Invesco Real Estate Income Trust 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 11, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-56655
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	2300 N Field Street
Entity Address, Address Line Two	Suite 1200
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	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001756761
Current Fiscal Year End Date	--12-31
Class T Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		630,905
Class S Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		718,234
Class D Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		880,746
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,796,841
Class E Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,221,370
Class N Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,347,794

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Investments in real estate, net	$ 685,984	$ 685,603
Investments in unconsolidated entities	123,171	121,319
Investments in commercial loans, at fair value	12,972	34,626
Investments in real estate-related securities, at fair value	40,559	28,030
Investments in affiliated fund, at fair value	22,869	27,717
Intangible assets, net	19,061	20,730
Cash and cash equivalents	69,326	36,046
Restricted cash	10,324	7,326
Other assets	8,589	11,367
Total assets	992,855	972,764
LIABILITIES
Mortgages payable, net	337,761	336,744
Financing obligation, net	53,745	53,752
Due to affiliates	22,258	21,994
Accounts payable, accrued expenses and other liabilities	24,437	17,989
Total liabilities	438,201	430,479
Commitments and contingencies (See Note 17)	0	0
Class N redeemable common stock, $0.01 par value per share, 14,289,603 and 13,783,204 shares issued and outstanding, respectively	420,164	405,479
Redeemable non-controlling interest in INREIT OP	2,926	5,658
EQUITY
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; no shares and 125 shares issued and outstanding, respectively ($500.00 per share liquidation preference)	0	41
Additional paid-in capital	228,311	214,297
Accumulated deficit and cumulative distributions	(149,399)	(118,388)
Total stockholders' equity	78,992	96,024
Non-controlling interests in consolidated joint ventures	52,572	35,124
Total equity	131,564	131,148
Total liabilities, redeemable equity instruments and equity	992,855	972,764
Class T Common Stock
EQUITY
Common stock	6	6
Class S Common Stock
EQUITY
Common stock	7	5
Class D Common Stock
EQUITY
Common stock	9	8
Class I Common Stock
EQUITY
Common stock	46	43
Class E Common Stock
EQUITY
Common stock	$ 12	$ 12

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Class N redeemable common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class N redeemable common stock, shares issued (in shares)	14,289,603	13,783,204
Class N redeemable common stock, shares outstanding (in shares)	14,289,603	13,783,204
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	125
Preferred stock, shares outstanding (in shares)	0	125
Preferred stock, liquidation preference (in dollars per share)	$ 500	$ 500
Common stock, shares outstanding (in shares)	22,337,452	21,280,804
Class T Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	628,551	613,405
Common stock, shares outstanding (in shares)	628,551	613,405
Class S Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	711,547	528,268
Common stock, shares outstanding (in shares)	711,547	528,268
Class D Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	870,916	832,598
Common stock, shares outstanding (in shares)	870,916	832,598
Class I Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	4,623,637	4,332,740
Common stock, shares outstanding (in shares)	4,623,637	4,332,740
Class E Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	1,213,198	1,190,589
Common stock, shares outstanding (in shares)	1,213,198	1,190,589

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental revenue	$ 14,694,000	$ 16,012,000	$ 43,746,000	$ 47,064,000
Income from commercial loans	1,012,000	1,136,000	3,282,000	3,310,000
Other revenue	813,000	915,000	2,218,000	2,393,000
Total revenues	16,519,000	18,063,000	49,246,000	52,767,000
Expenses
Rental property operating	6,554,000	6,913,000	18,972,000	19,505,000
General and administrative	2,180,000	959,000	4,943,000	3,580,000
Management fee - related party	515,000	446,000	1,478,000	1,260,000
Depreciation and amortization	5,733,000	6,203,000	17,676,000	19,733,000
Total expenses	14,982,000	14,521,000	43,069,000	44,078,000
Other income (expense), net
Income (loss) from unconsolidated entities, net	(952,000)	1,778,000	129,000	2,138,000
Gain (loss) on real estate-related securities, net	1,631,000	(448,000)	3,386,000	(525,000)
Income from investment in affiliated fund, net	200,000	493,000	1,356,000	75,000
Gain (loss) on derivative instruments, net	(1,382,000)	1,384,000	888,000	3,753,000
Unrealized gain on commercial loans	36,000	0	146,000	0
Impairment loss on investments in real estate	0	(1,743,000)	0	(1,743,000)
Interest income	484,000	0	1,259,000	0
Interest expense	(6,196,000)	(7,118,000)	(18,269,000)	(20,830,000)
Other income (expense), net	180,000	(174,000)	(309,000)	(102,000)
Total other income (expense), net	(5,999,000)	(5,828,000)	(11,414,000)	(17,234,000)
Net loss attributable to Invesco Real Estate Income Trust Inc.	(4,462,000)	(2,286,000)	(5,237,000)	(8,545,000)
Dividends to preferred stockholders	0	(2,000)	(4,000)	(6,000)
Issuance and redemption costs of redeemed preferred stock	0	0	(24,000)	0
Net loss attributable to non-controlling interests in consolidated joint ventures	987,000	29,000	1,484,000	745,000
Net loss attributable to non-controlling interest in INREIT OP	15,000	11,000	57,000	43,000
Net loss attributable to common stockholders	(3,460,000)	(2,248,000)	(3,724,000)	(7,763,000)
Net loss attributable to common stockholders	$ (3,460,000)	$ (2,248,000)	$ (3,724,000)	$ (7,763,000)
Loss per share:
Net loss per share of common stock, basic (in dollars per share)	$ (0.15)	$ (0.11)	$ (0.17)	$ (0.37)
Net loss per share of common stock diluted (in dollars per share)	$ (0.15)	$ (0.11)	$ (0.17)	$ (0.37)
Weighted average shares of common stock outstanding, basic (in shares)	22,352,693	20,975,438	22,028,519	20,717,793
Weighted average shares of common stock outstanding, diluted (in shares)	22,352,693	20,975,438	22,028,519	20,717,793

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Preferred Stock Series A 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, 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 income (loss)	(6,203)	(5,448)									(5,448)	(755)
Preferred stock dividends	(2)	(2)									(2)
Common stock and INREIT OP unit 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 income (loss)	(40)
Common stock and INREIT OP unit 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
Ending balance at Sep. 30, 2023	135,935	106,227	41	6	5	8	44	12	0	206,403	(100,292)	29,708
Beginning balance at Dec. 31, 2022	432,604
Ending balance at Sep. 30, 2023	408,017
Beginning balance at Dec. 31, 2022	2,797
Redeemable Non-controlling Interest in INREIT OP
Net income (loss)	(43)
Ending balance at Sep. 30, 2023	6,675
Beginning balance at Dec. 31, 2022	130,890	100,866	41	4	4	6	38	18	0	167,611	(66,856)	30,024
Ending balance at Dec. 31, 2023	131,148	96,024	41	6	5	8	43	12	0	214,297	(118,388)	35,124
Beginning balance at Dec. 31, 2022	432,604
Ending balance at Dec. 31, 2023	405,479
Beginning balance at Dec. 31, 2022	2,797
Ending balance at Dec. 31, 2023	5,658
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 income (loss)	(24)	(63)									(63)	39
Preferred stock dividends	(2)	(2)									(2)
Common stock and INREIT OP unit 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 income (loss)	8
Common stock and INREIT OP unit distributions	(95)
Adjustment to carrying value of redeemable equity instruments	18
Ending balance at Jun. 30, 2023	7,154
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	16,690	16,690			1		4			16,685
Distribution reinvestment	334	334								334
Common stock repurchased	(6,831)	(6,831)					(2)			(6,829)
Share-based compensation	20	20								20
Net income (loss)	(2,275)	(2,246)									(2,246)	(29)
Preferred stock dividends	(2)	(2)									(2)
Common stock and INREIT OP unit distributions	(8,682)	(8,682)									(8,682)
Contributions from non-controlling interests	809											809
Distributions to non-controlling interests	(196)											(196)
Adjustment to carrying value of redeemable equity instruments	10,970	10,970								10,970
Ending balance at Sep. 30, 2023	135,935	106,227	41	6	5	8	44	12	0	206,403	(100,292)	29,708
Class N Redeemable Common Stock
Distribution reinvestment	3,148
Adjustment to carrying value of redeemable equity instruments	(10,897)
Ending balance at Sep. 30, 2023	408,017
Redeemable Non-controlling Interest in INREIT OP
Common stock repurchased	(301)
Net income (loss)	(11)
Common stock and INREIT OP unit distributions	(94)
Adjustment to carrying value of redeemable equity instruments	(73)
Ending balance at Sep. 30, 2023	6,675
Beginning balance at Dec. 31, 2023	131,148	96,024	41	6	5	8	43	12	0	214,297	(118,388)	35,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	14,787	14,787			1	1	4			14,781
Distribution reinvestment	444	444								444
Common stock repurchased	(7,363)	(7,363)					(2)			(7,361)
Share-based compensation	19	19								19
Net income (loss)	876	898									898	(22)
Preferred stock dividends	(2)	(2)									(2)
Common stock and INREIT OP unit distributions	(8,964)	(8,964)									(8,964)
Contributions from non-controlling interests	5,472											5,472
Distributions to non-controlling interests	(425)											(425)
Adjustment to carrying value of redeemable equity instruments	(54)	(54)								(54)
Ending balance at Mar. 31, 2024	135,938	95,789	41	6	6	9	45	12	0	222,126	(126,456)	40,149
Beginning balance at Dec. 31, 2023	405,479
Class N Redeemable Common Stock
Distribution reinvestment	4,835
Ending balance at Mar. 31, 2024	410,314
Beginning balance at Dec. 31, 2023	5,658
Redeemable Non-controlling Interest in INREIT OP
Common stock repurchased	(867)
Net income (loss)	(39)
Common stock and INREIT OP unit distributions	(71)
Adjustment to carrying value of redeemable equity instruments	54
Ending balance at Mar. 31, 2024	4,735
Beginning balance at Dec. 31, 2023	131,148	96,024	41	6	5	8	43	12	0	214,297	(118,388)	35,124
Ending balance at Sep. 30, 2024	131,564	78,992	0	6	7	9	46	12	0	228,311	(149,399)	52,572
Beginning balance at Dec. 31, 2023	405,479
Ending balance at Sep. 30, 2024	420,164
Beginning balance at Dec. 31, 2023	5,658
Redeemable Non-controlling Interest in INREIT OP
Net income (loss)	(57)
Ending balance at Sep. 30, 2024	2,926
Beginning balance at Mar. 31, 2024	135,938	95,789	41	6	6	9	45	12	0	222,126	(126,456)	40,149
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred stock	(65)	(65)	(41)								(24)
Proceeds from issuance of common stock, net of offering costs	11,804	11,804			1		4			11,799
Distribution reinvestment	505	505								505
Common stock repurchased	(7,826)	(7,826)					(3)			(7,823)
Share-based compensation	19	19								19
Net income (loss)	(1,609)	(1,134)									(1,134)	(475)
Preferred stock dividends	(2)	(2)									(2)
Common stock and INREIT OP unit distributions	(9,091)	(9,091)									(9,091)
Contributions from non-controlling interests	8,329											8,329
Distributions to non-controlling interests	(315)											(315)
Adjustment to carrying value of redeemable equity instruments	(27)	(27)								(27)
Ending balance at Jun. 30, 2024	137,660	89,972	0	6	7	9	46	12	0	226,599	(136,707)	47,688
Beginning balance at Mar. 31, 2024	410,314
Class N Redeemable Common Stock
Distribution reinvestment	4,889
Ending balance at Jun. 30, 2024	415,203
Beginning balance at Mar. 31, 2024	4,735
Redeemable Non-controlling Interest in INREIT OP
Common stock repurchased	(852)
Net income (loss)	(3)
Common stock and INREIT OP unit distributions	(59)
Adjustment to carrying value of redeemable equity instruments	27
Ending balance at Jun. 30, 2024	3,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	8,670	8,670					2			8,668
Distribution reinvestment	530	530								530
Common stock repurchased	(7,492)	(7,492)					(2)			(7,490)
Share-based compensation	19	19								19
Net income (loss)	(4,447)	(3,460)									(3,460)	(987)
Common stock and INREIT OP unit distributions	(9,232)	(9,232)									(9,232)
Contributions from non-controlling interests	6,044											6,044
Distributions to non-controlling interests	(173)											(173)
Adjustment to carrying value of redeemable equity instruments	(15)	(15)								(15)
Ending balance at Sep. 30, 2024	131,564	$ 78,992	$ 0	$ 6	$ 7	$ 9	$ 46	$ 12	$ 0	$ 228,311	$ (149,399)	$ 52,572
Class N Redeemable Common Stock
Distribution reinvestment	4,961
Ending balance at Sep. 30, 2024	420,164
Redeemable Non-controlling Interest in INREIT OP
Common stock repurchased	(875)
Net income (loss)	(15)
Common stock and INREIT OP unit distributions	(47)
Adjustment to carrying value of redeemable equity instruments	15
Ending balance at Sep. 30, 2024	$ 2,926

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock and INREIT OP Unit distributions (in dollars per share)	$ 0.4170	$ 0.4155	$ 0.4182	$ 0.4170	$ 0.4155	$ 0.4162

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (5,237,000)	$ (8,545,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	1,478,000	1,260,000
(Income) loss from unconsolidated entities, net	(129,000)	(2,138,000)
Impairment of investments in real estate	0	1,743,000
Depreciation and amortization	17,676,000	19,733,000
Share-based compensation	57,000	59,000
Straight-line rents	(498,000)	(911,000)
Amortization of below-market lease intangibles	(289,000)	(298,000)
Amortization of above-market lease intangibles	131,000	131,000
Amortization of deferred financing costs	993,000	1,210,000
Income from investment in affiliated fund, net	(1,356,000)	(75,000)
Unrealized (gain) loss on real estate-related securities, net	(2,864,000)	350,000
Unrealized gain on commercial loans	(146,000)	0
Realized and unrealized loss on derivative instruments, net	2,954,000	990,000
Distributions of earnings from investments in unconsolidated entities	2,203,000	2,202,000
Realized loss on sale of real estate-related securities	1,413,000	1,635,000
Other items	292,000	569,000
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
Increase in other assets	(371,000)	(2,125,000)
(Decrease) increase in due to affiliates	(1,241,000)	411,000
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(1,438,000)	149,000
Net cash provided by operating activities	13,628,000	16,350,000
Cash flows from investing activities:
Investments in unconsolidated entities	(9,538,000)	(709,000)
Distributions of capital from investments in unconsolidated entities	5,612,000	3,794,000
Investment in affiliated fund	0	(15,000,000)
Redemption of investment in affiliated fund	4,429,000	0
Distribution from affiliated fund	1,778,000	1,580,000
Origination of commercial loan	0	(13,007,000)
Proceeds from repayment of commercial loan	21,800,000	0
Acquisitions of real estate	(11,990,000)	0
Capital improvements to real estate	(2,891,000)	(6,984,000)
Purchase of real estate-related securities	(29,436,000)	(11,028,000)
Proceeds from disposition of real estate	18,492,000	4,735,000
Net cash used in investing activities	(1,744,000)	(36,619,000)
Cash flows from financing activities:
Redemption of preferred stock	(65,000)	0
Proceeds from issuance of common stock	35,426,000	41,054,000
Offering costs paid	(129,000)	(63,000)
Repurchase of common stock and OP units	(25,045,000)	(26,913,000)
Subscriptions received in advance	6,204,000	2,196,000
Proceeds from revolving credit facility	0	36,100,000
Repayment of revolving credit facility	0	(37,900,000)
Borrowings from mortgages payable	260,000	3,227,000
Purchase of derivative instruments	(300,000)	(323,000)
Proceeds from the sale of derivative instruments	574,000	0
Payment of deferred financing costs	(250,000)	(600,000)
Payment of financing obligation	(7,000)	0
Common stock and INREIT OP unit distributions	(11,202,000)	(21,588,000)
Preferred stock dividends	(4,000)	(4,000)
Contributions from non-controlling interests	19,845,000	1,028,000
Distributions to non-controlling interests	(913,000)	(599,000)
Net cash provided by (used in) financing activities	24,394,000	(4,385,000)
Net change in cash and cash equivalents and restricted cash	36,278,000	(24,654,000)
Cash and cash equivalents and restricted cash, beginning of period	43,372,000	45,242,000
Cash and cash equivalents and restricted cash, end of period	79,650,000	20,588,000
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	69,326,000	13,628,000
Restricted cash	10,324,000	6,960,000
Total cash and cash equivalents and restricted cash	79,650,000	20,588,000
Supplemental disclosures:
Interest paid	17,363,000	15,450,000
Income taxes paid	735,000	136,000
Non-cash investing and financing activities:
Issuance of Class E OP Units to non-controlling interests	0	3,976,000
Issuance of Class E shares for payment of management fees	1,444,000	1,228,000
Accrued capital expenditures	6,000	193,000
Accrued preferred dividends	0	2,000
Distributions payable	3,078,000	2,927,000
Distribution reinvestment	16,164,000	4,076,000
Accrued offering costs due to affiliates	1,480,000	1,598,000
Adjustment to carrying value of redeemable equity instruments	96,000	(27,217,000)
Accrued common stock repurchases	$ (230,000)	$ 3,421,000

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2024
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”), an 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 $600.0 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. On May 10, 2024 we filed a registration statement on Form S-11 with the SEC for a follow-on public offering, which was declared effective on November 12, 2024. 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 (“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	9 Months Ended
	Sep. 30, 2024
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, 2023. The accompanying 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 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. See additional information on our VIEs in Note 14 — “Variable Interest Entities.” For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of each joint venture is included in non-controlling interests in consolidated joint ventures and reported as equity of the Company on our condensed consolidated balance sheets. The non-controlling partner’s interest is generally calculated as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the joint venture partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the joint venture partner is reported as net (income) loss attributable to non-controlling interests in consolidated joint ventures on our condensed 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. Income Taxes For the three and nine months ended September 30, 2024, we recorded a net tax expense of $0.1 million and $0.5 million, respectively, located within other income (expense), net on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2023, we recorded a net tax expense of $0.1 million located within other income (expense), net on our condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023, we had a deferred tax asset of $0.3 million and approximately $24,000, respectively, both of which are offset by a full valuation allowance. Deferred tax assets and valuation allowances are recorded within other assets on our condensed consolidated balance sheets. As of September 30, 2024, our tax years 2020 through 2023 remain subject to examination by the United States tax authorities. 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. Earnings (Loss) per Share We calculate basic earnings (loss) per share (“EPS”) 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 EPS considering the effect of dilutive instruments, such as unvested restrictive stock awards, by dividing net income (loss) attributable to common stockholders for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. As of September 30, 2024 and 2023, the effects of dilutive instruments on basic and diluted EPS were not material to our condensed consolidated financial statements. Pending Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued an accounting standards update intended to improve reportable segment disclosure requirements on an annual and interim basis. The amendments require, among other items, enhanced disclosures around significant segment expenses regularly provided to the chief operating decision maker (“CODM”), as well as the CODM's title and position. We are required to implement the amendments in our consolidated financial statements for the year ended December 31, 2024 and for interim periods thereafter. The amendments must be applied on a retrospective basis and early adoption is permitted. We are currently evaluating the impact of these amendments on our disclosures. Significa nt Accounting Policies There have been no changes to our accounting policies included in Note 2 — “Summary of Significant Accounting Policies” to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2023.

