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 10, 2026 (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.

As of March 31, 2026, our direct real estate investments include 69 real estate properties totaling approximately 11.1 million square feet located in 31 markets throughout the U.S., with a weighted average occupancy rate of 94%. As of March 31, 2026, our leverage ratio was 29%.

On April 2, 2026, we acquired a 100% interest in Gateway One, a 100% leased industrial property in Columbia, South Carolina, for a purchase price of $32.5 million. The 252,720 square foot property has a weighted average lease term of approximately seven years and is adjacent to the Columbia Metropolitan Airport.

The May 1, 2026 transaction price for each of our share classes is equal to such class’s NAV per share as of March 31, 2026. 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 March 31, 2026.

Our total NAV presented in the following tables includes the aggregate NAV of our Class T, Class S, Class D, Class I, Class E Class N, Class S-PR, and Class K-PR 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 March 31, 2026:


$ in thousands, except share/unit data
Components of NAV	March 31, 2026
Investments in real estate	$	1,011,497
Investments in unconsolidated entities	158,397
Investments in real estate-related securities	30,663
Investments in commercial loans	197,098
Investment in affiliated fund	8,153
Cash and cash equivalents	33,840
Restricted cash	8,996
Other assets	3,431
Mortgage notes, revolving credit facility, secured lending agreement and financing obligation, net	(446,193)
Subscriptions received in advance	(4,626)
Other liabilities	(21,959)
Accrued performance participation allocation	(781)
Management fee payable	(698)
Accrued stockholder servicing fees	(20)
Non-controlling interests in joint-ventures	(337,953)


Net asset value	$	639,845
Number of outstanding shares/units	23,376,432


$ 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		Class S-PR Shares		Class K-PR Shares		Operating Partnership Units(1)		Total
Net asset value	$	7,140	$	12,370	$	13,615	$	100,294	$	37,118	$	427,258	$	27,579	$	14,319	$	152	$	639,845
Number of outstanding shares/units	273,605		473,213		521,336		3,818,742		1,313,175		15,418,839		1,021,631		530,522		5,369		23,376,432
NAV Per Share/Unit as of March 31, 2026	$	26.0963	$	26.1397	$	26.1159	$	26.2637	$	28.2659	$	27.7101	$	26.9948	$	26.9908	$	28.2659


Property Type	Discount Rate	Exit Capitalization Rate
Healthcare	7.3%	5.8%
Office	9.7%	7.3%
Industrial	7.8%	5.8%
Self-Storage	7.6%	5.8%
Multifamily	7.5%	5.5%
Student Housing	8.0%	5.8%
Retail	8.4%	7.3%
Manufactured Housing Community	10.1%	5.6%

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	Manufactured Housing Community
Discount Rate (weighted average)	0.25% decrease	1.9%	1.8%	2.0%	1.9%	1.9%	1.9%	1.8%	1.9%
Discount Rate (weighted average)	0.25% increase	(1.9)%	(1.8)%	(1.9)%	(1.9)%	(1.9)%	(1.8)%	(1.8)%	(1.9)%
Exit Capitalization Rate (weighted average)	0.25% decrease	2.8%	2.1%	2.9%	2.7%	3.0%	2.7%	1.9%	3.0%
Exit Capitalization Rate (weighted average)	0.25% increase	(2.6)%	(1.9)%	(2.7)%	(2.5)%	(2.7)%	(2.5)%	(1.8)%	(2.7)%

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 April 10, 2026, we have issued and sold in our public offering (1) 746,052 shares of our common stock (consisting of 40,872 Class T shares, 112,160 Class S shares, 61,889 Class D shares, 519,121 Class I shares and 12,010 Class E shares) in the primary offering for total proceeds of $19.8 million and (2) 127,140 shares of our common stock (consisting of 11,902 Class T shares, 25,064 Class S shares, 24,763 Class D shares, 54,058 Class I shares and 11,353 Class E shares) pursuant to our distribution reinvestment plan for a total value of $3.4 million. As of March 31, 2026, our aggregate NAV was $639.8 million. We intend to continue selling shares in our public offering on a monthly basis.


	Transaction Price (per share)
Class T	$	26.0963
Class S	$	26.1397
Class D	$	26.1159
Class I	$	26.2637
Class E	$	28.2659