
Debt Instrument [Line Items]
Variable interest rate			0.11448%
Mortgages Payable
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 380,339		$ 380,339		$ 378,623
Deferred financing costs, net	(3,233)		(3,233)		(3,890)
Mortgage notes payable, net	$ 377,106		$ 377,106		374,733
Mortgages Payable | Cortona Apartments
Debt Instrument [Line Items]
Interest rate	2.65%		2.65%
Maximum Principal Amount	$ 45,000		$ 45,000
Principal Balance Outstanding	$ 45,000		$ 45,000		45,000
Mortgages Payable | Cortona Apartments | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period	7.25%	2.90%	7.01%	2.78%
Mortgages Payable | Cortona Apartments | LIBOR
Debt Instrument [Line Items]
Variable interest rate			2.40%
Mortgages Payable | Bixby Kennesaw
Debt Instrument [Line Items]
Maximum Principal Amount	$ 53,000		$ 53,000
Principal Balance Outstanding	$ 53,000		$ 53,000		53,000
Mortgages Payable | Bixby Kennesaw | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period	6.60%	2.37%	6.29%	2.06%
Mortgages Payable | Bixby Kennesaw | SOFR
Debt Instrument [Line Items]
Variable interest rate			1%
Mortgages Payable | Tempe Student Housing
Debt Instrument [Line Items]
Maximum Principal Amount	$ 65,500		$ 65,500
Principal Balance Outstanding	$ 65,500		$ 65,500		65,500
Mortgages Payable | Tempe Student Housing | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period	6.40%	2.11%	6.09%	1.96%
Mortgages Payable | Tempe Student Housing | SOFR
Debt Instrument [Line Items]
Variable interest rate			1.75%
Mortgages Payable | Cortlandt Crossing
Debt Instrument [Line Items]
Interest rate	3.13%		3.13%
Maximum Principal Amount	$ 39,660		$ 39,660
Principal Balance Outstanding	39,660		39,660		39,660
Mortgages Payable | Everly Roseland Apartments
Debt Instrument [Line Items]
Maximum Principal Amount	113,500		113,500
Principal Balance Outstanding	$ 107,179		$ 107,179		105,463
Debt instrument, interest rate during period		2.33%		2.33%
Mortgages Payable | Everly Roseland Apartments | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period	6.42%		6.21%
Mortgages Payable | Everly Roseland Apartments | SOFR
Debt Instrument [Line Items]
Variable interest rate			1.45%
Mortgages Payable | Midwest Industrial Portfolio
Debt Instrument [Line Items]
Interest rate	4.44%		4.44%
Maximum Principal Amount	$ 70,000		$ 70,000
Principal Balance Outstanding	$ 70,000		$ 70,000		$ 70,000
Mortgages Payable | Midwest Industrial Portfolio, One
Debt Instrument [Line Items]
Interest rate	4.44%		4.44%
Maximum Principal Amount	$ 35,000		$ 35,000
Mortgages Payable | Midwest Industrial Portfolio, Two
Debt Instrument [Line Items]
Interest rate	2.20%		2.20%
Maximum Principal Amount	$ 35,000		$ 35,000
Debt instrument, interest rate during period	5.57%		5.44%
Mortgages Payable | Midwest Industrial Portfolio, Two | Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period		3.84%		3.84%
Mortgages Payable | Midwest Industrial Portfolio, Two | SOFR
Debt Instrument [Line Items]
Variable interest rate			1.70%

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 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	Jun. 30, 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	17,906
2025	65,509
2026	53,012
2027	216,854
2028	45,018
Thereafter	36,291
Total	434,593
Revolving Credit Facility
Maturities of Long-term Debt [Abstract]
2023 (remaining)	0
2024	17,900
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	17,900
Mortgages Payable
Maturities of Long-term Debt [Abstract]
2023 (remaining)	0
2024	0
2025	65,500
2026	53,000
2027	216,839
2028	45,000
Thereafter	0
Total	$ 380,339	$ 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	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Real estate taxes payable	$ 2,376	$ 2,466
Intangible liabilities, net	2,146	2,344
Accrued interest expense	1,737	1,968
Subscriptions received in advance	1,619	1,843
Tenant security deposits	1,367	1,323
Accounts payable and accrued expenses	1,289	824
Prepaid rental income	1,231	1,390
Common stock repurchases	1,025	0
Distributions payable	364	272
Total	$ 13,154	$ 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			6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	323,706	401,116	441,434
Class N Redeemable Common Stock repurchased	$ 10,177	$ 13,025	$ 9,200
Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0	0	149,616		149,615
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Decrease to redeemable common stock	$ (3.9)	$ 10.2	$ (16.8)	$ 20.3
Increase to additional paid In capital	3.9	$ 10.2	$ 16.8	$ 20.3
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		$ 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		$ 20