Investments in Real Estate, net

Investments in Real Estate, net	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Investments in Real Estate, net	Investments in Real Estate, net Investments in real estate, net consist of: in thousands September 30, 2024 December 31, 2023 Building and improvements $ 572,074 $ 563,958 Land and land improvements 153,650 148,411 Furniture, fixtures and equipment 13,553 11,349 Total 739,277 723,718 Accumulated depreciation (53,293) (38,115) Investments in real estate, net $ 685,984 $ 685,603 Acquisitions We acquired the following property during the nine months ended September 30, 2024: $ in thousands Property Name Ownership Interest Number of Segment Acquisition Date Purchase Price (1) International Business 4535 100% 1 Industrial July 2024 $ 8,730,884 (1) Purchase price is inclusive of acquisition-related costs. The following table summarizes the allocation of the total cost for International Business 4535 acquired during the nine months ended September 30, 2024: $ in thousands Amount Building and building improvements $ 7,426,926 Land and land improvements 1,864,615 Lease intangibles (1) 955,810 Below-market lease intangibles (1,516,467) Total purchase price (2) $ 8,730,884 (1) Lease intangibles consist of in-place leases and leasing commissions. (2) Includes acquisition-related costs. The weighted-average amortization periods for intangible assets and liabilities acquired in connection with our acquisition of International Business 4535 during the nine months ended September 30, 2024 were as follows: In-place lease intangibles Leasing commissions Below-market lease intangibles Weighted-average amortization periods (in years) 5.30 5.30 5.30 Impairment We did not record any impairment losses on our investments in real estate, net, for the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2023, we recognized impairment of $1.7 million related to Cortona at Forest Park at the time the asset was classified as held-for-sale, as the carrying amount exceeded the fair value, which was based on the estimated sales price, less estimated closing costs.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of September 30, 2024, we held five investments in unconsolidated entities 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 September 30, 2024 and December 31, 2023 were as follows: in thousands Carrying Amount Entity Ownership Percentage (1) September 30, 2024 December 31, 2023 Vida JV LLC (2) 42.5% $ 65,299 $ 72,234 San Simeon Preferred Equity (3) — 28,236 27,488 PTCR Holdco, LLC (4) — 9,078 8,484 Retail GP Fund (5) 4.5% to 13.5% 20,496 13,150 Homestead Communities, LLC (6) 50.0% 62 (37) Total $ 123,171 $ 121,319 (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 (the “Invesco JV”) with Invesco U.S. Income Fund L.P., an affiliate of Invesco, to acquire an interest in a portfolio of medical office buildings located throughout the United States (the “Sunbelt Medical Office Portfolio”). As of September 30, 2024, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of September 30, 2024, 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 Preferred Equity”), a limited liability company that owns a multifamily property. The common member of San Simeon Preferred Equity had two one-year options that would extend the mandatory redemption date of our preferred membership interest to December 15, 2025. The original mandatory redemption was due to occur on December 15, 2023. However, on December 15, 2023, San Simeon Preferred Equity exercised the first extension option which makes our preferred membership interest mandatorily redeemable on December 15, 2024. The common member of San Simeon Preferred Equity has one remaining one-year extension. As of September 30, 2024, the investment yields a preferred return rate of 7.25%, which includes both the current pay and the deferred pay rates, 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 fourteen retail properties. (6) We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufactured housing through a joint venture, Homestead Communities, LLC (“Homestead”). Invesco U.S. Income Fund L.P, an affiliate of Invesco, 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 nine months ended September 30, 2024 and 2023 were as follows: Company’s Share of Unconsolidated Entities' Income (Loss) in thousands Three Months Ended September 30, Nine Months Ended September 30, Entity 2024 2023 2024 2023 Vida JV LLC $ (1,439) $ (354) $ (2,345) $ (1,253) San Simeon Preferred Equity 798 748 2,353 2,196 PTCR Holdco, LLC 271 272 808 806 Retail GP Fund (508) 1,170 (648) 711 Homestead Communities, LLC (74) (58) (39) (322) Total $ (952) $ 1,778 $ 129 $ 2,138 The following tables provide summarized balance sheets of our investments in unconsolidated entities: September 30, 2024 December 31, 2023 in thousands Total assets Total liabilities Total equity Total assets Total liabilities Total equity Vida JV LLC $ 384,848 (231,741) $ 153,107 $ 391,584 (222,238) $ 169,346 San Simeon Preferred Equity 130,947 (76,145) 54,802 128,759 (77,428) 51,331 Retail GP Fund 996,875 (542,754) 454,121 502,642 (278,012) 224,630 Other 3,939 (3,454) 485 5,320 (3,244) 2,076 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 in thousands Revenue Net income (loss) Revenue Net income (loss) Vida JV LLC $ 9,873 $ 3,382 $ 9,535 $ (831) San Simeon Preferred Equity 2,835 638 2,709 236 Retail GP Fund 36,426 (7,041) 16,881 4,057 Other 5,115 696 4,030 (497) Total $ 54,249 $ (2,325) $ 33,155 $ 2,965 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 in thousands Revenue Net income (loss) Revenue Net income (loss) Vida JV LLC $ 29,224 $ 5,506 $ 28,246 $ (2,938) San Simeon Preferred Equity 8,329 1,767 7,872 1,183 Retail GP Fund 61,051 (7,885) 43,317 3,659 Other 10,105 (813) 11,023 (1,499) Total $ 108,709 $ (1,425) $ 90,458 $ 405 Impairment We did not record any impairment losses on our investments in unconsolidated entities for the three and nine months ended September 30, 2024 and 2023, respectively.

Investments in Commercial Loans

Investments in Commercial Loans	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Investments in Commercial Loans	Investments in Commercial Loans The following tables summarizes our investments in commercial loans as of September 30, 2024 and December 31, 2023: Current Principal Balance Fair Value in thousands Origination Date Loan Type Interest Rate (1) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Maturity Date 9801 Blue Grass Loan 9/1/2022 Mezzanine N/A $ — $ 21,800 $ — $ 21,689 9/9/2024 5805 N Jackson Gap Loan 1/20/2023 Mezzanine 13.10% 13,007 13,007 12,972 12,937 2/9/2025 Total $ 13,007 $ 34,807 $ 12,972 $ 34,626 (1) Represents the interest rate as of September 30, 2024. Loans earn interest at Secured Overnight Financing Rate (“SOFR”) plus a spread. During the quarter ended September 30, 2024, the commercial loan issued to 9801 Blue Grass, was repaid at par value upon maturity. The loan had an interest rate of 12.57% as of December 31, 2023. W e elected the fair value option for our commercial loans and, accordingly, there are no capitalized origination costs or fees associated with our loans.

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Real Estate-Related Securities	Investments in Real Estate-Related Securities The following tables summarize our investments in real estate-related securities by asset type: September 30, 2024 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 $ 35,500 $ (1,196) $ 34,304 $ 47 $ 34,351 7.80 % 8/9/2025 Common stock of REITs N/A N/A 5,544 664 6,208 4.19 % N/A Total $ 35,500 $ (1,196) $ 39,848 $ 711 $ 40,559 December 31, 2023 in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost / Cost (1) Unrealized Gain (Loss), Net Fair Value Period-end Weighted Average Yield Weighted-Average Maturity Date Non-agency CMBS $ 25,202 $ (1,160) $ 24,042 $ (741) $ 23,301 7.26 % 2/13/2039 Preferred stock of REITs N/A N/A 2,107 (171) 1,936 6.71 % N/A Common stock of REITs N/A N/A 4,034 (1,241) 2,793 5.51 % N/A Total $ 25,202 $ (1,160) $ 30,183 $ (2,153) $ 28,030 (1)

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: September 30, 2024 in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,876 $ (34,100) $ 13,776 Leasing commissions 5,816 (1,984) 3,832 Above-market lease intangibles 1,951 (498) 1,453 Total intangible assets, net $ 55,643 $ (36,582) $ 19,061 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 4,243 $ (1,244) $ 2,999 Total intangible liabilities, net $ 4,243 $ (1,244) $ 2,999 December 31, 2023 in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 46,969 $ (32,085) $ 14,884 Leasing commissions 5,768 (1,506) 4,262 Above-market lease intangibles 1,951 (367) 1,584 Total intangible assets, net $ 54,688 $ (33,958) $ 20,730 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,726 $ (956) $ 1,770 Total intangible liabilities, net $ 2,726 $ (956) $ 1,770 The estimated future amortization of our intangibles for each of the next five years and thereafter as of September 30, 2024 is: in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2024 (remainder) $ 559 $ 155 $ 44 $ (212) 2025 2,282 621 176 (647) 2026 2,244 620 176 (647) 2027 1,897 540 176 (560) 2028 1,765 505 176 (495) 2029 1,337 349 164 (319) Thereafter 3,692 1,042 541 (119) $ 13,776 $ 3,832 $ 1,453 $ (2,999)

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table summarizes the components of other assets: in thousands September 30, 2024 December 31, 2023 Deferred rent $ 3,492 $ 2,994 Derivative instruments 1,590 4,818 Prepaid expenses 1,463 713 Capitalized tax abatement, net (1) 1,238 1,363 Receivables, net 132 688 Deposits 61 — Other 613 791 Total $ 8,589 $ 11,367 (1) We obtained a tax abatement in conjunction with our purchase of the 3101 Agler property with an expiration date of December 31, 2031. We are amortizing the tax abatement over its remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of September 30, 2024, accumulated amortization of the capitalized tax abatement was $0.4 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. The following table summarizes changes to the notional amount of our derivative instruments in 2024: in thousands Notional Amount as of December 31, 2023 Additions Termination or Expiration Notional Amount as of September 30, 2024 Interest rate caps $ 178,500 $ 35,000 $ (60,000) $ 153,500 Interest rate swap 52,500 — — 52,500 Total $ 231,000 $ 35,000 $ (60,000) $ 206,000 The following tables summarize the notional amount and other information related to our interest rate caps and interest rate swap as of September 30, 2024 and December 31, 2023: September 30, 2024 in thousands Number of Instruments Notional Amount (1) Fixed Amount Fair Value Weighted Average Strike Rate/Fixed Rate Weighted Average Remaining Term In Years Interest rate caps 3 $ 153,500 $ 2,108 $ 832 3.08% 0.47 Interest rate swap 1 52,500 N/A 758 2.73% 2.58 Total 4 $ 206,000 $ 2,108 $ 1,590 December 31, 2023 in thousands Number of Instruments Notional Amount (1) Fixed Amount Fair Value Weighted Average Strike Rate/Fixed Rate Weighted Average Remaining Term In Years Interest rate caps 4 $ 178,500 $ 2,601 $ 3,320 2.64% 1.14 Interest rate swap 1 52,500 N/A 1,498 2.73% 3.33 Total 5 $ 231,000 $ 2,601 $ 4,818 (1) The notional amount represents the amount of the mortgage note borrowings that we are hedging. It does not represent our exposure to credit, interest rate or market risks. The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of operations for the three months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 in thousands Realized gain (loss) on derivative instruments, net Contractual net interest income (expense) Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest rate caps $ (176) $ 887 $ (1,026) $ (315) Interest rate swap — 351 (1,418) (1,067) Total $ (176) $ 1,238 $ (2,444) $ (1,382) Three Months Ended September 30, 2023 in thousands Realized gain (loss) on derivative instruments, net Contractual net interest income (expense) Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest rate caps $ — $ 1,496 $ (949) $ 547 Interest rate swap — 332 505 837 Total $ — $ 1,828 $ (444) $ 1,384 The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of operations for the nine months ended September 30, 2024, and 2023: Nine Months Ended September 30, 2024 in thousands Realized gain (loss) on derivative instruments, net Contractual net interest income (expense) Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest rate caps $ (122) $ 2,796 $ (2,092) $ 582 Interest rate swap — 1,046 (740) 306 Total $ (122) $ 3,842 $ (2,832) $ 888 Nine Months Ended September 30, 2023 in thousands Realized gain (loss) on derivative instruments, net Contractual net interest income (expense) Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest rate caps $ — $ 3,997 $ (1,798) $ 2,199 Interest rate swap — 746 808 1,554 Total $ — $ 4,743 $ (990) $ 3,753

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings Revolving Credit Facility In September 2023, INREIT OP entered into an amendment to the existing Revolving Credit Facility with Bank of America, N.A. (“Bank of America”). The interest rate and spread terms remained identical to the terms outlined below. As a result of the amendment, the aggregate commitments were reduced to $100.0 million with an ability to request an increase up to $150.0 million in aggregate commitments. The amendment extended the maturity date to September 6, 2024 and granted an option to extend the term to September 5, 2025, subject to certain conditions. In July 2024, we exercised this extension right, extending the term of the Revolving Credit Facility to September 5, 2025. On October 11, 2024, we entered into a fifth amendment to the Revolving Credit Facility to provide for, among other things, a reduction in borrowing limitations from properties in the Company's DST Program in exchange for an incremental commitment by Invesco Realty, Inc. to provide up to $35.0 million of capital to the Company to repay outstanding obligations under the Revolving Credit Facility in the event of default, but is not available to fund our operating or investing activities. Borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) SOFR, (ii) SOFR with an interest period of one, three or six-months, or (iii) a Base Rate, where the base rate is the highest of (a) federal funds rate plus 0.5%, (b) the rate of interest as publicly announced by Bank of America N.A. as its “prime rate”, (c) SOFR with an interest period of one month plus 1.0%, or (d) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio. As of September 30, 2024 and December 31, 2023, the Company did not have an outstanding principal balance on its revolving credit facility. The weighted-average interest rate for the three and nine months ended September 30, 2024 was 7.08% and 7.10%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.99% and 6.62%, respectively. As of September 30, 2024, the borrowing capacity on the Revolving Credit Facility was $75.3 million. The borrowing capacity is less than the difference between the current facility capacity of $100.0 million and the current principal outstanding balance as the calculation of borrowing capacity is limited by the aggregate fair value and cash flows of our unencumbered properties. As of September 30, 2024, we were in compliance with all loan covenants in our revolving credit facility agreement. Mortgage Notes Payable, Net The following table summarizes certain characteristics of our mortgage notes that are secured by the Company’s properties: in thousands Principal Balance Outstanding Indebtedness Interest Rate (1) Initial Maturity Date Extended Maturity Date (6) Maximum Principal Amount September 30, 2024 December 31, 2023 Bixby Kennesaw S + 1.71% (2) 9/24/2026 N/A $ 53,000 $ 53,000 $ 53,000 The Carmin S + 1.75% (3) 1/1/2025 1/1/2027 $ 65,500 65,500 65,500 Cortlandt Crossing 3.13% 3/1/2027 N/A $ 39,660 39,660 39,660 Everly Roseland S + 1.45% (4) 4/28/2027 4/28/2029 $ 113,500 111,134 110,874 Midwest Industrial Portfolio 4.44% and S + applicable margin (5) 7/5/2027 N/A $ 70,000 70,000 70,000 Total mortgages payable 339,294 339,034 Deferred financing costs, net (1,533) (2,290) Mortgage notes payable, net $ 337,761 $ 336,744 (1) The term “S” refers to the relevant floating benchmark rate, SOFR. (2) The weighted-average interest rate for the three and nine months ended September 30, 2024 was 7.03% and 7.04%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.87% and 6.48%, respectively. (3) The weighted-average interest rate for the three and nine months ended September 30, 2024 was 7.09% and 7.08%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.81% and 6.33%, respectively. (4) The weighted-average interest rate for the three and nine months ended September 30, 2024 was 6.75% and 6.77%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.70% and 6.38%, respectively. (5) The mortgage note secured by Meridian Business 940, Capital Park 2919, 3101 Agler and Earth City 13330 (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 nine months ended September 30, 2024 was 5.71% and 5.73%, respectively, and 5.66% and 5.62% for the three and nine months ended September 30, 2023, respectively. (6) We may elect to extend the maturity date upon meeting certain conditions, which may include payment of a non-refundable extension fee. Financing Obligation, Net In connection with The Carmin property, as of September 30, 2024, we hold a financing obligation on our condensed consolidated balance sheets of $53.7 million, net of debt issuance costs. The following table presents the future principal payments due under our outstanding borrowings as of September 30, 2024: in thousands Year Revolving Credit Facility Mortgages Payable Financing Obligation Total 2024 (remaining) $ — $ — $ 2 $ 2 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 220,794 15 220,809 2028 — — 18 18 2029 — — 21 21 Thereafter — — 36,270 36,270 Total $ — $ 339,294 $ 36,347 $ 375,641

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the components of accounts payable, accrued expenses and other liabilities: in thousands September 30, 2024 December 31, 2023 Subscriptions received in advance $ 6,204 $ 3,503 Common stock repurchases 5,688 5,458 Real estate taxes payable 4,173 2,121 Intangible liabilities, net 2,999 1,770 Accrued interest expense 1,480 1,566 Tenant security deposits 1,371 1,293 Prepaid rental income 1,300 441 Accounts payable and accrued expenses 637 1,359 Distributions payable 585 478 Total $ 24,437 $ 17,989

