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 April 30, 2026, our direct real estate investments represent 79% of gross assets and include 70 real estate properties totaling approximately 11.4 million square feet located in 32 markets throughout the U.S., with a weighted average occupancy rate of 94%. Our real estate debt allocation includes four investments representing approximately 17% of gross assets. As of April 30, 2026, our leverage ratio was 30%.

The June 1, 2026 transaction price for each of our share classes is equal to such class’s NAV per share as of April 30, 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 April 30, 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 April 30, 2026:


$ in thousands, except share/unit data
Components of NAV	April 30, 2026
Investments in real estate	$	1,044,265
Investments in unconsolidated entities	159,804
Investments in real estate-related securities	26,994
Investments in commercial loans	197,600
Investment in affiliated fund	7,187
Cash and cash equivalents	24,184
Restricted cash	7,397
Other assets	4,554
Mortgage notes, revolving credit facility, secured lending agreement and financing obligation, net	(461,233)
Subscriptions received in advance	(3,085)
Other liabilities	(27,152)
Accrued performance participation allocation	(397)
Management fee payable	(754)
Accrued stockholder servicing fees	(19)
Non-controlling interests in joint-ventures	(339,130)


Net asset value	$	640,215
Number of outstanding shares/units	23,398,572


$ 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	$	7,002	$	12,394	$	13,408	$	94,793	$	37,261	$	429,003	$	27,843	$	18,359	$	152	$	640,215
Number of outstanding shares/units	268,882		474,638		514,482		3,616,732		1,319,480		15,485,122		1,032,824		681,043		5,369		23,398,572
NAV Per Share/Unit as of April 30, 2026	$	26.0402	$	26.1120	$	26.0604	$	26.2095	$	28.2395	$	27.7043	$	26.9578	$	26.9574	$	28.2395


Property Type	Discount Rate	Exit Capitalization Rate
Healthcare	7.2%	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 May 11, 2026, we have issued and sold in our public offering (1) 766,604 shares of our common stock (consisting of 42,945 Class T shares, 112,160 Class S shares, 63,995 Class D shares, 535,494 Class I shares and 12,010 Class E shares) in the primary offering for total proceeds of $20.3 million and (2) 134,689 shares of our common stock (consisting of 12,509 Class T shares, 26,492 Class S shares, 26,227 Class D shares, 57,424 Class I shares and 12,037 Class E shares) pursuant to our distribution reinvestment plan for a total value of $3.6 million. As of April 30, 2026, our aggregate NAV was $640.2 million. We intend to continue selling shares in our public offering on a monthly basis.


	Transaction Price (per share)
Class T	$	26.0402
Class S	$	26.1120
Class D	$	26.0604
Class I	$	26.2095
Class E	$	28.2395