Invesco Real Estate Income Trust 10-Q13 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 13, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	333-254931
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	2001 Ross Avenue
Entity Address, Address Line Two	Suite 3400
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	2023
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		597,872
Class S Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		522,978
Class D Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		821,937
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,546,415
Class E Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,194,972
Class N Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,677,279

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Investments in real estate, net	$ 693,816	$ 759,461
Investments in unconsolidated entities	124,211	127,360
Investments in commercial loans, at fair value	34,807	21,800
Investments in real estate-related securities, at fair value	28,045	23,512
Investments in affiliated fund, at fair value	28,464	14,969
Intangible assets, net	22,158	26,018
Cash and cash equivalents	13,628	39,888
Restricted cash	6,960	5,354
Other assets	16,364	20,796
Assets held-for-sale	61,460	0
Total assets	1,029,913	1,039,158
LIABILITIES
Mortgages payable, net	378,893	374,733
Financing obligation, net	53,752	53,752
Revolving credit facility	7,200	9,000
Due to affiliates	21,092	22,952
Accounts payable, accrued expenses and other liabilities	18,349	12,430
Total liabilities	479,286	472,867
Commitments and contingencies	0	0
Class N redeemable common stock, $0.01 par value per share, 13,625,692 and 13,523,324 shares issued and outstanding, respectively	408,017	432,604
Redeemable non-controlling interest in INREIT OP	6,675	2,797
EQUITY
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; 125 shares issued and outstanding ($500.00 per share liquidation preference)	41	41
Additional paid-in capital	206,403	167,611
Accumulated deficit and cumulative distributions	(100,292)	(66,856)
Total stockholders' equity	106,227	100,866
Non-controlling interests in consolidated joint ventures	29,708	30,024
Total equity	135,935	130,890
Total liabilities, redeemable equity instruments and equity	1,029,913	1,039,158
Class T Common Stock
EQUITY
Common stock	6	4
Class S Common Stock
EQUITY
Common stock	5	4
Class D Common Stock
EQUITY
Common stock	8	6
Class I Common Stock
EQUITY
Common stock	44	38
Class E Common Stock
EQUITY
Common stock	$ 12	$ 18

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Redeemable common stock, par value (in USD per share)	$ 0.01	$ 0.01
Redeemable common stock, shares issued (in shares)	13,625,692	13,523,324
Redeemable common stock, shares outstanding (in shares)	13,625,692	13,523,324
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	125	125
Preferred stock, shares outstanding (in shares)	125	125
Preferred stock, liquidation preference (in USD per share)	$ 500	$ 500
Common stock, shares outstanding (in shares)	21,084,123	20,520,921
Class T Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	591,741	449,680
Common stock, shares outstanding (in shares)	591,741	449,680
Class S Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	462,944	351,856
Common stock, shares outstanding (in shares)	462,944	351,856
Class D Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	789,726	604,538
Common stock, shares outstanding (in shares)	789,726	604,538
Class I Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	4,426,664	3,764,505
Common stock, shares outstanding (in shares)	4,426,664	3,764,505
Class E Common Stock
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	1,187,356	1,827,018
Common stock, shares outstanding (in shares)	1,187,356	1,827,018

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Rental revenue	$ 16,012	$ 15,516	$ 47,064	$ 38,443
Income from commercial loans	1,136	702	3,310	702
Other revenue	915	860	2,393	2,086
Total revenues	18,063	17,078	52,767	41,231
Expenses
Rental property operating	6,913	7,198	19,505	15,341
General and administrative	959	1,214	3,580	4,126
Management fee - related party	446	337	1,260	638
Performance participation interest - related party	0	1,335	0	5,729
Depreciation and amortization	6,203	11,759	19,733	32,247
Total expenses	14,521	21,843	44,078	58,081
Other income (expense), net
Income from unconsolidated entities, net	1,778	2,757	2,138	8,464
Losses from real estate-related securities	(448)	(925)	(525)	(2,020)
Income from investments in affiliated fund	493	0	75	0
Unrealized gain (loss) on derivative instruments	(444)	4,547	(990)	7,017
Impairment of investments in real estate	(1,743)	0	(1,743)	0
Interest expense	(5,290)	(4,996)	(16,087)	(10,271)
Other expense	(174)	(34)	(102)	(118)
Total other income (expense), net	(5,828)	1,349	(17,234)	3,072
Net loss attributable to Invesco Real Estate Income Trust Inc.	(2,286)	(3,416)	(8,545)	(13,778)
Dividends to preferred stockholders	(2)	(2)	(6)	(6)
Net loss attributable to non-controlling interests in consolidated joint ventures	29	324	745	768
Net loss attributable to non-controlling interest in INREIT OP	11	4	43	303
Net loss attributable to common stockholders, basic	(2,248)	(3,090)	(7,763)	(12,713)
Net loss attributable to common stockholders, diluted	$ (2,248)	$ (3,090)	$ (7,763)	$ (12,713)
Loss per share:
Net loss per share of common stock, basic (in USD per share)	$ (0.11)	$ (0.19)	$ (0.37)	$ (0.83)
Net loss per share of common stock, diluted (in USD per share)	$ (0.11)	$ (0.19)	$ (0.37)	$ (0.83)
Weighted average shares of common stock outstanding, basic (in shares)	20,975,438	16,386,546	20,717,793	15,249,373
Weighted average shares of common stock outstanding, diluted (in shares)	20,975,438	16,386,546	20,717,793	15,249,373

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments - USD ($) $ in Thousands	Total	Total Stockholders' Equity	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, 2021	$ 74,101	$ 70,030	$ 41	$ 2	$ 2	$ 2	$ 2	$ 22	$ 12	$ 94,097	$ (24,150)	$ 4,071
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	48,158	48,158		2	2	2	3		8	48,141
Distribution reinvestment	80	80								80
Share-based compensation	19	19								19
Net income (loss)	(1,936)	(1,922)									(1,922)	(14)
Preferred stock dividends	(2)	(2)									(2)
Common stock distributions	(5,876)	(5,876)									(5,876)
Acquired non-controlling interests	2,025											2,025
Distributions to non-controlling interests	(80)											(80)
Adjustment to carrying value of redeemable equity instruments	(10,182)	(10,182)								(10,182)
Ending balance at Mar. 31, 2022	106,307	100,305	41	4	4	4	5	22	20	132,155	(31,950)	6,002
Beginning balance at Dec. 31, 2021	224,667
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	(42,990)
Adjustment to carrying value of redeemable equity instruments	(10,044)
Ending balance at Mar. 31, 2022	277,701
Beginning balance at Dec. 31, 2021	0
Redeemable Non-controlling Interest in INREIT OP
Net income (loss)	(261)
Issuance of Class E OP Units to non-controlling interests	3,280
Distributions to non-controlling interests	(30)
Adjustment to carrying value of redeemable equity instruments	(138)
Ending balance at Mar. 31, 2022	3,127
Beginning balance at Dec. 31, 2021	74,101	70,030	41	2	2	2	2	22	12	94,097	(24,150)	4,071
Ending balance at Sep. 30, 2022	117,998	87,200	41	4	4	5	31	23	0	143,217	(56,125)	30,798
Beginning balance at Dec. 31, 2021	224,667
Ending balance at Sep. 30, 2022	343,404
Beginning balance at Dec. 31, 2021	0
Redeemable Non-controlling Interest in INREIT OP
Net income (loss)	(303)
Ending balance at Sep. 30, 2022	3,178
Beginning balance at Dec. 31, 2021	74,101	70,030	41	2	2	2	2	22	12	94,097	(24,150)	4,071
Ending balance at Dec. 31, 2022	130,890	100,866	41	4	4	6	38	18	0	167,611	(66,856)	30,024
Beginning balance at Dec. 31, 2021	224,667
Ending balance at Dec. 31, 2022	432,604
Beginning balance at Dec. 31, 2021	0
Ending balance at Dec. 31, 2022	2,797
Beginning balance at Mar. 31, 2022	106,307	100,305	41	4	4	4	5	22	20	132,155	(31,950)	6,002
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	13,061	13,061					4			13,057
Distribution reinvestment	129	129								129
Common stock repurchased	(9,200)	(9,200)					(3)			(9,197)
Share-based compensation	19	19								19
Net income (loss)	(8,127)	(7,697)									(7,697)	(430)
Exchange of common stock							20		(20)
Preferred stock dividends	(2)	(2)									(2)
Common stock distributions	(6,558)	(6,558)									(6,558)
Acquired non-controlling interests	25,400											25,400
Distributions to non-controlling interests	(144)											(144)
Adjustment to carrying value of redeemable equity instruments	(10,374)	(10,374)								(10,374)
Ending balance at Jun. 30, 2022	110,511	79,683	41	4	4	4	26	22	0	125,789	(46,207)	30,828
Beginning balance at Mar. 31, 2022	277,701
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	(44,188)
Common stock repurchased	(4,795)
Adjustment to carrying value of redeemable equity instruments	(10,246)
Ending balance at Jun. 30, 2022	327,340
Beginning balance at Mar. 31, 2022	3,127
Redeemable Non-controlling Interest in INREIT OP
Net income (loss)	(38)
Distributions to non-controlling interests	(44)
Adjustment to carrying value of redeemable equity instruments	(128)
Ending balance at Jun. 30, 2022	3,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of common stock, net of offering costs	21,372	21,372				1	5	1		21,365
Distribution reinvestment	161	161								161
Share-based compensation	19	19								19
Net income (loss)	(3,412)	(3,088)									(3,088)	(324)
Preferred stock dividends	(2)	(2)									(2)
Common stock distributions	(6,828)	(6,828)									(6,828)
Contributions from non-controlling interests	898											898
Distributions to non-controlling interests	(604)											(604)
Adjustment to carrying value of redeemable equity instruments	(4,117)	(4,117)								(4,117)
Ending balance at Sep. 30, 2022	117,998	87,200	41	4	4	5	31	23	0	143,217	(56,125)	30,798
Class N Redeemable Common Stock
Proceeds from issuance of common stock, net of offering costs	(12,000)
Adjustment to carrying value of redeemable equity instruments	(4,064)
Ending balance at Sep. 30, 2022	343,404
Redeemable Non-controlling Interest in INREIT OP
Net income (loss)	(4)
Common stock distributions	(44)
Adjustment to carrying value of redeemable equity instruments	(53)
Ending balance at Sep. 30, 2022	3,178
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 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 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 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 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 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 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 distributions	(94)
Adjustment to carrying value of redeemable equity instruments	(73)
Ending balance at Sep. 30, 2023	$ 6,675

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity and Redeemable Equity Instruments (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock declared (in USD per share)	$ 0.4170	$ 0.4155	$ 0.4162	$ 0.4170	$ 0.4215	$ 0.4252

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (8,545)	$ (13,778)
Adjustments to reconcile net loss to net cash provided by operating activities:
Management fee - related party	1,260	638
Performance participation interest - related party	0	5,729
Income from unconsolidated entities, net	(2,138)	(8,464)
Impairment of investments in real estate	1,743	0
Depreciation and amortization	19,733	32,247
Share-based compensation	59	57
Straight-line rents	(911)	(1,056)
Amortization of below-market lease intangibles	(298)	(259)
Amortization of above-market lease intangibles	131	121
Amortization of deferred financing costs	1,210	1,035
Gain from investments in affiliated fund	(75)	0
Unrealized loss on real estate-related securities, net	350	2,796
Unrealized loss (gain) on derivative instruments	990	(7,017)
Distributions of earnings from investments in unconsolidated entities	2,202	6,212
Other items	2,204	633
Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:
(Increase) decrease in other assets	(2,125)	2,612
Increase in due to affiliates	411	1,763
Increase in accounts payable, accrued expenses and other liabilities	149	3,222
Net cash provided by operating activities	16,350	26,491
Cash flows from investing activities:
Investments in unconsolidated entities	(709)	(9,633)
Investment in unconsolidated affiliated fund	(15,000)	0
Distribution from unconsolidated affiliated fund	1,580	0
Origination of commercial loan	(13,007)	(21,800)
Acquisitions of real estate	0	(367,220)
Capital improvements to real estate	(6,984)	(806)
Purchase of real estate-related securities	(11,028)	(14,813)
Proceeds from sale of real estate-related securities	4,735	285
Distributions of capital from investments in unconsolidated entities	3,794	0
Net cash used in investing activities	(36,619)	(413,987)
Cash flows from financing activities:
Proceeds from issuance of redeemable common stock	0	99,200
Repurchase of redeemable common stock	0	(4,795)
Proceeds from issuance of common stock	41,054	83,621
Offering costs paid	(63)	(38)
Repurchase of common stock and OP units	(26,913)	(9,200)
Subscriptions received in advance	2,196	6,970
Proceeds from revolving credit facility	36,100	177,000
Repayment of revolving credit facility	(37,900)	(164,000)
Borrowings from mortgages payable	3,227	215,032
Purchase of derivative instruments	(323)	(2,196)
Payment of deferred financing costs	(600)	(2,987)
Common stock and INREIT OP unit distributions	(21,588)	(17,843)
Preferred stock dividends	(4)	(6)
Sale of interest to non-controlling interest	0	22,462
Contributions from non-controlling interests	1,028	5,861
Distributions to non-controlling interests	(599)	(931)
Net cash (used in) provided by financing activities	(4,385)	408,150
Net change in cash and cash equivalents and restricted cash	(24,654)	20,654
Cash and cash equivalents and restricted cash, beginning of period	45,242	15,499
Cash and cash equivalents and restricted cash, end of period	20,588	36,153
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	13,628	25,992
Restricted cash	6,960	10,161
Total cash and cash equivalents and restricted cash	20,588	36,153
Supplemental disclosures:
Interest paid	15,450	7,803
Non-cash investing and financing activities:
Assumption of assets and liabilities in conjunction with acquisitions of real estate, net	0	1,092
Issuance of Class E OP Units to non-controlling interests	3,976	3,280
Issuance of Class E shares for payment of management fees	1,228	408
Accrued capital expenditures	193	466
Accrued preferred dividends	2	0
Distributions payable	2,927	2,124
Distribution reinvestment	4,076	370
Accrued offering costs due to affiliates	1,598	1,422
Adjustment to carrying value of redeemable equity instruments	(27,217)	24,673
Accrued common stock repurchases	$ 3,421	$ 0

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
Organization and Business Purpose	Sep. 30, 2023
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”), a leading 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 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. 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 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
Summary of Significant Accounting Policies	Sep. 30, 2023
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, 2022. The accompanying unaudited 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 unaudited 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. Revision of Previously Issued Financial Statements During the third quarter of 2023, the Company identified errors in Note 20 — “Segment Reporting” in the summary of our financial results by segment tables in the previously filed 2022 and 2021 annual consolidated financial statements and unaudited quarterly condensed consolidated financial statements for each of the quarterly periods of 2022 and for the first two quarterly periods of 2023. The prior period errors impacted net income from unconsolidated investments, net, segment net operating income and segment depreciation and amortization for the healthcare and corporate and other sectors. The errors identified did not impact the consolidated or condensed consolidated balance sheets, statements of operations, statements of changes in equity and redeemable equity instruments or the statements of cash flows in any prior period. We concluded that the errors are not material to each of the annual consolidated financial statements which were included in our Annual Report on Form 10-K for the years ended December 31, 2022 and 2021 and our interim report on Form 10-Q for each of the quarterly periods in 2022 and for the quarters ended March 31, 2023 and June 30, 2023. We have revised the summary of our financial results by segment in Note 20 — “Segment Reporting” for the previous periods included in this filing on Form 10-Q and will correct any prior period segment disclosures for these errors as they are presented in future periodic filings. The following changes have been made to our financial results by segment tables: For the Three Months Ended For the Nine Months Ended As Reported Adjustment As Revised As Reported Adjustment As Revised Income from unconsolidated investments, net $ 7,600 $ (2,252) $ 5,348 $ 23,407 $ (7,887) $ 15,520 Segment net operating income $ 16,555 $ (2,252) $ 14,303 $ 47,277 $ (7,887) $ 39,390 Segment depreciation and amortization $ (16,602) $ 2,252 $ (14,350) $ (47,190) $ 7,887 $ (39,303) Segment income from unconsolidated entities $ 7,600 $ (2,252) $ 5,348 $ 23,407 $ (7,887) $ 15,520 Depreciation and amortization attributable to unconsolidated entities $ (4,843) $ 2,252 $ (2,591) $ (14,943) $ 7,887 $ (7,056) 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 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 loss attributable to non-controlling interests in consolidated joint ventures on our 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. Properties Held-For-Sale We classify the assets related to real estate investments as held-for-sale when a sale is probable to occur within one year. We consider a sale to be probable when a binding contract has been executed, the buyer has posted a non-refundable deposit and there are limited contingencies to closing. We record held-for-sale real estate investments at the lower of depreciated cost or fair value, less estimated closing costs. At the time the real estate investment is classified as held-for-sale, no additional depreciation will be recorded for the held-for-sale investment. During the three and nine months ended September 30, 2023, we recognized $1.7 million of impairment expense related to held-for-sale real estate investments. Held-for-sale assets are presented on the condensed consolidated balance sheets. Refer to Note 3 — “Investments in Real Estate, net” for additional details. Income Taxes For the three and nine months ended September 30, 2023, we recorded a net tax expense of approximately $102,000 and $119,000, respectively, located within other expense on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2022, we recorded a net tax expense of approximately $34,000 and $118,000, respectively, located within other expense on our consolidated statements of operations. As of September 30, 2023, we recorded neither a deferred tax asset or deferred tax liability. As of December 31, 2022, we recorded a deferred tax asset of approximately $3,000. This deferred tax asset was recorded within other assets on our condensed consolidated balance sheets. As of September 30, 2023, our tax years 2019 through 2022 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. We calculate basic earnings (loss) per share 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 net earnings (loss) per share 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, 2023 and 2022, there are no common share equivalents outstanding that would have a dilutive effect as a result of our net loss, and accordingly, the weighted average number of common shares outstanding is identical for the period for both basic and diluted shares. Significa nt Accounting Policies