Class N Redeemable Common Stock

Class N Redeemable Common Stock	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Class N Redeemable Common Stock	Class N Redeemable Common Stock The following table details our Class N redeemable common stock activity with Massachusetts Mutual Life Insurance Company (“MassMutual”): As of September 30, 2024 As of December 31, 2023 in thousands, except share amounts Shares Amount Shares Amount Class N Redeemable Common Stock issued 16,827,393 $ 495,984 16,320,994 $ 481,299 Class N Redeemable Common Stock repurchased 2,537,790 $ 74,795 2,537,790 $ 74,795 For the three and nine months ended September 30, 2024, there was no adjustment to the value of the Class N shares held by MassMutual to our September 30, 2024 NAV per Class N share. For the three and nine months ended September 30, 2023, we recorded a decrease to Class N redeemable common stock and an increase to additional paid-in capital of $10.9 million and $27.7 million, respectively, to adjust the value of the Class N shares held by MassMutual to our September 30, 2023 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 December 31, 2022. On October 15, 2024, the Company and MassMutual entered into Amendment No. 2 to the Subscription Agreement, dated as of July 29, 2021 as amended by Amendment No. 1 on December 9, 2022 (as amended, the “Subscription Agreement”) with MassMutual (“Amendment No. 2”). Amendment No. 2 extends the commencement date of MassMutual’s liquidity rights from January 1, 2025 to January 1, 2026 and our ability to recycle MassMutual’s capital from December 31, 2024 to June 30, 2025. Through June 30, 2025, we may choose to repurchase Class N shares from MassMutual on a monthly basis, subject to thresholds on a monthly basis at the then current Class N transaction price in an amount with an aggregate repurchase price no greater than (1) the aggregate purchase price paid by MassMutual for Class N shares less (2) $200.0 million less (3) the aggregate repurchase price paid to MassMutual by the Company. In any month, however, MassMutual may require us to make or elect to forego the next monthly repurchase. Under the terms of MassMutual’s subscription agreements, through June 30, 2025, we may require MassMutual to purchase additional Class N shares, in an amount equal to the aggregate purchase price paid by MassMutual for Class N shares that were subsequently repurchased by us. Beginning January 1, 2026 and continuing until we have repurchased $200.0 million of MassMutual Shares, we are required to repurchase MassMutual shares on a monthly basis, subject to thresholds based on monthly net offering proceeds. In any month, MassMutual may choose to waive our obligation to repurchase shares. We are required to limit repurchases to ensure that the aggregate NAV of MassMutual shares is at least $50.0 million. Beginning January 1, 2026, MassMutual holds the right to request that we repurchase MassMutual shares on a monthly basis, subject to thresholds based on monthly net offering proceeds and the Company’s NAV. This right to request that we repurchase MassMutual shares is in addition to the requirement to repurchase MassMutual shares described in the preceding paragraph. 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	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Preferred Stock On June 30, 2024, we redeemed all issued and outstanding shares of our Series A Preferred Stock for approximately $62,500, plus accrued and unpaid dividends. The cash redemption price for each share of Series A Preferred Stock was $500.00. The excess of the consideration transferred over carrying value was accounted for as a deemed dividend and resulted in a reduction of approximately $24,000 in net income (loss) attributable to common stockholders during the nine months ended September 30, 2024 . Prior to redemption, holders of our Series A Preferred Stock were entitled to receive dividends at an annual rate of 12.5% of the liquidation preference of $500.00 per share or $62.50 per annum. Dividends were cumulative and payable quarterly in arrears. Common Stock The following tables detail the movement in the Company’s outstanding shares of common stock: Nine Months Ended September 30, 2024 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2023 613,405 528,268 832,598 4,332,740 1,190,589 13,783,204 21,280,804 Issuance of common stock 7,631 115,782 32,613 371,514 15,742 — 543,282 Common stock repurchased (226) — (262) (242,673) (15,463) — (258,624) Distribution reinvestment 1,985 1,615 3,677 5,690 2,506 164,658 180,131 Balance at March 31, 2024 622,795 645,665 868,626 4,467,271 1,193,374 13,947,862 21,745,593 Issuance of common stock 3,665 32,743 11,187 379,827 16,418 — 443,840 Common stock repurchased (257) — (18,190) (252,147) (8,542) — (279,136) Exchange of common stock — — — (574) 547 — (27) Distribution reinvestment 2,065 2,806 3,852 6,686 2,512 169,005 186,926 Balance at June 30, 2024 628,268 681,214 865,475 4,601,063 1,204,309 14,116,867 22,097,196 Issuance of common stock 1,721 43,634 7,599 245,305 21,750 — 320,009 Common stock repurchased (3,485) (16,467) (5,997) (230,174) (15,383) — (271,506) Distribution reinvestment 2,047 3,166 3,839 7,443 2,522 172,736 191,753 Balance at September 30, 2024 628,551 711,547 870,916 4,623,637 1,213,198 14,289,603 22,337,452 Nine Months Ended September 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 Issuance of common stock 18,462 96,942 34,096 408,889 14,796 — 573,185 Common stock repurchased (503) — (1,373) (221,839) (5,640) — (229,355) Distribution reinvestment 1,600 195 2,486 4,109 2,624 102,368 113,382 Balance at September 30, 2023 591,741 462,944 789,726 4,426,664 1,187,356 13,625,692 21,084,123 Distributions We generally intend to distribute substantially all of our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Taxable income does not necessarily equal net income as calculated in accordance with GAAP. For the three and nine months ended September 30, 2024, we declared distributions of $9.3 million and $27.5 million, respectively. For the three and nine months ended September 30, 2023, we declared distributions of $8.8 million and $25.9 million, respectively. We accrued $2.5 million for distributions payable to related parties as a component of due to affiliates in our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Additionally, as of September 30, 2024 and December 31, 2023, we accrued $0.6 million and $0.5 million, respectively, for distributions payable to third parties as a component of accounts payable, accrued expenses and other liabilities 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 nine months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 Stockholder servicing fee per share (1) — (0.0259) (0.0295) (0.0103) — — — Net distributions declared per share $ — $ 0.3911 $ 0.3875 $ 0.4067 $ 0.4170 $ 0.4170 $ 0.4170 Three Months Ended September 30, 2023 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 Stockholder servicing fee per share (1) — (0.0255) (0.0101) (0.0102) — — — Net distributions declared per share $ — $ 0.3915 $ 0.4069 $ 0.4068 $ 0.4170 $ 0.4170 $ 0.4170 Nine Months Ended September 30, 2024 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 1.2507 $ 1.2507 $ 1.2507 $ 1.2507 $ 1.2507 $ 1.2507 Stockholder servicing fee per share (1) — (0.0774) (0.0806) (0.0310) — — — Net distributions declared per share $ 31.2500 $ 1.1733 $ 1.1701 $ 1.2197 $ 1.2507 $ 1.2507 $ 1.2507 Nine Months Ended September 30, 2023 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 1.2487 $ 1.2487 $ 1.2487 $ 1.2487 $ 1.2487 $ 1.2487 Stockholder servicing fee per share (1) — (0.0684) (0.0109) (0.0285) — — — Net distributions declared per share $ 31.2500 $ 1.1803 $ 1.2378 $ 1.2202 $ 1.2487 $ 1.2487 $ 1.2487 (1) See Note 16 — “Related Party Transactions” for a discussion of our stockholder servicing fee. Redeemable Non-controlling Interest in INREIT OP In connection with its performance participation interest, Invesco REIT Special Limited Partner L.L.C. (“the Special Limited Partner”), a wholly-owned subsidiary of Invesco, holds Class E units in INREIT OP. See Note 16 — “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 nine months ended September 30, 2024, we recorded an allocation adjustment of approximately $15,000 and $0.1 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 nine months ended September 30, 2023, we recorded an allocation adjustment of $0.1 million and $0.5 million, respectively, from additional paid-in capital to redeemable non-controlling interest in INREIT OP on our condensed consolidated balance sheets. The following table details the non-controlling interest activity related to the Special Limited Partner: Three Months Ended September 30, Nine Months Ended September 30, in thousands 2024 2023 2024 2023 Net loss allocated $ (15) $ (11) $ (57) $ (43) Distributions $ 47 $ 94 $ 177 $ 267 Adjustment to carrying value $ 15 $ (73) $ 96 $ 514 As of September 30, 2024 and December 31, 2023, distributions payable to the Special Limited Partner were approximately $14,000 and $26,000, respectively. Distribution Reinvestment Plan We have adopted a distribution reinvestment plan whereby stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. 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. Share Repurchase Plan We have adopted a share repurchase plan. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to any limitations in the share repurchase plan. For the three and nine months ended September 30, 2024, we repurchased 257,652 and 778,489 shares of common stock for $7.1 million and $21.8 million, respectively, and fulfilled all repurchase requests that were made. For the three and nine months ended September 30, 2023, we repurchased 223,715 and 948,536 shares of common stock for $6.7 million and $29.9 million, respectively, and fulfilled all repurchase requests that were made.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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 condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, none of these investments were expected to be sold at a value materially different than NAV. Valuation of Assets Measured at Fair Value The following table details our financial instruments measured at fair value on a recurring basis: September 30, 2024 Fair Value Measurements Using: in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient Total at Fair Value Investments in real estate-related securities $ 6,207 $ 34,352 $ — $ — $ 40,559 Investments in commercial loans — — 12,972 — 12,972 Investment in affiliated fund — — — 22,869 22,869 Interest rate caps — 832 — — 832 Interest rate swap — 758 — — 758 Total $ 6,207 $ 35,942 $ 12,972 $ 22,869 $ 77,990 December 31, 2023 Fair Value Measurements Using: in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient Total at Fair Value Investments in real estate-related securities $ 4,729 $ 23,301 $ — $ — $ 28,030 Investments in commercial loans — — 34,626 — 34,626 Investment in affiliated fund — — — 27,717 27,717 Interest rate caps — 3,320 — — 3,320 Interest rate swap — 1,498 — — 1,498 Total $ 4,729 $ 28,119 $ 34,626 $ 27,717 $ 95,191 Investments in commercial loan consists of one floating rate mezzanine loan that we originated. The commercial loan is carried at fair value based on significant unobservable inputs. The following table details our investment in the commercial loan: in thousands Investments in Commercial Loans Balance as of December 31, 2023 $ 34,626 Net unrealized gain 146 Loan repayment (21,800) Balance as of September 30, 2024 $ 12,972 The following table shows the significant unobservable inputs related to the Level 3 fair value measurement of our investment in the commercial loan as of September 30, 2024. Type Asset Class Valuation Technique Unobservable Input Weighted Average Rate Commercial loan Industrial Discounted cash flow Discount rate 8.50% 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 Liabilities Not Carried at Fair Value The following table presents the principal balance and estimated fair value of our liabilities that are not carried at fair value on the condensed consolidated balance sheets: September 30, 2024 December 31, 2023 in thousands Principal Balance Estimated Fair Value Principal Balance Estimated Fair Value Mortgage notes payable $ 339,294 $ 335,089 $ 339,034 $ 333,605 Total $ 339,294 $ 335,089 $ 339,034 $ 333,605 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.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities Included in our investments as of September 30, 2024 is Homestead, an unconsolidated real estate operating company, which is a VIE where we are not the primary beneficiary. We hold a 50% ownership in a joint venture with an affiliated Invesco fund which 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. This investment was deemed a VIE primarily based on the fact that the equity investors at risk lacked the ability to make decisions that significantly impacted the economic performance of the entity. We have determined that we are not the primary beneficiary of this VIE based on the fact that we have shared power of this entity and therefore do not have a controlling financial interest. As of September 30, 2024, our investment in this VIE is approximately $62,000, which is included in investments in unconsolidated entities on our condensed consolidated balance sheets. Our maximum future exposure to loss as a result of our involvement with this VIE is estimated to be $2.7 million , which is the capital commitment obligation. We have not provided financial support to this VIE that we were not previously contractually required to provide. All future costs will be funded with capital contributions from us and Invesco U.S. Income Fund L.P., an affiliate of Invesco, in accordance with our respective ownership percentages. Included in our investments as of September 30, 2024 is San Simeon Preferred Equity, a limited liability company that owns a multifamily property, which is a VIE where we are not the primary beneficiary. The investment is structured as a preferred membership interest and our membership interest is structured to receive a fixed return. We do not participate in any economic upside or downside of San Simeon Preferred Equity. Further, because there is a mandatory redemption feature associated with our preferred membership interest, our future involvement with San Simeon Preferred Equity is limited. We have concluded that San Simeon Preferred Equity is a VIE primarily based on the fact that the at risk equity investors lack the power over the entity’s most significant activities. We have determined that we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact San Simeon Preferred Equity’s economic performance. As of September 30, 2024, our investment in this VIE is $28.2 million, which is included in investments in unconsolidated entities on our condensed consolidated balance sheets. We have not provided financial support to this VIE that we were not previously contractually required to provide. Our economic risk with respect to our investment is limited to our membership interest. Included in our investments as of September 30, 2024 is Retail GP Fund, an unconsolidated limited liability company formed to invest in retail properties, which is a VIE of which we are not the primary beneficiary. We hold an 85% ownership interest in ITP LLC. ITP LLC has a 90% interest in Retail GP Fund. However, major decisions require unanimous approval between ITP LLC and the other 10% member of the Retail GP Fund, effectively rendering our voting rights to 50% for any major decisions that would most significantly impact Retail GP Fund’s economic performance. Thus, the voting rights of ITP LLC are not proportional to its obligations to absorb gains and losses while substantially all of the Retail GP Fund’s activities are conducted on behalf of ITP LLC. As such, we have concluded that the Retail GP Fund is a VIE. We are not the primary beneficiary as we share the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance due to the fact that a unanimous approval of major decisions is required. As of September 30, 2024, our investment in this VIE is $20.5 million, which is included in investments in unconsolidated entities on our condensed consolidated balance sheets. We have not provided financial support to this VIE that we were not previously contractually required to provide. Our economic risk is limited to our contributions made in our investment. Consolidated Variable Interest Entities Included within our condensed consolidated financial statements as of September 30, 2024 is a VIE for which we are the primary beneficiary. The entity was established in connection with our DST Program. See additional information on the DST Program in Note 15 — “DST Program.” Our involvement with this entity is through our majority ownership and a master lease agreement between the VIE and the Company. The entity was deemed a VIE primarily because any equity ownership in the entity does not provide the equity owners voting rights. We determined that we were the primary beneficiary as (1) the VIE has limited ongoing significant activities and the Company was responsible for the key decisions of the VIE that were made at formation and has the power to direct the remaining activities of the VIE such as the ability to exercise a fair market value purchase option and (2) the Company has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE through the Company’s variable interests.

DST Program

DST Program	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
DST Program	DST Program In 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 DSTs holding the 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 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, at our sole discretion. After a one-year holding period, investors who receive 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 are accounted for as sales of equity interests. As of September 30, 2024, we have raised $25.9 million related to the DST Program which is included in non-controlling interests on our condensed consolidated balance sheets. As of September 30, 2024, the 13034 Excelsior and 5201 Industry properties are included in our DST Program and are included in investments in real estate, net in our condensed consolidated financial statements. Under the master lease, we are responsible for subleasing the DST Properties to tenants and for covering all costs associated with operating the underlying DST Properties. The rental revenues and operating property expenses associated with the underlying property are included in the respective line items on our condensed consolidated statements of operations. The net amount we receive from the underlying DST Properties may be more or less than the amount we pay to the investors in the relevant DST and could fluctuate over time.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to Affiliates The following table details the components of due to affiliates: in thousands September 30, 2024 December 31, 2023 Advanced general and administrative expenses $ 8,348 $ 9,448 Advanced offering costs 6,895 6,134 Accrued stockholder servicing fee 2,502 2,112 Distributions payable 2,493 2,501 Advanced organization expenses 1,474 1,474 Accrued management fee 342 309 Accrued affiliate service provider expenses 204 16 Total $ 22,258 $ 21,994 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 payable monthly. In addition, we will pay the Adviser 1.0% per annum payable monthly of the total consideration received by us for selling interests in the DST Program to third-party investors, which will be allocated among each class of shares based on each class’s relative percentage of aggregate NAV. The Adviser may elect to receive its management fee in cash, shares of our Class I common stock, shares of our Class E common stock, INREIT OP Class I units or INREIT OP Class E units. During the three and nine months ended September 30, 2024, we incurred management fees of $0.5 million and $1.5 million, respectively. During the three and nine months ended September 30, 2023, we incurred management fees of $0.4 million and $1.3 million, respectively. As of September 30, 2024 and December 31, 2023, we accrued $0.3 million of management fees, respectively, as components of due to affiliates on our condensed consolidated balance sheets. During the three and nine months ended September 30, 2024, we issued 17,341 and 48,992 Class E shares, respectively, as payment for the management fees earned. During the three and nine months ended September 30, 2023, we issued 13,800 and 38,523 Class E shares, respectively, as payment for the management fees earned. 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. During the three and nine months ended September 30, 2024, the Adviser submitted 13,853 and 30,774 Class E shares for repurchase by the Company, for total repurchase amounts of $0.4 million and $0.9 million, respectively. During the three and nine months ended September 30, 2023, the Adviser submitted 5,640 Class E shares for repurchase by the Company, for a total repurchase amount of $0.2 million. The Special Limited Partner holds a performance participation interest in INREIT OP that entitles it to receive an allocation from INREIT OP equal to (1) with respect to all INREIT OP units other than Class N units and Class E units, 12.5% of the Total Return, subject to a 6.0% Hurdle Amount and a High Water Mark, with a Catch-Up (each such term as defined in the limited partnership agreement of INREIT OP), and (2) with respect to Class N units, 10.0% of the Class N Total Return, subject to a 7.0% Class N Hurdle Amount and a Class N High Water Mark, with a Catch-Up (each such term as defined in the limited partnership agreement of INREIT OP). The performance participation interest is calculated and payable on an annual basis. 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. For the three and nine months ended September 30, 2024 and 2023, the Special Limited Partner did not earn a performance participation interest. During the three and nine months ended September 30, 2024, the Special Limited Partner submitted 30,005 and 87,970 Class E units for repurchase by the Company, for total repurchase amounts of $0.9 million and $2.6 million, respectively. During the three and nine months ended September 30, 2023, the Special Limited Partner submitted 9,661 Class E units for repurchase by the Company, for a total repurchase amount of $0.3 million. Reimbursement of Expenses Incurred by Adviser During the three and nine months ended September 30, 2024, we incurred $0.2 million and $0.8 million, respectively, for expenses incurred by the Adviser. During the three and nine months ended September 30, 2023, we incurred $0.2 million and $0.7 million, respectively, for expenses incurred by the Adviser. Stockholder Servicing Fees and Other Selling Commissions Invesco Distributors, Inc. (“the Dealer Manager”) is entitled to receive selling commissions, dealer manager fees and stockholder servicing fees for Class T, Class S and Class D shares sold in the Offering. The Dealer Manager reallows (pays) all or a portion of the stockholder servicing fees to participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers and will waive stockholder servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such services. We accrue the full amount of stockholder servicing fees payable as an offering cost at the time each Class T, Class S and Class D share is sold during the Primary Offering. As of September 30, 2024 and December 31, 2023, we have paid $0.5 million and $0.3 million, respectively, of commissions, dealer manager fees and 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% (1) up to 3.5% up to 1.5% — — Maximum Upfront Dealer Manager Fees 0.5% (1) — — — — Stockholder Servicing Fee 0.85% (2) 0.85% 0.25% — — (1) For Class T shares sold in the Offering (other than as part of our distribution reinvestment plan), investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. (2) 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. DST Program Fees and Expenses Invesco Real Estate Exchange LLC, an indirect wholly owned subsidiary of the Company (the “DST Sponsor”), pays the Dealer Manager upfront selling commissions of up to 5.0% of Interests sold, upfront dealer manager fees of up to 1.0% of Interests sold and placement fees of up to 1.0% of the Interests sold, some or all of which may be waived or reallowed to participating broker-dealers. For the three and nine months ended September 30, 2024, we incurred upfront selling commissions, upfront dealer manager and placement fees of $0.1 million and $0.2 million, respectively. For the three and nine months ended September 30, 2023, we did not incur any upfront selling commissions, upfront dealer manager or placement fees. An affiliate of Invesco currently receives an organizational and offering expense reimbursement of 0.5% of Interests sold. For the three and nine months ended September 30, 2024, we incurred organizational and offering expense reimbursement fees of approximately $31,000 and $0.1 million, respectively. For the three and nine months ended September 30, 2023, we incurred organizational and offering expense reimbursement fees of approximately $4,000. Our Operating Partnership receives a closing cost reimbursement equal to 0.5% of Interests sold . For the three and nine months ended September 30, 2024, we recorded income from closing cost reimbursements of approximately $31,000 and $0.1 million, respectively. For the three and nine months ended September 30, 2023, we recorded income from closing cost reimbursements of approximately $4,000. Invesco DST Manager LLC, which is indirectly owned by the Adviser and is an affiliate of the Sponsor, serves as the manager for the DST Program and receives a management fee equal to 0.15% per annum of Interests sold . The Dealer Manager receives an investor servicing fee equal to 0.25% per annum of Interests sold. For the three and nine months ended September 30, 2024, the expense incurred for management and investor servicing fees was approximately $17,000 and $50,000, respectively. For the three and nine months ended September 30, 2023, we did not incur any management or investor servicing fees. See additional information on the DST Program in Note 15 — “DST Program.” Related Party Share Ownership The table below shows the amount of shares and the total purchase price of those shares, which are held by affiliates as of September 30, 2024. in thousands, except share amounts Class T Class S Class D Class I Class E Class N Total Purchase Price MassMutual — — — — — 14,289,602 $ 421,189 Invesco Global Property Plus Fund — — — 1,193,393 834,416 — 57,500 Invesco Realty, Inc. 351,856 351,856 351,856 311,283 — — 39,016 Members of our board of directors and employees of our Adviser (1) — — — — 116,395 — 3,215 351,856 351,856 351,856 1,504,676 950,811 14,289,602 $ 520,920 (1) Members of our board of directors and employees of our Adviser are made up of officers of the Company or employees who serve on the Company’s steering committee. 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. W e will begin reimbursement of advanced organization and offering expen ses on the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2027 . We will reimburse the Adviser for all of our advanced expenses ratably over the 60 months following such date. In January 2023, we began reimbursing the Adviser on a quarterly basis for organization and offering expenses incurred subsequent to December 31, 2022. As of September 30, 2024 and December 31, 2023, the Adviser and its affiliates have advanced organization costs and offering expenses of $8.4 million and $7.6 million, respectively, on our behalf in connection with the Offering and Private Offerings 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. From January 2022 to September 2022, we began ratably reimbursing the Adviser over 60 months for the operating expenses incurred prior to December 31, 2021 and will recommence reimbursements to the Adviser following the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2027. In January 2022, we began reimbursing the Adviser on a quarterly basis for operating expenses incurred subsequent to December 31, 2021. As of September 30, 2024 and December 31, 2023 , the Adviser advanced on our behalf $8.3 million and $9.4 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 consecutive fiscal quarters ended September 30, 2024 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 nine months ended September 30, 2024, we incurred approximately $44,000 and $0.1 million, respectively, of expenses due to Pine Tree for services in connection with the property management of Cortlandt Crossing. During the three and nine months ended September 30, 2023, we incurred approximately $35,000 and $0.1 million, 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 We formed a joint venture with Invesco U.S. Income Fund L.P., an affiliate of Invesco, to acquire an 85% interest in the Sunbelt Medical Office Portfolio. INREIT OP and Invesco U.S. Income Fund L.P. each hold a 50% interest in the joint venture. We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufactured housing through Homestead Communities, LLC. Invesco U.S. Income Fund L.P. owns the remaining 50% ownership interest. We hold our interest in Everly Roseland 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 and a majority owned subsidiary of Invesco Global Property Plus Fund (“IGP+”). The Everly Roseland Co-Invest holds a 95% consolidated ownership interest in a joint venture with a third-party. See additional discussion in Note 4 — “Investments in Unconsolidated Entities.” Investment in Affiliated Fund As of September 30, 2024, we have an investment of $22.9 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 residential real estate throughout the United States. Other As of September 30, 2024, we have a commitment of $30.0 million from Invesco Realty, Inc. that collateralizes our Revolving Credit Facility. On October 11, 2024, an incremental commitment was made by Invesco Realty, Inc. to provide up to $35.0 million of capital to the Company under the Revolving Credit Facility pursuant to and in accordance with the terms of an incremental credit support subscription agreement bringing their total commitment to $65.0 million. 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. As of September 30, 2024, we have not called any of the commitment.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and contingencies may arise in the ordinary course of business. As of September 30, 2024, 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 September 30, 2024, we were not subject to any material litigation or aware of any pending or threatened material litigation.

