Invesco Real Estate Trust Reports $620M NAV

The trust’s latest acquisitions underscore its focus on high-growth U.S. markets amid a stable portfolio performance.

September 17, 2025

Focused Growth, Diversified Exposure

Invesco Real Estate Income Trust (INREIT) has released its latest valuation update, reporting a net asset value (NAV) of $620.5 million as of August 31, 2025. This snapshot offers a detailed look at the trust’s positioning across real estate sectors, alongside new acquisitions that signal a continued push into residential markets.

INREIT’s NAV includes direct real estate holdings, interests in joint ventures, investments in securities and affiliated funds, and other cash and asset positions. At the end of August, the trust owned 61 properties across 30 U.S. markets, covering roughly 9.3 million square feet. Occupancy stood at 93.1%.

By category:

• $872.6 million was allocated to direct real estate


• $148 million to unconsolidated entities


• $43.9 million to real estate-related securities


• $35.4 million in cash and equivalents

The leverage ratio came in at 23%, keeping the trust in a moderate risk zone while still supporting acquisition activity.

NAV per share ranged across eight share classes, with values from about $26.05 to $27.98. These valuations were built using discounted cash flow models and market-informed assumptions by third-party valuation advisors, with each property type assigned different discount and cap rates. Those rates were pressure-tested with hypothetical shifts to assess their sensitivity on asset values.

Strategic Acquisitions Continue

INREIT added two residential properties in Q3: Fleetwood Apartments in Las Vegas, purchased for $41 million, and the Arizona MHC Portfolio, a $16 million deal comprising three manufactured housing communities in the Phoenix and Tucson areas. Both assets are located in markets with rising populations and lower new supply, aligning with the trust’s strategy to target residential investments where demand is expected to stay strong.

The Las Vegas asset is a 198-unit multifamily property with a 96% occupancy rate. The Arizona acquisition spans 195 sites, offering exposure to a growing segment of the housing market with relatively stable fundamentals.

Activity Through August

Fundraising remained steady. INREIT raised $37.1 million in gross proceeds quarter-to-date through August, through both public and private channels, including reinvestments under its distribution plan and its DST program. Redemption requests for July and August totaled $6.4 million and were fully met.

What This Means for Investors

INREIT’s consistent NAV methodology and disciplined asset selection provide a reliable view into the portfolio’s underlying value. While share liquidity remains limited by design, the trust continues to deliver transparency through monthly NAV reporting. The August report reinforces its commitment to disciplined growth, regular communication, and measured exposure to income-generating properties.

For investors focused on real estate-backed income strategies, these updates offer clear, actionable insights. With its latest acquisitions and a balanced capital structure, INREIT appears well-positioned to continue navigating the evolving market landscape through the remainder of 2025.