Investments in Real Estate, net

Investments in Real Estate, net	9 Months Ended
Investments in Real Estate, net	Sep. 30, 2023
Real Estate [Abstract]
Investments in Real Estate, net	Investments in Real Estate, net Investments in real estate, net consist of: $ in thousands September 30, 2023 December 31, 2022 Building and improvements $ 565,767 $ 612,374 Land and land improvements 150,014 158,191 Furniture, fixtures and equipment 11,254 11,514 Total 727,035 782,079 Accumulated depreciation (33,219) (22,618) Investments in real estate, net $ 693,816 $ 759,461 Properties Held-For-Sale As of September 30, 2023, the Cortona Apartments in the multifamily segment was classified as held-for-sale. An unaffiliated third party has deposited non-refundable earnest money in connection with the sale of Cortona Apartments. The held-for-sale assets are included as components of assets held-for-sale on the condensed consolidated balance sheets. For the three and nine months ended September 30, 2023, Cortona Apartments had a net loss of $0.4 million and $1.2 million, respectively. On November 8, 2023, we completed the sale of Cortona Apartments for a sales price of $62.0 million. The following table details the assets of the property classified as held-for-sale: $ in thousands Assets: September 30, 2023 Investments in real estate, net $ 55,133 Other assets 6,327 Total assets held-for-sale $ 61,460 Impairment During the three and nine months ended September 30, 2023, we recognized impairment of $1.7 million related to Cortona Apartments, a held-for-sale real estate investment, where 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
Investments in Unconsolidated Entities	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of September 30, 2023, we held five investments in unconsolidated entities for an aggregate investment balance of $124.2 million 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, 2023 and December 31, 2022 were as follows: $ in thousands Carrying Amount Entity Ownership Percentage (1) September 30, 2023 December 31, 2022 Vida JV LLC (2) 42.5% $ 74,613 $ 79,478 San Simeon Holdings (3) — 26,707 25,516 PTCR Holdco, LLC (4) — 8,368 8,129 Retail GP Fund (5) 4.5% to 13.5% 14,513 14,237 Homestead Communities, LLC (6) 50.0% 10 — Total $ 124,211 $ 127,360 (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 with Invesco U.S. Income Fund L.P., an affiliate of Invesco, (the “Invesco JV”) 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, 2023, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of September 30, 2023, 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 Holdings”), a limited liability company that owns a multifamily property. Our preferred membership interest is mandatorily redeemable on December 15, 2023, although there are certain conditions that may accelerate the redemption date. The common member of San Simeon Holdings has two one-year options that may extend the mandatory redemption date of our preferred membership interest to December 15, 2025. The investment yields a current pay rate of 7.00%, increasing by 0.25% during each extension term, 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 eight retail properties. (6) We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufacturing housing through a joint venture, Homestead Communities, LLC (“Homestead”). An Invesco affiliate, Invesco U.S. Income Fund L.P., 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, 2023 and 2022 were as follows: Company’s Share of Unconsolidated Entities' Income (Loss) $ in thousands Three Months Ended September 30, Nine Months Ended September 30, Entity 2023 2022 2023 2022 Vida JV LLC $ (354) $ 1,770 $ (1,253) $ 5,370 San Simeon Holdings 748 664 2,196 1,911 PTCR Holdco, LLC 272 372 806 906 Retail GP Fund 1,170 (49) 711 277 Homestead Communities, LLC (58) — (322) — Total $ 1,778 $ 2,757 $ 2,138 $ 8,464 The following tables provide summarized balance sheets of our investments in unconsolidated entities: September 30, 2023 December 31, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 403,473 $ 127,003 $ 517,480 $ 1,047,956 $ 407,405 $ 123,664 $ 595,006 $ 1,126,075 Total liabilities (228,466) (76,244) (279,525) (584,235) (220,573) (76,583) (284,118) (581,274) Total equity $ 175,007 $ 50,759 $ 237,955 $ 463,721 $ 186,832 $ 47,081 $ 310,888 $ 544,801 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 9,535 $ 2,709 $ 20,911 $ 33,155 $ 9,089 $ 2,476 $ 22,158 $ 33,723 Net income (loss) $ (831) $ 236 $ 3,560 $ 2,965 $ 4,169 $ 478 $ 1,781 $ 6,428 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 28,246 $ 7,872 $ 54,340 $ 90,458 $ 27,385 $ 7,467 $ 45,807 $ 80,659 Net income (loss) $ (2,938) $ 1,183 $ 2,160 $ 405 $ 12,645 $ 1,806 $ 8,440 $ 22,891

Investments in Commercial Loans

Investments in Commercial Loans	9 Months Ended
Investments in Commercial Loans	Sep. 30, 2023
Real Estate [Abstract]
Investments in Commercial Loans	Investments in Commercial Loans As of September 30, 2023 , we have the following investments in commercial loans: Current Principal Balance $ in thousands Origination Date Loan Type Interest Rate September 30, 2023 December 31, 2022 Maturity Date 9801 Blue Grass Loan 9/1/2022 Mezzanine SOFR + 7.21% $ 21,800 $ 21,800 9/9/2024 5805 N Jackson Gap Loan 1/20/2023 Mezzanine SOFR + 8.00% 13,007 — 2/9/2025 Total $ 34,807 $ 21,800 We elected the fair value option for each instrument and, accordingly, there are no capitalized origination costs or fees associated with the loans. For the three and nine months ended September 30, 2023, we recognized interest income and loan origination fee income from our investments in commercia l loans of $1.1 million and $3.3 million, respectively, in our condensed consolidated statements of operations. For the three and nine months ended September 30, 2022 , we recognized interest income and loan origination fee income from our investments in commercial loans of $0.7 million for each respective period in our condensed consolidated statements of operations.

Investments in Real Estate-Rela

Investments in Real Estate-Related Securities	9 Months Ended
Investments in Real Estate-Related Securities	Sep. 30, 2023
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, 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 $ 21,643 $ (546) $ 21,097 $ (1,108) $ 19,989 8.68 % 12/15/2035 Corporate debt 4,478 (154) 4,324 (356) 3,968 5.12 % 6/13/2027 Preferred stock of REITs N/A N/A 2,107 (250) 1,857 6.99 % N/A Common stock of REITs N/A N/A 4,034 (1,803) 2,231 6.90 % N/A Total $ 26,121 $ (700) $ 31,562 $ (3,517) $ 28,045 December 31, 2022 $ 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 $ 16,123 $ (419) $ 15,704 $ (1,816) $ 13,888 7.96 % 11/16/2039 Corporate debt 4,978 (144) 4,834 (339) 4,495 5.15 % 7/11/2025 Preferred stock of REITs N/A N/A 2,107 (267) 1,840 7.06 % N/A Common stock of REITs N/A N/A 4,034 (745) 3,289 4.68 % N/A Total $ 21,101 $ (563) $ 26,679 $ (3,167) $ 23,512

Intangibles

Intangibles	9 Months Ended
Intangibles	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: September 30, 2023 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 45,498 $ (29,524) $ 15,974 Leasing commissions 5,895 (1,340) 4,555 Above-market lease intangibles 1,952 (323) 1,629 Total intangible assets, net $ 53,345 $ (31,187) $ 22,158 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (857) $ 2,047 Total intangible liabilities, net $ 2,904 $ (857) $ 2,047 December 31, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (28,038) $ 19,328 Leasing commissions 5,774 (844) 4,930 Above-market lease intangibles 1,951 (191) 1,760 Total intangible assets, net $ 55,091 $ (29,073) $ 26,018 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (560) $ 2,344 Total intangible liabilities, net $ 2,904 $ (560) $ 2,344 The estimated future amortization of our intangibles for each of the next five years and thereafter as of September 30, 2023 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2023 (remainder) $ 660 $ 167 $ 45 $ (100) 2024 2,602 656 176 (396) 2025 2,189 637 176 (396) 2026 2,184 636 176 (396) 2027 1,805 556 176 (309) 2028 1,672 521 176 (258) Thereafter 4,862 1,382 704 (192) $ 15,974 $ 4,555 $ 1,629 $ (2,047)

Other Assets

Other Assets	9 Months Ended
Other Assets	Sep. 30, 2023
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, 2023 December 31, 2022 Derivative instruments $ 8,678 $ 9,345 Deferred rent 2,767 1,857 Prepaid expenses 1,785 581 Capitalized tax abatement, net (1) 1,405 8,166 Receivables, net 946 472 Other 783 375 Total $ 16,364 $ 20,796 (1) We obtained tax abatements in conjunction with our purchases of the Cortona Apartments and 3101 Agler Road properties with expiration dates of December 31, 2038 and December 31, 2031, respectively. We are amortizing the tax abatements over their remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of September 30, 2023, accumulated amortization of the capitalized tax abatements was $0.3 million, and the estimated annual amortization is $0.6 million. As of September 30, 2023, the capitalized tax abatement associated with Cortona Apartments is included as a component of assets held-for-sale. See Note 3 — “Investments in Real Estate, net” for more information. 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. We have not designated any of our derivative financial instruments as hedges. Our derivatives are not speculative and are used to manage our exposure to increases in interest rates. As of September 30, 2023, we have entered into five interest rate caps and one interest rate swap. The following table summarizes the notional amount and other information related to these instruments as of September 30, 2023. $ in thousands Number of Instruments Notional Amount (1) Fixed Amount Fair Value (2) Weighted Average Strike Rate Weighted Average Remaining Term In Years Interest rate caps 5 $ 223,500 $ 2,989 $ 5,692 2.28% 1.20 Interest rate swap 1 52,500 N/A 2,986 2.73% 3.58 Total 6 $ 276,000 $ 2,989 $ 8,678 (1) The notional amount represents the amount of the borrowings that we are hedging. It does not represent our exposure to credit, interest rate or market risks. (2) The fair value of each derivative instrument is included in other assets on our condensed consolidated balance sheets. For the three and nine months ended September 30, 2023, we reported decreases in fair value of $0.4 million and $1.0 million, respectively. For the three and nine months ended September 30, 2022, we reported increases in fair value of $4.5 million and $7.0 million, respectively. These changes are included in unrealized gain (loss) on derivative instruments in our condensed consolidated statements of operations.

Borrowings

Borrowings	9 Months Ended
Borrowings	Sep. 30, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings Revolving Credit Facility The following is a summary of the revolving credit facility: $ in thousands Maximum Facility Size (3) Principal Outstanding Balance Indebtedness Interest Rate Maturity Date (2) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Revolving Credit Facility S + applicable margin (1) 9/5/2025 $ 150,000 $ 150,000 $ 7,200 $ 9,000 (1) Borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) Daily Simple SOFR, (ii) Term SOFR with an interest period of one, three or six-months, or (iii) a Base Rate, where the base rate is the highest of (1) federal funds rate plus 0.5%, (2) the rate of interest as publicly announced by Bank of America N.A. as its “prime rate”, (3) Term SOFR with an interest period of one month plus 1.0%, or (4) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio. On September 8, 2023, we entered into an amendment to the existing Revolving Credit Facility. The interest rate and spread terms remained identical to the terms outlined above. The amendment extended the maturity date to September 6, 2024 and grants an option to extend the term to September 5, 2025, subject to certain conditions. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.99% and 6.62%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 3.73% and 2.70%, respectively. (2) The maturity date presented is the extended maturity date. The current maturity date is September 6, 2024 and the amendment grants an option to extend the term to September 5, 2025, subject to certain conditions. (3) 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. As of September 30, 2023, the borrowing capacity on the Revolving Credit Facility was $76.7 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, 2023, 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) Maturity Date Maximum Principal Amount September 30, 2023 December 31, 2022 Cortona Apartments S + applicable margin (2) 6/1/2028 $ 45,000 $ 45,000 $ 45,000 Bixby Kennesaw S + applicable margin (3) 9/24/2026 $ 53,000 53,000 53,000 Tempe Student Housing S + applicable margin (4) 1/1/2025 $ 65,500 65,500 65,500 Cortlandt Crossing 3.13% 3/1/2027 $ 39,660 39,660 39,660 Everly Roseland Apartments S + applicable margin (5) 4/28/2027 $ 113,500 108,690 105,463 Midwest Industrial Portfolio 4.44% and S + applicable margin (6) 7/5/2027 $ 70,000 70,000 70,000 Total mortgages payable 381,850 378,623 Deferred financing costs, net (2,957) (3,890) Mortgage notes payable, net $ 378,893 $ 374,733 (1) The term “S” refers to the relevant floating benchmark rate, Secured Overnight Financing Rate (“SOFR”). (2) The mortgage note secured by the Cortona Apartments bears interest at the greater of (a) 2.65% or (b) the sum of 2.51% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 7.72% and 7.25%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.12% and 3.23%, respectively. (3) The mortgage note secured by Bixby Kennesaw bears interest at the sum of (i) 2.00% plus (ii) SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.87% and 6.48%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 3.81% and 2.65%, respectively. (4) The mortgage note secured by Tempe Student Housing bears interest at 1.75% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.81% and 6.33%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 2.83% and 2.25%, respectively. (5) The mortgage note secured by Everly Roseland Apartments bears interest at 1.45% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.70% and 6.38%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.06% and 3.35%, respectively. (6) The mortgage note secured by Meridian Business 940, Grove City Industrial, 3101 Agler Road and Earth City Industrial (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, 2023 was 5.66% and 5.62%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.24% and 4.21%, respectively. Financing Obligation, Net In connection with the Tempe Student Housing property, as of September 30, 2023, we hold a financing obligation on our condensed consolidated balance sheets of $53.8 million, net of debt issuance costs. The following table presents the future principal payments due under our outstanding borrowings as of September 30, 2023: Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2023 (remaining) $ — $ — $ 3 $ 3 2024 7,200 — 6 7,206 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 218,350 15 218,365 2028 — 45,000 18 45,018 Thereafter — — 36,291 36,291 Total $ 7,200 $ 381,850 $ 36,354 $ 425,404

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	9 Months Ended
Accounts Payable, Accrued Expenses and Other Liabilities	Sep. 30, 2023
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, 2023 December 31, 2022 Real estate taxes payable $ 3,906 $ 2,466 Common stock repurchases 3,421 — Subscriptions received in advance 2,196 1,843 Intangible liabilities, net 2,047 2,344 Accrued interest expense 1,794 1,968 Accounts payable and accrued expenses 1,786 824 Tenant security deposits 1,422 1,323 Prepaid rental income 1,302 1,390 Distributions payable 475 272 Total $ 18,349 $ 12,430

