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INREIT
The Offering

Objectives

Invesco Real Estate Income Trust seeks to provide income, protect capital, and generate long-term growth for shareholders across a diversified portfolio. INREIT is designed to drive value through disciplined investment selection and hands-on management.

Offering Highlights

Key Terms (1)

Structure

Non-exchange-listed, perpetual life real estate investment trust (REIT)


Portfolio allocation (2)

Targeting at least 80% of assets in properties and up to 20% of assets in real estate-related securities following the ramp-up period


Sponsor/Advisor

Invesco Ltd./Invesco Advisers, Inc.


Maximum offering (3)

$3 billion


Offering Price (4)

Generally equal to INREIT's prior month’s NAV per share for its respective class as of the last calendar day of such month, plus applicable selling commissions and dealer manager fees


Subscriptions/NAV frequency

  • Monthly purchases as of the first calendar day of each month; subscription requests must be received at least five business days prior to the first calendar day of the month
  • NAV per share, which will generally be equal to INREIT's transaction price and will generally be available within 15 calendar days of month-end
  • Transaction price will be available on www.inreit.com, via our toll-free telephone number at 833-834-4924 and in prospectus supplements. If the transaction price is not made available on or before the eighth business day before the first calendar day of the month, or a previously disclosed transaction price for that month is changed, then INREIT will notify subscribing investors

Distributions

Monthly (not guaranteed, subject to board approval) 5


Suitability standards (6)

Purchaser must have either (1) a net worth of at least $250,000 or (2) a gross annual income of at least $70,000 and a net worth of at least $70,000. Certain states have additional suitability standards. See the Prospectus for more information.


Share repurchase plan (7)

  • Monthly repurchases will be made at the transaction price, which is generally equal to INREIT's prior month’s NAV per share
  • Shares not held for at least one year will be repurchased at 95% of the transaction price of the relevant share class
  • Total repurchases are limited to 2% of aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and 5% of aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months)
  • Repurchase requests must be received in good order by the second to last business day of the applicable month
  • We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month at INREIT's discretion
  • The share repurchase plan is subject to other limitations, and our board may make exceptions to modify, suspend, or terminate the plan

Tax reporting

Form 1099-DIV


Advisor Fees

Management fee

1% per annum of NAV, payable monthly (not payable with respect to Class E shares)


Performance participation allocation (8)

12.5% of the annual total return, subject to a 6% annual hurdle amount, high-water mark and catch-up (not payable with respect to Class E shares)


Share class-specific terms

  Class I Class D Class S Class T Class E

Availability

Through fee-based (wrap) programs, registered investment advisors, and other institutional and fiduciary accounts

Through transactional/brokerage accounts

Employees and other Invesco accounts

Minimum Initial Investment(9)

$1,000,000

 $2,500

$2,500

$2,500

$2,500

Subsequent Investment(9)

$500

$500

$500

$500

$500

Selling commissions

(Upfront)(10)

None

Up to 1.5%

Up to 3.5%

Up to 3.0%

None

Dealer manager fee
(Upfront)(10)

None

None

None

0.50%

None

Stockholder servicing fees

(per annum, payable monthly) (Ongoing)(10)

None

0.25%

0.85%

0.65% financial advisor

0.20% dealer

None

  • Disclosures

    Diversification does not guarantee a profit or eliminate the risk of loss.
     
    1 Terms summarized herein are for informational purposes and qualified in their entirety by the more detailed information in the Prospectus. You should read the Prospectus carefully prior to making an investment.
     
    2 INREIT does not expect to be able to achieve these allocations during the period prior to the time that it has raised substantial offering proceeds and acquired a broad portfolio of real estate investments, which is referred to as the “ramp-up period”
     
    3 INREIT is offering up to $3,000,000,000 in shares of its common stock, consisting of up to $2,400,000,000 in shares in its primary offering and up to $600,000,000 in share pursuant to INREIT's distribution reinvestment plan. INREIT reserves the right to reallocate the shares of common stock between the primary offering and the distribution reinvestment plan. INREIT may register additional shares in the future.
     
    4 INREIT may offer shares based on an offering price that it believes reflects the NAV per share more appropriately than the prior month’s NAV per share, including by updating a previously disclosed transaction price, in cases where INREIT believes there has been a material change (positive or negative) to its NAV per share since the end of the prior month.
     
    5 There is no assurance INREIT will pay distributions in any particular amount, if at all. Distributions may be modified and are at the discretion of the board of directors. Distributions may be funded from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources.
     
