Invesco Real Estate Income Trust Inc. 8-K

What Happened
Invesco Real Estate Income Trust Inc. filed an 8‑K on Jan. 15, 2026 reporting its net asset value (NAV) as of December 31, 2025 and confirming that the Feb. 1, 2026 transaction price for each share class equals that class’s NAV per share as of Dec. 31, 2025. Total NAV was $632.6 million with 23,183,377 outstanding shares. NAV per share by class ranged from $26.0583 (Class T) to $28.1231 (Class E); examples include Class I $26.2231 and Class N $27.6205. The filing also updated portfolio metrics and recent transactions.

Key Details

• Total NAV: $632.6 million; outstanding shares: 23,183,377.
• NAV per share (selected): Class T $26.0583; Class I $26.2231; Class N $27.6205; Class E $28.1231.
• Portfolio: 68 properties, ~10.8 million sq. ft., 30 U.S. markets, weighted average occupancy 94%; leverage ratio 28%; gross real estate asset value $1,148.2 million.
• Recent activity: acquired Elizabeth on Seventh (Charlotte) for $58.2M on Dec. 30, 2025; originated Sync DFW multifamily loan ($114.0M commitment) on Jan. 9, 2026. Quarter‑to‑date (through Dec. 31, 2025) gross proceeds raised $66.5M; repurchase requests of $3.9M for Oct–Dec were fulfilled.
• Valuation assumptions: weighted average discount rates by property type ~7.3%–10.0% and exit cap rates ~5.5%–7.3%; a 0.25% change in discount or exit cap rates moves property values roughly 1.7%–3.0% depending on property type.

Why It Matters
This filing sets the NAV used as the transaction price for Feb. 1, 2026 share transactions, so it directly affects the price at which shares will be issued or redeemed that day. The NAV and portfolio metrics give investors a snapshot of scale (68 properties, $1.15B gross asset value), occupancy (94%) and moderate leverage (28%). Recent acquisitions and a large loan origination indicate ongoing capital deployment. Valuation sensitivity to small changes in discount and exit cap rates highlights that NAV can shift materially with interest‑rate or market changes. Finally, the company fulfilled repurchase requests for Q4 2025, but note NAV does not include potential exit costs and repurchase plans can be suspended.