Class N Redeemable Common Stock

Class N Redeemable Common Stock	9 Months Ended
Class N Redeemable Common Stock	Sep. 30, 2023
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, 2023 As of December 31, 2022 $ in thousands, except share amounts Shares Amount Shares Amount Class N Redeemable Common Stock issued 16,163,482 $ 476,562 16,061,114 $ 473,415 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, 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. For the three and nine months ended September 30, 2022, we recorded an increase to Class N redeemable common stock and a decrease to additional paid-in capital of $4.1 million and $24.4 million, respectively, to adjust the value of the Class N shares held by MassMutual to our September 30, 2022 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 September 30, 2023. 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
Equity and Redeemable Non-controlling Interest	Sep. 30, 2023
Equity [Abstract]
Equity and Redeemable Non-controlling Interest	Equity and Redeemable Non-controlling Interest Preferred Stock As of September 30, 2023 and December 31, 2022, 125 shares of preferred stock are issued and outstanding. Holders of our Series A Preferred Stock are entitled to receive dividends at an annual rate of 12.5% of the liquidation preference of $500.00 per share, or $62.50 per share per annum. Dividends are cumulative and payable semi-annually. We have the option to redeem shares of our Series A Preferred Stock in whole or in part at any time for the price of $500.00 per share, plus any accrued and unpaid dividends through the date of redemption. Common Stock The following tables detail the movement in the Company’s outstanding shares of common stock: 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 Nine Months Ended September 30, 2022 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2021 186,821 186,821 186,821 186,715 2,244,581 8,556,509 11,548,268 Issuance of common stock 165,035 165,035 165,035 279,643 1,814 2,213,413 2,989,975 Distribution reinvestment — — — 458 2,133 — 2,591 Balance at March 31, 2022 351,856 351,856 351,856 466,816 2,248,528 10,769,922 14,540,834 Issuance of common stock 838 — 24,365 398,375 5,099 1,392,047 1,820,724 Common stock repurchased (1) — — — (291,818) — (149,616) (441,434) Exchange of common stock (2) — — — 2,028,085 — (1,992,225) 35,860 Distribution reinvestment — — 21 1,892 2,130 — 4,043 Balance at June 30, 2022 352,694 351,856 376,242 2,603,350 2,255,757 10,020,128 15,960,027 Issuance of common stock 45,375 — 115,191 502,883 22,075 365,118 1,050,642 Distribution reinvestment 1 — 73 2,807 2,055 — 4,936 Balance at September 30, 2022 398,070 351,856 491,506 3,109,040 2,279,887 10,385,246 17,015,605 (1) We repurchased 149,616 Class N shares under MassMutual’s subscription agreement and 291,818 Class I shares as permitted under Invesco Realty, Inc.’s subscription agreement. (2) On June 29, 2022, we issued 2,028,085 unregistered Class I shares of common stock to an affiliate of our Adviser in exchange for 1,992,225 of Class N shares with an equivalent aggregate NAV based on the NAV per share of Class I shares and Class N shares as of May 31, 2022. As of September 30, 2023 and December 31, 2022, all of our Class N shares have been classified as redeemable common stock because the only stockholder, MassMutual, has the contractual right to redeem the shares under certain circumstances. Distributions We generally intend to distribute substantially all of our taxable income to our stockholders each year. Taxable income does not necessarily equal net income as calculated in accordance with GAAP. For the three and nine months ended September 30, 2023, we declared distributions of $8.8 million and $25.9 million, respectively. For the three and nine months ended September 30, 2022, we declared distributions of $6.9 million and $19.4 million, respectively. We accrued $2.5 million and $2.4 million for distributions payable to related parties as a component of due to affiliates in our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Additionally, as of September 30, 2023 and December 31, 2022, we accrued $0.5 million and $0.3 million, respectively, for distributions payable to third parties as a component of accounts payable and accrued expenses 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, 2023 and 2022: 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 Three Months Ended September 30, 2022 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)(2) — (0.0033) — (0.0046) — — — Net distributions declared per share $ — $ 0.4137 $ 0.4170 $ 0.4124 $ 0.4170 $ 0.4170 $ 0.4170 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 Nine Months Ended September 30, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 Stockholder servicing fee per share (1)(2) — 0.0078 0.0115 (0.0019) — — — Net distributions declared per share $ 31.2500 $ 1.2715 $ 1.2752 $ 1.2618 $ 1.2637 $ 1.2637 $ 1.2637 (1) See Note 16 — “Related Party Transactions” for a discussion of our stockholder servicing fee. (2) For Class T and Class S Common Stock, the stockholder servicing fee in the distribution above results in a net distribution higher than the gross distribution because it includes an adjustment for stockholder servicing fees deducted from prior monthly distributions. Redeemable Non-controlling Interest in INREIT OP In connection with its performance participation interest, the 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 months ended September 30, 2023, we recorded an allocation adjustment of $0.1 million from redeemable non-controlling interest in INREIT OP to additional paid-in capital on our condensed consolidated balance sheets. For the nine months ended September 30, 2023, we recorded an allocation adjustment of $0.5 million 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, 2022, we recorded an allocation adjustment of $0.1 million and $0.2 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 2023 2022 2023 2022 Net loss allocated $ (11) $ (4) $ (43) $ (303) Distributions $ 94 $ 44 $ 267 $ 118 Adjustment to carrying value $ (73) $ 53 $ 514 $ 181 As of September 30, 2023 and December 31, 2022, distributions payable to the Special Limited Partner were approximately $30,000 and $15,000, 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. The transaction price will generally be equal to our prior month’s NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares under the distribution reinvestment plan. The stockholder servicing fees for shares of our Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. 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, 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. For the three and nine months ended September 30, 2022, we did not repurchase any shares under the share repurchase plan as no repurchase requests were made. Share-Based Compensation Plan For the three and nine months ended September 30, 2023, we awarded independent members of our board of directors 628 and 1,855 Class E shares, respectively, under our 2019 Equity Incentive Plan (the “Incentive Plan”) and recognized approximately $20,000 and $59,000, respectively, of compensation expense related to these awards. For the three and nine months ended September 30, 2022, we awarded independent members of our board of directors 581 and 1,811 Class E shares, respectively, under our Incentive Plan and recognized approximately $19,000 and $57,000, respectively, of compensation expense related to these awards. As of September 30, 2023, 187,855 shares of common stock remain available for future issuance under the Incentive Plan.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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 consolidated balance sheets. As of September 30, 2023 and December 31, 2022, none of these investments were expected to be sold at a value materially different than NAV. Valuation of Financial Instruments Measured at Fair Value The following table details our financial instruments measured at fair value on a recurring basis: September 30, 2023 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient (1) Total at Fair Value Investments in real estate-related securities $ 4,088 $ 23,957 $ — $ — $ 28,045 Investments in commercial loans — — 34,807 — 34,807 Investment in affiliated fund — — — 28,464 28,464 Interest rate caps — 5,692 — — 5,692 Interest rate swap — 2,986 — — 2,986 Total $ 4,088 $ 32,635 $ 34,807 $ 28,464 $ 99,994 December 31, 2022 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient (1) Total at Fair Value Investments in real estate-related securities $ 5,129 $ 18,383 $ — $ — $ 23,512 Investments in commercial loans — — 21,800 — 21,800 Investment in affiliated fund — — — 14,969 14,969 Interest rate caps — 7,167 — — 7,167 Interest rate swap — 2,178 — — 2,178 Total $ 5,129 $ 27,728 $ 21,800 $ 14,969 $ 69,626 (1) Our investment in unconsolidated affiliated fund is valued using the NAV as a practical expedient and is not subject to redemption, although investors may sell or transfer their interest at the approval of the general partner of the underlying funds on a quarterly basis by giving notice 45 days prior. Our commercial loan investments consist of two floating rate mezzanine loans we originated and are classified as Level 3. The commercial loans are carried at fair value based on significant unobservable inputs. The following table details our investments in commercial loans: $ in thousands Investments in Commercial Loans Balance as of December 31, 2022 $ 21,800 Loan originations 13,007 Net unrealized gain (loss) — Balance as of September 30, 2023 $ 34,807 The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurement of our investments in commercial loans as of September 30, 2023. Type Asset Class Valuation Technique Unobservable Input Weighted Average Rate Commercial loans Industrial Discounted cash flow Discount rate 12.94% 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 Financial Instruments Not Carried at Fair Value The following table presents the carrying value and estimated fair value of our financial instruments that are not carried at fair value on the condensed consolidated balance sheets: September 30, 2023 December 31, 2022 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility $ 7,200 $ 7,200 $ 9,000 $ 9,000 Mortgage notes payable (1) 381,850 376,029 378,623 372,682 Financing obligation (1) 54,000 54,000 54,000 54,000 Total $ 443,050 $ 437,229 $ 441,623 $ 435,682 (1) The mortgage notes payable and financing obligation do not include unamortized debt issuance costs. 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. Valuation of Assets Measured at Fair Value on a Nonrecurring Basis Certain assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. We review our real estate properties for impairment each quarter or when there is an event of change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2023
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, 2023, is an unconsolidated real estate operating company which is a VIE where we are not the primary beneficiary. This equity method 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. The day to day operations are run by an appointed manager who has no equity at risk and is unaffiliated to us. The manager is also one of three board members of the entity and we have no kick-out rights. 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 along with an affiliated Invesco fund and therefore do not have a controlling financial interest. As of September 30, 2023, our investment in this VIE was approximately $10,000, which is included in investments in unconsolidated entities on our condensed consolidated balance sheets. Our maximum 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 the Invesco affiliated fund in accordance with their respective ownership percentages. Consolidated Variable Interest Entities Included within our condensed consolidated financial statements as of September 30, 2023, 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
DST Program	Sep. 30, 2023
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 Delaware statutory trusts (“DSTs”) holding real properties (“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, 2023, we have raised $0.8 million related to the DST Program which is included in non-controlling interests on our condensed consolidated balance sheets. As of September 30, 2023, the Excelsior Warehouse and Industry Warehouse 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
Related Party Transactions	Sep. 30, 2023
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, 2023 December 31, 2022 Advanced general and administrative expenses $ 9,145 $ 8,626 Advanced offering costs 5,846 5,307 Distributions payable 2,454 2,378 Accrued stockholder servicing fee 1,846 891 Advanced organization expenses 1,474 1,474 Accrued management fee 297 266 Share-based compensation payable 20 20 Accrued affiliate service provider expenses 10 13 Performance participation interest — 3,977 Total $ 21,092 $ 22,952 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, 2023, we incurred management fees of $0.4 million and $1.3 million, respectively, of which $0.3 million is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of September 30, 2023. 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. During the three and nine months ended September 30, 2022, we incurred management fees of $0.3 million and $0.6 million, respectively. 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, 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. For the three and nine months ended September 30, 2023, the Special Limited Partner did not earn a performance participation interest. For the three and nine months ended September 30, 2022, we incurred $1.3 million and $5.7 million, respectively, for the Special Limited Partner's performance participation interest. 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. On February 1, 2023, we issued 122,065 Class E units of our Operating Partnership to the Special Limited Partner as payment for the 2022 performance fee. Such units were issued at the NAV per unit as of December 31, 2022. 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 The Adviser and its affiliates provide us with our management team, including our officers and appropriate support personnel. Each of our officers is an employee of the Adviser or one of its affiliates. We do not have any employees. In addition, the Adviser and its affiliates facilitate the payment of certain operational costs and bundled contracts to third-party vendors that directly relate to the ongoing management operations of the Company. These expenses may include costs for third-party software, tenant relations, property management assessment, regulatory compliance, and IT support. The Adviser and its affiliates also facilitate the payment of travel expenses incurred by the management team and support personnel on behalf of the Company. During the three and nine months ended September 30, 2023, we incurred $0.2 million and $0.7 million, respectively, for these expenses that were provided by the Adviser. During the three and nine months ended September 30, 2022, we incurred $0.1 million and $0.7 million, respectively, for these expenses that were provided by the Adviser. Stockholder Servicing Fees and Other Selling Commissions Invesco Distributors, Inc. (“the Dealer Manager”) is a registered broker-dealer affiliated with the Adviser and 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, 2023 and December 31, 2022, we have accrued $1.8 million and $0.9 million, respectively, of 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% up to 3.5% up to 1.5% — — Maximum Upfront Dealer Manager Fees 0.50% — — — — Stockholder Servicing Fee 0.85% (1) 0.85% 0.25% — — (1) 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. Related Party Share Ownership The table below shows the amount of shares and the total purchase price of those shares which have been purchased by affiliates as of September 30, 2023. Any share repurchases or exchanges are not a component of the table but have been described in further detail below. $ in thousands, except share amounts Class T Class S Class D Class I Class E Class N Total Purchase Price MassMutual (1) — — — — — 16,163,482 $ 476,562 Invesco Global Property Plus Fund (2) — — — — 1,994,164 1,992,224 119,500 Invesco Realty, Inc. (3) 165,126 165,126 165,126 416,893 — 738,701 48,216 Members of our board of directors and employees of our Adviser (4) — — — 188 23,659 75,128 2,711 165,126 165,126 165,126 417,081 2,017,823 18,969,535 $ 646,989 (1) In accordance with MassMutual’s subscription agreement, we have repurchased 2,537,790 of MassMutual Shares for $74.8 million. The amount presented is inclusive of the shares subsequently repurchased. (2) Invesco Global Property Plus Fund (“IGP+”) purchased 1,992,224 of Class N shares for $61.0 million, and we subsequently exchanged these Class N shares for 2,028,086 Class I shares. Additionally, we have repurchased a total of 1,327,979 Class E shares and Class I shares from IGP+ for $43.0 million. The amount presented is inclusive of the shares subsequently repurchased. (3) Invesco Realty, Inc. purchased 738,701 of Class N shares for $20.0 million, and we subsequently exchanged these Class N shares for 186,731 Class T shares, 186,731 Class S shares, 186,731 Class D shares and 186,208 Class I shares. Additionally, we have repurchased 291,818 Class I shares from Invesco Realty, Inc. for $9.2 million. The amount presented is inclusive of the shares subsequently repurchased. (4) Members of our board of directors and employees of our Adviser who are officers of the Company or serve on the Company’s steering committee purchased 75,128 Class N shares for $2.0 million, and we subsequently exchanged these Class N shares for 75,128 Class E shares., 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. As of September 30, 2023, the Adviser had agreed that we will not be required to make payments for the reimbursement of advanced organization and offering expenses until the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2023. Subsequent to September 30, 2023, the Adviser agreed that we will not be required to make payments for the reimbursement of advanced organization and offering expenses until 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 2023, we also began reimbursing the Adviser on a quarterly basis for organization and offering expenses incurred subsequent to December 31, 2022. As of September 30, 2023 and December 31, 2022, the Adviser advanced on our behalf $5.8 million and $5.3 million , respectively, on our behalf in connection with the Private Offerings and Offering 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. In January 2022, we began ratably reimbursing the Adviser over 60 months for the operating expenses incurred prior to December 31, 2021. In January 2022, we also began reimbursing the Adviser on a quarterly basis for operating expenses incurred subsequent to December 31, 2021. As of September 30, 2023, the Adviser had agreed that from September 30, 2022, we will not be required to make further repayment of our advanced operating expenses incurred prior to December 31, 2021 until the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2023. Subsequent to September 30, 2023, the Adviser agreed that we will not be required to make payments for the reimbursement of advanced operating expenses incurred prior to December 31, 2021 until the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2027. As of September 30, 2023 and December 31, 2022 , the Adviser advanced on our behalf $9.1 million and $8.6 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 fiscal quarters ended September 30, 2023 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, 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. During the three and nine months ended September 30, 2022, we incurred approximately $30,000 and $76,000, 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 As discussed in Note 4 — “Investments in Unconsolidated Entities”, we formed a joint venture with Invesco U.S. Income Fund L.P., an affiliate of Invesco, to acquire an interest in the Sunbelt Medical Office Portfolio. The Company and Invesco U.S. Income Fund L.P. each hold a 50% interest in the joint venture, which owns 85% of the Sunbelt Medical Office Portfolio. We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufacturing housing through Homestead. Invesco U.S. Income Fund L.P. owns the remaining 50% ownership interest. We hold our interest in Everly Roseland Apartments 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. The Everly Roseland Co-Invest holds a 95% consolidated ownership interest in a joint venture with a third-party. Investment in Affiliated Fund As of September 30, 2023, we have an investment of $28.5 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 multifamily residential real estate throughout the United States. Other We have a $30.0 million commitment from Invesco Realty, Inc. that collateralizes our Revolving Credit Facility. 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, 2023, we have not called any of the $30.0 million commitment.

Economic Dependency

Economic Dependency	9 Months Ended
Economic Dependency	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Economic Dependency	Economic DependencyWe are dependent on the Adviser and its affiliates for certain essential services, including the sale of shares of our common stock, acquisition and disposition decisions, and certain other responsibilities. If the Adviser and its affiliates are unable to provide such services, we would be required to find alternative service providers.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
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, 2023, 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, 2023, we were not subject to any material litigation or aware of any pending or threatened material litigation.