Tenant Leases

Tenant Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Tenant Leases	Tenant Leases Our real estate properties are leased to tenants under operating lease agreements that expire on various dates. Our tenants have the option to extend or terminate certain leases at their discretion and also have termination options that may result in additional fees due to the Company. We recognize rental revenue on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. Our tenant leases do not have material residual value guarantees or material restrictive covenants. The following table details the components of operating lease income: Three Months Ended September 30, Nine Months Ended September 30, in thousands 2024 2023 2024 2023 Fixed lease payments $ 13,271 $ 14,129 $ 39,155 $ 41,627 Variable lease payments 1,423 1,883 4,591 5,437 Rental revenue $ 14,694 $ 16,012 $ 43,746 $ 47,064 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 2024 (remainder) $ 3,210 2025 12,952 2026 13,171 2027 12,694 2028 11,915 2029 9,079 Thereafter 41,863 Total $ 104,884 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of September 30, 2024, 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 an originated commercial loan, the preferred equity investment in San Simeon Preferred Equity 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, income from commercial loans, property operating expenses and the net of revenues and property operating expenses of unconsolidated entities that is allocable to our ownership interest. The following table summarizes our total assets by segment: in thousands September 30, 2024 December 31, 2023 Healthcare $ 65,299 $ 72,234 Office 29,530 30,612 Industrial 151,091 141,081 Self-Storage 98,875 100,181 Multifamily 157,282 161,303 Student Housing 224,161 229,225 Grocery-Anchored Retail 63,480 64,733 Real Estate Debt 64,147 90,019 Corporate and Other 138,990 83,376 Total assets $ 992,855 $ 972,764 The following table summarizes our financial results by segment for the three months ended September 30, 2024: in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 767 $ 2,141 $ 2,168 $ 2,973 $ 5,215 $ 1,430 $ — $ — $ 14,694 Income from commercial loans — — — — — — — 1,012 — 1,012 Other revenue — — 89 220 66 407 — — 31 813 Total revenues — 767 2,230 2,388 3,039 5,622 1,430 1,012 31 16,519 Expenses: Rental property operating — 148 1,158 544 1,219 2,906 470 — 109 6,554 Total expenses — 148 1,158 544 1,219 2,906 470 — 109 6,554 Income from unconsolidated entities, net 161 — — — — — — 797 844 1,802 Income from investment in affiliated fund, net — — — — — — — 200 — 200 Gain on real estate-related securities, net — — — — — — — — 1,631 1,631 Segment net operating income $ 161 $ 619 $ 1,072 $ 1,844 $ 1,820 $ 2,716 $ 960 $ 2,009 $ 2,397 $ 13,598 Segment depreciation and amortization $ (1,600) $ (194) $ (1,432) $ (640) $ (1,213) $ (1,736) $ (518) $ — $ (1,154) $ (8,487) General and administrative (2,180) Loss on derivative instruments, net (1,382) Unrealized gain on commercial loans 36 Interest income 484 Interest expense (6,196) Management fee - related party (515) Other income 180 Net loss attributable to Invesco Real Estate Income Trust Inc. $ (4,462) Net loss attributable to non-controlling interests in consolidated joint ventures 987 Net loss attributable to non-controlling interest in INREIT OP 15 Net loss attributable to common stockholders $ (3,460) The following table reconciles our segment income from unconsolidated entities to loss from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended September 30, 2024: in thousands Segment income from unconsolidated entities $ 1,802 Depreciation and amortization attributable to unconsolidated entities (2,754) Loss from unconsolidated entities, net $ (952) The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended September 30, 2024: in thousands Segment depreciation and amortization $ (8,487) Depreciation and amortization attributable to unconsolidated entities 2,754 Depreciation and amortization $ (5,733) The following table summarizes our financial results by segment for the three months ended September 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 $ — $ 725 $ 2,654 $ 2,108 $ 4,223 $ 5,044 $ 1,258 $ — $ — $ 16,012 Income from commercial loans — — — — — — — 1,136 — 1,136 Other revenue — — 89 236 147 430 — — 13 915 Total revenues — 725 2,743 2,344 4,370 5,474 1,258 1,136 13 18,063 Expenses: Rental property operating — 132 1,223 998 1,484 2,528 497 — 51 6,913 Total expenses — 132 1,223 998 1,484 2,528 497 — 51 6,913 Income from unconsolidated entities, net 1,395 — — — — — — 748 1,827 3,970 Income from investment in affiliated fund, net — — — — — — — 493 — 493 Loss on real estate-related securities, net — — — — — — — — (448) (448) Segment net operating income $ 1,395 $ 593 $ 1,520 $ 1,346 $ 2,886 $ 2,946 $ 761 $ 2,377 $ 1,341 $ 15,165 Segment depreciation and amortization $ (1,749) $ (416) $ (1,398) $ (630) $ (1,603) $ (1,654) $ (502) $ — $ (443) $ (8,395) General and administrative (959) Gain on derivative instruments, net 1,384 Impairment loss on investments in real estate (1,743) Interest expense (7,118) Management fee - related party (446) Other expense (174) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (2,286) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 29 Net loss attributable to non-controlling interest in INREIT OP 11 Net loss attributable to common stockholders $ (2,248) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended September 30, 2023: in thousands Segment income from unconsolidated entities $ 3,970 Depreciation and amortization attributable to unconsolidated entities (2,192) Income from unconsolidated entities, net $ 1,778 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended September 30, 2023: in thousands Segment depreciation and amortization $ (8,395) Depreciation and amortization attributable to unconsolidated entities 2,192 Depreciation and amortization $ (6,203) The following table summarizes our financial results by segment for the nine months ended September 30, 2024: in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 2,249 $ 6,952 $ 6,387 $ 8,768 $ 15,192 $ 4,198 $ — $ — $ 43,746 Income from commercial loans — — — — — — — 3,282 — 3,282 Other revenue — — 266 663 183 1,009 2 — 95 2,218 Total revenues — 2,249 7,218 7,050 8,951 16,201 4,200 3,282 95 49,246 Expenses: Rental property operating — 446 2,652 3,326 3,735 7,083 1,388 — 342 18,972 Total expenses — 446 2,652 3,326 3,735 7,083 1,388 — 342 18,972 Income from unconsolidated entities, net 2,589 — — — — — — 2,353 2,390 7,332 Income from investment in affiliated fund, net — — — — — — — 1,356 — 1,356 Gain on real estate-related securities, net — — — — — — — — 3,386 3,386 Segment net operating income $ 2,589 $ 1,803 $ 4,566 $ 3,724 $ 5,216 $ 9,118 $ 2,812 $ 6,991 $ 5,529 $ 42,348 Segment depreciation and amortization $ (4,934) $ (1,026) $ (4,192) $ (1,915) $ (3,773) $ (5,207) $ (1,563) $ — $ (2,269) $ (24,879) General and administrative (4,943) Gain on derivative instruments, net 888 Unrealized gain on commercial loans 146 Interest income 1,259 Interest expense (18,269) Management fee - related party (1,478) Other expense (309) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (5,237) Dividends to preferred stockholders $ (4) Issuance and redemption costs of redeemed preferred stock (24) Net loss attributable to non-controlling interests in consolidated joint ventures 1,484 Net loss attributable to non-controlling interest in INREIT OP 57 Net loss attributable to common stockholders $ (3,724) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the nine months ended September 30, 2024: in thousands Segment income from unconsolidated entities $ 7,332 Depreciation and amortization attributable to unconsolidated entities (7,203) Income from unconsolidated entities, net $ 129 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2024: in thousands Segment depreciation and amortization $ (24,879) Depreciation and amortization attributable to unconsolidated entities 7,203 Depreciation and amortization $ (17,676) The following table summarizes our financial results by segment for the nine months ended September 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 $ — $ 2,178 $ 8,104 $ 6,267 $ 12,378 $ 13,900 $ 4,237 $ — $ — $ 47,064 Income from commercial loans — — — — — — — 3,310 — 3,310 Other revenue — — 259 702 463 956 — — 13 2,393 Total revenues — 2,178 8,363 6,969 12,841 14,856 4,237 3,310 13 52,767 Expenses: Rental property operating — 409 3,813 3,086 4,572 5,992 1,414 — 219 19,505 Total expenses — 409 3,813 3,086 4,572 5,992 1,414 — 219 19,505 Income from unconsolidated entities, net 4,210 — — — — — — 2,195 3,019 9,424 Income from investment in affiliated fund, net — — — — — — — 75 — 75 Gain on real estate-related securities, net — — — — — — — — (525) (525) Segment net operating income $ 4,210 $ 1,769 $ 4,550 $ 3,883 $ 8,269 $ 8,864 $ 2,823 $ 5,580 $ 2,288 $ 42,236 Segment depreciation and amortization $ (5,463) $ (1,253) $ (4,157) $ (3,155) $ (4,807) $ (4,864) $ (1,497) $ — $ (1,823) $ (27,019) General and administrative (3,580) Gain on derivative instruments, net 3,753 Impairment loss on investments in real estate (1,743) Interest expense (20,830) Management fee - related party (1,260) Other expense (102) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (8,545) Dividends to preferred stockholders $ (6) Net loss attributable to non-controlling interests in consolidated joint ventures 745 Net loss attributable to non-controlling interest in INREIT OP 43 Net loss attributable to common stockholders $ (7,763) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the nine months ended September 30, 2023: in thousands Segment income from unconsolidated entities $ 9,424 Depreciation and amortization attributable to unconsolidated entities (7,286) Income from unconsolidated entities, net $ 2,138 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2023: in thousands Segment depreciation and amortization $ (27,019) Depreciation and amortization attributable to unconsolidated entities 7,286 Depreciation and amortization $ (19,733)

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events DST Program On October 15, 2024, we commenced our second DST Offering under our DST Program. The DST Properties for the second DST Offering are comprised of eight self-storage properties that were sourced from our existing real properties. As of November 11, 2024, we have not raised any proceeds from the second DST Offering.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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, 2023. The accompanying 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 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. See additional information on our VIEs in Note 14 — “Variable Interest Entities.” For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of each joint venture is included in non-controlling interests in consolidated joint ventures and reported as equity of the Company on our condensed consolidated balance sheets. The non-controlling partner’s interest is generally calculated as the joint venture partner’s ownership percentage. Certain of the joint ventures formed by the Company provide the joint venture partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the joint venture partner is reported as net (income) loss attributable to non-controlling interests in consolidated joint ventures on our condensed 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.
Income Taxes	Income Taxes For the three and nine months ended September 30, 2024, we recorded a net tax expense of $0.1 million and $0.5 million, respectively, located within other income (expense), net on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2023, we recorded a net tax expense of $0.1 million located within other income (expense), net on our condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023, we had a deferred tax asset of $0.3 million and approximately $24,000, respectively, both of which are offset by a full valuation allowance. Deferred tax assets and valuation allowances are recorded within other assets on our condensed consolidated balance sheets. As of September 30, 2024, our tax years 2020 through 2023 remain subject to examination by the United States tax authorities.
Use of Estimates	Use of Estimates
Earnings (Loss) per Share	Earnings (Loss) per Share We calculate basic earnings (loss) per share (“EPS”) 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 EPS considering the effect of dilutive instruments, such as unvested restrictive stock awards, 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.
Pending Accounting Pronouncements	Pending Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued an accounting standards update intended to improve reportable segment disclosure requirements on an annual and interim basis. The amendments require, among other items, enhanced disclosures around significant segment expenses regularly provided to the chief operating decision maker (“CODM”), as well as the CODM's title and position. We are required to implement the amendments in our consolidated financial statements for the year ended December 31, 2024 and for interim periods thereafter. The amendments must be applied on a retrospective basis and early adoption is permitted. We are currently evaluating the impact of these amendments on our disclosures.

Investments in Real Estate, n_2

Investments in Real Estate, net (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Investments in Real Estate	Investments in real estate, net consist of: in thousands September 30, 2024 December 31, 2023 Building and improvements $ 572,074 $ 563,958 Land and land improvements 153,650 148,411 Furniture, fixtures and equipment 13,553 11,349 Total 739,277 723,718 Accumulated depreciation (53,293) (38,115) Investments in real estate, net $ 685,984 $ 685,603
Schedule of Asset Acquisition	We acquired the following property during the nine months ended September 30, 2024: $ in thousands Property Name Ownership Interest Number of Segment Acquisition Date Purchase Price (1) International Business 4535 100% 1 Industrial July 2024 $ 8,730,884 (1) Purchase price is inclusive of acquisition-related costs. The following table summarizes the allocation of the total cost for International Business 4535 acquired during the nine months ended September 30, 2024: $ in thousands Amount Building and building improvements $ 7,426,926 Land and land improvements 1,864,615 Lease intangibles (1) 955,810 Below-market lease intangibles (1,516,467) Total purchase price (2) $ 8,730,884 (1) Lease intangibles consist of in-place leases and leasing commissions. (2) Includes acquisition-related costs. The weighted-average amortization periods for intangible assets and liabilities acquired in connection with our acquisition of International Business 4535 during the nine months ended September 30, 2024 were as follows: In-place lease intangibles Leasing commissions Below-market lease intangibles Weighted-average amortization periods (in years) 5.30 5.30 5.30

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Our investments in unconsolidated entities as of September 30, 2024 and December 31, 2023 were as follows: in thousands Carrying Amount Entity Ownership Percentage (1) September 30, 2024 December 31, 2023 Vida JV LLC (2) 42.5% $ 65,299 $ 72,234 San Simeon Preferred Equity (3) — 28,236 27,488 PTCR Holdco, LLC (4) — 9,078 8,484 Retail GP Fund (5) 4.5% to 13.5% 20,496 13,150 Homestead Communities, LLC (6) 50.0% 62 (37) Total $ 123,171 $ 121,319 (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 (the “Invesco JV”) with Invesco U.S. Income Fund L.P., an affiliate of Invesco, to acquire an interest in a portfolio of medical office buildings located throughout the United States (the “Sunbelt Medical Office Portfolio”). As of September 30, 2024, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of September 30, 2024, 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 Preferred Equity”), a limited liability company that owns a multifamily property. The common member of San Simeon Preferred Equity had two one-year options that would extend the mandatory redemption date of our preferred membership interest to December 15, 2025. The original mandatory redemption was due to occur on December 15, 2023. However, on December 15, 2023, San Simeon Preferred Equity exercised the first extension option which makes our preferred membership interest mandatorily redeemable on December 15, 2024. The common member of San Simeon Preferred Equity has one remaining one-year extension. As of September 30, 2024, the investment yields a preferred return rate of 7.25%, which includes both the current pay and the deferred pay rates, 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 fourteen retail properties. (6) We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufactured housing through a joint venture, Homestead Communities, LLC (“Homestead”). Invesco U.S. Income Fund L.P, an affiliate of Invesco, 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 nine months ended September 30, 2024 and 2023 were as follows: Company’s Share of Unconsolidated Entities' Income (Loss) in thousands Three Months Ended September 30, Nine Months Ended September 30, Entity 2024 2023 2024 2023 Vida JV LLC $ (1,439) $ (354) $ (2,345) $ (1,253) San Simeon Preferred Equity 798 748 2,353 2,196 PTCR Holdco, LLC 271 272 808 806 Retail GP Fund (508) 1,170 (648) 711 Homestead Communities, LLC (74) (58) (39) (322) Total $ (952) $ 1,778 $ 129 $ 2,138 The following tables provide summarized balance sheets of our investments in unconsolidated entities: September 30, 2024 December 31, 2023 in thousands Total assets Total liabilities Total equity Total assets Total liabilities Total equity Vida JV LLC $ 384,848 (231,741) $ 153,107 $ 391,584 (222,238) $ 169,346 San Simeon Preferred Equity 130,947 (76,145) 54,802 128,759 (77,428) 51,331 Retail GP Fund 996,875 (542,754) 454,121 502,642 (278,012) 224,630 Other 3,939 (3,454) 485 5,320 (3,244) 2,076 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 in thousands Revenue Net income (loss) Revenue Net income (loss) Vida JV LLC $ 9,873 $ 3,382 $ 9,535 $ (831) San Simeon Preferred Equity 2,835 638 2,709 236 Retail GP Fund 36,426 (7,041) 16,881 4,057 Other 5,115 696 4,030 (497) Total $ 54,249 $ (2,325) $ 33,155 $ 2,965 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 in thousands Revenue Net income (loss) Revenue Net income (loss) Vida JV LLC $ 29,224 $ 5,506 $ 28,246 $ (2,938) San Simeon Preferred Equity 8,329 1,767 7,872 1,183 Retail GP Fund 61,051 (7,885) 43,317 3,659 Other 10,105 (813) 11,023 (1,499) Total $ 108,709 $ (1,425) $ 90,458 $ 405

Investments in Commercial Loa_2

Investments in Commercial Loans (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Investment in a Commercial Loan	Current Principal Balance Fair Value in thousands Origination Date Loan Type Interest Rate (1) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Maturity Date 9801 Blue Grass Loan 9/1/2022 Mezzanine N/A $ — $ 21,800 $ — $ 21,689 9/9/2024 5805 N Jackson Gap Loan 1/20/2023 Mezzanine 13.10% 13,007 13,007 12,972 12,937 2/9/2025 Total $ 13,007 $ 34,807 $ 12,972 $ 34,626 (1)