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125			125		125
Preferred stock, dividend rate				12.50%		12.50%
Preferred stock, liquidation preference (in USD per share)	$ 500			$ 500		$ 500
Preferred stock, liquidation preference, per share, per annum (in USD per share)	62.50			62.50		62.50
Preferred stock, redemption price (in USD per share)	$ 500			$ 500		$ 500
Dividends	$ 8,600		$ 6,600	$ 17,200	$ 12,500
Dividends accrued	2,500			2,500		$ 2,400
Adjustment to carrying value INREIT OP	$ 18		$ 128	$ 586	$ 128
Class N Redeemable Common Stock repurchased (in shares)	323,706	401,116	441,434
Stock repurchased during period, value	$ 10,177	$ 13,025	$ 9,200
Share-based compensation plan, shares available for issuance (in shares)	188,484			188,484
Share Repurchase Plan
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	323,706		0	724,822	0
Stock repurchased during period, value	$ 10,200			$ 23,200
Redeemable Non-controlling Interest in INREIT OP
Class of Stock [Line Items]
Distributions payable to noncontrolling interests	32			32		15
Third Parties
Class of Stock [Line Items]
Dividends accrued	$ 400			$ 400		$ 300
Private Placement
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125			125		125
Class E Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	284,496	401,116	0
Share-based compensation (in shares)	622		602	1,226	1,230
Share-based compensation	$ 19		$ 19	$ 39	$ 38

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding (Details) - shares		3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 29, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		20,544,379	20,520,921	14,540,834	11,548,268	20,520,921	11,548,268	11,548,268
Issuance of common stock (in shares)		395,718	416,101	1,820,724	2,989,975
Common stock repurchased (in shares)		(323,706)	(401,116)	(441,434)
Exchange of common stock (in shares)				35,860
Distribution reinvestment (in shares)		10,520	8,473	4,043	2,591
Ending balance (in shares)		20,626,911	20,544,379	15,960,027	14,540,834	20,626,911	15,960,027	20,520,921
Class T Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		534,026	449,680	351,856	186,821	449,680	186,821	186,821
Issuance of common stock (in shares)		36,963	83,872	838	165,035
Common stock repurchased (in shares)		0	0	0
Exchange of common stock (in shares)				0
Distribution reinvestment (in shares)		1,193	474	0	0
Ending balance (in shares)		572,182	534,026	352,694	351,856	572,182	352,694	449,680
Class S Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		351,856	351,856	351,856	186,821	351,856	186,821	186,821
Issuance of common stock (in shares)		13,951	0	0	165,035
Common stock repurchased (in shares)		0	0	0
Exchange of common stock (in shares)				0
Distribution reinvestment (in shares)		0	0	0	0
Ending balance (in shares)		365,807	351,856	351,856	351,856	365,807	351,856	351,856
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		658,895	604,538	351,856	186,821	604,538	186,821	186,821
Issuance of common stock (in shares)		93,684	53,224	24,365	165,035
Common stock repurchased (in shares)		0	0	0
Exchange of common stock (in shares)				0
Distribution reinvestment (in shares)		1,938	1,133	21	0
Ending balance (in shares)		754,517	658,895	376,242	351,856	754,517	376,242	604,538
Class I Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		4,034,345	3,764,505	466,816	186,715	3,764,505	186,715	186,715
Issuance of common stock (in shares)		235,524	265,404	398,375	279,643
Common stock repurchased (in shares)		(39,210)	0	(291,818)			(291,818)
Exchange of common stock (in shares)	2,028,085			2,028,085
Distribution reinvestment (in shares)		4,846	4,436	1,892	458
Ending balance (in shares)		4,235,505	4,034,345	2,603,350	466,816	4,235,505	2,603,350	3,764,505
Class E Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		1,441,933	1,827,018	2,248,528	2,244,581	1,827,018	2,244,581	2,244,581
Issuance of common stock (in shares)		15,596	13,601	5,099	1,814
Common stock repurchased (in shares)		(284,496)	(401,116)	0
Exchange of common stock (in shares)				0
Distribution reinvestment (in shares)		2,543	2,430	2,130	2,133
Ending balance (in shares)		1,175,576	1,441,933	2,255,757	2,248,528	1,175,576	2,255,757	1,827,018
Class N Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		13,523,324	13,523,324	10,769,922	8,556,509	13,523,324	8,556,509	8,556,509
Issuance of common stock (in shares)		0	0	1,392,047	2,213,413
Common stock repurchased (in shares)		0	0	(149,616)			(149,615)
Exchange of common stock (in shares)	1,992,225			(1,992,225)
Distribution reinvestment (in shares)		0	0	0	0
Ending balance (in shares)		13,523,324	13,523,324	10,020,128	10,769,922	13,523,324	10,020,128	13,523,324