Tenant Leases

Tenant Leases	9 Months Ended
Tenant Leases	Sep. 30, 2023
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 2023 2022 2023 2022 Fixed lease payments $ 14,129 $ 13,425 $ 41,627 $ 33,904 Variable lease payments 1,883 2,091 5,437 4,539 Rental revenue $ 16,012 $ 15,516 $ 47,064 $ 38,443 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 2023 (remainder) $ 2,972 2024 11,822 2025 11,269 2026 11,444 2027 11,249 2028 11,415 Thereafter 50,391 Total $ 110,562 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
Segment Reporting	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of September 30, 2023, 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 originated commercial loans, the preferred equity investment in San Simeon Holdings 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, property operating expenses and the net of revenues and property operating expenses of unconsolidated entities that is allocable to our ownership interest. Real estate revenues include revenues generated from owned properties and interest income generated from commercial loans. The following table summarizes our total assets by segment: $ in thousands September 30, 2023 December 31, 2022 Healthcare $ 74,613 $ 79,478 Office 37,371 38,487 Industrial 143,400 146,121 Self-Storage 100,969 92,182 Multifamily 225,109 226,417 Student Housing 235,724 238,648 Grocery-Anchored Retail 64,736 65,666 Real Estate Debt 90,163 62,285 Corporate and Other 57,828 89,874 Total assets $ 1,029,913 $ 1,039,158 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 investments in affiliated fund — — — — — — — 493 — 493 Loss from real estate-related securities — — — — — — — — (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) Unrealized loss on derivative instruments (444) Impairment of investments in real estate (1,743) Interest expense (5,290) 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 three months ended September 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 826 $ 2,872 $ 2,031 $ 3,990 $ 4,445 $ 1,352 $ — $ — $ 15,516 Income from commercial loans — — — — — — — 702 — 702 Other revenue — — 89 218 130 407 16 — — 860 Total revenues — 826 2,961 2,249 4,120 4,852 1,368 702 — 17,078 Expenses: Rental property operating — 119 1,363 1,032 1,421 2,697 419 — 147 7,198 Total expenses — 119 1,363 1,032 1,421 2,697 419 — 147 7,198 Income from unconsolidated entities, net 3,796 — — — — — — 664 888 5,348 Income from real estate-related securities — — — — — — — — (925) (925) Segment net operating income $ 3,796 $ 707 $ 1,598 $ 1,217 $ 2,699 $ 2,155 $ 949 $ 1,366 $ (184) $ 14,303 Segment depreciation and amortization $ (2,027) $ (418) $ (1,393) $ (2,423) $ (4,414) $ (2,614) $ (495) $ — $ (566) $ (14,350) General and administrative (1,214) Unrealized gain on derivative instruments 4,547 Interest expense (4,996) Management fee - related party (337) Performance participation interest - related party (1,335) Other expense (34) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (3,416) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 324 Net loss attributable to non-controlling interest in INREIT OP 4 Net loss attributable to common stockholders $ (3,090) 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, 2022: $ in thousands Segment income from unconsolidated entities $ 5,348 Depreciation and amortization attributable to unconsolidated entities (2,591) Income from unconsolidated entities, net $ 2,757 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, 2022: $ in thousands Segment depreciation and amortization $ (14,350) Depreciation and amortization attributable to unconsolidated entities 2,591 Depreciation and amortization $ (11,759) 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 loan — — — — — — — 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 investments in affiliated fund — — — — — — — 75 — 75 Loss from real estate-related securities — — — — — — — — (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) Unrealized loss on derivative instruments (990) Impairment of investments in real estate (1,743) Interest expense (16,087) 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) The following table summarizes our financial results by segment for the nine months ended September 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 2,171 $ 7,197 $ 4,434 $ 8,366 $ 12,907 $ 3,368 $ — $ — $ 38,443 Income from commercial loan — — — — — — — 702 — 702 Other revenue — — 265 546 420 837 18 — — 2,086 Total revenues — 2,171 7,462 4,980 8,786 13,744 3,386 702 — 41,231 Expenses: Rental property operating — 358 2,635 1,906 2,984 6,132 1,084 — 242 15,341 Total expenses — 358 2,635 1,906 2,984 6,132 1,084 — 242 15,341 Income from unconsolidated entities, net 11,562 — — — — — 1,911 2,047 15,520 Income from real estate-related securities — — — — — — — — (2,020) (2,020) Segment net operating income $ 11,562 $ 1,813 $ 4,827 $ 3,074 $ 5,802 $ 7,612 $ 2,302 $ 2,613 $ (215) $ 39,390 Segment depreciation and amortization $ (6,193) $ (1,275) $ (3,624) $ (7,295) $ (6,835) $ (11,972) $ (1,236) $ — $ (873) $ (39,303) General and administrative (4,126) Unrealized gain on derivative instruments 7,017 Interest expense (10,271) Management fee - related party (638) Performance participation interest - related party (5,729) Other expense (118) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (13,778) Dividends to preferred stockholders $ (6) Net loss attributable to non-controlling interests in consolidated joint ventures 768 Net loss attributable to non-controlling interest in INREIT OP 303 Net loss attributable to common stockholders $ (12,713) 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, 2022: $ in thousands Segment income from unconsolidated entities $ 15,520 Depreciation and amortization attributable to unconsolidated entities (7,056) Income from unconsolidated entities, net $ 8,464 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, 2022: $ in thousands Segment depreciation and amortization $ (39,303) Depreciation and amortization attributable to unconsolidated entities 7,056 Depreciation and amortization $ (32,247)

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Public Offering Subsequent to September 30, 2023, we received total net proceeds of $6.8 million from the issuance of common stock in our Offering. Subsequent to September 30, 2023, we received repurchase requests for $0.4 million, which have been paid in full as of November 13, 2023. DST Program

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
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, 2022. The accompanying unaudited 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 unaudited 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.
Revision of Previously Issued Financial Statements	Revision of Previously Issued Financial Statements During the third quarter of 2023, the Company identified errors in Note 20 — “Segment Reporting” in the summary of our financial results by segment tables in the previously filed 2022 and 2021 annual consolidated financial statements and unaudited quarterly condensed consolidated financial statements for each of the quarterly periods of 2022 and for the first two quarterly periods of 2023. The prior period errors impacted net income from unconsolidated investments, net, segment net operating income and segment depreciation and amortization for the healthcare and corporate and other sectors. The errors identified did not impact the consolidated or condensed consolidated balance sheets, statements of operations, statements of changes in equity and redeemable equity instruments or the statements of cash flows in any prior period. We concluded that the errors are not material to each of the annual consolidated financial statements which were included in our Annual Report on Form 10-K for the years ended December 31, 2022 and 2021 and our interim report on Form 10-Q for each of the quarterly periods in 2022 and for the quarters ended March 31, 2023 and June 30, 2023. We have revised the summary of our financial results by segment in Note 20 — “Segment Reporting” for the previous periods included in this filing on Form 10-Q and will correct any prior period segment disclosures for these errors as they are presented in future periodic filings.
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 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 loss attributable to non-controlling interests in consolidated joint ventures on our 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.
Use of Estimates	Use of EstimatesThe 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	Earnings (Loss) per Share We calculate basic earnings (loss) per share 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 net earnings (loss) per share 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, 2023 and 2022, there are no common share equivalents outstanding that would have a dilutive effect as a result of our net loss, and accordingly, the weighted average number of common shares outstanding is identical for the period for both basic and diluted shares.
Income Taxes	Income Taxes For the three and nine months ended September 30, 2023, we recorded a net tax expense of approximately $102,000 and $119,000, respectively, located within other expense on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2022, we recorded a net tax expense of approximately $34,000 and $118,000, respectively, located within other expense on our consolidated statements of operations. As of September 30, 2023, we recorded neither a deferred tax asset or deferred tax liability. As of December 31, 2022, we recorded a deferred tax asset of approximately $3,000. This deferred tax asset was recorded within other assets on our condensed consolidated balance sheets. As of September 30, 2023, our tax years 2019 through 2022 remain subject to examination by the United States tax authorities.
Properties Held-For-Sale	Properties Held-For-Sale We classify the assets related to real estate investments as held-for-sale when a sale is probable to occur within one year. We consider a sale to be probable when a binding contract has been executed, the buyer has posted a non-refundable deposit and there are limited contingencies to closing. We record held-for-sale real estate investments at the lower of depreciated cost or fair value, less estimated closing costs. At the time the real estate investment is classified as held-for-sale, no additional depreciation will be recorded for the held-for-sale investment. During the three and nine months ended September 30, 2023, we recognized $1.7 million of impairment expense related to held-for-sale real estate investments. Held-for-sale assets are presented on the condensed consolidated balance sheets. Refer to Note 3 — “Investments in Real Estate, net” for additional details.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Changes Made to Financial Results by Segment	The following changes have been made to our financial results by segment tables: For the Three Months Ended For the Nine Months Ended As Reported Adjustment As Revised As Reported Adjustment As Revised Income from unconsolidated investments, net $ 7,600 $ (2,252) $ 5,348 $ 23,407 $ (7,887) $ 15,520 Segment net operating income $ 16,555 $ (2,252) $ 14,303 $ 47,277 $ (7,887) $ 39,390 Segment depreciation and amortization $ (16,602) $ 2,252 $ (14,350) $ (47,190) $ 7,887 $ (39,303) Segment income from unconsolidated entities $ 7,600 $ (2,252) $ 5,348 $ 23,407 $ (7,887) $ 15,520 Depreciation and amortization attributable to unconsolidated entities $ (4,843) $ 2,252 $ (2,591) $ (14,943) $ 7,887 $ (7,056)

Investments in Real Estate, n_2

Investments in Real Estate, net (Tables)	9 Months Ended
Investments in Real Estate, net (Tables)	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Investments in Real Estate	Investments in real estate, net consist of: $ in thousands September 30, 2023 December 31, 2022 Building and improvements $ 565,767 $ 612,374 Land and land improvements 150,014 158,191 Furniture, fixtures and equipment 11,254 11,514 Total 727,035 782,079 Accumulated depreciation (33,219) (22,618) Investments in real estate, net $ 693,816 $ 759,461
Schedule of Assets of the Property Classified as Held-for-Sale	The following table details the assets of the property classified as held-for-sale: $ in thousands Assets: September 30, 2023 Investments in real estate, net $ 55,133 Other assets 6,327 Total assets held-for-sale $ 61,460

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
Investments in Unconsolidated Entities (Tables)	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Our investments in unconsolidated entities as of September 30, 2023 and December 31, 2022 were as follows: $ in thousands Carrying Amount Entity Ownership Percentage (1) September 30, 2023 December 31, 2022 Vida JV LLC (2) 42.5% $ 74,613 $ 79,478 San Simeon Holdings (3) — 26,707 25,516 PTCR Holdco, LLC (4) — 8,368 8,129 Retail GP Fund (5) 4.5% to 13.5% 14,513 14,237 Homestead Communities, LLC (6) 50.0% 10 — Total $ 124,211 $ 127,360 (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 with Invesco U.S. Income Fund L.P., an affiliate of Invesco, (the “Invesco JV”) 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, 2023, the Invesco JV owned an 85% interest in a joint venture (“Vida JV LLC”) with an unaffiliated third party. As of September 30, 2023, 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 Holdings”), a limited liability company that owns a multifamily property. Our preferred membership interest is mandatorily redeemable on December 15, 2023, although there are certain conditions that may accelerate the redemption date. The common member of San Simeon Holdings has two one-year options that may extend the mandatory redemption date of our preferred membership interest to December 15, 2025. The investment yields a current pay rate of 7.00%, increasing by 0.25% during each extension term, 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 eight retail properties. (6) We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufacturing housing through a joint venture, Homestead Communities, LLC (“Homestead”). An Invesco affiliate, Invesco U.S. Income Fund L.P., 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, 2023 and 2022 were as follows: Company’s Share of Unconsolidated Entities' Income (Loss) $ in thousands Three Months Ended September 30, Nine Months Ended September 30, Entity 2023 2022 2023 2022 Vida JV LLC $ (354) $ 1,770 $ (1,253) $ 5,370 San Simeon Holdings 748 664 2,196 1,911 PTCR Holdco, LLC 272 372 806 906 Retail GP Fund 1,170 (49) 711 277 Homestead Communities, LLC (58) — (322) — Total $ 1,778 $ 2,757 $ 2,138 $ 8,464 The following tables provide summarized balance sheets of our investments in unconsolidated entities: September 30, 2023 December 31, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total assets $ 403,473 $ 127,003 $ 517,480 $ 1,047,956 $ 407,405 $ 123,664 $ 595,006 $ 1,126,075 Total liabilities (228,466) (76,244) (279,525) (584,235) (220,573) (76,583) (284,118) (581,274) Total equity $ 175,007 $ 50,759 $ 237,955 $ 463,721 $ 186,832 $ 47,081 $ 310,888 $ 544,801 The following tables provide summarized operating data of our investments in unconsolidated entities: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 9,535 $ 2,709 $ 20,911 $ 33,155 $ 9,089 $ 2,476 $ 22,158 $ 33,723 Net income (loss) $ (831) $ 236 $ 3,560 $ 2,965 $ 4,169 $ 478 $ 1,781 $ 6,428 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 $ in thousands Vida JV LLC San Simeon Holdings Other Total Vida JV LLC San Simeon Holdings Other Total Total revenue $ 28,246 $ 7,872 $ 54,340 $ 90,458 $ 27,385 $ 7,467 $ 45,807 $ 80,659 Net income (loss) $ (2,938) $ 1,183 $ 2,160 $ 405 $ 12,645 $ 1,806 $ 8,440 $ 22,891

Investments in Commercial Loa_2

Investments in Commercial Loans (Tables)	9 Months Ended
Investments in Commercial Loans (Tables)	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Investments Classified by Commercial Loan	As of September 30, 2023 , we have the following investments in commercial loans: Current Principal Balance $ in thousands Origination Date Loan Type Interest Rate September 30, 2023 December 31, 2022 Maturity Date 9801 Blue Grass Loan 9/1/2022 Mezzanine SOFR + 7.21% $ 21,800 $ 21,800 9/9/2024 5805 N Jackson Gap Loan 1/20/2023 Mezzanine SOFR + 8.00% 13,007 — 2/9/2025 Total $ 34,807 $ 21,800

Investments in Real Estate-Re_2

Investments in Real Estate-Related Securities (Tables)	9 Months Ended
Investments in Real Estate-Related Securities (Tables)	Sep. 30, 2023
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, 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 $ 21,643 $ (546) $ 21,097 $ (1,108) $ 19,989 8.68 % 12/15/2035 Corporate debt 4,478 (154) 4,324 (356) 3,968 5.12 % 6/13/2027 Preferred stock of REITs N/A N/A 2,107 (250) 1,857 6.99 % N/A Common stock of REITs N/A N/A 4,034 (1,803) 2,231 6.90 % N/A Total $ 26,121 $ (700) $ 31,562 $ (3,517) $ 28,045 December 31, 2022 $ 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 $ 16,123 $ (419) $ 15,704 $ (1,816) $ 13,888 7.96 % 11/16/2039 Corporate debt 4,978 (144) 4,834 (339) 4,495 5.15 % 7/11/2025 Preferred stock of REITs N/A N/A 2,107 (267) 1,840 7.06 % N/A Common stock of REITs N/A N/A 4,034 (745) 3,289 4.68 % N/A Total $ 21,101 $ (563) $ 26,679 $ (3,167) $ 23,512

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
Intangibles (Tables)	Sep. 30, 2023
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, 2023 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 45,498 $ (29,524) $ 15,974 Leasing commissions 5,895 (1,340) 4,555 Above-market lease intangibles 1,952 (323) 1,629 Total intangible assets, net $ 53,345 $ (31,187) $ 22,158 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (857) $ 2,047 Total intangible liabilities, net $ 2,904 $ (857) $ 2,047 December 31, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (28,038) $ 19,328 Leasing commissions 5,774 (844) 4,930 Above-market lease intangibles 1,951 (191) 1,760 Total intangible assets, net $ 55,091 $ (29,073) $ 26,018 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (560) $ 2,344 Total intangible liabilities, net $ 2,904 $ (560) $ 2,344
Schedule of Below Market Leases	The gross carrying amount and accumulated amortization of our intangible assets and liabilities are: September 30, 2023 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 45,498 $ (29,524) $ 15,974 Leasing commissions 5,895 (1,340) 4,555 Above-market lease intangibles 1,952 (323) 1,629 Total intangible assets, net $ 53,345 $ (31,187) $ 22,158 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (857) $ 2,047 Total intangible liabilities, net $ 2,904 $ (857) $ 2,047 December 31, 2022 $ in thousands Total Cost Accumulated Amortization Intangible Assets, net Intangible assets, net: In-place lease intangibles $ 47,366 $ (28,038) $ 19,328 Leasing commissions 5,774 (844) 4,930 Above-market lease intangibles 1,951 (191) 1,760 Total intangible assets, net $ 55,091 $ (29,073) $ 26,018 Total Cost Accumulated Amortization Intangible Liabilities, net Intangible liabilities, net: Below-market lease intangibles $ 2,904 $ (560) $ 2,344 Total intangible liabilities, net $ 2,904 $ (560) $ 2,344
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, 2023 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2023 (remainder) $ 660 $ 167 $ 45 $ (100) 2024 2,602 656 176 (396) 2025 2,189 637 176 (396) 2026 2,184 636 176 (396) 2027 1,805 556 176 (309) 2028 1,672 521 176 (258) Thereafter 4,862 1,382 704 (192) $ 15,974 $ 4,555 $ 1,629 $ (2,047)
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, 2023 is: $ in thousands In-place Lease Leasing Commissions Above-market Lease Intangibles Below-market 2023 (remainder) $ 660 $ 167 $ 45 $ (100) 2024 2,602 656 176 (396) 2025 2,189 637 176 (396) 2026 2,184 636 176 (396) 2027 1,805 556 176 (309) 2028 1,672 521 176 (258) Thereafter 4,862 1,382 704 (192) $ 15,974 $ 4,555 $ 1,629 $ (2,047)