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments in Real Estate-Related Debt Securities	The following tables summarize our investments in real estate-related securities by asset type: September 30, 2024 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 $ 35,500 $ (1,196) $ 34,304 $ 47 $ 34,351 7.80 % 8/9/2025 Common stock of REITs N/A N/A 5,544 664 6,208 4.19 % N/A Total $ 35,500 $ (1,196) $ 39,848 $ 711 $ 40,559 December 31, 2023 in thousands Principal Balance Unamortized Premium (Discount) Amortized Cost / Cost (1) Unrealized Gain (Loss), Net Fair Value Period-end Weighted Average Yield Weighted-Average Maturity Date Non-agency CMBS $ 25,202 $ (1,160) $ 24,042 $ (741) $ 23,301 7.26 % 2/13/2039 Preferred stock of REITs N/A N/A 2,107 (171) 1,936 6.71 % N/A Common stock of REITs N/A N/A 4,034 (1,241) 2,793 5.51 % N/A Total $ 25,202 $ (1,160) $ 30,183 $ (2,153) $ 28,030 (1)

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: September 30, 2024 in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,876 $ (34,100) $ 13,776 Leasing commissions 5,816 (1,984) 3,832 Above-market lease intangibles 1,951 (498) 1,453 Total intangible assets, net $ 55,643 $ (36,582) $ 19,061 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 4,243 $ (1,244) $ 2,999 Total intangible liabilities, net $ 4,243 $ (1,244) $ 2,999 December 31, 2023 in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 46,969 $ (32,085) $ 14,884 Leasing commissions 5,768 (1,506) 4,262 Above-market lease intangibles 1,951 (367) 1,584 Total intangible assets, net $ 54,688 $ (33,958) $ 20,730 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,726 $ (956) $ 1,770 Total intangible liabilities, net $ 2,726 $ (956) $ 1,770
Schedule of Below Market Leases	The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: September 30, 2024 in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,876 $ (34,100) $ 13,776 Leasing commissions 5,816 (1,984) 3,832 Above-market lease intangibles 1,951 (498) 1,453 Total intangible assets, net $ 55,643 $ (36,582) $ 19,061 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 4,243 $ (1,244) $ 2,999 Total intangible liabilities, net $ 4,243 $ (1,244) $ 2,999 December 31, 2023 in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 46,969 $ (32,085) $ 14,884 Leasing commissions 5,768 (1,506) 4,262 Above-market lease intangibles 1,951 (367) 1,584 Total intangible assets, net $ 54,688 $ (33,958) $ 20,730 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,726 $ (956) $ 1,770 Total intangible liabilities, net $ 2,726 $ (956) $ 1,770
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization of our intangibles for each of the next five years and thereafter as of September 30, 2024 is: in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2024 (remainder) $ 559 $ 155 $ 44 $ (212) 2025 2,282 621 176 (647) 2026 2,244 620 176 (647) 2027 1,897 540 176 (560) 2028 1,765 505 176 (495) 2029 1,337 349 164 (319) Thereafter 3,692 1,042 541 (119) $ 13,776 $ 3,832 $ 1,453 $ (2,999)
Schedule of Below Market Lease, Future Amortization Income	The estimated future amortization of our intangibles for each of the next five years and thereafter as of September 30, 2024 is: in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2024 (remainder) $ 559 $ 155 $ 44 $ (212) 2025 2,282 621 176 (647) 2026 2,244 620 176 (647) 2027 1,897 540 176 (560) 2028 1,765 505 176 (495) 2029 1,337 349 164 (319) Thereafter 3,692 1,042 541 (119) $ 13,776 $ 3,832 $ 1,453 $ (2,999)

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table summarizes the components of other assets: in thousands September 30, 2024 December 31, 2023 Deferred rent $ 3,492 $ 2,994 Derivative instruments 1,590 4,818 Prepaid expenses 1,463 713 Capitalized tax abatement, net (1) 1,238 1,363 Receivables, net 132 688 Deposits 61 — Other 613 791 Total $ 8,589 $ 11,367 (1) We obtained a tax abatement in conjunction with our purchase of the 3101 Agler property with an expiration date of December 31, 2031. We are amortizing the tax abatement over its remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of September 30, 2024, accumulated amortization of the capitalized tax abatement was $0.4 million.
Schedule of Notional Amounts	The following table summarizes changes to the notional amount of our derivative instruments in 2024: in thousands Notional Amount as of December 31, 2023 Additions Termination or Expiration Notional Amount as of September 30, 2024 Interest rate caps $ 178,500 $ 35,000 $ (60,000) $ 153,500 Interest rate swap 52,500 — — 52,500 Total $ 231,000 $ 35,000 $ (60,000) $ 206,000
Schedule of Notional Amount and Other Information Related to Our Interest Rate Caps and Swaps	The following tables summarize the notional amount and other information related to our interest rate caps and interest rate swap as of September 30, 2024 and December 31, 2023: September 30, 2024 in thousands Number of Instruments Notional Amount (1) Fixed Amount Fair Value Weighted Average Strike Rate/Fixed Rate Weighted Average Remaining Term In Years Interest rate caps 3 $ 153,500 $ 2,108 $ 832 3.08% 0.47 Interest rate swap 1 52,500 N/A 758 2.73% 2.58 Total 4 $ 206,000 $ 2,108 $ 1,590 December 31, 2023 in thousands Number of Instruments Notional Amount (1) Fixed Amount Fair Value Weighted Average Strike Rate/Fixed Rate Weighted Average Remaining Term In Years Interest rate caps 4 $ 178,500 $ 2,601 $ 3,320 2.64% 1.14 Interest rate swap 1 52,500 N/A 1,498 2.73% 3.33 Total 5 $ 231,000 $ 2,601 $ 4,818 (1) The notional amount represents the amount of the mortgage note borrowings that we are hedging. It does not represent our exposure to credit, interest rate or market risks.
Schedule of Derivative Instruments	The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of operations for the three months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 in thousands Realized gain (loss) on derivative instruments, net Contractual net interest income (expense) Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest rate caps $ (176) $ 887 $ (1,026) $ (315) Interest rate swap — 351 (1,418) (1,067) Total $ (176) $ 1,238 $ (2,444) $ (1,382) Three Months Ended September 30, 2023 in thousands Realized gain (loss) on derivative instruments, net Contractual net interest income (expense) Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest rate caps $ — $ 1,496 $ (949) $ 547 Interest rate swap — 332 505 837 Total $ — $ 1,828 $ (444) $ 1,384 The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of operations for the nine months ended September 30, 2024, and 2023: Nine Months Ended September 30, 2024 in thousands Realized gain (loss) on derivative instruments, net Contractual net interest income (expense) Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest rate caps $ (122) $ 2,796 $ (2,092) $ 582 Interest rate swap — 1,046 (740) 306 Total $ (122) $ 3,842 $ (2,832) $ 888 Nine Months Ended September 30, 2023 in thousands Realized gain (loss) on derivative instruments, net Contractual net interest income (expense) Unrealized gain (loss), net Gain (loss) on derivative instruments, net Interest rate caps $ — $ 3,997 $ (1,798) $ 2,199 Interest rate swap — 746 808 1,554 Total $ — $ 4,743 $ (990) $ 3,753

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Certain Characteristics of Our Mortgage Notes	The following table summarizes certain characteristics of our mortgage notes that are secured by the Company’s properties: in thousands Principal Balance Outstanding Indebtedness Interest Rate (1) Initial Maturity Date Extended Maturity Date (6) Maximum Principal Amount September 30, 2024 December 31, 2023 Bixby Kennesaw S + 1.71% (2) 9/24/2026 N/A $ 53,000 $ 53,000 $ 53,000 The Carmin S + 1.75% (3) 1/1/2025 1/1/2027 $ 65,500 65,500 65,500 Cortlandt Crossing 3.13% 3/1/2027 N/A $ 39,660 39,660 39,660 Everly Roseland S + 1.45% (4) 4/28/2027 4/28/2029 $ 113,500 111,134 110,874 Midwest Industrial Portfolio 4.44% and S + applicable margin (5) 7/5/2027 N/A $ 70,000 70,000 70,000 Total mortgages payable 339,294 339,034 Deferred financing costs, net (1,533) (2,290) Mortgage notes payable, net $ 337,761 $ 336,744 (1) The term “S” refers to the relevant floating benchmark rate, SOFR. (2) The weighted-average interest rate for the three and nine months ended September 30, 2024 was 7.03% and 7.04%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.87% and 6.48%, respectively. (3) The weighted-average interest rate for the three and nine months ended September 30, 2024 was 7.09% and 7.08%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.81% and 6.33%, respectively. (4) The weighted-average interest rate for the three and nine months ended September 30, 2024 was 6.75% and 6.77%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.70% and 6.38%, respectively. (5) The mortgage note secured by Meridian Business 940, Capital Park 2919, 3101 Agler and Earth City 13330 (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 nine months ended September 30, 2024 was 5.71% and 5.73%, respectively, and 5.66% and 5.62% for the three and nine months ended September 30, 2023, respectively. (6) We may elect to extend the maturity date upon meeting certain conditions, which may include payment of a non-refundable extension fee.
Schedule of Schedule of Future Principal Payments	The following table presents the future principal payments due under our outstanding borrowings as of September 30, 2024: in thousands Year Revolving Credit Facility Mortgages Payable Financing Obligation Total 2024 (remaining) $ — $ — $ 2 $ 2 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 220,794 15 220,809 2028 — — 18 18 2029 — — 21 21 Thereafter — — 36,270 36,270 Total $ — $ 339,294 $ 36,347 $ 375,641

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses and Other Liabilities	The following table summarizes the components of accounts payable, accrued expenses and other liabilities: in thousands September 30, 2024 December 31, 2023 Subscriptions received in advance $ 6,204 $ 3,503 Common stock repurchases 5,688 5,458 Real estate taxes payable 4,173 2,121 Intangible liabilities, net 2,999 1,770 Accrued interest expense 1,480 1,566 Tenant security deposits 1,371 1,293 Prepaid rental income 1,300 441 Accounts payable and accrued expenses 637 1,359 Distributions payable 585 478 Total $ 24,437 $ 17,989

Class N Redeemable Common Sto_2

Class N Redeemable Common Stock (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Class N Redeemable Common Stock	The following table details our Class N redeemable common stock activity with Massachusetts Mutual Life Insurance Company (“MassMutual”): As of September 30, 2024 As of December 31, 2023 in thousands, except share amounts Shares Amount Shares Amount Class N Redeemable Common Stock issued 16,827,393 $ 495,984 16,320,994 $ 481,299 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)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Outstanding Shares of Common Stock	The following tables detail the movement in the Company’s outstanding shares of common stock: Nine Months Ended September 30, 2024 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2023 613,405 528,268 832,598 4,332,740 1,190,589 13,783,204 21,280,804 Issuance of common stock 7,631 115,782 32,613 371,514 15,742 — 543,282 Common stock repurchased (226) — (262) (242,673) (15,463) — (258,624) Distribution reinvestment 1,985 1,615 3,677 5,690 2,506 164,658 180,131 Balance at March 31, 2024 622,795 645,665 868,626 4,467,271 1,193,374 13,947,862 21,745,593 Issuance of common stock 3,665 32,743 11,187 379,827 16,418 — 443,840 Common stock repurchased (257) — (18,190) (252,147) (8,542) — (279,136) Exchange of common stock — — — (574) 547 — (27) Distribution reinvestment 2,065 2,806 3,852 6,686 2,512 169,005 186,926 Balance at June 30, 2024 628,268 681,214 865,475 4,601,063 1,204,309 14,116,867 22,097,196 Issuance of common stock 1,721 43,634 7,599 245,305 21,750 — 320,009 Common stock repurchased (3,485) (16,467) (5,997) (230,174) (15,383) — (271,506) Distribution reinvestment 2,047 3,166 3,839 7,443 2,522 172,736 191,753 Balance at September 30, 2024 628,551 711,547 870,916 4,623,637 1,213,198 14,289,603 22,337,452 Nine Months Ended September 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 Issuance of common stock 18,462 96,942 34,096 408,889 14,796 — 573,185 Common stock repurchased (503) — (1,373) (221,839) (5,640) — (229,355) Distribution reinvestment 1,600 195 2,486 4,109 2,624 102,368 113,382 Balance at September 30, 2023 591,741 462,944 789,726 4,426,664 1,187,356 13,625,692 21,084,123
Schedule of Aggregate Distributions Declared	The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 Stockholder servicing fee per share (1) — (0.0259) (0.0295) (0.0103) — — — Net distributions declared per share $ — $ 0.3911 $ 0.3875 $ 0.4067 $ 0.4170 $ 0.4170 $ 0.4170 Three Months Ended September 30, 2023 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ — $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 $ 0.4170 Stockholder servicing fee per share (1) — (0.0255) (0.0101) (0.0102) — — — Net distributions declared per share $ — $ 0.3915 $ 0.4069 $ 0.4068 $ 0.4170 $ 0.4170 $ 0.4170 Nine Months Ended September 30, 2024 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 1.2507 $ 1.2507 $ 1.2507 $ 1.2507 $ 1.2507 $ 1.2507 Stockholder servicing fee per share (1) — (0.0774) (0.0806) (0.0310) — — — Net distributions declared per share $ 31.2500 $ 1.1733 $ 1.1701 $ 1.2197 $ 1.2507 $ 1.2507 $ 1.2507 Nine Months Ended September 30, 2023 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 1.2487 $ 1.2487 $ 1.2487 $ 1.2487 $ 1.2487 $ 1.2487 Stockholder servicing fee per share (1) — (0.0684) (0.0109) (0.0285) — — — Net distributions declared per share $ 31.2500 $ 1.1803 $ 1.2378 $ 1.2202 $ 1.2487 $ 1.2487 $ 1.2487 (1) See Note 16 — “Related Party Transactions” for a discussion of our stockholder servicing fee.
Schedule of Noncontrolling Interest	The following table details the non-controlling interest activity related to the Special Limited Partner: Three Months Ended September 30, Nine Months Ended September 30, in thousands 2024 2023 2024 2023 Net loss allocated $ (15) $ (11) $ (57) $ (43) Distributions $ 47 $ 94 $ 177 $ 267 Adjustment to carrying value $ 15 $ (73) $ 96 $ 514

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	The following table details our financial instruments measured at fair value on a recurring basis: September 30, 2024 Fair Value Measurements Using: in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient Total at Fair Value Investments in real estate-related securities $ 6,207 $ 34,352 $ — $ — $ 40,559 Investments in commercial loans — — 12,972 — 12,972 Investment in affiliated fund — — — 22,869 22,869 Interest rate caps — 832 — — 832 Interest rate swap — 758 — — 758 Total $ 6,207 $ 35,942 $ 12,972 $ 22,869 $ 77,990 December 31, 2023 Fair Value Measurements Using: in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient Total at Fair Value Investments in real estate-related securities $ 4,729 $ 23,301 $ — $ — $ 28,030 Investments in commercial loans — — 34,626 — 34,626 Investment in affiliated fund — — — 27,717 27,717 Interest rate caps — 3,320 — — 3,320 Interest rate swap — 1,498 — — 1,498 Total $ 4,729 $ 28,119 $ 34,626 $ 27,717 $ 95,191
Schedule of Investment In the Commercial Loan	The following table details our investment in the commercial loan: in thousands Investments in Commercial Loans Balance as of December 31, 2023 $ 34,626 Net unrealized gain 146 Loan repayment (21,800) Balance as of September 30, 2024 $ 12,972
Schedule of Fair Value Measurements Of Our Investment In the Commercial Loan	The following table shows the significant unobservable inputs related to the Level 3 fair value measurement of our investment in the commercial loan as of September 30, 2024. Type Asset Class Valuation Technique Unobservable Input Weighted Average Rate Commercial loan Industrial Discounted cash flow Discount rate 8.50%
Schedule of Carrying Value and Estimated Fair Value of our Liabilities	The following table presents the principal balance and estimated fair value of our liabilities that are not carried at fair value on the condensed consolidated balance sheets: September 30, 2024 December 31, 2023 in thousands Principal Balance Estimated Fair Value Principal Balance Estimated Fair Value Mortgage notes payable $ 339,294 $ 335,089 $ 339,034 $ 333,605 Total $ 339,294 $ 335,089 $ 339,034 $ 333,605

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Due to Affiliates	The following table details the components of due to affiliates: in thousands September 30, 2024 December 31, 2023 Advanced general and administrative expenses $ 8,348 $ 9,448 Advanced offering costs 6,895 6,134 Accrued stockholder servicing fee 2,502 2,112 Distributions payable 2,493 2,501 Advanced organization expenses 1,474 1,474 Accrued management fee 342 309 Accrued affiliate service provider expenses 204 16 Total $ 22,258 $ 21,994 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% (1) up to 3.5% up to 1.5% — — Maximum Upfront Dealer Manager Fees 0.5% (1) — — — — Stockholder Servicing Fee 0.85% (2) 0.85% 0.25% — — (1) For Class T shares sold in the Offering (other than as part of our distribution reinvestment plan), investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. (2) 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 are held by affiliates as of September 30, 2024. in thousands, except share amounts Class T Class S Class D Class I Class E Class N Total Purchase Price MassMutual — — — — — 14,289,602 $ 421,189 Invesco Global Property Plus Fund — — — 1,193,393 834,416 — 57,500 Invesco Realty, Inc. 351,856 351,856 351,856 311,283 — — 39,016 Members of our board of directors and employees of our Adviser (1) — — — — 116,395 — 3,215 351,856 351,856 351,856 1,504,676 950,811 14,289,602 $ 520,920 (1) Members of our board of directors and employees of our Adviser are made up of officers of the Company or employees who serve on the Company’s steering committee.