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions (Details) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	$ 0.4155	$ 0.4162	$ 0.4215	$ 0.4252
Series A Preferred Stock
Class of Stock [Line Items]
Aggregate distributions declared, preferred stock (in USD per share)	31.2500		31.2500		$ 31.2500	$ 31.2500
Stockholder servicing fee, preferred stock (in USD per share)	0		0		0	0
Net distributions declared, common stock (in USD per share)	31.2500		31.2500		31.2500	31.2500
Class T Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4155		0.4215		0.8317	0.8467
Stockholder servicing fee, common stock (in USD per share)	(0.0235)		0.0754		(0.0429)	0.0111
Net distributions declared, common stock (in USD per share)	0.3920		0.4969		0.7888	0.8578
Class S Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4155		0.4215		0.8317	0.8467
Stockholder servicing fee, common stock (in USD per share)	(0.0008)		0.0758		(0.0008)	0.0115
Net distributions declared, common stock (in USD per share)	0.4147		0.4973		0.8309	0.8582
Class D Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4155		0.4215		0.8317	0.8467
Stockholder servicing fee, common stock (in USD per share)	(0.0098)		0.0216		(0.0183)	0.0027
Net distributions declared, common stock (in USD per share)	0.4057		0.4431		0.8134	0.8494
Class I Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4155		0.4215		0.8317	0.8467
Stockholder servicing fee, common stock (in USD per share)	0		0		0	0
Net distributions declared, common stock (in USD per share)	0.4155		0.4215		0.8317	0.8467
Class E Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4155		0.4215		0.8317	0.8467
Stockholder servicing fee, common stock (in USD per share)	0		0		0	0
Net distributions declared, common stock (in USD per share)	0.4155		0.4215		0.8317	0.8467
Class N Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4155		0.4215		0.8317	0.8467
Stockholder servicing fee, common stock (in USD per share)	0		0		0	0
Net distributions declared, common stock (in USD per share)	$ 0.4155		$ 0.4215		$ 0.8317	$ 0.8467

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Net income (loss) allocated	$ 8	$ (40)	$ (38)	$ (261)	$ (32)	$ (299)
Distributions	177	$ 226	144	$ 80
Adjustment to carrying value	18		128		586	128
Redeemable Non-controlling Interest in INREIT OP
Noncontrolling Interest [Line Items]
Net income (loss) allocated	8		(38)		(32)	(299)
Distributions	$ 95		$ 44		$ 173	$ 74

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 28,871	$ 23,512
Investments in commercial loans	34,807	21,800
Investment in affiliated fund	28,583	14,969
Derivative instruments	$ 9,122	9,345
Noticed prior period	45 days
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	$ 28,871	23,512
Investments in commercial loans	34,807	21,800
Investment in affiliated fund	28,583	14,969
Total	101,383	69,626
Fair Value, Recurring | Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	6,641	7,167
Fair Value, Recurring | Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	2,481	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	4,689	5,129
Investments in commercial loans	0	0
Investment in affiliated fund	0	0
Total	4,689	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	24,182	18,383
Investments in commercial loans	0	0
Investment in affiliated fund	0	0
Total	33,304	27,728
Level 2 | Fair Value, Recurring | Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	6,641	7,167
Level 2 | Fair Value, Recurring | Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	2,481	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	28,583	14,969
Total	28,583	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 - Additional Information (Details)	Jun. 30, 2023 loan
Fair Value Disclosures [Abstract]
Number of loans	2