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
Other Assets (Tables)	Sep. 30, 2023
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, 2023 December 31, 2022 Derivative instruments $ 8,678 $ 9,345 Deferred rent 2,767 1,857 Prepaid expenses 1,785 581 Capitalized tax abatement, net (1) 1,405 8,166 Receivables, net 946 472 Other 783 375 Total $ 16,364 $ 20,796
Schedule of Derivatives Not Designated as Hedging Instruments	As of September 30, 2023, we have entered into five interest rate caps and one interest rate swap. The following table summarizes the notional amount and other information related to these instruments as of September 30, 2023. $ in thousands Number of Instruments Notional Amount (1) Fixed Amount Fair Value (2) Weighted Average Strike Rate Weighted Average Remaining Term In Years Interest rate caps 5 $ 223,500 $ 2,989 $ 5,692 2.28% 1.20 Interest rate swap 1 52,500 N/A 2,986 2.73% 3.58 Total 6 $ 276,000 $ 2,989 $ 8,678 (1) The notional amount represents the amount of the borrowings that we are hedging. It does not represent our exposure to credit, interest rate or market risks. (2) The fair value of each derivative instrument is included in other assets on our condensed consolidated balance sheets. For the three and nine months ended September 30, 2023, we reported decreases in fair value of $0.4 million and $1.0 million, respectively. For the three and nine months ended September 30, 2022, we reported increases in fair value of $4.5 million and $7.0 million, respectively. These changes are included in unrealized gain (loss) on derivative instruments in our condensed consolidated statements of operations.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
Borrowings (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Revolving Credit Facility	The following is a summary of the revolving credit facility: $ in thousands Maximum Facility Size (3) Principal Outstanding Balance Indebtedness Interest Rate Maturity Date (2) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Revolving Credit Facility S + applicable margin (1) 9/5/2025 $ 150,000 $ 150,000 $ 7,200 $ 9,000 (1) Borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) Daily Simple SOFR, (ii) Term SOFR with an interest period of one, three or six-months, or (iii) a Base Rate, where the base rate is the highest of (1) federal funds rate plus 0.5%, (2) the rate of interest as publicly announced by Bank of America N.A. as its “prime rate”, (3) Term SOFR with an interest period of one month plus 1.0%, or (4) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio. On September 8, 2023, we entered into an amendment to the existing Revolving Credit Facility. The interest rate and spread terms remained identical to the terms outlined above. The amendment extended the maturity date to September 6, 2024 and grants an option to extend the term to September 5, 2025, subject to certain conditions. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.99% and 6.62%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 3.73% and 2.70%, respectively. (2) The maturity date presented is the extended maturity date. The current maturity date is September 6, 2024 and the amendment grants an option to extend the term to September 5, 2025, subject to certain conditions. (3) 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. As of September 30, 2023, the borrowing capacity on the Revolving Credit Facility was $76.7 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. 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) Maturity Date Maximum Principal Amount September 30, 2023 December 31, 2022 Cortona Apartments S + applicable margin (2) 6/1/2028 $ 45,000 $ 45,000 $ 45,000 Bixby Kennesaw S + applicable margin (3) 9/24/2026 $ 53,000 53,000 53,000 Tempe Student Housing S + applicable margin (4) 1/1/2025 $ 65,500 65,500 65,500 Cortlandt Crossing 3.13% 3/1/2027 $ 39,660 39,660 39,660 Everly Roseland Apartments S + applicable margin (5) 4/28/2027 $ 113,500 108,690 105,463 Midwest Industrial Portfolio 4.44% and S + applicable margin (6) 7/5/2027 $ 70,000 70,000 70,000 Total mortgages payable 381,850 378,623 Deferred financing costs, net (2,957) (3,890) Mortgage notes payable, net $ 378,893 $ 374,733 (1) The term “S” refers to the relevant floating benchmark rate, Secured Overnight Financing Rate (“SOFR”). (2) The mortgage note secured by the Cortona Apartments bears interest at the greater of (a) 2.65% or (b) the sum of 2.51% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 7.72% and 7.25%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.12% and 3.23%, respectively. (3) The mortgage note secured by Bixby Kennesaw bears interest at the sum of (i) 2.00% plus (ii) SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.87% and 6.48%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 3.81% and 2.65%, respectively. (4) The mortgage note secured by Tempe Student Housing bears interest at 1.75% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.81% and 6.33%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 2.83% and 2.25%, respectively. (5) The mortgage note secured by Everly Roseland Apartments bears interest at 1.45% plus SOFR. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.70% and 6.38%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.06% and 3.35%, respectively. (6) The mortgage note secured by Meridian Business 940, Grove City Industrial, 3101 Agler Road and Earth City Industrial (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 $70.0 million principal balance for the three and nine months ended September 30, 2023 was 5.66% and 5.62%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2022 was 4.24% and 4.21%, respectively.
Schedule of Maturities of Long-term Debt	The following table presents the future principal payments due under our outstanding borrowings as of September 30, 2023: Year ($ in thousands) Revolving Credit Facility Mortgages Payable Financing Obligation Total 2023 (remaining) $ — $ — $ 3 $ 3 2024 7,200 — 6 7,206 2025 — 65,500 9 65,509 2026 — 53,000 12 53,012 2027 — 218,350 15 218,365 2028 — 45,000 18 45,018 Thereafter — — 36,291 36,291 Total $ 7,200 $ 381,850 $ 36,354 $ 425,404

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 Real estate taxes payable $ 3,906 $ 2,466 Common stock repurchases 3,421 — Subscriptions received in advance 2,196 1,843 Intangible liabilities, net 2,047 2,344 Accrued interest expense 1,794 1,968 Accounts payable and accrued expenses 1,786 824 Tenant security deposits 1,422 1,323 Prepaid rental income 1,302 1,390 Distributions payable 475 272 Total $ 18,349 $ 12,430

Class N Redeemable Common Sto_2

Class N Redeemable Common Stock (Tables)	9 Months Ended
Class N Redeemable Common Stock (Tables)	Sep. 30, 2023
Equity [Abstract]
Schedule of Stock by Class	The following table details our Class N redeemable common stock activity with Massachusetts Mutual Life Insurance Company (“ MassMutual”): As of September 30, 2023 As of December 31, 2022 $ in thousands, except share amounts Shares Amount Shares Amount Class N Redeemable Common Stock issued 16,163,482 $ 476,562 16,061,114 $ 473,415 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
Equity and Redeemable Non-controlling Interest (Tables)	Sep. 30, 2023
Equity [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The following tables detail the movement in the Company’s outstanding shares of common stock: 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 Nine Months Ended September 30, 2022 Class T Class S Class D Class I Class E Class N Total Balance at December 31, 2021 186,821 186,821 186,821 186,715 2,244,581 8,556,509 11,548,268 Issuance of common stock 165,035 165,035 165,035 279,643 1,814 2,213,413 2,989,975 Distribution reinvestment — — — 458 2,133 — 2,591 Balance at March 31, 2022 351,856 351,856 351,856 466,816 2,248,528 10,769,922 14,540,834 Issuance of common stock 838 — 24,365 398,375 5,099 1,392,047 1,820,724 Common stock repurchased (1) — — — (291,818) — (149,616) (441,434) Exchange of common stock (2) — — — 2,028,085 — (1,992,225) 35,860 Distribution reinvestment — — 21 1,892 2,130 — 4,043 Balance at June 30, 2022 352,694 351,856 376,242 2,603,350 2,255,757 10,020,128 15,960,027 Issuance of common stock 45,375 — 115,191 502,883 22,075 365,118 1,050,642 Distribution reinvestment 1 — 73 2,807 2,055 — 4,936 Balance at September 30, 2022 398,070 351,856 491,506 3,109,040 2,279,887 10,385,246 17,015,605 (1) We repurchased 149,616 Class N shares under MassMutual’s subscription agreement and 291,818 Class I shares as permitted under Invesco Realty, Inc.’s subscription agreement.
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, 2023 and 2022: 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 Three Months Ended September 30, 2022 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)(2) — (0.0033) — (0.0046) — — — Net distributions declared per share $ — $ 0.4137 $ 0.4170 $ 0.4124 $ 0.4170 $ 0.4170 $ 0.4170 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 Nine Months Ended September 30, 2022 Series A Class T Class S Class D Class I Class E Class N Aggregate distributions declared per share $ 31.2500 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 $ 1.2637 Stockholder servicing fee per share (1)(2) — 0.0078 0.0115 (0.0019) — — — Net distributions declared per share $ 31.2500 $ 1.2715 $ 1.2752 $ 1.2618 $ 1.2637 $ 1.2637 $ 1.2637 (1) See Note 16 — “Related Party Transactions” for a discussion of our stockholder servicing fee. (2) For Class T and Class S Common Stock, the stockholder servicing fee in the distribution above results in a net distribution higher than the gross distribution because it includes an adjustment for stockholder servicing fees deducted from prior monthly distributions.
Schedule of Redeemable 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 2023 2022 2023 2022 Net loss allocated $ (11) $ (4) $ (43) $ (303) Distributions $ 94 $ 44 $ 267 $ 118 Adjustment to carrying value $ (73) $ 53 $ 514 $ 181

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	The following table details our financial instruments measured at fair value on a recurring basis: September 30, 2023 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient (1) Total at Fair Value Investments in real estate-related securities $ 4,088 $ 23,957 $ — $ — $ 28,045 Investments in commercial loans — — 34,807 — 34,807 Investment in affiliated fund — — — 28,464 28,464 Interest rate caps — 5,692 — — 5,692 Interest rate swap — 2,986 — — 2,986 Total $ 4,088 $ 32,635 $ 34,807 $ 28,464 $ 99,994 December 31, 2022 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 NAV as a Practical Expedient (1) Total at Fair Value Investments in real estate-related securities $ 5,129 $ 18,383 $ — $ — $ 23,512 Investments in commercial loans — — 21,800 — 21,800 Investment in affiliated fund — — — 14,969 14,969 Interest rate caps — 7,167 — — 7,167 Interest rate swap — 2,178 — — 2,178 Total $ 5,129 $ 27,728 $ 21,800 $ 14,969 $ 69,626 (1) Our investment in unconsolidated affiliated fund is valued using the NAV as a practical expedient and is not subject to redemption, although investors may sell or transfer their interest at the approval of the general partner of the underlying funds on a quarterly basis by giving notice 45 days prior.
Schedule of Investment In Real Estate Debt	The following table details our investments in commercial loans: $ in thousands Investments in Commercial Loans Balance as of December 31, 2022 $ 21,800 Loan originations 13,007 Net unrealized gain (loss) — Balance as of September 30, 2023 $ 34,807
Schedule of Fair Value Measurements Of Our Investment In Real Estate Debt	The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurement of our investments in commercial loans as of September 30, 2023. Type Asset Class Valuation Technique Unobservable Input Weighted Average Rate Commercial loans Industrial Discounted cash flow Discount rate 12.94%
Schedule of Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis	The following table presents the carrying value and estimated fair value of our financial instruments that are not carried at fair value on the condensed consolidated balance sheets: September 30, 2023 December 31, 2022 $ in thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit facility $ 7,200 $ 7,200 $ 9,000 $ 9,000 Mortgage notes payable (1) 381,850 376,029 378,623 372,682 Financing obligation (1) 54,000 54,000 54,000 54,000 Total $ 443,050 $ 437,229 $ 441,623 $ 435,682 (1) The mortgage notes payable and financing obligation do not include unamortized debt issuance costs.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table details the components of due to affiliates: $ in thousands September 30, 2023 December 31, 2022 Advanced general and administrative expenses $ 9,145 $ 8,626 Advanced offering costs 5,846 5,307 Distributions payable 2,454 2,378 Accrued stockholder servicing fee 1,846 891 Advanced organization expenses 1,474 1,474 Accrued management fee 297 266 Share-based compensation payable 20 20 Accrued affiliate service provider expenses 10 13 Performance participation interest — 3,977 Total $ 21,092 $ 22,952 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% up to 3.5% up to 1.5% — — Maximum Upfront Dealer Manager Fees 0.50% — — — — Stockholder Servicing Fee 0.85% (1) 0.85% 0.25% — — (1) 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 have been purchased by affiliates as of September 30, 2023. Any share repurchases or exchanges are not a component of the table but have been described in further detail below. $ in thousands, except share amounts Class T Class S Class D Class I Class E Class N Total Purchase Price MassMutual (1) — — — — — 16,163,482 $ 476,562 Invesco Global Property Plus Fund (2) — — — — 1,994,164 1,992,224 119,500 Invesco Realty, Inc. (3) 165,126 165,126 165,126 416,893 — 738,701 48,216 Members of our board of directors and employees of our Adviser (4) — — — 188 23,659 75,128 2,711 165,126 165,126 165,126 417,081 2,017,823 18,969,535 $ 646,989 (1) In accordance with MassMutual’s subscription agreement, we have repurchased 2,537,790 of MassMutual Shares for $74.8 million. The amount presented is inclusive of the shares subsequently repurchased. (2) Invesco Global Property Plus Fund (“IGP+”) purchased 1,992,224 of Class N shares for $61.0 million, and we subsequently exchanged these Class N shares for 2,028,086 Class I shares. Additionally, we have repurchased a total of 1,327,979 Class E shares and Class I shares from IGP+ for $43.0 million. The amount presented is inclusive of the shares subsequently repurchased. (3) Invesco Realty, Inc. purchased 738,701 of Class N shares for $20.0 million, and we subsequently exchanged these Class N shares for 186,731 Class T shares, 186,731 Class S shares, 186,731 Class D shares and 186,208 Class I shares. Additionally, we have repurchased 291,818 Class I shares from Invesco Realty, Inc. for $9.2 million. The amount presented is inclusive of the shares subsequently repurchased.

Tenant Leases (Tables)

Tenant Leases (Tables)	9 Months Ended
Tenant Leases (Tables)	Sep. 30, 2023
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 2023 2022 2023 2022 Fixed lease payments $ 14,129 $ 13,425 $ 41,627 $ 33,904 Variable lease payments 1,883 2,091 5,437 4,539 Rental revenue $ 16,012 $ 15,516 $ 47,064 $ 38,443
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 2023 (remainder) $ 2,972 2024 11,822 2025 11,269 2026 11,444 2027 11,249 2028 11,415 Thereafter 50,391 Total $ 110,562

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
Segment Reporting (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes our total assets by segment: $ in thousands September 30, 2023 December 31, 2022 Healthcare $ 74,613 $ 79,478 Office 37,371 38,487 Industrial 143,400 146,121 Self-Storage 100,969 92,182 Multifamily 225,109 226,417 Student Housing 235,724 238,648 Grocery-Anchored Retail 64,736 65,666 Real Estate Debt 90,163 62,285 Corporate and Other 57,828 89,874 Total assets $ 1,029,913 $ 1,039,158 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 investments in affiliated fund — — — — — — — 493 — 493 Loss from real estate-related securities — — — — — — — — (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) Unrealized loss on derivative instruments (444) Impairment of investments in real estate (1,743) Interest expense (5,290) 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 three months ended September 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 826 $ 2,872 $ 2,031 $ 3,990 $ 4,445 $ 1,352 $ — $ — $ 15,516 Income from commercial loans — — — — — — — 702 — 702 Other revenue — — 89 218 130 407 16 — — 860 Total revenues — 826 2,961 2,249 4,120 4,852 1,368 702 — 17,078 Expenses: Rental property operating — 119 1,363 1,032 1,421 2,697 419 — 147 7,198 Total expenses — 119 1,363 1,032 1,421 2,697 419 — 147 7,198 Income from unconsolidated entities, net 3,796 — — — — — — 664 888 5,348 Income from real estate-related securities — — — — — — — — (925) (925) Segment net operating income $ 3,796 $ 707 $ 1,598 $ 1,217 $ 2,699 $ 2,155 $ 949 $ 1,366 $ (184) $ 14,303 Segment depreciation and amortization $ (2,027) $ (418) $ (1,393) $ (2,423) $ (4,414) $ (2,614) $ (495) $ — $ (566) $ (14,350) General and administrative (1,214) Unrealized gain on derivative instruments 4,547 Interest expense (4,996) Management fee - related party (337) Performance participation interest - related party (1,335) Other expense (34) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (3,416) Dividends to preferred stockholders $ (2) Net loss attributable to non-controlling interests in consolidated joint ventures 324 Net loss attributable to non-controlling interest in INREIT OP 4 Net loss attributable to common stockholders $ (3,090) 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, 2022: $ in thousands Segment income from unconsolidated entities $ 5,348 Depreciation and amortization attributable to unconsolidated entities (2,591) Income from unconsolidated entities, net $ 2,757 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, 2022: $ in thousands Segment depreciation and amortization $ (14,350) Depreciation and amortization attributable to unconsolidated entities 2,591 Depreciation and amortization $ (11,759) 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 loan — — — — — — — 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 investments in affiliated fund — — — — — — — 75 — 75 Loss from real estate-related securities — — — — — — — — (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) Unrealized loss on derivative instruments (990) Impairment of investments in real estate (1,743) Interest expense (16,087) 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) The following table summarizes our financial results by segment for the nine months ended September 30, 2022: $ in thousands Healthcare Office Industrial Self-Storage Multifamily Student Housing Grocery-Anchored Retail Real Estate Debt Corporate and Other Total Revenues: Rental revenue $ — $ 2,171 $ 7,197 $ 4,434 $ 8,366 $ 12,907 $ 3,368 $ — $ — $ 38,443 Income from commercial loan — — — — — — — 702 — 702 Other revenue — — 265 546 420 837 18 — — 2,086 Total revenues — 2,171 7,462 4,980 8,786 13,744 3,386 702 — 41,231 Expenses: Rental property operating — 358 2,635 1,906 2,984 6,132 1,084 — 242 15,341 Total expenses — 358 2,635 1,906 2,984 6,132 1,084 — 242 15,341 Income from unconsolidated entities, net 11,562 — — — — — 1,911 2,047 15,520 Income from real estate-related securities — — — — — — — — (2,020) (2,020) Segment net operating income $ 11,562 $ 1,813 $ 4,827 $ 3,074 $ 5,802 $ 7,612 $ 2,302 $ 2,613 $ (215) $ 39,390 Segment depreciation and amortization $ (6,193) $ (1,275) $ (3,624) $ (7,295) $ (6,835) $ (11,972) $ (1,236) $ — $ (873) $ (39,303) General and administrative (4,126) Unrealized gain on derivative instruments 7,017 Interest expense (10,271) Management fee - related party (638) Performance participation interest - related party (5,729) Other expense (118) Net loss attributable to Invesco Real Estate Income Trust Inc. $ (13,778) Dividends to preferred stockholders $ (6) Net loss attributable to non-controlling interests in consolidated joint ventures 768 Net loss attributable to non-controlling interest in INREIT OP 303 Net loss attributable to common stockholders $ (12,713) 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, 2022: $ in thousands Segment income from unconsolidated entities $ 15,520 Depreciation and amortization attributable to unconsolidated entities (7,056) Income from unconsolidated entities, net $ 8,464 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, 2022: $ in thousands Segment depreciation and amortization $ (39,303) Depreciation and amortization attributable to unconsolidated entities 7,056 Depreciation and amortization $ (32,247)