Tenant Leases (Tables)

Tenant Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Operating Lease Income	The following table details the components of operating lease income: Three Months Ended September 30, Nine Months Ended September 30, in thousands 2024 2023 2024 2023 Fixed lease payments $ 13,271 $ 14,129 $ 39,155 $ 41,627 Variable lease payments 1,423 1,883 4,591 5,437 Rental revenue $ 14,694 $ 16,012 $ 43,746 $ 47,064
Schedule of Future Minimum Rental Payments Receivable	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 2024 (remainder) $ 3,210 2025 12,952 2026 13,171 2027 12,694 2028 11,915 2029 9,079 Thereafter 41,863 Total $ 104,884

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes our total assets by segment: in thousands September 30, 2024 December 31, 2023 Healthcare $ 65,299 $ 72,234 Office 29,530 30,612 Industrial 151,091 141,081 Self-Storage 98,875 100,181 Multifamily 157,282 161,303 Student Housing 224,161 229,225 Grocery-Anchored Retail 63,480 64,733 Real Estate Debt 64,147 90,019 Corporate and Other 138,990 83,376 Total assets $ 992,855 $ 972,764 The following table summarizes our financial results by segment for the three months ended September 30, 2024: in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 767 $ 2,141 $ 2,168 $ 2,973 $ 5,215 $ 1,430 $ — $ — $ 14,694 Income from commercial loans — — — — — — — 1,012 — 1,012 Other revenue — — 89 220 66 407 — — 31 813 Total revenues — 767 2,230 2,388 3,039 5,622 1,430 1,012 31 16,519 Expenses: Rental property operating — 148 1,158 544 1,219 2,906 470 — 109 6,554 Total expenses — 148 1,158 544 1,219 2,906 470 — 109 6,554 Income from unconsolidated entities, net 161 — — — — — — 797 844 1,802 Income from investment in affiliated fund, net — — — — — — — 200 — 200 Gain on real estate-related securities, net — — — — — — — — 1,631 1,631 Segment net operating income $ 161 $ 619 $ 1,072 $ 1,844 $ 1,820 $ 2,716 $ 960 $ 2,009 $ 2,397 $ 13,598 Segment depreciation and amortization $ (1,600) $ (194) $ (1,432) $ (640) $ (1,213) $ (1,736) $ (518) $ — $ (1,154) $ (8,487) General and administrative (2,180) Loss on derivative instruments, net (1,382) Unrealized gain on commercial loans 36 Interest income 484 Interest expense (6,196) Management fee - related party (515) Other income 180 Net loss attributable to Invesco Real Estate Income Trust Inc. $ (4,462) Net loss attributable to non-controlling interests in consolidated joint ventures 987 Net loss attributable to non-controlling interest in INREIT OP 15 Net loss attributable to common stockholders $ (3,460) The following table reconciles our segment income from unconsolidated entities to loss from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended September 30, 2024: in thousands Segment income from unconsolidated entities $ 1,802 Depreciation and amortization attributable to unconsolidated entities (2,754) Loss from unconsolidated entities, net $ (952) The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended September 30, 2024: in thousands Segment depreciation and amortization $ (8,487) Depreciation and amortization attributable to unconsolidated entities 2,754 Depreciation and amortization $ (5,733) The following table summarizes our financial results by segment for the three months ended September 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 $ — $ 725 $ 2,654 $ 2,108 $ 4,223 $ 5,044 $ 1,258 $ — $ — $ 16,012 Income from commercial loans — — — — — — — 1,136 — 1,136 Other revenue — — 89 236 147 430 — — 13 915 Total revenues — 725 2,743 2,344 4,370 5,474 1,258 1,136 13 18,063 Expenses: Rental property operating — 132 1,223 998 1,484 2,528 497 — 51 6,913 Total expenses — 132 1,223 998 1,484 2,528 497 — 51 6,913 Income from unconsolidated entities, net 1,395 — — — — — — 748 1,827 3,970 Income from investment in affiliated fund, net — — — — — — — 493 — 493 Loss on real estate-related securities, net — — — — — — — — (448) (448) Segment net operating income $ 1,395 $ 593 $ 1,520 $ 1,346 $ 2,886 $ 2,946 $ 761 $ 2,377 $ 1,341 $ 15,165 Segment depreciation and amortization $ (1,749) $ (416) $ (1,398) $ (630) $ (1,603) $ (1,654) $ (502) $ — $ (443) $ (8,395) General and administrative (959) Gain on derivative instruments, net 1,384 Impairment loss on investments in real estate (1,743) Interest expense (7,118) Management fee - related party (446) Other expense (174) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (2,286) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 29 Net loss attributable to non-controlling interest in INREIT OP 11 Net loss attributable to common stockholders $ (2,248) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended September 30, 2023: in thousands Segment income from unconsolidated entities $ 3,970 Depreciation and amortization attributable to unconsolidated entities (2,192) Income from unconsolidated entities, net $ 1,778 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended September 30, 2023: in thousands Segment depreciation and amortization $ (8,395) Depreciation and amortization attributable to unconsolidated entities 2,192 Depreciation and amortization $ (6,203) The following table summarizes our financial results by segment for the nine months ended September 30, 2024: in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 2,249 $ 6,952 $ 6,387 $ 8,768 $ 15,192 $ 4,198 $ — $ — $ 43,746 Income from commercial loans — — — — — — — 3,282 — 3,282 Other revenue — — 266 663 183 1,009 2 — 95 2,218 Total revenues — 2,249 7,218 7,050 8,951 16,201 4,200 3,282 95 49,246 Expenses: Rental property operating — 446 2,652 3,326 3,735 7,083 1,388 — 342 18,972 Total expenses — 446 2,652 3,326 3,735 7,083 1,388 — 342 18,972 Income from unconsolidated entities, net 2,589 — — — — — — 2,353 2,390 7,332 Income from investment in affiliated fund, net — — — — — — — 1,356 — 1,356 Gain on real estate-related securities, net — — — — — — — — 3,386 3,386 Segment net operating income $ 2,589 $ 1,803 $ 4,566 $ 3,724 $ 5,216 $ 9,118 $ 2,812 $ 6,991 $ 5,529 $ 42,348 Segment depreciation and amortization $ (4,934) $ (1,026) $ (4,192) $ (1,915) $ (3,773) $ (5,207) $ (1,563) $ — $ (2,269) $ (24,879) General and administrative (4,943) Gain on derivative instruments, net 888 Unrealized gain on commercial loans 146 Interest income 1,259 Interest expense (18,269) Management fee - related party (1,478) Other expense (309) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (5,237) Dividends to preferred stockholders $ (4) Issuance and redemption costs of redeemed preferred stock (24) Net loss attributable to non-controlling interests in consolidated joint ventures 1,484 Net loss attributable to non-controlling interest in INREIT OP 57 Net loss attributable to common stockholders $ (3,724) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the nine months ended September 30, 2024: in thousands Segment income from unconsolidated entities $ 7,332 Depreciation and amortization attributable to unconsolidated entities (7,203) Income from unconsolidated entities, net $ 129 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2024: in thousands Segment depreciation and amortization $ (24,879) Depreciation and amortization attributable to unconsolidated entities 7,203 Depreciation and amortization $ (17,676) The following table summarizes our financial results by segment for the nine months ended September 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 $ — $ 2,178 $ 8,104 $ 6,267 $ 12,378 $ 13,900 $ 4,237 $ — $ — $ 47,064 Income from commercial loans — — — — — — — 3,310 — 3,310 Other revenue — — 259 702 463 956 — — 13 2,393 Total revenues — 2,178 8,363 6,969 12,841 14,856 4,237 3,310 13 52,767 Expenses: Rental property operating — 409 3,813 3,086 4,572 5,992 1,414 — 219 19,505 Total expenses — 409 3,813 3,086 4,572 5,992 1,414 — 219 19,505 Income from unconsolidated entities, net 4,210 — — — — — — 2,195 3,019 9,424 Income from investment in affiliated fund, net — — — — — — — 75 — 75 Gain on real estate-related securities, net — — — — — — — — (525) (525) Segment net operating income $ 4,210 $ 1,769 $ 4,550 $ 3,883 $ 8,269 $ 8,864 $ 2,823 $ 5,580 $ 2,288 $ 42,236 Segment depreciation and amortization $ (5,463) $ (1,253) $ (4,157) $ (3,155) $ (4,807) $ (4,864) $ (1,497) $ — $ (1,823) $ (27,019) General and administrative (3,580) Gain on derivative instruments, net 3,753 Impairment loss on investments in real estate (1,743) Interest expense (20,830) Management fee - related party (1,260) Other expense (102) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (8,545) Dividends to preferred stockholders $ (6) Net loss attributable to non-controlling interests in consolidated joint ventures 745 Net loss attributable to non-controlling interest in INREIT OP 43 Net loss attributable to common stockholders $ (7,763) The following table reconciles our segment income from unconsolidated entities to income from unconsolidated entities, net on our condensed consolidated statement of operations for the nine months ended September 30, 2023: in thousands Segment income from unconsolidated entities $ 9,424 Depreciation and amortization attributable to unconsolidated entities (7,286) Income from unconsolidated entities, net $ 2,138 The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the nine months ended September 30, 2023: in thousands Segment depreciation and amortization $ (27,019) Depreciation and amortization attributable to unconsolidated entities 7,286 Depreciation and amortization $ (19,733)

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Millions	1 Months Ended
	May 31, 2021 USD ($) share_class	Sep. 30, 2024 USD ($)	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounting Policies [Line Items]
Income tax expense	$ 100	$ 100	$ 500	$ 100
Deferred tax assets	$ 300		$ 300		$ 24
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	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Abstract]
Building and improvements	$ 572,074	$ 563,958
Land and land improvements	153,650	148,411
Furniture, fixtures and equipment	13,553	11,349
Total	739,277	723,718
Accumulated depreciation	(53,293)	(38,115)
Investments in real estate, net	$ 685,984	$ 685,603

Investments in Real Estate, n_4

Investments in Real Estate, net - Schedule of Transactions (Details) - Industrial - International Business 4535 $ in Thousands	1 Months Ended
	Jul. 31, 2024 USD ($) property
Real Estate [Line Items]
Ownership Interest	100%
Number of Properties | property	1
Purchase Price | $	$ 8,730,884

Investments in Real Estate, n_5

Investments in Real Estate, net - Schedule of Assets Acquired (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Real Estate [Abstract]
Building and building improvements	$ 7,426,926
Land and land improvements	1,864,615
Lease intangibles	955,810
Below-market lease intangibles	(1,516,467)
Total purchase price	$ 8,730,884

Investments in Real Estate, n_6

Investments in Real Estate, net - Schedule of Weighted-average Amortization Periods (Details)	9 Months Ended
	Sep. 30, 2024
In-place lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	5 years 3 months 18 days
Leasing commissions
Real Estate [Line Items]
Weighted-average amortization periods (in years)	5 years 3 months 18 days
Below-market lease intangibles
Real Estate [Line Items]
Weighted-average amortization periods (in years)	5 years 3 months 18 days

Investments in Real Estate, n_7

Investments in Real Estate, net - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Abstract]
Impairment of investments in real estate	$ 0	$ 1,743,000	$ 0	$ 1,743,000

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) investment	Sep. 30, 2023 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Number of equity method investments | investment			5
Impairment of investments in real estate | $	$ 0	$ 1,743,000	$ 0	$ 1,743,000

Investments in Unconsolidated_4

Investments in Unconsolidated Entities- Schedule of Equity Method Investments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) building option retail_property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying Amount	$ 123,171		$ 123,171		$ 121,319
Number of properties owned | retail_property			14
Company’s Share of Unconsolidated Entities' Income (Loss)	$ (952)	$ 1,778	$ 129	$ 2,138
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	$ 65,299		$ 65,299		72,234
Company’s Share of Unconsolidated Entities' Income (Loss)	(1,439)	(354)	(2,345)	(1,253)
San Simeon Preferred Equity
Schedule of Equity Method Investments [Line Items]
Carrying Amount	28,236		$ 28,236		27,488
Number of options to extend | option			2
Period for redemption extension (in years)			1 year
Number of remaining options to extend (in years) | option			1
Investment yield (as a percent)			7.25%
Preferred accrued return			4%
Company’s Share of Unconsolidated Entities' Income (Loss)	798	748	$ 2,353	2,196
PTCR Holdco, LLC
Schedule of Equity Method Investments [Line Items]
Carrying Amount	9,078		9,078		8,484
Company’s Share of Unconsolidated Entities' Income (Loss)	271	272	808	806
Retail GP Fund
Schedule of Equity Method Investments [Line Items]
Carrying Amount	20,496		20,496		13,150
Company’s Share of Unconsolidated Entities' Income (Loss)	$ (508)	1,170	$ (648)	711
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	$ 62		$ 62		$ (37)
Company’s Share of Unconsolidated Entities' Income (Loss)	$ (74)	$ (58)	$ (39)	$ (322)

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Schedule of Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Balance Sheet
Total assets	$ 992,855		$ 992,855		$ 972,764
Total liabilities	(438,201)		(438,201)		(430,479)
Total equity	78,992		78,992		96,024
Operating Data
Revenue	16,519	$ 18,063	49,246	$ 52,767
Net income (loss)	(4,462)	(2,286)	(5,237)	(8,545)
Total
Operating Data
Revenue	54,249	33,155	108,709	90,458
Net income (loss)	(2,325)	2,965	(1,425)	405
Vida JV LLC
Balance Sheet
Total assets	384,848		384,848		391,584
Total liabilities	(231,741)		(231,741)		(222,238)
Total equity	153,107		153,107		169,346
Operating Data
Revenue	9,873	9,535	29,224	28,246
Net income (loss)	3,382	(831)	5,506	(2,938)
San Simeon Preferred Equity
Balance Sheet
Total assets	130,947		130,947		128,759
Total liabilities	(76,145)		(76,145)		(77,428)
Total equity	54,802		54,802		51,331
Operating Data
Revenue	2,835	2,709	8,329	7,872
Net income (loss)	638	236	1,767	1,183
Retail GP Fund
Balance Sheet
Total assets	996,875		996,875		502,642
Total liabilities	(542,754)		(542,754)		(278,012)
Total equity	454,121		454,121		224,630
Operating Data
Revenue	36,426	16,881	61,051	43,317
Net income (loss)	(7,041)	4,057	(7,885)	3,659
Other
Balance Sheet
Total assets	3,939		3,939		5,320
Total liabilities	(3,454)		(3,454)		(3,244)
Total equity	485		485		$ 2,076
Operating Data
Revenue	5,115	4,030	10,105	11,023
Net income (loss)	$ 696	$ (497)	$ (813)	$ (1,499)

Investments in Commercial Loa_3

Investments in Commercial Loans - Schedule of Investment in a Commercial Loan (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Line Items]
Current Principal Balance	$ 13,007	$ 34,807
Fair Value	$ 12,972	34,626
Investment, Identifier [Axis]: 5805 N Jackson Gap Loan
Real Estate [Line Items]
Interest Rate	13.10%
Current Principal Balance	$ 13,007	13,007
Fair Value	$ 12,972	12,937
Investment, Identifier [Axis]: 9801 Blue Grass Loan
Real Estate [Line Items]
Interest Rate	12.57%
Current Principal Balance	$ 0	21,800
Fair Value	$ 0	$ 21,689

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Balance	$ 35,500	$ 25,202
Unamortized Premium (Discount)	(1,196)	(1,160)
Amortized Cost / Cost	39,848	30,183
Unrealized Gain (Loss), Net	711	(2,153)
Fair Value	40,559	28,030
Non-agency CMBS
Debt Instrument [Line Items]
Principal Balance	35,500	25,202
Unamortized Premium (Discount)	(1,196)	(1,160)
Amortized Cost / Cost	34,304	24,042
Unrealized Gain (Loss), Net	47	(741)
Fair Value	$ 34,351	$ 23,301
Period-end Weighted Average Yield	7.80%	7.26%
Preferred stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost		$ 2,107
Unrealized Gain (Loss), Net		(171)
Fair Value		$ 1,936
Period-end Weighted Average Yield		6.71%
Common stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 5,544	$ 4,034
Unrealized Gain (Loss), Net	664	(1,241)
Fair Value	$ 6,208	$ 2,793
Period-end Weighted Average Yield	4.19%	5.51%

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets, net:
Total Cost	$ 55,643	$ 54,688
Accumulated Amortization	(36,582)	(33,958)
Intangible Assets, net	19,061	20,730
Intangible liabilities, net:
Total Cost	4,243	2,726
Accumulated Amortization	(1,244)	(956)
Intangible Assets, net	2,999	1,770
In-place lease intangibles
Intangible assets, net:
Total Cost	47,876	46,969
Accumulated Amortization	(34,100)	(32,085)
Intangible Assets, net	13,776	14,884
Leasing commissions
Intangible assets, net:
Total Cost	5,816	5,768
Accumulated Amortization	(1,984)	(1,506)
Intangible Assets, net	3,832	4,262
Above-market lease intangibles
Intangible assets, net:
Total Cost	1,951	1,951
Accumulated Amortization	(498)	(367)
Intangible Assets, net	$ 1,453	$ 1,584

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, net	$ 19,061	$ 20,730
Below-market Lease Intangibles
2024 (remainder)	(212)
2025	(647)
2026	(647)
2027	(560)
2028	(495)
2029	(319)
Thereafter	(119)
Below-market Lease Intangibles	(2,999)	(1,770)
In-place lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2024 (remainder)	559
2025	2,282
2026	2,244
2027	1,897
2028	1,765
2029	1,337
Thereafter	3,692
Intangible Assets, net	13,776	14,884
Leasing commissions
Acquired Finite-Lived Intangible Assets [Line Items]
2024 (remainder)	155
2025	621
2026	620
2027	540
2028	505
2029	349
Thereafter	1,042
Intangible Assets, net	3,832	4,262
Above-market lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2024 (remainder)	44
2025	176
2026	176
2027	176
2028	176
2029	164
Thereafter	541
Intangible Assets, net	$ 1,453	$ 1,584

Other Assets- Schedule of Other

Other Assets- Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred rent	$ 3,492	$ 2,994
Derivative instruments	1,590	4,818
Prepaid expenses	1,463	713
Capitalized tax abatement, net	1,238	1,363
Receivables, net	132	688
Deposits	61	0
Other	613	791
Total	8,589	$ 11,367
Capitalized tax abatement, accumulated depreciation	$ 400

Other Assets - Schedule of Chan

Other Assets - Schedule of Changes to the Notional Amount of our Derivative Instruments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Derivative [Roll Forward]
Notional Amount as of December 31, 2023	$ 231,000
Additions	35,000
Termination or Expiration	(60,000)
Notional Amount as of September 30, 2024	206,000
Interest rate caps
Derivative [Roll Forward]
Notional Amount as of December 31, 2023	178,500
Additions	35,000
Termination or Expiration	(60,000)
Notional Amount as of September 30, 2024	153,500
Interest rate swap
Derivative [Roll Forward]
Notional Amount as of December 31, 2023	52,500
Additions	0
Termination or Expiration	0
Notional Amount as of September 30, 2024	$ 52,500

Other Assets - Schedule of Noti

Other Assets - Schedule of Notional Amount and Other Information Related to Our Interest Rate Caps and Swaps (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) derivative	Dec. 31, 2023 USD ($) derivative
Derivative [Line Items]
Number of Instruments | derivative	4	5
Notional Amount	$ 206,000	$ 231,000
Fixed Amount	2,108	2,601
Fair Value	$ 1,590	$ 4,818,000
Interest rate caps
Derivative [Line Items]
Number of Instruments | derivative	3	4
Notional Amount	$ 153,500	$ 178,500
Fixed Amount	2,108	2,601
Fair Value	$ 832	$ 3,320,000
Weighted Average Strike Rate/Fixed Rate	3.08%	2.64%
Weighted Average Remaining Term In Years	5 months 19 days	1 year 1 month 20 days
Interest rate swap
Derivative [Line Items]
Number of Instruments | derivative	1	1
Notional Amount	$ 52,500	$ 52,500
Fair Value	$ 758	$ 1,498,000
Weighted Average Strike Rate/Fixed Rate	2.73%	2.73%
Weighted Average Remaining Term In Years	2 years 6 months 29 days	3 years 3 months 29 days

Other Assets - Schedule of Deri

Other Assets - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Realized gain (loss) on derivative instruments, net	$ (176)	$ 0	$ (122)	$ 0
Contractual net interest income (expense)	1,238	1,828	3,842	4,743
Unrealized gain (loss), net	(2,444)	(444)	(2,832)	(990)
Gain (loss) on derivative instruments, net	(1,382)	1,384	888	3,753
Interest rate caps
Derivative [Line Items]
Realized gain (loss) on derivative instruments, net	(176)	0	(122)	0
Contractual net interest income (expense)	887	1,496	2,796	3,997
Unrealized gain (loss), net	(1,026)	(949)	(2,092)	(1,798)
Gain (loss) on derivative instruments, net	(315)	547	582	2,199
Interest rate swap
Derivative [Line Items]
Realized gain (loss) on derivative instruments, net	0	0	0	0
Contractual net interest income (expense)	351	332	1,046	746
Unrealized gain (loss), net	(1,418)	505	(740)	808
Gain (loss) on derivative instruments, net	$ (1,067)	$ 837	$ 306	$ 1,554

