Invesco Real Estate Trust Adds New Share Classes

New partnership units offer performance-linked incentives and flexible redemption options for investors.

October 13, 2025

Expanded Options Through Structural Updates

Invesco Real Estate Income Trust Inc. is making structural updates that give investors more flexibility—and more ways to stay aligned with the DST program. On October 6, 2025, the company rolled out changes to two key agreements: the Limited Partnership Agreement and the Dealer Manager Agreement.

These updates introduce two new classes of partnership units: Class S-PR1 and Class S-PR2. Both are built to support performance-based allocations and investor servicing fees. The Special Limited Partner is now eligible for 12.5% of the total return on these units, once a 6% hurdle is met. That performance interest is defined upfront, and it applies specifically to the new share classes.

Investors who hold Class S-PR1 or S-PR2 units for at least one year will have the option to redeem them—either for cash or common stock, at Invesco’s discretion. When common stock is issued, the number and class of shares will depend on the broker-dealer selling agreement. If no class is specified, the units convert into Class K-PR shares with equal net asset value. If the agreement specifies a class, the redemption will follow that designation.

Dealer Agreement Aligns with New Share Classes

Alongside this, Invesco Real Estate Exchange LLC—the DST Sponsor and Invesco subsidiary—updated its Dealer Manager Agreement. This change incorporates the new share classes into the DST program and outlines what happens when investors exercise their fair market value option. Depending on the selling agreement, they may receive Class K-PR, S-PR1, or S-PR2 units.

The agreement also lays out the servicing fee structure:

• Class S-PR1 units and shares: up to 0.85% per year based on NAV


• Class S-PR2 units: up to 0.35% per year based on NAV

These updates are designed to create smoother paths for redemption, tighter alignment between structure and performance, and more flexibility for broker-dealers and investors operating within the DST framework. By adapting the agreement terms to support these goals, Invesco is helping participants move with more confidence and clarity in a growing investment channel.