Organization and Business Pur_2

Organization and Business Purpose (Details) $ in Millions	1 Months Ended
Organization and Business Purpose (Details) $ in Millions	May 31, 2021 USD ($) share_class	Sep. 30, 2023 USD ($)	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_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounting Policies [Line Items]
Impairment of investments in real estate	$ 1,743	$ 0	$ 1,743	$ 0
Income tax expense	$ 102	$ 34	$ 119	$ 118
Deferred tax assets					$ 3
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%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Changes in Financial Results by Segment Tables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Segment net operating income	$ 15,165	$ 14,303	$ 42,236	$ 39,390
Segment depreciation and amortization	(8,395)	(14,350)	(27,019)	(39,303)
Segment income from unconsolidated entities	3,970	5,348	9,424	15,520
Depreciation and amortization attributable to unconsolidated entities	$ (2,192)	(2,591)	$ (7,286)	(7,056)
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Segment net operating income		16,555		47,277
Segment depreciation and amortization		(16,602)		(47,190)
Segment income from unconsolidated entities		7,600		23,407
Depreciation and amortization attributable to unconsolidated entities		(4,843)		(14,943)
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Segment net operating income		(2,252)		(7,887)
Segment depreciation and amortization		2,252		7,887
Segment income from unconsolidated entities		(2,252)		(7,887)
Depreciation and amortization attributable to unconsolidated entities		$ 2,252		$ 7,887

Investments in Real Estate, n_3

Investments in Real Estate, net - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Building and improvements	$ 565,767	$ 612,374
Land and land improvements	150,014	158,191
Furniture, fixtures and equipment	11,254	11,514
Total	727,035	782,079
Accumulated depreciation	(33,219)	(22,618)
Investments in real estate, net	$ 693,816	$ 759,461

Investments in Real Estate, n_4

Investments in Real Estate, net - Schedule of Assets of the Property Classified as Held-for-Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Assets held-for-sale	$ 61,460	$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Cortona Apartments
Assets:
Investments in real estate, net	55,133
Other assets	6,327
Assets held-for-sale	$ 61,460

Investments in Real Estate, n_5

Investments in Real Estate, net - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Nov. 08, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of investments in real estate		$ 1,743	$ 0	$ 1,743	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Cortona Apartments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss		$ 400		$ 1,200
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Cortona Apartments \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of real estate	$ 62,000

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) investment	Dec. 31, 2022 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Number of equity method investments \| investment		5
Investments in unconsolidated entities	$ 124,211,000	$ 124,211,000	$ 127,360,000
Impairment losses	$ 0	$ 0

Investments in Unconsolidated_4

Investments in Unconsolidated Entities- Schedule of Equity Method Investments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) retail_property option building	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying Amount	$ 124,211		$ 124,211		$ 127,360
Number of properties owned \| retail_property			8
Company’s Share of Unconsolidated Entities' Income (Loss)	$ 1,778	$ 2,757	$ 2,138	$ 8,464
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	$ 74,613		$ 74,613		79,478
Company’s Share of Unconsolidated Entities' Income (Loss)	(354)	1,770	(1,253)	5,370
San Simeon Holdings
Schedule of Equity Method Investments [Line Items]
Carrying Amount	26,707		$ 26,707		25,516
Number of options to extend \| option			2
Period for redemption extension			1 year
Investment yield			7%
Investment yield, annual increase during extensions			0.25%
Preferred accrued return			4%
Company’s Share of Unconsolidated Entities' Income (Loss)	748	664	$ 2,196	1,911
PTCR Holdco, LLC
Schedule of Equity Method Investments [Line Items]
Carrying Amount	8,368		8,368		8,129
Company’s Share of Unconsolidated Entities' Income (Loss)	272	372	806	906
Retail GP Fund
Schedule of Equity Method Investments [Line Items]
Carrying Amount	14,513		14,513		14,237
Company’s Share of Unconsolidated Entities' Income (Loss)	$ 1,170	(49)	$ 711	277
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	$ 10		$ 10		$ 0
Company’s Share of Unconsolidated Entities' Income (Loss)	$ (58)	$ 0	$ (322)	$ 0
Homestead Communities, LLC \| Affiliated
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%		50%

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Schedule of Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Balance Sheet
Total assets	$ 1,029,913		$ 1,029,913		$ 1,039,158
Total liabilities	(479,286)		(479,286)		(472,867)
Total equity	106,227		106,227		100,866
Operating Data
Total revenue	18,063	$ 17,078	52,767	$ 41,231
Net income (loss)	(2,286)	(3,416)	(8,545)	(13,778)
Vida JV LLC, San Simeon Holdings and Other
Balance Sheet
Total assets	1,047,956		1,047,956		1,126,075
Total liabilities	(584,235)		(584,235)		(581,274)
Total equity	463,721		463,721		544,801
Operating Data
Total revenue	33,155	33,723	90,458	80,659
Net income (loss)	2,965	6,428	405	22,891
Vida JV LLC
Balance Sheet
Total assets	403,473		403,473		407,405
Total liabilities	(228,466)		(228,466)		(220,573)
Total equity	175,007		175,007		186,832
Operating Data
Total revenue	9,535	9,089	28,246	27,385
Net income (loss)	(831)	4,169	(2,938)	12,645
San Simeon Holdings
Balance Sheet
Total assets	127,003		127,003		123,664
Total liabilities	(76,244)		(76,244)		(76,583)
Total equity	50,759		50,759		47,081
Operating Data
Total revenue	2,709	2,476	7,872	7,467
Net income (loss)	236	478	1,183	1,806
Other
Balance Sheet
Total assets	517,480		517,480		595,006
Total liabilities	(279,525)		(279,525)		(284,118)
Total equity	237,955		237,955		$ 310,888
Operating Data
Total revenue	20,911	22,158	54,340	45,807
Net income (loss)	$ 3,560	$ 1,781	$ 2,160	$ 8,440

Investments in Commercial Loa_3

Investments in Commercial Loans - Schedule of Investments Classified by Commercial Loan (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Line Items]
Current Principal Balance	$ 34,807	$ 21,800
Investment, Identifier [Axis]: 5805 N Jackson Gap Loan, Mezzanine
Real Estate [Line Items]
Interest Rate	8%
Current Principal Balance	$ 13,007	0
Investment, Identifier [Axis]: 9801 Blue Grass Loan, Mezzanine
Real Estate [Line Items]
Interest Rate	7.21%
Current Principal Balance	$ 21,800	$ 21,800

Investments in Commercial Loa_4

Investments in Commercial Loans - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Real Estate [Abstract]
Income from commercial loans	$ 1,136,000	$ 702,000	$ 3,310,000	$ 702,000
Unrealized gain (loss) on commercial loans	$ 0	$ 0	$ 0	$ 0

Investments in Real Estate-Re_3

Investments in Real Estate-Related Securities - Schedule of Investments in Real Estate-Related Debt Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Balance	$ 26,121	$ 21,101
Unamortized Premium (Discount)	(700)	(563)
Amortized Cost / Cost	31,562	26,679
Unrealized Gain (Loss), Net	(3,517)	(3,167)
Fair Value	28,045	23,512
Non-agency CMBS
Debt Instrument [Line Items]
Principal Balance	21,643	16,123
Unamortized Premium (Discount)	(546)	(419)
Amortized Cost / Cost	21,097	15,704
Unrealized Gain (Loss), Net	(1,108)	(1,816)
Fair Value	$ 19,989	$ 13,888
Period-end Weighted Average Yield	8.68%	7.96%
Corporate debt
Debt Instrument [Line Items]
Principal Balance	$ 4,478	$ 4,978
Unamortized Premium (Discount)	(154)	(144)
Amortized Cost / Cost	4,324	4,834
Unrealized Gain (Loss), Net	(356)	(339)
Fair Value	$ 3,968	$ 4,495
Period-end Weighted Average Yield	5.12%	5.15%
Preferred stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 2,107	$ 2,107
Unrealized Gain (Loss), Net	(250)	(267)
Fair Value	$ 1,857	$ 1,840
Period-end Weighted Average Yield	6.99%	7.06%
Common stock of REITs
Debt Instrument [Line Items]
Amortized Cost / Cost	$ 4,034	$ 4,034
Unrealized Gain (Loss), Net	(1,803)	(745)
Fair Value	$ 2,231	$ 3,289
Period-end Weighted Average Yield	6.90%	4.68%

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Intangible assets, net:
Total Cost	$ 53,345	$ 55,091
Accumulated Amortization	(31,187)	(29,073)
Intangible Assets, net	22,158	26,018
Intangible liabilities, net:
Total Cost	2,904	2,904
Accumulated Amortization	(857)	(560)
Intangible Assets, net	2,047	2,344
In-place lease intangibles
Intangible assets, net:
Total Cost	45,498	47,366
Accumulated Amortization	(29,524)	(28,038)
Intangible Assets, net	15,974	19,328
Leasing commissions
Intangible assets, net:
Total Cost	5,895	5,774
Accumulated Amortization	(1,340)	(844)
Intangible Assets, net	4,555	4,930
Above-market lease intangibles
Intangible assets, net:
Total Cost	1,952	1,951
Accumulated Amortization	(323)	(191)
Intangible Assets, net	$ 1,629	$ 1,760

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, net	$ 22,158	$ 26,018
Below-market Lease Intangibles
2023 (remainder)	(100)
2024	(396)
2025	(396)
2026	(396)
2027	(309)
2028	(258)
Thereafter	(192)
Leasing Commissions	(2,047)	(2,344)
In-place lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	660
2024	2,602
2025	2,189
2026	2,184
2027	1,805
2028	1,672
Thereafter	4,862
Intangible Assets, net	15,974	19,328
Leasing commissions
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	167
2024	656
2025	637
2026	636
2027	556
2028	521
Thereafter	1,382
Intangible Assets, net	4,555	4,930
Above-market lease intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remainder)	45
2024	176
2025	176
2026	176
2027	176
2028	176
Thereafter	704
Intangible Assets, net	$ 1,629	$ 1,760

Other Assets- Schedule of Other

Other Assets- Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative instruments	$ 8,678	$ 9,345
Deferred rent	2,767	1,857
Prepaid expenses	1,785	581
Capitalized tax abatement, net	1,405	8,166
Receivables, net	946	472
Other	783	375
Total	16,364	$ 20,796
Capitalized tax abatement, accumulated depreciation	300
Capitalized tax abatement, estimated annual amortization	$ 600

Other Assets - Schedule of Deri

Other Assets - Schedule of Derivative Instruments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) derivative	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) derivative	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Number of Instruments \| derivative	6		6
Notional Amount	$ 276,000		$ 276,000
Fixed Amount	2,989		2,989
Fair Value	8,678		8,678
Unrealized gain (loss) on derivative instruments	$ (444)	$ 4,547	$ (990)	$ 7,017
Interest rate caps
Derivative [Line Items]
Number of Instruments \| derivative	5		5
Notional Amount	$ 223,500		$ 223,500
Fixed Amount	2,989		2,989
Fair Value	$ 5,692		$ 5,692
Weighted Average Strike Rate			2.28%
Weighted Average Remaining Term In Years			1 year 2 months 12 days
Interest rate swap
Derivative [Line Items]
Number of Instruments \| derivative	1		1
Notional Amount	$ 52,500		$ 52,500
Fair Value	$ 2,986		$ 2,986
Weighted Average Strike Rate			2.73%
Weighted Average Remaining Term In Years			3 years 6 months 29 days

Borrowings - Schedule of Revolv

Borrowings - Schedule of Revolving Credit Facility (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Revolving credit facility	$ 7,200,000		$ 7,200,000		$ 9,000,000
Revolving Credit Facility \| Revolving credit facility
Debt Instrument [Line Items]
Maximum Facility Size	150,000,000		150,000,000		150,000,000
Principal Outstanding Balance	7,200,000		7,200,000		$ 9,000,000
Current borrowing capacity	100,000,000		100,000,000
Revolving credit facility	$ 76,700,000		$ 76,700,000
Revolving Credit Facility \| Revolving credit facility \| Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period	6.99%	3.73%	6.62%	2.70%
Revolving Credit Facility \| Revolving credit facility \| Federal funds rate
Debt Instrument [Line Items]
Variable interest rate			0.50%
Revolving Credit Facility \| Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Variable interest rate			1%
Revolving Credit Facility \| Revolving credit facility \| Leverage Ratio
Debt Instrument [Line Items]
Variable interest rate			1%

Borrowings - Schedule of Mortga

Borrowings - Schedule of Mortgage Notes (Details) - Mortgages Payable - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Balance Outstanding	$ 381,850		$ 381,850		$ 378,623
Deferred financing costs, net	(2,957)		(2,957)		(3,890)
Mortgage notes payable, net	$ 378,893		$ 378,893		374,733
Cortona Apartments
Debt Instrument [Line Items]
Interest rate	2.65%		2.65%
Maximum Principal Amount	$ 45,000		$ 45,000
Principal Balance Outstanding	$ 45,000		$ 45,000		45,000
Cortona Apartments \| Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period	7.72%	4.12%	7.25%	3.23%
Cortona Apartments \| SOFR
Debt Instrument [Line Items]
Variable interest rate			2.51%
Bixby Kennesaw
Debt Instrument [Line Items]
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	6.87%	3.81%	6.48%	2.65%
Bixby Kennesaw \| SOFR
Debt Instrument [Line Items]
Variable interest rate			2%
Tempe Student Housing
Debt Instrument [Line Items]
Maximum Principal Amount	$ 65,500		$ 65,500
Principal Balance Outstanding	$ 65,500		$ 65,500		65,500
Tempe Student Housing \| Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period	6.81%	2.83%	6.33%	2.25%
Tempe Student Housing \| SOFR
Debt Instrument [Line Items]
Variable interest rate			1.75%
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 Apartments
Debt Instrument [Line Items]
Maximum Principal Amount	113,500		113,500
Principal Balance Outstanding	$ 108,690		$ 108,690		105,463
Debt instrument, interest rate during period		4.06%		3.35%
Everly Roseland Apartments \| Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period	6.70%		6.38%
Everly Roseland Apartments \| SOFR
Debt Instrument [Line Items]
Variable interest rate			1.45%
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	5.66%		5.62%
Midwest Industrial Portfolio, Two \| Weighted Average
Debt Instrument [Line Items]
Debt instrument, interest rate during period		4.24%		4.21%
Midwest Industrial Portfolio, Two \| SOFR
Debt Instrument [Line Items]
Variable interest rate			1.70%

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Financing obligation, net	$ 53,752	$ 53,752
Tempe Student Housing
Line of Credit Facility [Line Items]
Financing obligation, net	$ 53,800

Borrowings - Schedule of Future

Borrowings - Schedule of Future Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financing Obligation
2023 (remaining)	$ 3
2024	6
2025	9
2026	12
2027	15
2028	18
Thereafter	36,291
Total	36,354
2023 (remaining)	3
2024	7,206
2025	65,509
2026	53,012
2027	218,365
2028	45,018
Thereafter	36,291
Total	425,404
Revolving Credit Facility
Maturities of Long-term Debt [Abstract]
2023 (remaining)	0
2024	7,200
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	7,200
Mortgages Payable
Maturities of Long-term Debt [Abstract]
2023 (remaining)	0
2024	0
2025	65,500
2026	53,000
2027	218,350
2028	45,000
Thereafter	0
Total	$ 381,850	$ 378,623

