The non-traded REIT’s per-share value rose across all classes for July transactions, with direct real estate now making up nearly four-fifths of gross assets.

June 16, 2026

Invesco Real Estate Income Trust reported a net asset value of about $643.1 million as of May 31, 2026, alongside a portfolio update showing a diversified, heavily occupied real estate book, according to a prospectus supplement dated June 15, 2026.

The non-traded REIT said the May 31 NAV per share figures will serve as the transaction price for subscriptions accepted on July 1, 2026, and for repurchases dated June 30. Across its publicly offered classes, per-share prices came in at:

• Class T: $26.0937
• Class S: $26.1167
• Class D: $26.1138
• Class I: $26.2640
• Class E: $28.3329

The purchase price for each class equals that transaction price plus any applicable upfront selling commissions and dealer manager fees, while the repurchase price matches the transaction price exactly. This update follows the company’s recent amendment to its anchor investor arrangement and state suitability rules, covered previously in INREIT’s MassMutual repurchase amendment.

A property-heavy, diversified book

As of the end of May, INREIT’s direct real estate investments accounted for 79% of gross assets, spanning 70 properties totaling roughly 11.4 million square feet across 32 U.S. markets. The portfolio carried a weighted average occupancy rate of 94%, a healthy figure that points to stable underlying rental income.

The trust’s real estate debt allocation comprised four investments representing about 17% of gross assets. INREIT reported a leverage ratio of 30% at month-end — a relatively conservative level for a non-traded REIT, leaving room to maneuver in a still-elevated interest rate environment.

Inside the NAV calculation

The $643.1 million total NAV is spread across roughly 23.5 million outstanding shares and operating partnership units. On the asset side, investments in real estate represented the largest component at about $1.05 billion, supplemented by $160.8 million in unconsolidated entities, $197.7 million in commercial loans, $27.1 million in real estate-related securities, and a $7.2 million investment in an affiliated fund. Cash and equivalents stood at $27.3 million.

Those assets were offset by roughly $461.5 million in mortgage notes, revolving credit, secured lending, and financing obligations, plus $346.7 million in non-controlling joint-venture interests and various smaller liabilities, including accrued performance and management fees.

By share class, Class N — the institutional class tied to the company’s anchor commitment — held the largest stake at about $431.7 million across 15.6 million shares, with a per-share NAV of $27.7587. Class E and the operating partnership units carried the highest per-unit value at $28.3329.

Valuation assumptions across property types

The supplement detailed the discounted cash flow assumptions underpinning the property valuations, broken out by sector. Discount rates ranged from 7.2% for healthcare assets to 9.6% for manufactured housing communities, with office properties at 9.5%. Exit capitalization rates ranged from 5.5% for multifamily to 7.3% for both office and retail.

INREIT also disclosed the sensitivity of its valuations to changes in those inputs. A 0.25% decrease in the weighted average discount rate would lift investment values by roughly 1.8% to 2.0% depending on property type, while an identical increase would pull them down by a comparable margin. Movements in exit capitalization rates carried even greater weight, with a 0.25% decrease boosting multifamily and manufactured housing values by about 3.0%.

Offering progress remains early

The company is in the midst of its first follow-on offering, a continuous program of up to $3.0 billion in common stock — $2.4 billion in the primary offering and $600 million through its distribution reinvestment plan. The offering launched in November 2024.

As of June 11, 2026, INREIT had sold about 825,528 shares in the primary offering for total proceeds of $21.9 million, plus another 142,287 shares worth $3.8 million through the reinvestment plan. Those totals indicate the follow-on capital raise remains in its early stages relative to the program’s $3.0 billion ceiling. The company said it intends to continue selling shares on a monthly basis.