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Investment In Real Estate Debt (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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_6

Fair Value of Financial Instruments - Schedule of Fair Value Measurements Of Our Investment In Real Estate Debt (Details)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Discount rate	12.67%

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Schedule of Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Value
Debt Instrument [Line Items]
Financing obligation	$ 54,000	$ 54,000
Total	452,239	441,623
Carrying Value | Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	17,900	9,000
Carrying Value | Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	380,339	378,623
Estimated Fair Value
Debt Instrument [Line Items]
Financing obligation	54,000	54,000
Total	446,547	435,682
Estimated Fair Value | Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	17,900	9,000
Estimated Fair Value | Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	$ 374,647	$ 372,682

DST Program (Details)

DST Program (Details) $ in Billions	1 Months Ended
	Feb. 28, 2023 USD ($)
Equity [Abstract]
Sale of stock, maximum aggregate offering amount	$ 3
Sale of stock, after closing offering period	2 years
Investors holding period	1 year

Related Party Transactions - Sc

Related Party Transactions - Schedule of Due to Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates	$ 21,462	$ 22,952
Related Party
Related Party Transaction [Line Items]
Due to affiliates	21,462	22,952
Advanced general and administrative expenses | Related Party
Related Party Transaction [Line Items]
Due to affiliates	9,934	8,626
Advanced offering costs | Related Party
Related Party Transaction [Line Items]
Due to affiliates	5,710	5,307
Distributions payable | Related Party
Related Party Transaction [Line Items]
Due to affiliates	2,506	2,378
Accrued stockholder servicing fee | Related Party
Related Party Transaction [Line Items]
Due to affiliates	1,518	891
Advanced organization expenses | Related Party
Related Party Transaction [Line Items]
Due to affiliates	1,474	1,474
Accrued management fee | Related Party
Related Party Transaction [Line Items]
Due to affiliates	284	266
Share-based compensation payable | Related Party
Related Party Transaction [Line Items]
Due to affiliates	19	20
Accrued affiliate service provider expenses | Related Party
Related Party Transaction [Line Items]
Due to affiliates	17	13
Performance participation interest | Related Party
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		6 Months Ended
	Jun. 30, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Feb. 28, 2023 shares	Jan. 31, 2022	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) quarter shares	Jun. 30, 2022 USD ($) shares
Related Party Transaction [Line Items]
Management fee - related party					$ 418	$ 187	$ 814	$ 301
Performance participation interest - related party					$ 0	2,273	$ 0	4,394
Homestead Communities, LLC
Related Party Transaction [Line Items]
Ownership interest rate	50%				50%		50%
Homestead Communities, LLC | Affiliated
Related Party Transaction [Line Items]
Ownership interest rate	50%				50%		50%
The Adviser
Related Party Transaction [Line Items]
Management fee - related party					$ 300		$ 300
Reimbursement term, organization and offering expenses				60 months
Non-controlling Interests in Consolidated Joint Ventures
Related Party Transaction [Line Items]
Ownership percentage	50%				50%		50%
Vida JV LLC | Invesco JV
Related Party Transaction [Line Items]
Ownership percentage	85%				85%		85%
Everly Roseland Co-Invest
Related Party Transaction [Line Items]
Ownership percentage	60%				60%		60%
Everyly Roseland Co-Invest Joint Venture | Everly Roseland Co-Invest
Related Party Transaction [Line Items]
Ownership percentage	95%				95%		95%
Subsidiaries | The Adviser
Related Party Transaction [Line Items]
Administrative fees expense						600		1,000
Subsidiaries | Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Performance participation interest - related party					$ 0	2,300	$ 0	4,400
Subsidiaries | Class E Common Stock | Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares			122,065
Affiliated entity | Invesco Commercial Mortgage Income - U.S. Fund, L.P.
Related Party Transaction [Line Items]
Investment owned, at cost	$ 30,000				30,000		$ 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
Affiliated entity | Class T, Class S and Class D Shares | Invesco Distributors, Inc.
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	1,500	$ 900
Related Party | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Investment owned, at cost	$ 30,000				30,000		$ 30,000
Management Fee and Performance Participation Interest | Subsidiaries | The Adviser
Related Party Transaction [Line Items]
Management and service fees, base rate							1%
Management fee commencement period							10 years
Management fee - related party					$ 400	$ 200	$ 800	$ 300
Shares issued (in shares) | shares	13,348				13,348	25,684	13,348	25,684
Management Fee and Performance Participation Interest - Incentive Rate, Total Return Rate | Subsidiaries | Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Management and service fees, incentive rate							12.50%
Management Fee and Performance Participation Interest - Incentive Rate, Total Return Rate | Subsidiaries | Class N Common Stock | Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Management and service fees, incentive rate							10%
Management Fee and Performance Participation Interest - Incentive Rate, Annualized Hurdle Rate | Subsidiaries | Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Management and service fees, incentive rate							6%
Management Fee and Performance Participation Interest - Incentive Rate, Annualized Hurdle Rate | Subsidiaries | Class N Common Stock | Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Management and service fees, incentive rate							7%
Management Fee and Performance Participation Interest - Incentive Rate, Pre-Incentive Fee Net Investment Income Threshold | The Dealer Manager | Class T, Class S and Class D Shares
Related Party Transaction [Line Items]
Management and service fees, incentive rate							8.75%
Reimbursement of Expenses Incurred by Adviser | Subsidiaries | The Adviser
Related Party Transaction [Line Items]
Administrative fees expense					$ 200		$ 600
Organization Costs And Offering Expenses | The Adviser
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 7,300	6,800
Advance of organization and offering fees, net asset value threshold	1,000,000				1,000,000		$ 1,000,000
Reimbursement term, organization and offering expenses							60 months
Operating Expenses Reimbursement | The Adviser
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	9,900	$ 8,600
Advance of organization and offering fees, net asset value threshold	$ 1,000,000				1,000,000		$ 1,000,000
Adviser fee, number of consecutive quarters, reimbursement period | quarter							4
Operating Expenses Reimbursement Agreement - Percentage of Average Invested Assets | The Adviser
Related Party Transaction [Line Items]
Related party transaction, rate							2%
Operating Expenses Reimbursement Agreement - Percentage of Average Invested Assets | Director
Related Party Transaction [Line Items]
Related party transaction, rate							2%
Operating Expenses Reimbursement Agreement - Percentage of Net Income | The Adviser
Related Party Transaction [Line Items]
Related party transaction, rate							25%
Operating Expenses Reimbursement Agreement - Percentage of Net Income | Director
Related Party Transaction [Line Items]
Related party transaction, rate							25%
Accrued affiliate service provider expenses | Pine Tree Commercial Realty, LLC
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction					$ 41	$ 38	$ 76	$ 45

