Real estate INREIT

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 Securities and Exchange Commission (“SEC”), which are available at https://www.invesco.com/inreit/en/filings.html. As of September 30, 2026, our TAV was approximately $1.5 billion and our GAAP total assets were $1.4 billion.

Reflects real estate investments only, including unconsolidated properties, and does not include private real estate credit investments or other real estate-related securities investments.

Occupancy reflects real estate property investments only, including unconsolidated properties, and does not include private real estate credit investments or other real estate-related securities investments. Occupancy measures the utilization of properties in the portfolio and is weighted by the total value of all real estate properties. For multifamily investments, occupancy represents the percentage of all leased units divided by the total unit count. For manufactured housing, occupancy represents the percentage of all leased lots divided by the total lot count. For student housing occupancy represents the percentage of all leased beds divided by the total bed count. For healthcare, industrial, office, retail, self storage, and other investments, occupancy represents the percentage of all leased square footage divided by the total available square footage.

Leverage ratio is measured by dividing (i) the sum of consolidated property-level debt, entity-level debt, debt-on-debt, net of cash and restricted cash, by (ii) the asset value of real estate investments, private real estate credit investments and equity in INREIT's real estate-related securities portfolio (in each case measured using the greater of fair market value and cost), including the net investment in unconsolidated investments. For purposes of determining the asset value of INREIT’s real estate investments, the asset value of the Delaware statutory trusts (the “DSTs”) holding real properties is included due to the master lease structure, including INREIT’s fair market value purchase option. The leverage ratio calculation does not include (i) indebtedness incurred in connection with funding a deposit in advance of the closing of an investment, (ii) indebtedness incurred as other working capital advances, (iii) indebtedness on INREIT's real estate securities investments,(iv) the pro rata share of debt within INREIT's unconsolidated investments, or (v) any financing liability included in INREIT’s net asset value calculation resulting from the sale of real estate property investments held by the DSTs for which INREIT has issued and sold beneficial interest. The leverage ratio would be higher if any of the foregoing categories of indebtedness were taken into account. INREIT’s charter prohibits it from borrowing more than 300% of net assets, which approximates borrowing 75% the cost of investments. The calculation used to ensure compliance with the charter limitation is distinct from the leverage ratio calculation shown here.

Investment allocation is measured as the gross asset value of each investment category (real estate property investments, private real estate credit, real estate-related securities, and cash) against the gross asset value of all investment categories, excluding the value of any third-party interests in real estate property investments. Prior to June 1, 2026, the private real estate credit allocation was measured net of the value of the secured lending agreement. Real estate property investments include INREIT's direct property investments, unconsolidated investments, and our interest in retail properties through INREIT’s interest in ITP Investments LLC. Totals may not sum to 100% due to rounding.

Geography weighting excludes the gross asset value of any investments in private real estate credit, real estate-related securities, and cash, and is measured as the gross asset value of real estate property investments for each geographical category (West, South, East, Midwest) against the gross asset value of all real estate property investments, excluding the value of any third-party interests in such investments. Totals may not sum to 100% due to rounding.

Property Type weighting is measured as the gross asset value of private direct real estate investments for each sector category (Healthcare, Multifamily, Industrial, Office, Retail, Self-Storage, Student Housing, Manufactured Housing Community, Other) against the gross asset value of the direct real estate investments, excluding the value of any third-party interests. Prior to June 1, 2026, the Property Allocation included private real estate credit and excluded the value of any secured lending agreements in these investments. The Other segment includes non-controlling interests in retail properties through our interest in ITP Investments LLC . Totals may not sum to 100% due to rounding.