Invesco Real Estate Income Trust Posts $629M NAV

New acquisitions and continued fundraising underscore the company's strategic expansion and solid occupancy metrics.

December 17, 2025

Invesco REIT Reports Stable NAV and Active Investment Growth

As of November 30, 2025, Invesco Real Estate Income Trust reported a net asset value of $629.3 million. The latest update outlines how that value breaks down—and how recent acquisitions and capital activity are shaping the portfolio’s direction heading into 2026.

The NAV reflects a mix of real estate investments, affiliated funds, commercial loans, and securities. Direct property holdings alone came in at nearly $947 million. Invesco also held $148 million in joint venture interests and around $41 million in real estate-related securities. These assets were offset by liabilities that included $288 million in financing and roughly $259 million in non-controlling interests. After accounting for all components, the company’s 23.1 million outstanding shares brought NAV per share across classes to a range between $26.04 and $28.07.

Valuations are guided by discounted cash flow models, applying property-specific assumptions such as discount and exit cap rates. As of November, the weighted average discount rates ranged from 7.3% for healthcare assets to 10.0% for manufactured housing communities. Cap rates ranged from 5.5% to 7.3%. The firm’s independent valuation advisor reviews these assumptions regularly, and small changes in either rate can lead to meaningful shifts in investment values.

Portfolio Overview

On the activity front, Invesco continues to build. The company currently owns 65 properties across 33 U.S. markets, totaling 9.9 million square feet, with a weighted average occupancy of 93%. The leverage ratio stood at 22% as of November 30.

Recent Transactions and Capital Activity

Two recent transactions stand out. On November 20, Invesco acquired a fully-owned manufactured housing community in the Seattle area— 103 sites, 95% occupied —for $13.4 million. On December 10, the firm originated a floating-rate loan secured by a multifamily asset in Santa Monica, California. The $86.3 million loan came with an initial two-year term and three potential one-year extension options.

Capital activity remained healthy through the end of November. Invesco raised $37.7 million quarter-to-date from a mix of registered and private offerings, with contributions from its DST program and reinvestment plans. Investors also submitted $2.4 million in stock repurchase requests in October and November, all of which were fulfilled.

With valuations updated monthly, new capital coming in, and portfolio activity underway, Invesco is clearly focused on maintaining flexibility while scaling its income-generating platform.