Related Party Transactions - _2

Related Party Transactions - Schedule of Stockholder Servicing Fees (Details) - Invesco Distributors, Inc.	6 Months Ended
	Jun. 30, 2023
Class T Common Stock | Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	3%
Class T Common Stock | Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0.50%
Class T Common Stock | Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0.85%
Class T Common Stock | Investment Management Agreement - Annualized Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0.65%
Class T Common Stock | Investment Management Agreement - Annualized Dealer Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0.20%
Class S Common Stock | Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	3.50%
Class S Common Stock | Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class S Common Stock | Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0.85%
Class D Common Stock | Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	1.50%
Class D Common Stock | Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class D Common Stock | Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0.25%
Class I Common Stock | Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class I Common Stock | Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class I Common Stock | Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class E Common Stock | Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class E Common Stock | Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class E Common Stock | Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0%

Related Party Transactions - _3

Related Party Transactions - Schedule of Related Party Share Ownership (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	323,706	401,116	441,434
Class N Redeemable Common Stock repurchased	$ 10,177	$ 13,025	$ 9,200
Class T Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0	0	0
Class S Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0	0	0
Class D Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0	0	0
Class I Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	39,210	0	291,818		291,818
Class E Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	284,496	401,116	0
Class N Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0	0	149,616		149,615
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				$ 38,000
Class N Redeemable Common Stock repurchased (in shares)				1,159,749
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed lease payments	$ 13,724	$ 11,672	$ 27,498	$ 20,479
Variable lease payments	1,828	1,592	3,554	2,448
Rental revenue	$ 15,552	$ 13,264	$ 31,052	$ 22,927

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rental Payments Receivable (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (remainder)	$ 5,867
2024	11,792
2025	11,238
2026	11,413
2027	11,217
2028	11,410
Thereafter	50,362
Total	$ 113,299