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities- Schedule of Accounts Payable and Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Real estate taxes payable	$ 3,906	$ 2,466
Common stock repurchases	3,421	0
Subscriptions received in advance	2,196	1,843
Intangible liabilities, net	2,047	2,344
Accrued interest expense	1,794	1,968
Accounts payable and accrued expenses	1,786	824
Tenant security deposits	1,422	1,323
Prepaid rental income	1,302	1,390
Distributions payable	475	272
Total	$ 18,349	$ 12,430

Class N Redeemable Common Sto_3

Class N Redeemable Common Stock - Schedule of Redeemable Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	229,355	323,706	401,116	441,434
Class N Redeemable Common Stock repurchased	$ 6,831	$ 10,177	$ 13,025	$ 9,200
Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0	0	0	149,616
Affiliated entity
Class of Stock [Line Items]
Class N Redeemable Common Stock issued					$ 646,989
Affiliated entity \| Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock issued (in shares)					18,969,535
Massachusetts Mutual Life Insurance Company \| Affiliated entity
Class of Stock [Line Items]
Class N Redeemable Common Stock issued					$ 476,562
Massachusetts Mutual Life Insurance Company \| Affiliated entity \| Class N Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock issued (in shares)					16,163,482
Class N Redeemable Common Stock repurchased (in shares)					2,537,790	2,537,790
Class N Redeemable Common Stock repurchased					$ 74,795	$ 74,795
Massachusetts Mutual Life Insurance Company \| Affiliated entity \| Class N Common Stock \| Initial Subscription Agreement
Class of Stock [Line Items]
Class N Redeemable Common Stock issued (in shares)					16,163,482	16,061,114
Class N Redeemable Common Stock issued					$ 476,562	$ 473,415

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, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Decrease to redeemable common stock	$ (10.9)	$ 4.1	$ (27.7)	$ 24.4
Increase (decrease) to additional paid In capital	10.9	$ 4.1	$ 27.7	$ 24.4
Massachusetts Mutual Life Insurance Company \| Class N Common Stock \| Affiliated entity
Class of Stock [Line Items]
Stock redemption terms			3 years
Massachusetts Mutual Life Insurance Company \| Class N Common Stock \| Private Offering \| Affiliated entity
Class of Stock [Line Items]
Capital commitment	400		$ 400
Massachusetts Mutual Life Insurance Company \| Redeemable common stock \| Affiliated entity
Class of Stock [Line Items]
Share of entity's stock, minimum net asset value	$ 20		$ 20

Equity and Redeemable Non-con_3

Equity and Redeemable Non-controlling Interest - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125					125		125
Preferred stock, dividend rate						12.50%		12.50%
Preferred stock, liquidation preference (in USD per share)	$ 500					$ 500		$ 500
Preferred stock, liquidation preference, per share, per annum (in USD per share)	62.50					62.50		62.50
Preferred stock, redemption price (in USD per share)	$ 500					$ 500		$ 500
Dividends	$ 8,800			$ 6,900		$ 25,900	$ 19,400
Dividends accrued	2,500					2,500		$ 2,400
Increase (decrease) to carrying value INREIT OP	$ (73)			$ 53		$ 514	$ 181
Class N Redeemable Common Stock repurchased (in shares)	229,355	323,706	401,116		441,434
Stock repurchased during period, value	$ 6,831	$ 10,177	$ 13,025		$ 9,200
Share-based compensation plan, shares available for issuance (in shares)	187,855					187,855
Class E Common Stock
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	5,640	284,496	401,116		0
Share-based compensation (in shares)	628			581		1,855	1,811
Share-based compensation	$ 20			$ 19		$ 59	$ 57
Share Repurchase Plan
Class of Stock [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	223,715			0		948,536	0
Stock repurchased during period, value	$ 6,700					$ 29,900
Redeemable Non-controlling Interest in INREIT OP
Class of Stock [Line Items]
Distributions payable to noncontrolling interests	30					30		15
Third Parties
Class of Stock [Line Items]
Dividends accrued	$ 500					$ 500		$ 300
Private Placement
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	125					125		125

Equity and Redeemable Non-con_4

Equity and Redeemable Non-controlling Interest - Schedule of Common Stock Outstanding (Details) - shares		3 Months Ended						9 Months Ended		12 Months Ended
	Jun. 29, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		20,626,911	20,544,379	20,520,921	15,960,027	14,540,834	11,548,268	20,520,921	11,548,268	11,548,268
Issuance of common stock (in shares)		573,185	395,718	416,101	1,050,642	1,820,724	2,989,975
Common stock repurchased (in shares)		(229,355)	(323,706)	(401,116)		(441,434)
Exchange of common stock (in shares)						35,860
Distribution reinvestment (in shares)		113,382	10,520	8,473	4,936	4,043	2,591
Ending balance (in shares)		21,084,123	20,626,911	20,544,379	17,015,605	15,960,027	14,540,834	21,084,123	17,015,605	20,520,921
Class T Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		572,182	534,026	449,680	352,694	351,856	186,821	449,680	186,821	186,821
Issuance of common stock (in shares)		18,462	36,963	83,872	45,375	838	165,035
Common stock repurchased (in shares)		(503)	0	0		0
Exchange of common stock (in shares)						0
Distribution reinvestment (in shares)		1,600	1,193	474	1	0	0
Ending balance (in shares)		591,741	572,182	534,026	398,070	352,694	351,856	591,741	398,070	449,680
Class S Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		365,807	351,856	351,856	351,856	351,856	186,821	351,856	186,821	186,821
Issuance of common stock (in shares)		96,942	13,951	0	0	0	165,035
Common stock repurchased (in shares)		0	0	0		0
Exchange of common stock (in shares)						0
Distribution reinvestment (in shares)		195	0	0	0	0	0
Ending balance (in shares)		462,944	365,807	351,856	351,856	351,856	351,856	462,944	351,856	351,856
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		754,517	658,895	604,538	376,242	351,856	186,821	604,538	186,821	186,821
Issuance of common stock (in shares)		34,096	93,684	53,224	115,191	24,365	165,035
Common stock repurchased (in shares)		(1,373)	0	0		0
Exchange of common stock (in shares)						0
Distribution reinvestment (in shares)		2,486	1,938	1,133	73	21	0
Ending balance (in shares)		789,726	754,517	658,895	491,506	376,242	351,856	789,726	491,506	604,538
Class I Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		4,235,505	4,034,345	3,764,505	2,603,350	466,816	186,715	3,764,505	186,715	186,715
Issuance of common stock (in shares)		408,889	235,524	265,404	502,883	398,375	279,643
Common stock repurchased (in shares)		(221,839)	(39,210)	0		(291,818)
Exchange of common stock (in shares)	2,028,085					2,028,085
Distribution reinvestment (in shares)		4,109	4,846	4,436	2,807	1,892	458
Ending balance (in shares)		4,426,664	4,235,505	4,034,345	3,109,040	2,603,350	466,816	4,426,664	3,109,040	3,764,505
Class E Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		1,175,576	1,441,933	1,827,018	2,255,757	2,248,528	2,244,581	1,827,018	2,244,581	2,244,581
Issuance of common stock (in shares)		14,796	15,596	13,601	22,075	5,099	1,814
Common stock repurchased (in shares)		(5,640)	(284,496)	(401,116)		0
Exchange of common stock (in shares)						0
Distribution reinvestment (in shares)		2,624	2,543	2,430	2,055	2,130	2,133
Ending balance (in shares)		1,187,356	1,175,576	1,441,933	2,279,887	2,255,757	2,248,528	1,187,356	2,279,887	1,827,018
Class N Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		13,523,324	13,523,324	13,523,324	10,020,128	10,769,922	8,556,509	13,523,324	8,556,509	8,556,509
Issuance of common stock (in shares)		0	0	0	365,118	1,392,047	2,213,413
Common stock repurchased (in shares)		0	0	0		(149,616)
Exchange of common stock (in shares)	1,992,225					(1,992,225)
Distribution reinvestment (in shares)		102,368	0	0	0	0	0
Ending balance (in shares)		13,625,692	13,523,324	13,523,324	10,385,246	10,020,128	10,769,922	13,625,692	10,385,246	13,523,324

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	$ 0.4170	$ 0.4155	$ 0.4162	$ 0.4170	$ 0.4215	$ 0.4252
Series A Preferred Stock
Class of Stock [Line Items]
Aggregate distributions declared, preferred stock (in USD per share)	0			0			$ 31.2500	$ 31.2500
Stockholder servicing fee, preferred stock (in USD per share)	0			0			0	0
Net distributions declared, common stock (in USD per share)	0			0			31.2500	31.2500
Class T Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170			0.4170			1.2487	1.2637
Stockholder servicing fee, common stock (in USD per share)	(0.0255)			(0.0033)			(0.0684)	0.0078
Net distributions declared, common stock (in USD per share)	0.3915			0.4137			1.1803	1.2715
Class S Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170			0.4170			1.2487	1.2637
Stockholder servicing fee, common stock (in USD per share)	(0.0101)			0			(0.0109)	0.0115
Net distributions declared, common stock (in USD per share)	0.4069			0.4170			1.2378	1.2752
Class D Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170			0.4170			1.2487	1.2637
Stockholder servicing fee, common stock (in USD per share)	(0.0102)			(0.0046)			(0.0285)	(0.0019)
Net distributions declared, common stock (in USD per share)	0.4068			0.4124			1.2202	1.2618
Class I Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170			0.4170			1.2487	1.2637
Stockholder servicing fee, common stock (in USD per share)	0			0			0	0
Net distributions declared, common stock (in USD per share)	0.4170			0.4170			1.2487	1.2637
Class E Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170			0.4170			1.2487	1.2637
Stockholder servicing fee, common stock (in USD per share)	0			0			0	0
Net distributions declared, common stock (in USD per share)	0.4170			0.4170			1.2487	1.2637
Class N Common Stock
Class of Stock [Line Items]
Aggregate distributions declared, common stock (in USD per share)	0.4170			0.4170			1.2487	1.2637
Stockholder servicing fee, common stock (in USD per share)	0			0			0	0
Net distributions declared, common stock (in USD per share)	$ 0.4170			$ 0.4170			$ 1.2487	$ 1.2637

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Noncontrolling Interest [Line Items]
Net loss allocated	$ (11)	$ 8	$ (40)	$ (4)	$ (38)	$ (261)	$ (43)	$ (303)
Distributions	196	$ 177	$ 226	604	$ 144	$ 80
Adjustment to carrying value	(73)			53			514	181
Redeemable Non-controlling Interest in INREIT OP
Noncontrolling Interest [Line Items]
Net loss allocated	(11)			(4)			(43)	(303)
Distributions	$ 94			$ 44			$ 267	$ 118

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	$ 28,045	$ 23,512
Investments in commercial loans	34,807	21,800
Investment in affiliated fund	28,464	14,969
Derivative instruments	$ 8,678	9,345
Noticed prior period	45 days
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	$ 28,045	23,512
Investments in commercial loans	34,807	21,800
Investment in affiliated fund	28,464	14,969
Total	99,994	69,626
Fair Value, Recurring \| Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	5,692	7,167
Fair Value, Recurring \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	2,986	2,178
Level 1 \| Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	4,088	5,129
Investments in commercial loans	0	0
Investment in affiliated fund	0	0
Total	4,088	5,129
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, at fair value	23,957	18,383
Investments in commercial loans	0	0
Investment in affiliated fund	0	0
Total	32,635	27,728
Level 2 \| Fair Value, Recurring \| Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	5,692	7,167
Level 2 \| Fair Value, Recurring \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	2,986	2,178
Level 3 \| Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	0	0
Investments in commercial loans	34,807	21,800
Investment in affiliated fund	0	0
Total	34,807	21,800
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
Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in real estate-related securities, at fair value	0	0
Investments in commercial loans	0	0
Investment in affiliated fund	28,464	14,969
Total	28,464	14,969
Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring \| Interest rate caps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	0	0
Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring \| Interest rate swap
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative instruments	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) loan	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) loan	Sep. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Number of loans \| loan	2		2
Impairment of investments in real estate	$ 1,743	$ 0	$ 1,743	$ 0
Fair value of held-for-sale real estate investments	$ 61,500		$ 61,500

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Investment In Real Estate Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Investment In Real Estate Debt [Roll Forward]
Opening balance of investment in real estate debt, at fair value	$ 21,800
Loan originations	13,007
Net unrealized gain (loss)	0
Ending balance of investment in real estate debt, at fair value	$ 34,807

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Fair Value Measurements Of Our Investment In Real Estate Debt (Details)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Discount rate	12.94%

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Schedule of Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Value
Debt Instrument [Line Items]
Financing obligation	$ 54,000	$ 54,000
Total	443,050	441,623
Carrying Value \| Line of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	7,200	9,000
Carrying Value \| Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	381,850	378,623
Estimated Fair Value
Debt Instrument [Line Items]
Financing obligation	54,000	54,000
Total	437,229	435,682
Estimated Fair Value \| Line of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	7,200	9,000
Estimated Fair Value \| Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	$ 376,029	$ 372,682

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Carrying Amount	$ 124,211	$ 127,360
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]
Carrying Amount	$ 10	$ 0

DST Program (Details)

DST Program (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
DST Program (Details) - USD ($) $ in Millions	Feb. 28, 2023	Sep. 30, 2023
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		$ 0.8

Related Party Transactions - Sc

Related Party Transactions - Schedule of Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates	$ 21,092	$ 22,952
Related Party
Related Party Transaction [Line Items]
Due to affiliates	21,092	22,952
Advanced general and administrative expenses \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	9,145	8,626
Advanced offering costs \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	5,846	5,307
Distributions payable \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	2,454	2,378
Accrued stockholder servicing fee \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	1,846	891
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	297	266
Share-based compensation payable \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	20	20
Accrued affiliate service provider expenses \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	10	13
Performance participation interest \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	$ 0	$ 3,977

