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Transcript

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Thank you all for joining us. And thank you for trusting Invesco and Invesco Real Estate Income Trust Inc., or N REIT. I'm Joe Spalding, lead portfolio manager of energy and I'm Dasani co portfolio manager for energy. Our mantra going into 2024 was to control the Controllables. It was a particularly useful reminder during a turbulent macro and political environment with suppressed capital flows for private real estate.

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We've always employed an active management strategy, but 2024 was our most illustrative year yet. From a portfolio management standpoint. In 2024, we grew same store property level operating cash flow by 4%, maintained a healthy distribution rate, and fully satisfied all redemption requests without proration.

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in December 2020 for our first offering under our 1031 DSC program was fully subscribed and now close to new investors. In addition, our second DST offering commenced in October of 2024. We maintain an average leverage ratio of 32% through 2024 and sold three assets comprising 13% of gross asset value, for amounts exceeding their carry value.

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Furthermore, we closed three new investments in residential and industrial sectors and further enhanced our liquidity position with over 100 million in cash and securities available to deploy.

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A confluence of factors along with our accomplishments sets the stage for a compelling entry point for private real estate. In our view, with moderating but still healthy occupier demand high occupancy with declining supply.

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We believe values have the potential to rise from what we see a cycle lows in REIT sector allocation is thoughtful, and it's by design through 2024. In REIT was more heavily weighted in sectors such as health care, self-storage and student housing. We were also an early adopter of private credit, which provided cash flow growth in a period of higher borrowing rates.

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We remain committed to these sectors within our broader portfolio construction, but we now see an opportunity to add residential and industrial at what we believe is reset pricing. We acted on what we believe was an attractive opportunity set in 2024 and have a robust pipeline to build on in 2025. Our recent investment activity includes industrial assets in Charlotte and southern new Jersey, apartments in Dallas, Texas, and six additional structured investments within the retail sector.

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In addition, portfolio leverage of 28% is below our stated target range of 50 to 60%, providing flexibility to strategically use incremental leverage. And we're sitting on more investable dry powder than we've had in four years.

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We're proud of Henry's performance in a volatile year, and despite the potential for an uneven recovery ahead, we're focused on long term convictions in strong sectors and markets. As always, we're grateful for your trust and your patience. We're very excited for what's ahead and look forward to our continued partnership.

The global reach of Invesco Real Estate

Watch Chase Bolding and Akbar Dosani discuss INREIT's 2024 highlights and 2025 outlook.

Tax information: Form 1099-DIV

Taxable distributions are reported to you on IRS Form 1099-DIV. The tax character of these distributions as a percent of each total distribution is listed in the table below:

1099-DIV 1A 
Ordinary Dividends
1B
Qualified Dividends
2A 
Capital Gains
2B
Unrecaptured Section 1250 Gain
3
Non-dividend Distribution
5
Section 199a Dividends
2024 6.57% 0.00% 85.23% 31.45% 8.20% 6.57%
2023 0.00% 0.00% 0.00% 0.00% 100.00% 0.00%
2022 0.84% 0.00% 0.00% 0.00% 99.16% 0.84%
2021 0.00% 0.00% 0.00% 0.00% 100.00% 0.00%
2020 0.00% 0.00% 0.00% 0.00% 100.00% 0.00%
2019 0.00% 0.00% 0.00% 0.00% 100.00% 0.00%
2018 0.00% 0.00% 0.00% 0.00% 100.00% 0.00%

IRS Forms