Invesco Real Estate Income Trust Reports July 31, 2026 NAV Update

What Happened

• Invesco Real Estate Income Trust filed an 8‑K (Aug 17, 2026) updating its net asset value (NAV) as of July 31, 2026. Total NAV was $661.2 million across 24,091,215 outstanding shares/units. The Adviser set the September 1, 2026 transaction price for each share class equal to that class’s NAV per share as of July 31, 2026.
• NAV per share by class ranged roughly from $26.09 to $28.45 (Class S lowest $26.0942; Class E highest $28.4503). The largest NAV component is Class N ($436.5M, 15,684,045 shares; NAV/share $27.8324).

Key Details

• Total NAV: $661,196,000; outstanding shares/units: 24,091,215.
• Portfolio: 71 properties (~11.5M sq. ft.) in 32 U.S. markets; weighted average occupancy 95%; direct real estate = 78% of gross assets. Private real estate credit = ~16% of gross assets.
• Leverage ratio: 26% as of July 31, 2026.
• Financing and activity: Raised $46.2M gross (registered & private offerings, DST sales, DRIP) quarter‑to‑date through July 31; fulfilled $3.5M of common stock repurchase requests in July; issued 506,837 Operating Partnership units for a net $13.3M in direct real estate investments.
• Valuation: Properties and loans were appraised or reviewed by independent valuation advisors. Weighted average discount and exit cap rates are provided by property type (examples: Healthcare discount 7.2% / exit cap 5.8%; Office discount 9.5% / exit cap 7.3%). A ±0.25% shift in discount or exit cap rates changes property values roughly 1.8%–3.0%, depending on type.
• NAV methodology notes: NAV does not apply an illiquidity discount or reflect likely exit costs; NAV is not a guarantee of realizable market price or liquidation proceeds.

Why It Matters

• Investors get a current, detailed snapshot of the fund’s stated value ($661.2M), asset mix (large direct real estate weighting and high occupancy), leverage (moderate 26%), and recent capital flows (net raises, repurchases, and asset contributions).
• The filing clarifies that the Sep. 1 transaction price will equal the July 31 NAV per share for each class, but also warns NAV is an accounting valuation—not a guaranteed sale or liquidation price and may not reflect exit costs or market liquidity.
• Valuation sensitivities (discount and exit cap rates) show property values can move several percent from small rate shifts, which is useful for assessing interest‑rate or cap‑rate risk to NAV.