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Filed Pursuant to Rule 424(b)(3)
Registration No. 333-279314

INVESCO REAL ESTATE INCOME TRUST INC.
SUPPLEMENT NO. 11 DATED OCTOBER 16, 2026
TO THE PROSPECTUS DATED APRIL 10, 2026
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.
The purposes of this Supplement are as follows:
•to provide an update on our portfolio;
•to disclose the transaction price for each class of our common stock available in this offering as of November 1, 2026;
•to disclose the calculation of our September 30, 2026 NAV per share for all share classes; and
•to provide an update on the status of our public offering.
Portfolio Update
As of September 30, 2026, our direct real estate investments represent 81% of gross assets and include 73 real estate properties totaling approximately 11.6 million square feet located in 32 markets throughout the U.S., with a weighted average occupancy rate of 94%. Our private real estate credit allocation includes four investments representing approximately 15% of gross assets. As of September 30, 2026, our leverage ratio was 28%.
As of September 30, 2026, our portfolio was comprised of1:
•$1.5 billion of total asset value;
•Investment allocations of 81% to direct real estate, 15% to private real estate credit, and 4% to cash and real estate-related securities;
•Investment allocations of 53% to cyclical-oriented direct real estate, 28% to needs-based direct real estate, and 19% private real estate credit, cash, and real estate-related securities;
•Direct real estate property type allocations of industrial (28%), healthcare (17%), multifamily (14%), retail (12%), self-storage (8%), office (7%), student housing (7%), manufactured housing communities (4%), and other2 (5%);
•Direct real estate geographic allocations of 38% East, 26% South, 26% West, and 9% Midwest; and
•5.1 year weighted average remaining lease term of our total leased commercial portfolio3.
1 Certain statistics presented as a percentage of the portfolio are rounded and may not sum to 100%.
2 Other includes non-controlling interests in retail properties through our interests in ITP Investments LLC.
3 The commercial portfolio describes direct real estate investments exclusive of self-storage, multifamily, manufactured housing, and student housing properties as substantially all leases at such properties expire within 12 months.



November 1, 2026 Transaction Price
The transaction price for each share class of our common stock for subscriptions accepted as of November 1, 2026 (and repurchases as of October 31, 2026) is as follows:
Transaction Price (per share)
Class T$26.0880 
Class S$26.0821 
Class D$26.1087 
Class I$26.2613 
Class E$28.4681 
The November 1, 2026 transaction price for each of our share classes is equal to such class’s NAV per share as of September 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.
September 30, 2026 NAV per Share
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 September 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 and parties other than the Company. The following table provides a breakdown of the major components of our total NAV as of September 30, 2026:
$ in thousands, except share/unit data
Components of NAVSeptember 30, 2026
Investments in real estate$1,155,436 
Investments in unconsolidated entities178,854 
Investments in real estate-related securities41,856 
Investments in commercial loans198,243 
Investment in affiliated fund6,802 
Cash and cash equivalents20,206 
Restricted cash9,065 
Other assets4,956 
Mortgage notes, revolving credit facility, secured lending agreement and financing obligation, net(479,718)
Subscriptions received in advance(4,917)
Other liabilities(27,358)
Accrued performance participation allocation(1,565)
Management fee payable(929)
Accrued stockholder servicing fees(24)
Non-controlling interests in joint-ventures(431,886)
Net asset value$669,021 
Number of outstanding shares/units24,389,375 



The following table provides a breakdown of our total NAV and NAV per share/unit by class as of September 30, 2026:
$ in thousands, except share/unit data
NAV Per Share/UnitClass T SharesClass S SharesClass D SharesClass I SharesClass E SharesClass N SharesClass S-PR SharesClass K-PR Shares
Operating Partnership Units(1)
Total
Net asset value$6,555 $11,724 $12,768 $102,123 $27,384 $440,669 $33,535 $20,800 $13,463 $669,021 
Number of outstanding shares/units251,262 449,507 489,017 3,888,739 961,905 15,818,838 1,245,382 772,519 512,206 24,389,375 
NAV Per Share/Unit as of September 30, 2026
$26.0880 $26.0821 $26.1087 $26.2613 $28.4681 $27.8573 $26.9275 $26.9246 $26.2844 
(1)Represents the partnership interests of the Operating Partnership held by the Special Limited Partner and parties other than the Company.
Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the September 30, 2026 direct real estate investment valuations, based on property types.
Property TypeDiscount RateExit Capitalization Rate
Healthcare7.2%5.8%
Office9.3%7.3%
Industrial7.8%5.8%
Self-Storage8.0%5.8%
Multifamily7.5%5.5%
Student Housing8.0%5.8%
Retail8.4%7.3%
Manufactured Housing Community9.5%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
InputHypothetical ChangeHealthcareOfficeIndustrialSelf-StorageMultifamilyStudent HousingRetailManufactured Housing Community
Discount Rate (weighted average)0.25% decrease1.9%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)%(1.8)%(1.9)%(1.9)%(1.8)%(1.9)%
Exit Capitalization Rate (weighted average)0.25% decrease2.8%2.0%2.9%2.6%3.0%2.7%1.9%3.0%
Exit Capitalization Rate (weighted average)0.25% increase(2.6)%(1.9)%(2.6)%(2.4)%(2.7)%(2.5)%(1.8)%(2.7)%
Status of our Public Offering
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 October 12, 2026, we have issued and sold in our public offering (1) 1,189,400 shares of our common stock (consisting of 53,884 Class T shares, 128,285 Class S shares, 78,864 Class D shares, 916,357 Class I shares and 12,010 Class E shares) in the primary offering for total proceeds of $31.4 million and (2) 172,132 shares of our common stock (consisting of 15,578 Class T shares, 33,159 Class S shares, 33,550 Class D shares, 74,331 Class I shares and 15,514 Class E shares) pursuant to our distribution reinvestment plan for a total value of $4.6 million. As of September 30, 2026, our aggregate NAV was $669.0 million. We intend to continue selling shares in our public offering on a monthly basis.