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 11, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Financing obligation, net	$ 53,745,000		$ 53,745,000			$ 53,752,000
Subsequent Event | Related Party | Invesco Realty, Inc.
Line of Credit Facility [Line Items]
Incremental commitment					$ 35,000,000
Tempe Student Housing
Line of Credit Facility [Line Items]
Financing obligation, net	53,700,000		53,700,000
Revolving credit facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Current borrowing capacity	100,000,000		100,000,000
Maximum borrowing capacity	150,000,000		150,000,000
Principal balance	0		0			$ 0
Revolving credit facility	$ 75,300,000		$ 75,300,000
Revolving credit facility | Revolving Credit Facility | Weighted average
Line of Credit Facility [Line Items]
Debt instrument, interest rate during period (as a percent)	7.08%	6.99%	7.10%	6.62%
Revolving credit facility | Revolving Credit Facility | Federal funds rate
Line of Credit Facility [Line Items]
Variable interest rate (as a percent)			0.50%
Revolving credit facility | Revolving Credit Facility | SOFR
Line of Credit Facility [Line Items]
Variable interest rate (as a percent)			1%

Borrowings - Schedule of Certai

Borrowings - Schedule of Certain Characteristics of Our Mortgage Notes (Details) - Mortgages Payable - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 339,294		$ 339,294		$ 339,034
Deferred financing costs, net	(1,533)		(1,533)		(2,290)
Mortgage notes payable, net	$ 337,761		$ 337,761		336,744
Bixby Kennesaw
Debt Instrument [Line Items]
Interest rate	1.71%		1.71%
Maximum Principal Amount	$ 53,000		$ 53,000
Principal Balance Outstanding	$ 53,000		$ 53,000		53,000
Bixby Kennesaw | Weighted average
Debt Instrument [Line Items]
Debt instrument, interest rate during period (as a percent)	7.03%	6.87%	7.04%	6.48%
The Carmin
Debt Instrument [Line Items]
Interest rate	1.75%		1.75%
Maximum Principal Amount	$ 65,500		$ 65,500
Principal Balance Outstanding	$ 65,500		$ 65,500		65,500
The Carmin | Weighted average
Debt Instrument [Line Items]
Debt instrument, interest rate during period (as a percent)	7.09%	6.81%	7.08%	6.33%
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
Everly Roseland
Debt Instrument [Line Items]
Interest rate	1.45%		1.45%
Maximum Principal Amount	$ 113,500		$ 113,500
Principal Balance Outstanding	$ 111,134		$ 111,134		110,874
Everly Roseland | Weighted average
Debt Instrument [Line Items]
Debt instrument, interest rate during period (as a percent)	6.75%	6.70%	6.77%	6.38%
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
Midwest Industrial Portfolio, One
Debt Instrument [Line Items]
Interest rate	4.44%		4.44%
Maximum Principal Amount	$ 35,000		$ 35,000
Midwest Industrial Portfolio, Two
Debt Instrument [Line Items]
Interest rate	2.20%		2.20%
Maximum Principal Amount	$ 35,000		$ 35,000
Debt instrument, interest rate during period (as a percent)	5.71%	5.66%	5.73%	5.62%
Variable interest rate (as a percent)			1.70%

Borrowings - Schedule of Future

Borrowings - Schedule of Future Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Obligation
2024 (remaining)	$ 2
2025	9
2026	12
2027	15
2028	18
2029	21
Thereafter	36,270
Total	36,347
2024 (remaining)	2
2025	65,509
2026	53,012
2027	220,809
2028	18
2029	21
Thereafter	36,270
Total	375,641
Revolving Credit Facility
Maturities of Long-term Debt [Abstract]
2024 (remaining)	0
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total	0
Mortgages Payable
Maturities of Long-term Debt [Abstract]
2024 (remaining)	0
2025	65,500
2026	53,000
2027	220,794
2028	0
2029	0
Thereafter	0
Total	$ 339,294	$ 339,034

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Subscriptions received in advance	$ 6,204	$ 3,503
Common stock repurchases	5,688	5,458
Real estate taxes payable	4,173	2,121
Intangible liabilities, net	2,999	1,770
Accrued interest expense	1,480	1,566
Tenant security deposits	1,371	1,293
Prepaid rental income	1,300	441
Accounts payable and accrued expenses	637	1,359
Distributions payable	585	478
Total	$ 24,437	$ 17,989

Class N Redeemable Common Sto_3

Class N Redeemable Common Stock - Schedule of Class N Redeemable Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	271,506	279,136	258,624	229,355	323,706	401,116
Class N Redeemable Common Stock repurchased	$ 7,492	$ 7,826	$ 7,363	$ 6,831	$ 10,177	$ 13,025
Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0	0	0	0	0	0
Affiliated entity
Class of Stock [Line Items]
Class N Redeemable Common Stock issued							$ 520,920
Affiliated entity | Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock issued (in shares)							14,289,602
MassMutual | Affiliated entity
Class of Stock [Line Items]
Class N Redeemable Common Stock issued							$ 421,189
MassMutual | Affiliated entity | Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock issued (in shares)							14,289,602
MassMutual | Affiliated entity | Class N Common Stock | Initial Subscription Agreement
Class of Stock [Line Items]
Class N Redeemable Common Stock issued (in shares)							16,827,393	16,320,994
Class N Redeemable Common Stock issued							$ 495,984	$ 481,299
Class N Redeemable Common Stock repurchased (in shares)							2,537,790	2,537,790
Class N Redeemable Common Stock repurchased							$ 74,795	$ 74,795

Class N Redeemable Common Sto_4

Class N Redeemable Common Stock - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Increase (decrease) to redeemable common stock	$ (10.9)		$ (27.7)
Increase (decrease) to additional paid In capital	$ 10.9		$ 27.7
MassMutual | Class N Common Stock | Affiliated entity
Class of Stock [Line Items]
Share repurchase, minimum repurchase amount		$ 50
Stock redemption terms		3 years
MassMutual | Class N Common Stock | Private Offering | Affiliated entity
Class of Stock [Line Items]
Capital commitment				$ 400
Shares repurchase amount, maximum		$ 200
MassMutual | Redeemable Common Stock | Affiliated entity
Class of Stock [Line Items]
Share of entity's stock, minimum net asset value		$ 20

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Narrative (Details) - USD ($)	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	$ 500	$ 500					$ 500		$ 500
Redeemable preferred stock dividends	$ 0			$ 0			$ 24,000	$ 0
Preferred stock, dividend rate (as a percent)									12.50%
Preferred stock, liquidation preference, per share, per annum (in dollars per share)									$ 62.50
Dividends, including payout to noncontrolling interests	9,300,000			8,800,000			27,500,000	25,900,000
Dividends accrued	2,500,000						2,500,000		$ 2,500,000
Increase (decrease) to carrying value INREIT OP	$ 15,000			$ (73,000)			$ 96,000	$ 514,000
Stock repurchased during period (in shares)	271,506	279,136	258,624	229,355	323,706	401,116
Stock repurchased during period, value	$ 7,492,000	$ 7,826,000	$ 7,363,000	$ 6,831,000	$ 10,177,000	$ 13,025,000
Share Repurchase Plan
Class of Stock [Line Items]
Stock repurchased during period (in shares)	257,652			223,715			778,489	948,536
Stock repurchased during period, value	$ 7,100,000			$ 6,700,000			$ 21,800,000	$ 29,900,000
Redeemable Non-controlling Interest in INREIT OP
Class of Stock [Line Items]
Distributions payable to noncontrolling interests	14,000						14,000		26,000
Third Parties
Class of Stock [Line Items]
Dividends accrued	$ 600,000						$ 600,000		$ 500,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption amount		$ 62,500

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Outstanding Shares of Common Stock (Details) - shares	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	22,097,196	21,745,593	21,280,804	20,626,911	20,544,379	20,520,921	21,280,804	20,520,921	20,520,921
Issuance of common stock (in shares)	320,009	443,840	543,282	573,185	395,718	416,101
Common stock repurchased (in shares)	(271,506)	(279,136)	(258,624)	(229,355)	(323,706)	(401,116)
Exchange of common stock (in shares)		(27)
Distribution reinvestment (in shares)	191,753	186,926	180,131	113,382	10,520	8,473
Ending balance (in shares)	22,337,452	22,097,196	21,745,593	21,084,123	20,626,911	20,544,379	22,337,452	21,084,123	21,280,804
Class T Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	628,268	622,795	613,405	572,182	534,026	449,680	613,405	449,680	449,680
Issuance of common stock (in shares)	1,721	3,665	7,631	18,462	36,963	83,872
Common stock repurchased (in shares)	(3,485)	(257)	(226)	(503)	0	0
Exchange of common stock (in shares)		0
Distribution reinvestment (in shares)	2,047	2,065	1,985	1,600	1,193	474
Ending balance (in shares)	628,551	628,268	622,795	591,741	572,182	534,026	628,551	591,741	613,405
Class S Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	681,214	645,665	528,268	365,807	351,856	351,856	528,268	351,856	351,856
Issuance of common stock (in shares)	43,634	32,743	115,782	96,942	13,951	0
Common stock repurchased (in shares)	(16,467)	0	0	0	0	0
Exchange of common stock (in shares)		0
Distribution reinvestment (in shares)	3,166	2,806	1,615	195	0	0
Ending balance (in shares)	711,547	681,214	645,665	462,944	365,807	351,856	711,547	462,944	528,268
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	865,475	868,626	832,598	754,517	658,895	604,538	832,598	604,538	604,538
Issuance of common stock (in shares)	7,599	11,187	32,613	34,096	93,684	53,224
Common stock repurchased (in shares)	(5,997)	(18,190)	(262)	(1,373)	0	0
Exchange of common stock (in shares)		0
Distribution reinvestment (in shares)	3,839	3,852	3,677	2,486	1,938	1,133
Ending balance (in shares)	870,916	865,475	868,626	789,726	754,517	658,895	870,916	789,726	832,598
Class I Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,601,063	4,467,271	4,332,740	4,235,505	4,034,345	3,764,505	4,332,740	3,764,505	3,764,505
Issuance of common stock (in shares)	245,305	379,827	371,514	408,889	235,524	265,404
Common stock repurchased (in shares)	(230,174)	(252,147)	(242,673)	(221,839)	(39,210)	0
Exchange of common stock (in shares)		(574)
Distribution reinvestment (in shares)	7,443	6,686	5,690	4,109	4,846	4,436
Ending balance (in shares)	4,623,637	4,601,063	4,467,271	4,426,664	4,235,505	4,034,345	4,623,637	4,426,664	4,332,740
Class E Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,204,309	1,193,374	1,190,589	1,175,576	1,441,933	1,827,018	1,190,589	1,827,018	1,827,018
Issuance of common stock (in shares)	21,750	16,418	15,742	14,796	15,596	13,601
Common stock repurchased (in shares)	(15,383)	(8,542)	(15,463)	(5,640)	(284,496)	(401,116)
Exchange of common stock (in shares)		547
Distribution reinvestment (in shares)	2,522	2,512	2,506	2,624	2,543	2,430
Ending balance (in shares)	1,213,198	1,204,309	1,193,374	1,187,356	1,175,576	1,441,933	1,213,198	1,187,356	1,190,589
Class N Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	14,116,867	13,947,862	13,783,204	13,523,324	13,523,324	13,523,324	13,783,204	13,523,324	13,523,324
Issuance of common stock (in shares)	0	0	0	0	0	0
Common stock repurchased (in shares)	0	0	0	0	0	0
Exchange of common stock (in shares)		0
Distribution reinvestment (in shares)	172,736	169,005	164,658	102,368	0	0
Ending balance (in shares)	14,289,603	14,116,867	13,947,862	13,625,692	13,523,324	13,523,324	14,289,603	13,625,692	13,783,204

Equity and Redeemable Non-con_5

Equity and Redeemable Non-controlling Interest - Schedule of Aggregate Distributions (Details) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in dollars per share)	$ 0.4170	$ 0.4155	$ 0.4182	$ 0.4170	$ 0.4155	$ 0.4162
Series A Preferred Stock
Class of Stock [Line Items]
Aggregate distributions declared, preferred stock (in dollars per share)	0			0			$ 31.2500	$ 31.2500
Stockholder servicing fee, preferred stock (in dollars per share)	0			0			0	0
Net distributions declared, common stock (in dollars per share)	0			0			31.2500	31.2500
Class T Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in dollars per share)	0.4170			0.4170			1.2507	1.2487
Stockholder servicing fee, common stock (in dollars per share)	(0.0259)			(0.0255)			(0.0774)	(0.0684)
Net distributions declared, common stock (in dollars per share)	0.3911			0.3915			1.1733	1.1803
Class S Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in dollars per share)	0.4170			0.4170			1.2507	1.2487
Stockholder servicing fee, common stock (in dollars per share)	(0.0295)			(0.0101)			(0.0806)	(0.0109)
Net distributions declared, common stock (in dollars per share)	0.3875			0.4069			1.1701	1.2378
Class D Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in dollars per share)	0.4170			0.4170			1.2507	1.2487
Stockholder servicing fee, common stock (in dollars per share)	(0.0103)			(0.0102)			(0.0310)	(0.0285)
Net distributions declared, common stock (in dollars per share)	0.4067			0.4068			1.2197	1.2202
Class I Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in dollars per share)	0.4170			0.4170			1.2507	1.2487
Stockholder servicing fee, common stock (in dollars per share)	0			0			0	0
Net distributions declared, common stock (in dollars per share)	0.4170			0.4170			1.2507	1.2487
Class E Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in dollars per share)	0.4170			0.4170			1.2507	1.2487
Stockholder servicing fee, common stock (in dollars per share)	0			0			0	0
Net distributions declared, common stock (in dollars per share)	0.4170			0.4170			1.2507	1.2487
Class N Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in dollars per share)	0.4170			0.4170			1.2507	1.2487
Stockholder servicing fee, common stock (in dollars per share)	0			0			0	0
Net distributions declared, common stock (in dollars per share)	$ 0.4170			$ 0.4170			$ 1.2507	$ 1.2487

Equity and Redeemable Non-con_6

Equity and Redeemable Non-controlling Interest - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Line Items]
Net loss allocated	$ (15)	$ (3)	$ (39)	$ (11)	$ 8	$ (40)	$ (57)	$ (43)
Distributions	173	$ 315	$ 425	196	$ 177	$ 226
Adjustment to carrying value	15			(73)			96	514
Redeemable Non-controlling Interest in INREIT OP
Noncontrolling Interest [Line Items]
Net loss allocated	(15)			(11)			(57)	(43)
Distributions	$ 47			$ 94			$ 177	$ 267

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities	$ 40,559	$ 28,030
Investments in commercial loans	12,972	34,626
Investment in affiliated fund	22,869	27,717
Derivative instruments	1,590	4,818
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities	40,559	28,030
Investments in commercial loans	12,972	34,626
Investment in affiliated fund	22,869	27,717
Total	77,990	95,191
Fair Value, Recurring | Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	832	3,320
Fair Value, Recurring | Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	758	1,498
Level 1 | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities	6,207	4,729
Investments in commercial loans	0	0
Investment in affiliated fund	0	0
Total	6,207	4,729
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	34,352	23,301
Investments in commercial loans	0	0
Investment in affiliated fund	0	0
Total	35,942	28,119
Level 2 | Fair Value, Recurring | Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	832	3,320
Level 2 | Fair Value, Recurring | Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	758	1,498
Level 3 | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities	0	0
Investments in commercial loans	12,972	34,626
Investment in affiliated fund	0	0
Total	12,972	34,626
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
NAV as a Practical Expedient | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities	0	0
Investments in commercial loans	0	0
Investment in affiliated fund	22,869	27,717
Total	22,869	27,717
NAV as a Practical Expedient | Fair Value, Recurring | Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	0	0
NAV as a Practical Expedient | Fair Value, Recurring | Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Sep. 30, 2024 loan
Fair Value Disclosures [Abstract]
Number of loans	1

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Investment In the Commercial Loan (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Investment In Real Estate Debt [Roll Forward]
Beginning balance, investment in commercial loan	$ 34,626
Net unrealized gain	146
Loan repayment	(21,800)
Ending balance, investment in commercial loan	$ 12,972

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Fair Value Measurements Of Our Investment In the Commercial Loan (Details)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Discount rate	8.50%

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Value of our Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Principal Balance
Debt Instrument [Line Items]
Total	$ 339,294	$ 339,034
Principal Balance | Mortgages Payable
Debt Instrument [Line Items]
Mortgage notes payable	339,294	339,034
Estimated Fair Value
Debt Instrument [Line Items]
Total	335,089	333,605
Estimated Fair Value | Mortgages Payable
Debt Instrument [Line Items]
Mortgage notes payable	$ 335,089	$ 333,605

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 123,171	$ 121,319
ITP LLC
Variable Interest Entity [Line Items]
Ownership percentage	85%
GP Fund | ITP LLC
Variable Interest Entity [Line Items]
Ownership percentage	90%
GP Fund | Other Owner
Variable Interest Entity [Line Items]
Ownership percentage	10%
Unconsolidated Real Estate Properties
Variable Interest Entity [Line Items]
Maximum loss exposure, of VIE, amount	$ 2,700
Homestead Communities, LLC
Variable Interest Entity [Line Items]
Ownership percentage	50%
Investments in unconsolidated entities	$ 62	(37)
San Simeon Preferred Equity
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	28,236	27,488
Retail GP Fund
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 20,496	$ 13,150
Equity investment, voting rights percentage	50%

DST Program (Details)

DST Program (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2023	Sep. 30, 2024
Subsidiary, Sale of Stock [Line Items]
Sale of stock, maximum aggregate offering amount	$ 3,000
Sale of stock, after closing offering period	2 years
Investors holding period	1 year
Private Offering
Subsidiary, Sale of Stock [Line Items]
Aggregate net proceeds		$ 25.9

Related Party Transactions - Sc

Related Party Transactions - Schedule of Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to affiliates	$ 22,258	$ 21,994
Related Party
Related Party Transaction [Line Items]
Due to affiliates	22,258	21,994
Advanced general and administrative expenses | Related Party
Related Party Transaction [Line Items]
Due to affiliates	8,348	9,448
Advanced offering costs | Related Party
Related Party Transaction [Line Items]
Due to affiliates	6,895	6,134
Accrued stockholder servicing fee | Related Party
Related Party Transaction [Line Items]
Due to affiliates	2,502	2,112
Distributions payable | Related Party
Related Party Transaction [Line Items]
Due to affiliates	2,493	2,501
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	342	309
Accrued affiliate service provider expenses | Related Party
Related Party Transaction [Line Items]
Due to affiliates	$ 204	$ 16