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands				1 Months Ended	3 Months Ended					9 Months Ended
	Sep. 30, 2023 USD ($)	Feb. 01, 2023 shares	Dec. 31, 2022 USD ($)	Jan. 31, 2022	Sep. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) quarter shares	Sep. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Management fee - related party					$ 446			$ 337		$ 1,260	$ 638
Shares repurchased (in shares) \| shares					229,355	323,706	401,116		441,434
Shares repurchased					$ 6,831	$ 10,177	$ 13,025		$ 9,200
Performance participation interest - related party					0			1,335		0	5,729
Due to affiliates	$ 21,092		$ 22,952		21,092					21,092
Investment in affiliated fund	$ 28,464		14,969		$ 28,464					$ 28,464
Homestead Communities, LLC
Related Party Transaction [Line Items]
Ownership interest rate	50%				50%					50%
Homestead Communities, LLC \| Affiliated
Related Party Transaction [Line Items]
Ownership interest rate	50%				50%					50%
The Adviser
Related Party Transaction [Line Items]
Management fee - related party					$ 300					$ 300
Reimbursement term, organization and offering expenses				60 months
Non-controlling Interests in Consolidated Joint Ventures
Related Party Transaction [Line Items]
Ownership percentage	50%				50%					50%
Vida JV LLC \| Invesco JV
Related Party Transaction [Line Items]
Ownership percentage	85%				85%					85%
Everly Roseland Co-Invest
Related Party Transaction [Line Items]
Ownership percentage	60%				60%					60%
Everyly Roseland Co-Invest Joint Venture \| Everly Roseland Co-Invest
Related Party Transaction [Line Items]
Ownership percentage	95%				95%					95%
Class N Common Stock
Related Party Transaction [Line Items]
Shares repurchased (in shares) \| shares					0	0	0		149,616
Class E Common Stock
Related Party Transaction [Line Items]
Shares repurchased (in shares) \| shares					5,640	284,496	401,116		0
Subsidiaries \| The Adviser
Related Party Transaction [Line Items]
Administrative fees expense								100			700
Subsidiaries \| Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Performance participation interest - related party					$ 0			1,300		$ 0	5,700
Subsidiaries \| Class E Common Stock \| Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) \| shares		122,065
Shares repurchased (in shares) \| shares					9,661					9,661
Shares repurchased					$ 300					$ 300
Affiliated entity \| Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) \| shares										18,969,535
Affiliated entity \| Class N Common Stock \| Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) \| shares										738,701
Affiliated entity \| Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) \| shares										2,017,823
Affiliated entity \| Class E Common Stock \| Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares) \| shares										0
Affiliated entity \| Class T, Class S and Class D Shares \| Invesco Distributors, Inc.
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 1,800		900
Related Party
Related Party Transaction [Line Items]
Due to affiliates	21,092		22,952		21,092					$ 21,092
Related Party \| Invesco Realty, Inc.
Related Party Transaction [Line Items]
Investment owned, at cost	30,000				30,000					$ 30,000
Management Fee and Performance Participation Interest \| Subsidiaries \| The Adviser
Related Party Transaction [Line Items]
Management and service fees, base rate										1%
Management fee commencement period										10 years
Management fee - related party					$ 400			300		$ 1,300	600
Number of shares issued in transaction (in shares) \| shares					13,800					38,523
Management Fee and Performance Participation Interest \| Subsidiaries \| Class E Common Stock \| The Adviser
Related Party Transaction [Line Items]
Shares repurchased (in shares) \| shares					5,640					5,640
Shares repurchased					$ 200					$ 200
Management Fee and Performance Participation Interest - Incentive Rate, Total Return Rate \| Subsidiaries \| Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Management and service fees, incentive rate										12.50%
Management Fee and Performance Participation Interest - Incentive Rate, Total Return Rate \| Subsidiaries \| Class N Common Stock \| Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Management and service fees, incentive rate										10%
Management Fee and Performance Participation Interest - Incentive Rate, Annualized Hurdle Rate \| Subsidiaries \| Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Management and service fees, incentive rate										6%
Management Fee and Performance Participation Interest - Incentive Rate, Annualized Hurdle Rate \| Subsidiaries \| Class N Common Stock \| Invesco REIT Special Limited Partner L.L.C.
Related Party Transaction [Line Items]
Management and service fees, incentive rate										7%
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										8.75%
Reimbursement of Expenses Incurred by Adviser \| Subsidiaries \| The Adviser
Related Party Transaction [Line Items]
Administrative fees expense					200					$ 700
Organization Costs And Offering Expenses \| The Adviser
Related Party Transaction [Line Items]
Reimbursement term, organization and offering expenses										60 months
Operating Expenses Reimbursement \| The Adviser
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	9,100		8,600
Advance of organization and offering fees, net asset value threshold	1,000,000				1,000,000					$ 1,000,000
Adviser fee, number of consecutive quarters, reimbursement period \| quarter										4
Operating Expenses Reimbursement Agreement - Percentage of Average Invested Assets \| The Adviser
Related Party Transaction [Line Items]
Related party transaction, rate										2%
Operating Expenses Reimbursement Agreement - Percentage of Average Invested Assets \| Director
Related Party Transaction [Line Items]
Related party transaction, rate										2%
Operating Expenses Reimbursement Agreement - Percentage of Net Income \| The Adviser
Related Party Transaction [Line Items]
Related party transaction, rate										25%
Operating Expenses Reimbursement Agreement - Percentage of Net Income \| Director
Related Party Transaction [Line Items]
Related party transaction, rate										25%
Accrued affiliate service provider expenses \| Pine Tree Commercial Realty, LLC
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction					35			$ 30		$ 100	$ 76
Accrued affiliate service provider expenses \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	10		13		10					10
Advanced offering costs \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	$ 5,846		$ 5,307		$ 5,846					$ 5,846

Related Party Transactions - _2

Related Party Transactions - Schedule of Stockholder Servicing Fees (Details) - Invesco Distributors, Inc.	9 Months Ended
	Sep. 30, 2023
Class T Common Stock \| Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	3%
Class T Common Stock \| Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0.50%
Class T Common Stock \| Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0.85%
Class T Common Stock \| Investment Management Agreement - Annualized Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0.65%
Class T Common Stock \| Investment Management Agreement - Annualized Dealer Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0.20%
Class S Common Stock \| Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	3.50%
Class S Common Stock \| Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class S Common Stock \| Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0.85%
Class D Common Stock \| Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	1.50%
Class D Common Stock \| Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class D Common Stock \| Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0.25%
Class I Common Stock \| Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class I Common Stock \| Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class I Common Stock \| Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class E Common Stock \| Investment Management Agreement - Maximum Upfront Selling Commissions as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class E Common Stock \| Investment Management Agreement - Maximum Upfront Dealer Management Fees as a Percentage of Transaction Price
Related Party Transaction [Line Items]
Related party transaction, rate	0%
Class E Common Stock \| Investment Management Agreement - Stockholder Servicing Fee as a Percentage of Net Asset Value
Related Party Transaction [Line Items]
Related party transaction, rate	0%

Related Party Transactions - _3

Related Party Transactions - Schedule of Related Party Share Ownership (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	229,355	323,706	401,116	441,434
Class N Redeemable Common Stock repurchased	$ 6,831	$ 10,177	$ 13,025	$ 9,200
Class T Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	503	0	0	0
Class S Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0	0	0	0
Class D Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	1,373	0	0	0
Class I Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	221,839	39,210	0	291,818
Class E Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	5,640	284,496	401,116	0
Class N Common Stock
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)	0	0	0	149,616
Affiliated entities
Related Party Transaction [Line Items]
Total Purchase Price					$ 646,989
Affiliated entities \| Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Total Purchase Price					476,562
Affiliated entities \| Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Total Purchase Price					119,500
Affiliated entities \| Invesco Realty, Inc.
Related Party Transaction [Line Items]
Total Purchase Price					48,216
Affiliated entities \| Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Total Purchase Price					$ 2,711
Affiliated entities \| Class T Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					165,126
Affiliated entities \| Class T Common Stock \| Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class T Common Stock \| Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class T Common Stock \| Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					165,126
Stock issued during period, exchange of common stock (in shares)					186,731
Affiliated entities \| Class T Common Stock \| Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class S Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					165,126
Affiliated entities \| Class S Common Stock \| Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class S Common Stock \| Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class S Common Stock \| Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					165,126
Stock issued during period, exchange of common stock (in shares)					186,731
Affiliated entities \| Class S Common Stock \| Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class D Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					165,126
Affiliated entities \| Class D Common Stock \| Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class D Common Stock \| Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class D Common Stock \| Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					165,126
Stock issued during period, exchange of common stock (in shares)					186,731
Affiliated entities \| Class D Common Stock \| Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class I Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					417,081
Affiliated entities \| Class I Common Stock \| Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class I Common Stock \| Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Stock issued during period, exchange of common stock (in shares)					2,028,086
Affiliated entities \| Class I Common Stock \| Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					416,893
Total Purchase Price					$ 9,200
Stock issued during period, exchange of common stock (in shares)					186,208
Number of additional shares issued in transaction (shares)					291,818
Affiliated entities \| Class I Common Stock \| Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					188
Affiliated entities \| Class E Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					2,017,823
Affiliated entities \| Class E Common Stock \| Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class E Common Stock \| Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					1,994,164
Affiliated entities \| Class E Common Stock \| Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					0
Affiliated entities \| Class E Common Stock \| Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					23,659
Affiliated entities \| Class N Common Stock
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					18,969,535
Affiliated entities \| Class N Common Stock \| Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					16,163,482
Class N Redeemable Common Stock repurchased (in shares)					2,537,790	2,537,790
Class N Redeemable Common Stock repurchased					$ 74,795	$ 74,795
Affiliated entities \| Class N Common Stock \| Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					1,992,224
Total Purchase Price					$ 61,000
Stock issued during period, exchange of common stock (in shares)					1,992,224
Affiliated entities \| Class N Common Stock \| Invesco Realty, Inc.
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					738,701
Total Purchase Price					$ 20,000
Affiliated entities \| Class N Common Stock \| Members of our board of directors and employees of our Adviser
Related Party Transaction [Line Items]
Number of shares issued in transaction (in shares)					75,128
Total Purchase Price					$ 2,000
Affiliated entities \| Redeemable common stock \| Massachusetts Mutual Life Insurance Company
Related Party Transaction [Line Items]
Class N Redeemable Common Stock repurchased (in shares)					2,537,790
Affiliated entities \| Common Class E and Common Class I \| Invesco Global Property Plus Fund
Related Party Transaction [Line Items]
Total Purchase Price					$ 43,000
Class N Redeemable Common Stock repurchased (in shares)					1,327,979

Tenant Leases - Schedule of Ope

Tenant Leases - Schedule of Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Fixed lease payments	$ 14,129	$ 13,425	$ 41,627	$ 33,904
Variable lease payments	1,883	2,091	5,437	4,539
Rental revenue	$ 16,012	$ 15,516	$ 47,064	$ 38,443

Tenant Leases - Schedule of Fut

Tenant Leases - Schedule of Future Minimum Rental Payments Receivable (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (remainder)	$ 2,972
2024	11,822
2025	11,269
2026	11,444
2027	11,249
2028	11,415
Thereafter	50,391
Total	$ 110,562

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2023 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, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,029,913	$ 1,039,158
Operating segments \| Healthcare
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	74,613	79,478
Operating segments \| Office
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	37,371	38,487
Operating segments \| Industrial
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	143,400	146,121
Operating segments \| Self-Storage
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	100,969	92,182
Operating segments \| Multifamily
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	225,109	226,417
Operating segments \| Student Housing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	235,724	238,648
Operating segments \| Grocery-Anchored Retail
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	64,736	65,666
Operating segments \| Real Estate Debt
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	90,163	62,285
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 57,828	$ 89,874

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Rental revenue	$ 16,012			$ 15,516			$ 47,064	$ 38,443
Income from commercial loans	1,136			702			3,310	702
Other revenue	915			860			2,393	2,086
Total revenues	18,063			17,078			52,767	41,231
Expenses
Rental property operating	6,913			7,198			19,505	15,341
Total expenses	6,913			7,198			19,505	15,341
Income from unconsolidated entities, net	3,970			5,348			9,424	15,520
Income from investments in affiliated fund	493			0			75	0
Losses from real estate-related securities	(448)			(925)			(525)	(2,020)
Segment net operating income	15,165			14,303			42,236	39,390
Segment depreciation and amortization	(8,395)			(14,350)			(27,019)	(39,303)
General and administrative	(959)			(1,214)			(3,580)	(4,126)
Unrealized gain (loss) on derivative instruments	(444)			4,547			(990)	7,017
Impairment of investments in real estate	(1,743)			0			(1,743)	0
Interest expense	(5,290)			(4,996)			(16,087)	(10,271)
Management fee - related party	(446)			(337)			(1,260)	(638)
Performance participation interest - related party	0			(1,335)			0	(5,729)
Other expense	(174)			(34)			(102)	(118)
Net loss attributable to Invesco Real Estate Income Trust Inc.	(2,286)			(3,416)			(8,545)	(13,778)
Dividends to preferred stockholders	(2)			(2)			(6)	(6)
Net loss attributable to non-controlling interests in consolidated joint ventures	29			324			745	768
Net loss attributable to non-controlling interest in INREIT OP	11	$ (8)	$ 40	4	$ 38	$ 261	43	303
Net loss attributable to common stockholders, basic	(2,248)			(3,090)			(7,763)	(12,713)
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	1,395			3,796			4,210	11,562
Income from investments in affiliated fund	0						0
Losses from real estate-related securities	0			0			0	0
Segment net operating income	1,395			3,796			4,210	11,562
Segment depreciation and amortization	(1,749)			(2,027)			(5,463)	(6,193)
Operating segments \| Office
Revenues
Rental revenue	725			826			2,178	2,171
Income from commercial loans	0			0			0	0
Other revenue	0			0			0	0
Total revenues	725			826			2,178	2,171
Expenses
Rental property operating	132			119			409	358
Total expenses	132			119			409	358
Income from unconsolidated entities, net	0			0			0	0
Income from investments in affiliated fund	0						0
Losses from real estate-related securities	0			0			0	0
Segment net operating income	593			707			1,769	1,813
Segment depreciation and amortization	(416)			(418)			(1,253)	(1,275)
Operating segments \| Industrial
Revenues
Rental revenue	2,654			2,872			8,104	7,197
Income from commercial loans	0			0			0	0
Other revenue	89			89			259	265
Total revenues	2,743			2,961			8,363	7,462
Expenses
Rental property operating	1,223			1,363			3,813	2,635
Total expenses	1,223			1,363			3,813	2,635
Income from unconsolidated entities, net	0			0			0	0
Income from investments in affiliated fund	0						0
Losses from real estate-related securities	0			0			0	0
Segment net operating income	1,520			1,598			4,550	4,827
Segment depreciation and amortization	(1,398)			(1,393)			(4,157)	(3,624)
Operating segments \| Self-Storage
Revenues
Rental revenue	2,108			2,031			6,267	4,434
Income from commercial loans	0			0			0	0
Other revenue	236			218			702	546
Total revenues	2,344			2,249			6,969	4,980
Expenses
Rental property operating	998			1,032			3,086	1,906
Total expenses	998			1,032			3,086	1,906
Income from unconsolidated entities, net	0			0			0	0
Income from investments in affiliated fund	0						0
Losses from real estate-related securities	0			0			0	0
Segment net operating income	1,346			1,217			3,883	3,074
Segment depreciation and amortization	(630)			(2,423)			(3,155)	(7,295)
Operating segments \| Multifamily
Revenues
Rental revenue	4,223			3,990			12,378	8,366
Income from commercial loans	0			0			0	0
Other revenue	147			130			463	420
Total revenues	4,370			4,120			12,841	8,786
Expenses
Rental property operating	1,484			1,421			4,572	2,984
Total expenses	1,484			1,421			4,572	2,984
Income from unconsolidated entities, net	0			0			0	0
Income from investments in affiliated fund	0						0
Losses from real estate-related securities	0			0			0	0
Segment net operating income	2,886			2,699			8,269	5,802
Segment depreciation and amortization	(1,603)			(4,414)			(4,807)	(6,835)
Operating segments \| Student Housing
Revenues
Rental revenue	5,044			4,445			13,900	12,907
Income from commercial loans	0			0			0	0
Other revenue	430			407			956	837
Total revenues	5,474			4,852			14,856	13,744
Expenses
Rental property operating	2,528			2,697			5,992	6,132
Total expenses	2,528			2,697			5,992	6,132
Income from unconsolidated entities, net	0			0			0	0
Income from investments in affiliated fund	0						0
Losses from real estate-related securities	0			0			0	0
Segment net operating income	2,946			2,155			8,864	7,612
Segment depreciation and amortization	(1,654)			(2,614)			(4,864)	(11,972)
Operating segments \| Grocery-Anchored Retail
Revenues
Rental revenue	1,258			1,352			4,237	3,368
Income from commercial loans	0			0			0	0
Other revenue	0			16			0	18
Total revenues	1,258			1,368			4,237	3,386
Expenses
Rental property operating	497			419			1,414	1,084
Total expenses	497			419			1,414	1,084
Income from unconsolidated entities, net	0			0			0
Income from investments in affiliated fund	0						0
Losses from real estate-related securities	0			0			0	0
Segment net operating income	761			949			2,823	2,302
Segment depreciation and amortization	(502)			(495)			(1,497)	(1,236)
Operating segments \| Real Estate Debt
Revenues
Rental revenue	0			0			0	0
Income from commercial loans	1,136			702			3,310	702
Other revenue	0			0			0	0
Total revenues	1,136			702			3,310	702
Expenses
Rental property operating	0			0			0	0
Total expenses	0			0			0	0
Income from unconsolidated entities, net	748			664			2,195	1,911
Income from investments in affiliated fund	493						75
Losses from real estate-related securities	0			0			0	0
Segment net operating income	2,377			1,366			5,580	2,613
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	13			0			13	0
Total revenues	13			0			13	0
Expenses
Rental property operating	51			147			219	242
Total expenses	51			147			219	242
Income from unconsolidated entities, net	1,827			888			3,019	2,047
Income from investments in affiliated fund	0						0
Losses from real estate-related securities	(448)			(925)			(525)	(2,020)
Segment net operating income	1,341			(184)			2,288	(215)
Segment depreciation and amortization	$ (443)			$ (566)			$ (1,823)	$ (873)

Segment Reporting - Schedule _3

Segment Reporting - Schedule of Income (Loss) From Unconsolidated Real Estate Entities Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting [Abstract]
Segment income from unconsolidated entities	$ 3,970	$ 5,348	$ 9,424	$ 15,520
Depreciation and amortization attributable to unconsolidated entities	(2,192)	(2,591)	(7,286)	(7,056)
Income (loss) from unconsolidated real estate entities	$ 1,778	$ 2,757	$ 2,138	$ 8,464

Segment Reporting - Schedule _4

Segment Reporting - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting [Abstract]
Segment depreciation and amortization	$ (8,395)	$ (14,350)	$ (27,019)	$ (39,303)
Depreciation and amortization attributable to unconsolidated entities	2,192	2,591	7,286	7,056
Depreciation and amortization	$ (6,203)	$ (11,759)	$ (19,733)	$ (32,247)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions			1 Months Ended	9 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Nov. 13, 2023	Nov. 08, 2023	Nov. 13, 2023	Sep. 30, 2023
Subsequent Event \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Cortona Apartments
Subsequent Event [Line Items]
Proceeds from disposition of real estate		$ 62
Public Offering \| Subsequent Event
Subsequent Event [Line Items]
Aggregate net proceeds			$ 6.8
Redemption value	$ 0.4
Private Offering
Subsequent Event [Line Items]
Aggregate net proceeds				$ 0.8
Private Offering \| Subsequent Event \| DST Program
Subsequent Event [Line Items]
Aggregate net proceeds			$ 3.4