    6 For purposes of determining whether you satisfy the standards above, your net worth is calculated excluding the value of your home, home furnishings and automobiles. Select broker-dealers may impose greater suitability standards. Investors residing in Alabama, Idaho, or Puerto Rico must comply with additional suitability standards described in the Prospectus.
     
    7 The share repurchase plan is subject to other limitations and INREIT's board may modify, suspend or terminate the plan. For additional information, see “Share Repurchases” in the Prospectus.
     
    Performance participation allocation: 
    The Special Limited Partner will hold a performance participation interest in INREIT’s Operating Partnership that entitles it to receive an allocation from the Operating Partnership equal to 12.5% of the Total Return, subject to a 6% Hurdle Amount and a High-Water Mark, with a Catch-Up (each term as defined below). Such allocation will be made annually and accrue monthly.
     “Total Return” for any period since the end of the prior calendar year shall equal the sum of:  (1) all distributions accrued or paid (without duplication) on the Operating Partnership units outstanding at the end of such period since the beginning of the then-current calendar year, plus (2) the change in aggregate NAV of such units since the beginning of the year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Operating Partnership units, (y) any allocation/accrual to the Performance Participation and (z) applicable stockholder servicing fee expenses (including any payments made to us for payment of such expenses). For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the NAV of units issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such units.
     Specifically, the Special Limited Partner will be allocated a performance participation in an amount equal to:
     
    + First, if the Total Return for the applicable period exceeds the sum of (1) the Hurdle Amount for that period and (2) the Loss Carryforward Amount (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount allocated to the Special Limited Partner equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to the Special Limited Partner pursuant to this clause (this is commonly referred to as a “Catch-Up”); and
     
    + Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.
     
    Hurdle Amount” for any period during a calendar year means that amount that results in a 6% annualized internal rate of return on the NAV of the Operating Partnership units (other than Class N units and Class E units) outstanding at the beginning of the then-current calendar year and all Operating Partnership units (other than Class N units and Class E units) issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such units and all issuances of Operating Partnership units over the period and calculated in accordance with recognized industry practices. The ending NAV of the Operating Partnership units used in calculating the internal rate of return will be calculated before giving effect to any allocation/accrual to the Performance Participation and applicable stockholder servicing fee expenses, provided that the calculation of the Hurdle Amount for any period will exclude any Operating Partnership units repurchased during such period, which units will be subject to the Performance Participation upon repurchase as described below. Except as described below in regards to Loss Carryforward Amounts, any amount by which Total Return falls below the Hurdle Amount will not be carried forward to subsequent periods.
     
     “Loss Carryforward Amount” shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carry forward Amount will exclude the Total Return related to any Operating Partnership units (other than Class N units and Class E units) repurchased during such year, which units will be subject to the Performance Participation upon repurchase as described below. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of the Performance Participation. This is referred to as a “High-Water Mark.”
     
    9 Select broker-dealers may offer INREIT at higher minimums. The minimum subsequent investment and does not apply to purchases made under INREIT's distribution reinvestment plan.
     
    10 Fees may vary by broker-dealers, so long as the sum of the upfront selling commission and dealer management fees do not exceed 3.5% of the transaction price for Class T shares. 

     

Why INREIT?

INREIT brings the experience of the Invesco Real Estate team to income-seeking investors. With over 35 years managing capital for some of the largest institutions in the world, Invesco Real Estate will use its time-tested methodologies to select commercial properties with strong income potential.

Learn more
  • Important Information

    Abstract and cityscape images are not INREIT owned properties and are for illustrative purposes only; such images are not representative of INREIT’s investments in a given property type and are not representative of INREIT’s current portfolio. Certain selected images of INREIT’s investments are provided for illustrative purposes only, are not representative of all INREIT’s investments of a given property type and are not representative of INREIT’s entire portfolio. It should not be assumed that INREIT’s investment in the properties identified and discussed herein were or will be profitable. For information on INREIT’s current portfolio, see the prospectus.
  • Summary of Risk Factors

    Invesco Real Estate Income Trust Inc. (INREIT) is a non-listed REIT that invests in stabilized, income-oriented commercial real estate in the United States. To a lesser extent, INREIT also invests in real estate-related securities to provide current income and a source of liquidity for its share repurchase plan, cash management and other purposes. This investment 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:

    • INREIT has a limited prior operating history, and there is no assurance that it will successfully achieve its investment objectives. 
    • INREIT has made limited investments to date and you will not have the opportunity to evaluate INREIT’s future investments before it makes them, which makes your investment more speculative. 
    • Since there is no public trading market for shares of INREIT’s common stock, repurchase of shares by INREIT will likely be the only way to dispose of your shares. INREIT’s share repurchase plan will provide stockholders with the opportunity to request that INREIT repurchases their shares on a monthly basis, but INREIT is not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any month. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, INREIT’s board of directors may make exceptions to, modify or suspend its share repurchase plan. As a result, INREIT’s shares should be considered as having only limited liquidity and at times may be illiquid. Your ability to have your shares repurchased through INREIT’s share repurchase plan is limited, and if you do sell your shares to INREIT, you may receive less than the price you paid.
    • INREIT cannot guarantee that it will make distributions, and if it does it may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of or repayments under INREIT’s assets, borrowings, or offering proceeds, and INREIT has no limits on the amounts it may pay from such sources.
    • The purchase price and repurchase price for shares of INREIT’s common stock will generally be based on the prior month’s NAV and will not be based on any public trading market. While there will be independent valuations of INREIT’s properties quarterly, the valuation of properties is inherently subjective, and INREIT’s NAV may not accurately reflect the actual price at which its properties could be liquidated on any given day. 
    • INREIT has no employees and is dependent on Invesco Advisers, Inc. (“Adviser”) to conduct its operations. The Adviser will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among INREIT and Other Invesco Accounts (as defined in the Prospectus), the allocation of time of its investment professionals and the substantial fees that INREIT will pay to the Adviser.
    • INREIT is conducting a “best efforts” offering. If INREIT is not able to raise a substantial amount of capital on an ongoing basis, its ability to achieve its investment objectives could be adversely affected.
    • Principal and interest payments on any borrowings will reduce the amount of funds available for distribution or investment in additional real estate assets.
    • There are limitations on the ownership and transferability of INREIT’s shares. No person or group may directly or indirectly acquire or hold more than 9.9% of INREIT’s outstanding common stock in value or number of shares of all classes or series, whichever is more restrictive. An investment in INREIT is not a direct investment in real estate. See “Description of Capital Stock – Restrictions on Ownership and Transfer” in the prospectus for more information.
    • INREIT does not own the Invesco name, but is permitted to use it as part of INREIT’s corporate name pursuant to a trademark license agreement with an affiliate of Invesco. Use of the name by other parties or the termination of INREIT’s trademark license agreement may harm its business.
    • If INREIT fails to qualify as a REIT and no relief provisions apply, its NAV and cash available for distribution to its stockholders could materially decrease. 
    • Events or the conditions beyond INREIT’s control, including outbreaks of contagious disease such as the global pandemic of the novel coronavirus that causes the disease known as coronavirus disease 2019 (“COVID-19”), may have an adverse impact on INREIT’s NAV, results of operations and cash flows and INREIT’s ability to source investments, obtain financing, fund distributions and satisfy repurchase requests. 
    • Accurate valuations are more difficult to obtain in times of low transaction volumes due to fewer market transactions that can be considered in the context of the appraisal. There will be no retroactive adjustment in the valuation of assets, INREIT’s offering price of its common stock shares, the price INREIT paid to repurchase its common stock or NAV-based fees INREIT paid to the Adviser and the Dealer Manager to the extent valuations prove to not accurately reflect the realizable value of INREIT’s assets. The price you will pay for shares of INREIT’s common stock and the price at which shares may be repurchased will generally be based on the prior month’s NAV per share. As a result, you may pay more than realizable value or receive less than realizable value for your investment.


    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 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.

IMPORTANT INFORMATION

Are you a resident of Ohio?
Are you a resident of New Jersey?
Are you a resident of Washington?

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Invesco Real Estate Income Trust Inc. (INREIT) is authorized for distribution.

Complete information about investing in shares of INREIT is available in the prospectus. An investment in INREIT involves risks.

Download Prospectus

Contact Us

INDIVIDUAL INVESTORS

Please contact your financial professional to learn more about INREIT.

Financial Professional

Contact us to learn more about INREIT.

 

Contact Us:

National Wirehouse

(800) 998-4246

Independent and Broker Dealer

(800) 421-0807

Registered Investment Advisor (RIA)

(800) 421-4023

Bank and Trust

(800) 421-4023

Retirement

(800) 370-1519

Insurance/Third Party

(800) 410-4246