Capabilities
Investing Where We Consume, Live, Innovate, and Connect
Total Asset Value1
Net Asset Value2
Properties3
Occupancy Rate4
As of 04/30/2023
*Represents the transaction price per share of the applicable class of INREIT's common stock for subscriptions accepted as of June 1, 2023 (and repurchases as of May 31, 2023). Transaction price per share is equal to NAV per share as of April 30, 2023. The transaction price presented is rounded to two decimal places.
Invesco Real Estate Income Trust Inc. First Quarter 2023 Commentary Now Available
1Q 2023 INREIT Commentary
Assets under
management 6
Real estate
Professionals Globally
Avg. Years Industry Experience of Senior Managers
Year track
record5
Global
offices
Capabilities
Core and income
Opportunistic
Private and public
Equity and debt
Source: Invesco Real Estate, as of December 31, 2022
As part of Invesco Real Estate, the INREIT management team seeks the best opportunities in the most attractive markets. The team integrates regional specialists with the global organizational strength of one of the world’s largest real estate managers.
1 Total asset value (“TAV”) is measured as (1) the asset value of real estate investments (based on fair value), excluding any third-party interests in such real estate investments, plus (2) the asset value of real estate-related securities measured at fair value, plus (3) any other current assets (such as cash or any other cash equivalents). TAV is not a measure under generally accepted accounting principles in the United States (“GAAP”), and the valuations of and certain adjustments made to our assets used in the calculation of total asset value will differ from GAAP. You should not consider TAV to be equivalent to GAAP total assets or any other GAAP measure. Total asset value is calculated as GAAP total assets excluding (1) third-party interests in total assets, (2) straight-line rent receivable, (3) below market leases and (4) certain other assets, plus (5) depreciation and amortization and (6) unrealized real estate appreciation. For more information, please refer to our annual and quarterly reports filed with the SEC, which are available at https://www.invesco.com/inreit/news-and-filings. As of April 30, 2023, our TAV was approximately $1.1 billion and our GAAP total assets were $1.0 billion.
2 NAV is calculated in accordance with the valuation guidelines approved by our board of directors. NAV is not a measure used under generally accepted accounting principles in the United States ("GAAP"), and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from GAAP. You should not consider NAV to be equivalent to stockholders' equity or any other GAAP measure. As of April 30, 2023, our NAV per share was approximately $30.09, $30.04, $30.08, $30.21, and $31.40 per Class T, S, D, I and E share, respectively, and total stockholders’ equity per share was $27.08, $25.61, $26.96, $29.40, and $20.76 per Class T, S, D, I and E share, respectively. For a full reconciliation of NAV to stockholders’ equity, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operation” section of our annual and quarterly reports filed with the SEC, which are available at https://www.invesco.com/inreit/news-and-filings. NAV based calculations involve significant professional judgment. The calculated value of INREIT's assets and liabilities may differ from its actual realizable value or future value which would affect the NAV as well as any returns derived from that NAV, and ultimately the value of your investment. As return information is calculated based on NAV, return information presented will be impacted should the assumptions on which NAV was determined prove to be different. For further information, please refer to the “Net Asset Value Calculation and Valuation Guidelines” section in the Prospectus which describe INREIT's valuation process and the independent third parties who assist INREIT.
Invesco Real Estate Income Trust Inc. (INREIT) is a non-listed REIT that invests primarily in stabilized, income-oriented commercial real estate in the United States. To a lesser extent, INREIT also originates and acquires private real estate debt, including loans secured or backed by real estate, preferred equity interests and interests in private debt funds. INREIT also invests in liquid real estate-related equity and debt securities intended to provide current income and a source of liquidity for its share repurchase plan, cash management and other purposes. This investment strategy involves a high degree of risk and is intended only for investors with a long-term investment horizon and who do not require immediate liquidity or guaranteed income. If INREIT is unable to effectively manage the impact of the risks inherent in its business, it may not meet its investment objectives. You should only invest in INREIT if you can afford a complete loss of your investment. You should read the Prospectus carefully for a description of the risks associated with an investment in INREIT. The principal risks relating to an investment in INREIT include, but are not limited to the following:
Forward-Looking Statement Disclosure
The website contains forward-looking statements about INREIT’s business, including, in particular, statements about its plans, strategies and objectives. You can generally identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. These statements include INREIT’s plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond INREIT’s control. Although INREIT believes the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate, and INREIT’s actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by INREIT or any other person that INREIT’s objectives and plans, which are considered to be reasonable, will be achieved.
Additional Important Information about INREIT
An investment in INREIT is not a direct investment in real estate, and has material differences from a direct investment in real estate, including those related to fees and expenses, liquidity and tax treatment INREIT’s share price is subject to less volatility because its per share NAV is based on the value of real estate, private real estate debt and real estate related securities that it owns and is not subject to market pricing forces as are the prices of public REITs. Although INREIT’s share price is subject to less volatility, INREIT shares are significantly less liquid than these asset classes and are not immune to fluctuation. Private real estate is not traded on an exchange and will have less liquidity and price transparency. The value of private real estate may fluctuate and may be worth less than was initially paid for it.
The volatility and risk profile of the indices presented is likely to be different from that of INREIT including those related to vehicle structure, investment objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return and tax features. In addition, the indices employ different investment guidelines and criteria than INREIT; as a result, the holdings in INREIT may differ significantly from the holdings of the securities that comprise the indices. The indices are not subject to costs or expenses and it may not be possible to invest in the indices. The performance of the indices has been selected to represent an appropriate benchmark to compare to INREIT’s performance, but rather is disclosed to allow for comparison of INREIT’s performance to that of well-know and widely recognized indices. In the case of equity indices, performance of indices reflects the reinvestment of dividends.
INREIT does not trade on a national exchange, and therefore, is generally illiquid. Your ability to redeem shares in INREIT through INREIT’s repurchase plan is subject to significant limitations, and fees associated with the sale of these products can be higher than other asset classes. In some cases, periodic distributions may be subsidized by borrowed funds and include a return of investor principal. This is in contrast to distributions investors receive from large corporate stocks that trade on national exchanges, which are typically derived solely from earnings. Investors typically seek income from distributions over a period of 10 years. Upon liquidation, return of capital may be more or less than the original investment depending upon the value of assets.
An investment in INREIT is not an investment in fixed income. Fixed income has material differences from an investment in a non-listed traded REIT, including those related to vehicle structure, investment objectives and restrictions, risks, fluctuation of principal, safety, guarantees or insurance, fees and expenses, liquidity and tax treatment.
Important Information About Other Invesco Real Estate Funds
This website includes information related to prior investments Invesco Real Estate has made, in which INREIT will not have any interest. While the investment programs of other Invesco real estate accounts and INREIT’s investment strategy each involve real estate-related investments and overlapping personnel, each of the accounts and strategies has distinct investment activities, including but not limited to, objectives, costs and expenses, tax features and leverage policies. Invesco Real Estate’s experience in managing other Invesco real estate accounts and other Invesco accounts is not necessarily applicable to INREIT. There can be no assurance that INREIT will be able to successfully identify, make and realize any particular investment or generate returns for its investors.
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