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	8

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,031,392	$ 1,039,158
Operating segments | Healthcare
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	76,242	79,478
Operating segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	37,780	38,487
Operating segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	144,392	146,121
Operating segments | Self-Storage
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	101,210	92,182
Operating segments | Multifamily
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	226,008	226,417
Operating segments | Student Housing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	235,882	238,648
Operating segments | Grocery-Anchored Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	65,720	65,666
Operating segments | Real Estate Debt
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	89,823	62,285
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 54,335	$ 89,874

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Rental revenue	$ 15,552		$ 13,264		$ 31,052	$ 22,927
Income from commercial loans	919				2,174
Other revenue	753		643		1,478	1,226
Total revenues	17,224		13,907		34,704	24,153
Expenses
Rental property operating	6,768		4,925		12,592	8,143
Total expenses	6,768		4,925		12,592	8,143
Income (loss) from unconsolidated entities, net	5,114		6,804		9,099	15,807
Income (loss) from investments in affiliated fund	515		0		(418)	0
Losses from real estate-related securities	(195)		(1,123)		(77)	(1,095)
Segment net operating income	15,890		14,663		30,716	30,722
Depreciation and amortization	(10,440)		(16,786)		(22,269)	(30,588)
General and administrative	(1,457)		(1,289)		(2,621)	(2,912)
Unrealized gain on derivative instruments	1,800		954		(546)	2,470
Interest expense	(5,476)		(3,238)		(10,797)	(5,275)
Management fee - related party	(418)		(187)		(814)	(301)
Performance participation interest - related party	0		(2,273)		0	(4,394)
Other income	85				72
Other expense			(9)			(84)
Net loss attributable to Invesco Real Estate Income Trust Inc.	(16)		(8,165)		(6,259)	(10,362)
Dividends to preferred stockholders	(2)		(2)		(4)	(4)
Net income attributable to non-controlling interests in consolidated joint ventures	(39)		430		716	444
Net income attributable to non-controlling interest in INREIT OP	(8)	$ 40	38	$ 261	32	299
Net loss attributable to common stockholders, basic	(65)		(7,699)		(5,515)	(9,623)
Operating segments | Healthcare
Revenues
Rental revenue	0		0		0	0
Income from commercial loans	0				0
Other revenue	0		0		0	0
Total revenues	0		0		0	0
Expenses
Rental property operating	0		0		0	0
Total expenses	0		0		0	0
Income (loss) from unconsolidated entities, net	4,595		5,225		7,840	13,402
Income (loss) from investments in affiliated fund	0				0
Losses from real estate-related securities	0		0		0	0
Segment net operating income	4,595		5,225		7,840	13,402
Depreciation and amortization	(4,301)		(4,778)		(8,739)	(9,802)
Operating segments | Office
Revenues
Rental revenue	728		608		1,453	1,345
Income from commercial loans	0				0
Other revenue	0		0		0	0
Total revenues	728		608		1,453	1,345
Expenses
Rental property operating	127		108		277	239
Total expenses	127		108		277	239
Income (loss) from unconsolidated entities, net	0		0		0	0
Income (loss) from investments in affiliated fund	0				0
Losses from real estate-related securities	0		0		0	0
Segment net operating income	601		500		1,176	1,106
Depreciation and amortization	(416)		(443)		(832)	(858)
Operating segments | Industrial
Revenues
Rental revenue	2,572		2,680		5,450	4,325
Income from commercial loans	0				0
Other revenue	89		89		170	177
Total revenues	2,661		2,769		5,620	4,502
Expenses
Rental property operating	1,535		823		2,590	1,272
Total expenses	1,535		823		2,590	1,272
Income (loss) from unconsolidated entities, net	0		0		0	0
Income (loss) from investments in affiliated fund	0				0
Losses from real estate-related securities	0		0		0	0
Segment net operating income	1,126		1,946		3,030	3,230
Depreciation and amortization	(1,386)		(1,648)		(2,759)	(2,230)
Operating segments | Self-Storage
Revenues
Rental revenue	2,098		1,300		4,159	2,403
Income from commercial loans	0				0