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Sep. 30, 2024 USD ($) quarter shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)	Oct. 11, 2024 USD ($)
Related Party Transaction [Line Items]
Management fee - related party	$ 515,000			$ 446,000			$ 1,478,000	$ 1,260,000
Due to affiliates	$ 22,258,000						22,258,000		$ 21,994,000
Stock repurchased during period (in shares) | shares	271,506	279,136	258,624	229,355	323,706	401,116
Class N Redeemable Common Stock repurchased	$ 7,492,000	$ 7,826,000	$ 7,363,000	$ 6,831,000	$ 10,177,000	$ 13,025,000
Performance participation interest - related party	0			0			0	0
Administrative fees expense	200,000			$ 200,000			800,000	700,000
Investment in affiliated fund	$ 22,869,000						$ 22,869,000		27,717,000
Everly Roseland | Multifamily
Related Party Transaction [Line Items]
Percentage of consolidated interest acquired	95%						95%
Homestead Communities, LLC
Related Party Transaction [Line Items]
Ownership percentage	50%						50%
Vida JV LLC | Invesco JV
Related Party Transaction [Line Items]
Ownership percentage	85%						85%
Non-controlling Interests in Consolidated Joint Ventures
Related Party Transaction [Line Items]
Ownership percentage	50%						50%
Everly Roseland Co-Invest
Related Party Transaction [Line Items]
Ownership percentage	60%						60%
Class E Common Stock
Related Party Transaction [Line Items]
Stock repurchased during period (in shares) | shares	15,383	8,542	15,463	5,640	284,496	401,116
Class N Common Stock
Related Party Transaction [Line Items]
Stock repurchased during period (in shares) | shares	0	0	0	0	0	0
Related Party
Related Party Transaction [Line Items]
Due to affiliates	$ 22,258,000						$ 22,258,000		21,994,000
Advance of organization and offering fees, net asset value threshold	1,000,000,000						$ 1,000,000,000
Reimbursement term, organization and offering expenses							60 months
Affiliated entity | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares							950,811
Affiliated entity | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares							14,289,602
Accrued management fee | Related Party
Related Party Transaction [Line Items]
Due to affiliates	342,000						$ 342,000		309,000
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 (as a percent)							8.75%
Organization Costs And Offering Expenses | Related Party
Related Party Transaction [Line Items]
Due to affiliates	8,400,000						$ 8,400,000		7,600,000
Advance Of Operating Expenses | Related Party
Related Party Transaction [Line Items]
Operating expenses advanced	8,300,000						$ 8,300,000		9,400,000
Reimbursement of operating expenses threshold, percent of average invested assets over four quarters							2%
Reimbursement of operating expenses threshold, percent of net income over four quarters							25%
Operating Expenses Reimbursement | Related Party
Related Party Transaction [Line Items]
Adviser fee, number of consecutive quarters, reimbursement period | quarter							4
Accrued affiliate service provider expenses | Related Party
Related Party Transaction [Line Items]
Due to affiliates	204,000						$ 204,000		16,000
The Adviser | Management Fee and Performance Participation Interest | Subsidiaries
Related Party Transaction [Line Items]
Management and service fees, base rate (as a percent)							1%
Management fee commencement period (in years)							10 years
Management fee - related party	500,000			$ 400,000			$ 1,500,000	$ 1,300,000
Due to affiliates	$ 300,000						$ 300,000		300,000
Number of shares issued in transaction (in shares) | shares	17,341			13,800			48,992	38,523
The Adviser | Management Fee and Performance Participation Interest | Subsidiaries | Class E Common Stock
Related Party Transaction [Line Items]
Stock repurchased during period (in shares) | shares	13,853			5,640			30,774	5,640
Class N Redeemable Common Stock repurchased	$ 400,000			$ 200,000			$ 900,000	$ 200,000
The Adviser | DST Program Fees and Expenses, Placement Fees
Related Party Transaction [Line Items]
DST program, selling commissions	$ 100,000			$ 0			$ 200,000	$ 0
Invesco REIT Special Limited Partner L.L.C. | Subsidiaries | Class E Common Stock
Related Party Transaction [Line Items]
Stock repurchased during period (in shares) | shares	30,005			9,661			87,970	9,661
Class N Redeemable Common Stock repurchased	$ 900,000			$ 300,000			$ 2,600,000	$ 300,000
Invesco REIT Special Limited Partner L.L.C. | Management Fee and Performance Participation Interest - Incentive Rate, Total Return Rate | Subsidiaries
Related Party Transaction [Line Items]
Management and service fees, incentive rate (as a percent)							12.50%
Invesco REIT Special Limited Partner L.L.C. | Management Fee and Performance Participation Interest - Incentive Rate, Total Return Rate | Subsidiaries | Class N Common Stock
Related Party Transaction [Line Items]
Management and service fees, incentive rate (as a percent)							10%
Invesco REIT Special Limited Partner L.L.C. | Management Fee and Performance Participation Interest - Incentive Rate, Annualized Hurdle Rate | Subsidiaries
Related Party Transaction [Line Items]
Management and service fees, incentive rate (as a percent)							6%
Invesco REIT Special Limited Partner L.L.C. | Management Fee and Performance Participation Interest - Incentive Rate, Annualized Hurdle Rate | Subsidiaries | Class N Common Stock
Related Party Transaction [Line Items]
Management and service fees, incentive rate (as a percent)							7%
Invesco Distributors, Inc.
Related Party Transaction [Line Items]
DST program, closing cost reimbursement percent							0.50%
DST program, organizational and offering expense	31,000			4,000			$ 100,000	4,000
Invesco Distributors, Inc. | Affiliated entity | Class T, Class S and Class D Shares
Related Party Transaction [Line Items]
Total							500,000		$ 300,000
Invesco Distributors, Inc. | The Dealer Manager
Related Party Transaction [Line Items]
Management fee - related party	17,000			0			$ 50,000	0
DST program fees and expenses (as a percent)							0.15%
DST program, investor servicing fee (as a percent)							0.25%
Invesco Distributors, Inc. | DST Program Fees and Expenses, Selling Commissions, Manager Fees, and Placement Fees
Related Party Transaction [Line Items]
DST program fees and expenses (as a percent)							5%
Invesco Distributors, Inc. | DST Program Fees and Expenses, Manager Fees
Related Party Transaction [Line Items]
DST program fees and expenses (as a percent)							1%
Invesco Distributors, Inc. | DST Program Fees and Expenses, Placement Fees
Related Party Transaction [Line Items]
DST program fees and expenses (as a percent)							1%
Pine Tree Commercial Realty, LLC | Accrued affiliate service provider expenses
Related Party Transaction [Line Items]
Total expenses	44,000			$ 35,000			$ 100,000	$ 100,000
Invesco Realty, Inc. | Related Party
Related Party Transaction [Line Items]
Investment owned, at cost	$ 30,000,000						$ 30,000,000
Invesco Realty, Inc. | Related Party | Subsequent Event
Related Party Transaction [Line Items]
Investment owned, at cost										$ 65,000,000
Incremental commitment										$ 35,000,000
Invesco Realty, Inc. | Affiliated entity | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares							0
Invesco Realty, Inc. | Affiliated entity | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) | shares							0

Related Party Transactions - _2

Related Party Transactions - Schedule of Stockholder Servicing Fees (Details) - Invesco Distributors, Inc.	9 Months Ended
	Sep. 30, 2024
Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price | Class T Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	3%
Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price | Class S Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	3.50%
Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price | Class D Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	1.50%
Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price | Class I Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price | Class E Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price | Class T Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0.50%
Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price | Class S Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price | Class D Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price | Class I Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price | Class E Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value | Class T Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0.85%
Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value | Class S Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0.85%
Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value | Class D Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0.25%
Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value | Class I Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value | Class E Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Investment Management Agreement - Annualized Stockholder Servicing Fee as a Percentage of Net Asset Value | Class T Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0.65%
Investment Management Agreement - Annualized Dealer Stockholder Servicing Fee as a Percentage of Net Asset Value | Class T Common Stock
Related Party Transaction [Line Items]
Related party transaction, rate	0.20%

Related Party Transactions - _3

Related Party Transactions - Schedule of Related Party Share Ownership (Details) - Affiliated entities $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 520,920
Class T Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	351,856
Class S Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	351,856
Class D Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	351,856
Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	1,504,676
Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	950,811
Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	14,289,602
MassMutual
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 421,189
MassMutual | Class T Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
MassMutual | Class S Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
MassMutual | Class D Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
MassMutual | Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
MassMutual | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
MassMutual | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	14,289,602
Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 57,500
Invesco Global Property Plus Fund | Class T Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Invesco Global Property Plus Fund | Class S Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Invesco Global Property Plus Fund | Class D Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Invesco Global Property Plus Fund | Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	1,193,393
Invesco Global Property Plus Fund | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	834,416
Invesco Global Property Plus Fund | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Invesco Realty, Inc.
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 39,016
Invesco Realty, Inc. | Class T Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	351,856
Invesco Realty, Inc. | Class S Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	351,856
Invesco Realty, Inc. | Class D Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	351,856
Invesco Realty, Inc. | Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	311,283
Invesco Realty, Inc. | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Invesco Realty, Inc. | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 3,215
Members of our board of directors and employees of our Adviser | Class T Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Members of our board of directors and employees of our Adviser | Class S Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Members of our board of directors and employees of our Adviser | Class D Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Members of our board of directors and employees of our Adviser | Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0
Members of our board of directors and employees of our Adviser | Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	116,395
Members of our board of directors and employees of our Adviser | Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)	0

Tenant Leases - Schedule of Ope

Tenant Leases - Schedule of Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed lease payments	$ 13,271	$ 14,129	$ 39,155	$ 41,627
Variable lease payments	1,423	1,883	4,591	5,437
Rental revenue	$ 14,694	$ 16,012	$ 43,746	$ 47,064

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rental Payments Receivable (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remainder)	$ 3,210
2025	12,952
2026	13,171
2027	12,694
2028	11,915
2029	9,079
Thereafter	41,863
Total	$ 104,884

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	8

Segment Reporting - Schedule of

Segment Reporting - Schedule of Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 992,855	$ 972,764
Operating segments | Healthcare
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	65,299	72,234
Operating segments | Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	29,530	30,612
Operating segments | Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	151,091	141,081
Operating segments | Self-Storage
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	98,875	100,181
Operating segments | Multifamily
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	157,282	161,303
Operating segments | Student Housing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	224,161	229,225
Operating segments | Grocery-Anchored Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	63,480	64,733
Operating segments | Real Estate Debt
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	64,147	90,019
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 138,990	$ 83,376

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental revenue	$ 14,694,000			$ 16,012,000			$ 43,746,000	$ 47,064,000
Income from commercial loans	1,012,000			1,136,000			3,282,000	3,310,000
Other revenue	813,000			915,000			2,218,000	2,393,000
Total revenues	16,519,000			18,063,000			49,246,000	52,767,000
Expenses
Rental property operating	6,554,000			6,913,000			18,972,000	19,505,000
Total expenses	6,554,000			6,913,000			18,972,000	19,505,000
Income from unconsolidated entities, net	1,802,000			3,970,000			7,332,000	9,424,000
Income from investment in affiliated fund, net	200,000			493,000			1,356,000	75,000
Gain on real estate-related securities, net	1,631,000			(448,000)			3,386,000	(525,000)
Segment net operating income	13,598,000			15,165,000			42,348,000	42,236,000
Segment depreciation and amortization	(8,487,000)			(8,395,000)			(24,879,000)	(27,019,000)
General and administrative	(2,180,000)			(959,000)			(4,943,000)	(3,580,000)
Gain (loss) on derivative instruments, net	(1,382,000)			1,384,000			888,000	3,753,000
Unrealized gain on commercial loans	36,000			0			146,000	0
Impairment loss on investments in real estate	0			(1,743,000)			0	(1,743,000)
Interest income	484,000						1,259,000
Interest expense	(6,196,000)			(7,118,000)			(18,269,000)	(20,830,000)
Management fee - related party	(515,000)			(446,000)			(1,478,000)	(1,260,000)
Other Income (Expense)	180,000			(174,000)			(309,000)	(102,000)
Net loss attributable to Invesco Real Estate Income Trust Inc.	(4,462,000)			(2,286,000)			(5,237,000)	(8,545,000)
Dividends to preferred stockholders	0			(2,000)			(4,000)	(6,000)
Issuance and redemption costs of redeemed preferred stock	0			0			(24,000)	0
Net loss attributable to non-controlling interests in consolidated joint ventures	987,000			29,000			1,484,000	745,000
Net loss attributable to non-controlling interest in INREIT OP	15,000	$ 3,000	$ 39,000	11,000	$ (8,000)	$ 40,000	57,000	43,000
Net loss attributable to common stockholders	(3,460,000)			(2,248,000)			(3,724,000)	(7,763,000)
Operating segments | Healthcare
Revenues
Rental revenue	0			0			0	0
Income from commercial loans	0			0			0	0
Other revenue	0			0			0	0
Total revenues	0			0			0	0
Expenses
Rental property operating	0			0			0	0
Total expenses	0			0			0	0
Income from unconsolidated entities, net	161,000			1,395,000			2,589,000	4,210,000
Income from investment in affiliated fund, net	0			0			0	0
Gain on real estate-related securities, net	0			0			0	0
Segment net operating income	161,000			1,395,000			2,589,000	4,210,000
Segment depreciation and amortization	(1,600,000)			(1,749,000)			(4,934,000)	(5,463,000)
Operating segments | Office
Revenues
Rental revenue	767,000			725,000			2,249,000	2,178,000
Income from commercial loans	0			0			0	0
Other revenue	0			0			0	0
Total revenues	767,000			725,000			2,249,000	2,178,000
Expenses
Rental property operating	148,000			132,000			446,000	409,000
Total expenses	148,000			132,000			446,000	409,000
Income from unconsolidated entities, net	0			0			0	0
Income from investment in affiliated fund, net	0			0			0	0
Gain on real estate-related securities, net	0			0			0	0
Segment net operating income	619,000			593,000			1,803,000	1,769,000
Segment depreciation and amortization	(194,000)			(416,000)			(1,026,000)	(1,253,000)
Operating segments | Industrial
Revenues
Rental revenue	2,141,000			2,654,000			6,952,000	8,104,000
Income from commercial loans	0			0			0	0
Other revenue	89,000			89,000			266,000	259,000
Total revenues	2,230,000			2,743,000			7,218,000	8,363,000
Expenses
Rental property operating	1,158,000			1,223,000			2,652,000	3,813,000
Total expenses	1,158,000			1,223,000			2,652,000	3,813,000
Income from unconsolidated entities, net	0			0			0	0
Income from investment in affiliated fund, net	0			0			0	0
Gain on real estate-related securities, net	0			0			0	0
Segment net operating income	1,072,000			1,520,000			4,566,000	4,550,000
Segment depreciation and amortization	(1,432,000)			(1,398,000)			(4,192,000)	(4,157,000)
Operating segments | Self-Storage
Revenues
Rental revenue	2,168,000			2,108,000			6,387,000	6,267,000
Income from commercial loans	0			0			0	0
Other revenue	220,000			236,000			663,000	702,000
Total revenues	2,388,000			2,344,000			7,050,000	6,969,000
Expenses
Rental property operating	544,000			998,000			3,326,000	3,086,000
Total expenses	544,000			998,000			3,326,000	3,086,000
Income from unconsolidated entities, net	0			0			0	0
Income from investment in affiliated fund, net	0			0			0	0
Gain on real estate-related securities, net	0			0			0	0
Segment net operating income	1,844,000			1,346,000			3,724,000	3,883,000
Segment depreciation and amortization	(640,000)			(630,000)			(1,915,000)	(3,155,000)
Operating segments | Multifamily
Revenues
Rental revenue	2,973,000			4,223,000			8,768,000	12,378,000
Income from commercial loans	0			0			0	0
Other revenue	66,000			147,000			183,000	463,000
Total revenues	3,039,000			4,370,000			8,951,000	12,841,000
Expenses
Rental property operating	1,219,000			1,484,000			3,735,000	4,572,000
Total expenses	1,219,000			1,484,000			3,735,000	4,572,000
Income from unconsolidated entities, net	0			0			0	0
Income from investment in affiliated fund, net	0			0			0	0
Gain on real estate-related securities, net	0			0			0	0
Segment net operating income	1,820,000			2,886,000			5,216,000	8,269,000
Segment depreciation and amortization	(1,213,000)			(1,603,000)			(3,773,000)	(4,807,000)
Operating segments | Student Housing
Revenues
Rental revenue	5,215,000			5,044,000			15,192,000	13,900,000
Income from commercial loans	0			0			0	0
Other revenue	407,000			430,000			1,009,000	956,000
Total revenues	5,622,000			5,474,000			16,201,000	14,856,000
Expenses
Rental property operating	2,906,000			2,528,000			7,083,000	5,992,000
Total expenses	2,906,000			2,528,000			7,083,000	5,992,000
Income from unconsolidated entities, net	0			0			0	0
Income from investment in affiliated fund, net	0			0			0	0
Gain on real estate-related securities, net	0			0			0	0
Segment net operating income	2,716,000			2,946,000			9,118,000	8,864,000
Segment depreciation and amortization	(1,736,000)			(1,654,000)			(5,207,000)	(4,864,000)
Operating segments | Grocery-Anchored Retail
Revenues
Rental revenue	1,430,000			1,258,000			4,198,000	4,237,000
Income from commercial loans	0			0			0	0
Other revenue	0			0			2,000	0
Total revenues	1,430,000			1,258,000			4,200,000	4,237,000
Expenses
Rental property operating	470,000			497,000			1,388,000	1,414,000
Total expenses	470,000			497,000			1,388,000	1,414,000
Income from unconsolidated entities, net	0			0			0	0
Income from investment in affiliated fund, net	0			0			0	0
Gain on real estate-related securities, net	0			0			0	0
Segment net operating income	960,000			761,000			2,812,000	2,823,000
Segment depreciation and amortization	(518,000)			(502,000)			(1,563,000)	(1,497,000)
Operating segments | Real Estate Debt
Revenues
Rental revenue	0			0			0	0
Income from commercial loans	1,012,000			1,136,000			3,282,000	3,310,000
Other revenue	0			0			0	0
Total revenues	1,012,000			1,136,000			3,282,000	3,310,000
Expenses
Rental property operating	0			0			0	0
Total expenses	0			0			0	0
Income from unconsolidated entities, net	797,000			748,000			2,353,000	2,195,000
Income from investment in affiliated fund, net	200,000			493,000			1,356,000	75,000
Gain on real estate-related securities, net	0			0			0	0
Segment net operating income	2,009,000			2,377,000			6,991,000	5,580,000
Segment depreciation and amortization	0			0			0	0
Corporate and Other
Revenues
Rental revenue	0			0			0	0
Income from commercial loans	0			0			0	0
Other revenue	31,000			13,000			95,000	13,000
Total revenues	31,000			13,000			95,000	13,000
Expenses
Rental property operating	109,000			51,000			342,000	219,000
Total expenses	109,000			51,000			342,000	219,000
Income from unconsolidated entities, net	844,000			1,827,000			2,390,000	3,019,000
Income from investment in affiliated fund, net	0			0			0	0
Gain on real estate-related securities, net	1,631,000			(448,000)			3,386,000	(525,000)
Segment net operating income	2,397,000			1,341,000			5,529,000	2,288,000
Segment depreciation and amortization	$ (1,154,000)			$ (443,000)			$ (2,269,000)	$ (1,823,000)

Segment Reporting - Schedule _3

Segment Reporting - Schedule of Segment Income from Unconsolidated Entities to Loss from Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Segment income from unconsolidated entities	$ 1,802	$ 3,970	$ 7,332	$ 9,424
Depreciation and amortization attributable to unconsolidated entities	(2,754)	(2,192)	(7,203)	(7,286)
Loss from unconsolidated entities, net	$ (952)	$ 1,778	$ 129	$ 2,138

Segment Reporting - Schedule _4

Segment Reporting - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Segment depreciation and amortization	$ (8,487)	$ (8,395)	$ (24,879)	$ (27,019)
Depreciation and amortization attributable to unconsolidated entities	2,754	2,192	7,203	7,286
Depreciation and amortization	$ (5,733)	$ (6,203)	$ (17,676)	$ (19,733)

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions		9 Months Ended
	Nov. 11, 2024 USD ($)	Sep. 30, 2024 USD ($)	Oct. 15, 2024 property
Private Offering
Subsequent Event [Line Items]
Aggregate net proceeds		$ 25.9
Subsequent Event
Subsequent Event [Line Items]
Existing real properties | property			8
Subsequent Event | Private Offering
Subsequent Event [Line Items]
Aggregate net proceeds	$ 0