Invesco Real Estate Income Trust Posts $632M NAV

The trust reported a new loan origination and a $58.2M acquisition, boosting its diversified U.S. portfolio.

January 16, 2026

A Closer Look at NAV

INREIT ended 2025 with a net asset value of $632.6 million and a clear signal that its portfolio strategy is gaining momentum. The company’s year-end update shows continued growth, a broad mix of real estate assets, and active capital deployment across markets.

NAV per share, calculated as of December 31, ranged from $26.06 to $28.12 across eight share classes. The figures reflect asset-level appraisals and valuation inputs prepared or reviewed by independent advisors, under guidelines set by INREIT’s board.

It’s important to note that while NAV includes market-informed inputs, it doesn’t factor in exit costs or potential liquidity constraints—this is a performance snapshot, not a liquidation forecast. But for investors monitoring trends in asset values across share classes, the figures give a clear baseline for decision-making.

Portfolio Performance and Allocation

INREIT closed the year with 68 properties totaling 10.8 million square feet of real estate across 30 U.S. markets. Average occupancy stood at 94%, with a leverage ratio of 28%.

By gross asset value, the portfolio breakdown was as follows:

Industrial: 26%

Healthcare: 15%

Multifamily: 15%

Student Housing, Office, Self-Storage: mid-to-high single digits

Real Estate Debt, Retail, Manufactured Housing: remaining allocation

The trust also holds investments in real estate debt and maintains a mix of property types, offering diversified exposure across sectors.

New Activity at Year-End

Two recent moves highlight INREIT’s strategy in action.

On December 30, the company acquired Elizabeth on Seventh in Charlotte, North Carolina. The $58.2 million mixed-use property includes boutique office and retail space and was 95% leased at the time of acquisition.

Then on January 9, INREIT originated the Sync DFW Multifamily Portfolio Loan —a $114 million floating-rate loan tied to two Dallas-area multifamily properties. The loan has a two-year term and offers three 12-month extension options, providing flexibility on both sides of the transaction.

The trust also raised $66.5 million in the fourth quarter through a mix of registered and private offerings, including activity from its DST program and reinvestments via its distribution reinvestment plan. All repurchase requests during the quarter—totaling $3.9 million—were fulfilled.

Geographic and Lease Exposure

INREIT’s portfolio has meaningful exposure across regions, with the Northeast (20%), Mountain (18%), and Southeast (16%) making up the top three by gross asset value.

Lease terms are well spread out. As of December 31, the weighted-average remaining term for commercial leases was 5.4 years. Roughly 13% of leased square footage is set to expire in 2026, with no single year accounting for more than 20%. This pacing gives the trust room to adapt over time without facing large concentration risks in any single year.

Valuation Inputs and Sensitivity

INREIT’s valuation approach includes discounted cash flow models, with assumptions reviewed by an independent advisor. These inputs vary by property type—for example, the discount rate for industrial was 7.9%, while multifamily was set at 7.5%.

The filing also outlines sensitivity impacts: a 0.25% change in discount or cap rates would typically move asset values up or down between 1.8% and 3.0%, depending on the property type. These estimates help clarify how shifts in market assumptions would flow through to portfolio valuations.