Other revenue	236		166		466	328
Total revenues	2,334		1,466		4,625	2,731
Expenses
Rental property operating	1,048		478		2,088	874
Total expenses	1,048		478		2,088	874
Income (loss) from unconsolidated entities, net	0		0		0	0
Income (loss) from investments in affiliated fund	0				0
Losses from real estate-related securities	0		0		0	0
Segment net operating income	1,286		988		2,537	1,857
Depreciation and amortization	(621)		(2,164)		(2,525)	(4,872)
Operating segments | Multifamily
Revenues
Rental revenue	4,114		3,133		8,155	4,376
Income from commercial loans	0				0
Other revenue	171		171		316	290
Total revenues	4,285		3,304		8,471	4,666
Expenses
Rental property operating	1,574		1,149		3,088	1,563
Total expenses	1,574		1,149		3,088	1,563
Income (loss) from unconsolidated entities, net	0		0		0	0
Income (loss) from investments in affiliated fund	0				0
Losses from real estate-related securities	0		0		0	0
Segment net operating income	2,711		2,155		5,383	3,103
Depreciation and amortization	(1,602)		(1,928)		(3,204)	(2,421)
Operating segments | Student Housing
Revenues
Rental revenue	4,416		4,249		8,856	8,462
Income from commercial loans	0				0
Other revenue	257		215		526	429
Total revenues	4,673		4,464		9,382	8,891
Expenses
Rental property operating	1,892		1,859		3,464	3,435
Total expenses	1,892		1,859		3,464	3,435
Income (loss) from unconsolidated entities, net	0		0		0	0
Income (loss) from investments in affiliated fund	0				0
Losses from real estate-related securities	0		0		0	0
Segment net operating income	2,781		2,605		5,918	5,456
Depreciation and amortization	(1,615)		(5,088)		(3,211)	(9,358)
Operating segments | Grocery-Anchored Retail
Revenues
Rental revenue	1,624		1,294		2,979	2,016
Income from commercial loans	0				0
Other revenue	0		2		0	2
Total revenues	1,624		1,296		2,979	2,018
Expenses
Rental property operating	474		455		917	665
Total expenses	474		455		917	665
Income (loss) from unconsolidated entities, net	0		0		0
Income (loss) from investments in affiliated fund	0				0
Losses from real estate-related securities	0		0		0	0
Segment net operating income	1,150		841		2,062	1,353
Depreciation and amortization	(497)		(494)		(995)	(741)
Operating segments | Real Estate Debt
Revenues
Rental revenue	0		0		0	0
Income from commercial loans	919				2,174
Other revenue	0		0		0	0
Total revenues	919		0		2,174	0
Expenses
Rental property operating	0		0		0	0
Total expenses	0		0		0	0
Income (loss) from unconsolidated entities, net	733		641		1,447	1,247
Income (loss) from investments in affiliated fund	515				(418)
Losses from real estate-related securities	0		0		0	0
Segment net operating income	2,167		641		3,621	1,247
Depreciation and amortization	0		0		0	0
Corporate and Other
Revenues
Rental revenue	0		0		0	0
Income from commercial loans	0				0
Other revenue	0		0		0	0
Total revenues	0		0		0	0
Expenses
Rental property operating	118		53		168	95
Total expenses	118		53		168	95
Income (loss) from unconsolidated entities, net	(214)		938		(188)	1,158
Income (loss) from investments in affiliated fund	0				0
Losses from real estate-related securities	(195)		(1,123)		(77)	(1,095)
Segment net operating income	(527)		(238)		(433)	(32)
Depreciation and amortization	$ (2)		$ (243)		$ (4)	$ (306)

Segment Reporting - Schedule _3

Segment Reporting - Schedule of Income (Loss) From Unconsolidated Real Estate Entities Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Segment income from unconsolidated entities	$ 5,114	$ 6,804	$ 9,099	$ 15,807
Depreciation and amortization attributable to unconsolidated entities	(4,301)	(5,076)	(8,739)	(10,100)
Income (loss) from unconsolidated real estate entities	$ 813	$ 1,728	$ 360	$ 5,707

Segment Reporting - Schedule _4

Segment Reporting - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Segment depreciation and amortization	$ (10,440)	$ (16,786)	$ (22,269)	$ (30,588)
Depreciation and amortization attributable to unconsolidated entities	4,301	5,076	8,739	10,100
Depreciation and amortization	$ (6,139)	$ (11,710)	$ (13,530)	$ (20,488)

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	1 Months Ended
	Aug. 11, 2023 USD ($)
Public Offering | Subsequent Event
Subsequent Event [Line Items]
Aggregate net proceeds	$ 8.1