Document

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Invesco Real Estate Income Trust Inc., dated April 15, 2025 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. References herein to the “Company,” “we,” “us,” or “our” refer to Invesco Real Estate Income Trust Inc. and its subsidiaries unless the context specifically requires otherwise.

During the month ended May 31, 2025, we closed on the acquisition of a 100% occupied, 85-site, manufactured housing community ("MHC") in Houston, Texas, for $9.3 million. This represents our first MHC investment and underscores our commitment to diversifying the portfolio and investing in sectors where we see attractive long-term fundamentals and strong growth potential.

The July 1, 2025 transaction price for each of our share classes is equal to such class’s NAV per share as of May 31, 2025. A detailed calculation of the NAV per share is set forth below. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. The repurchase price for each share class equals the transaction price of such class.

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.inreit.com and is made available on our toll-free, automated telephone line at 833-834-4924. Please refer to “Net Asset Value Calculation and Valuation Guidelines” in the Prospectus for how our NAV is determined. The Adviser is ultimately responsible for determining our NAV. Our properties have been appraised and our commercial mortgage loans and debt have been valued in accordance with our valuation guidelines and such appraisals and valuations were prepared or reviewed by our independent valuation advisors. We have included a breakdown of the components of total NAV and NAV per share for May 31, 2025.

Our total NAV presented in the following tables includes the aggregate NAV of our Class T, Class S, Class D, Class I, Class E and Class N shares, as well as partnership interests of the Operating Partnership held by the Special Limited Partner. The following table provides a breakdown of the major components of our total NAV as of May 31, 2025:


$ in thousands, except share/unit data
Components of NAV	May 31, 2025
Investments in real estate	$	784,604
Investments in unconsolidated entities	148,220
Investments in real estate-related securities	70,154
Investment in commercial loan	12,183
Investment in affiliated fund	14,460
Cash and cash equivalents	59,194
Restricted cash	4,642
Other assets	12,490
Mortgage notes, revolving credit facility and financing obligation, net	(286,678)
Subscriptions received in advance	(2,369)
Other liabilities	(23,414)

Management fee payable	(474)
Accrued stockholder servicing fees	(16)
Non-controlling interests in joint-ventures	(174,408)


Net asset value	$	618,588
Number of outstanding shares/units	22,769,394


$ in thousands, except share/unit data
NAV Per Share/Unit	Class T Shares		Class S Shares		Class D Shares		Class I Shares		Class E Shares		Class N Shares		Operating Partnership Units(1)		Total
Net asset value	$	16,581	$	20,737	$	22,679	$	116,787	$	34,848	$	406,386	$	570	$	618,588
Number of outstanding shares/units	634,028		791,065		866,578		4,438,902		1,244,861		14,773,615		20,345		22,769,394
NAV Per Share/Unit as of May 31, 2025	$	26.1518	$	26.2134	$	26.1707	$	26.3100	$	27.9939	$	27.5075	$	27.9939

These assumptions are determined by our independent valuation advisor and reviewed by the Adviser. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:


		Investment Values
Input	Hypothetical Change	Healthcare	Office	Industrial	Self-Storage	Multifamily	Student Housing	Retail
Discount Rate (weighted average)	0.25% decrease	1.9%	1.8%	2.0%	1.9%	1.9%	1.9%	1.8%
Discount Rate (weighted average)	0.25% increase	(1.9)%	(1.7)%	(2.0)%	(1.8)%	(1.9)%	(1.9)%	(1.8)%
Exit Capitalization Rate (weighted average)	0.25% decrease	2.8%	2.1%	2.9%	2.7%	3.0%	2.7%	1.9%
Exit Capitalization Rate (weighted average)	0.25% increase	(2.6)%	(1.9)%	(2.7)%	(2.5)%	(2.7)%	(2.5)%	(1.8)%

We are currently offering on a continuous basis up to $3.0 billion in shares of common stock, consisting of up to $2.4 billion in shares in our primary offering and up to $0.6 billion in shares pursuant to our distribution reinvestment plan. This offering is our first follow-on offering and commenced on November 12, 2024. As of June 10, 2025, we have issued and sold in our public offering (1) 406,524 shares of our common stock (consisting of 8,761 Class T shares, 105,098 Class S shares, 15,535 Class D shares, 269,138 Class I shares and 7,992 Class E shares) in the primary offering for total proceeds of $10.9 million and (2) 49,381 shares of our common stock (consisting of 5,180 Class T shares, 9,880 Class S shares, 9,824 Class D shares, 20,134 Class I shares and 4,363 Class E shares) pursuant to our distribution reinvestment plan for a total value of $1.3 million. As of May 31, 2025, our aggregate NAV was $618.6 million. We intend to continue selling shares in our public offering on a monthly basis.

Idaho Investors. Purchasers residing in Idaho must have either (i) a liquid net worth of $85,000 and annual gross income of $85,000 or (ii) a net worth of $300,000 (excluding the value of a purchaser’s home, furnishings and automobiles).

New Mexico Investors. Purchasers residing in New Mexico may not invest more than 10% of their liquid net worth in our shares, shares of our affiliates and other public, non-listed REITs. Investors who are accredited investors, as defined by Rule 501(a) of Regulation D under the Securities Act, are not subject to the foregoing investment concentration limit.

Ohio Investors. Purchasers residing in Ohio may not invest more than 10% of their liquid net worth in us and other non-traded real estate investment programs. For purposes of Ohio’s suitability standard, “liquid net worth” is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings, and automobiles minus total liabilities) that is comprised of cash, cash equivalents, and readily marketable securities. This condition does not apply, directly or indirectly, to federally covered securities. This condition also does not apply to purchasers who meet the definition of an accredited investor as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, 15 U.S.C.A. 77a, as amended.

Oregon Investors. Purchasers residing in Oregon may not invest more than 10% of their liquid net worth in us. Oregon investors who meet the definition of “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing investment concentration limit.


Property Type	Discount Rate	Exit Capitalization Rate
Healthcare	7.3%	5.8%
Office	9.0%	7.3%
Industrial	8.2%	5.9%
Self-Storage	7.8%	5.8%
Multifamily	7.3%	5.5%
Student Housing	7.5%	5.8%
Retail	8.4%	7.3%


	Transaction Price (per share)
Class T	$	26.1518
Class S	$	26.2134
Class D	$	26.1707
Class I	$	26.3100
Class E	$	27.9939