Invesco Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has declared a monthly net asset value per share for its classes of common stock, as of October 31, 2021.
Class T, Class S, and Class D shares had a NAV per share of $29.69 as of October 31, 2021, compared to $29.52 the previous month.
Class I shares had a NAV per share of nearly $29.77, compared to $29.61 the previous month.
Class E shares had a NAV per share of $30.38, compared to $30.14 the previous month.
Invesco REIT said in a filing with the Securities and Exchange Commission that the NAV per share increase was primarily driven by the performance of its healthcare investments, with growth in occupancy and rental rates, and by capital market appreciation.
In addition, the REIT noted that invested in a retail operating platform, which focuses on acquiring and managing necessity-based retail throughout the country. Along with the platform investment, it invested in “several general partnership stakes.”
Investments in real estate increased slightly from $318.5 million in September to $319.2 million in October, while investments in real estate-related securities increased from $4.5 million to $5.1 million. Investments in unconsolidated entities increased from $117.9 million to $132.9 million month-over-month.
Cash and cash equivalents remained flat at $4.6 million, restricted cash increased from $942,000 to $3 million, and other assets increased from $1 million to $1.8 million.
The REIT’s mortgage note and revolving credit facility remained at ($186.4 million), and other liabilities increased from ($2.4 million) to ($4.2 million). The REIT had close to 8.9 million shares outstanding in October, compared to 8.6 million the previous month.
Invesco Real Estate Income Trust invests in stabilized commercial real estate in the United States and intends to diversify globally. The company currently owns a portfolio of healthcare, cold storage, multifamily, and net-leased research and development assets.
The REIT launched its public offering in late May 2021, which consists of up to $2.4 billion in shares of common stock and up to $600 million through the distribution reinvestment plan. It has raised $58.5 million in the primary offering, and as of October 31, 2021, had an aggregate NAV of $268.3 million.
Invesco REIT initially commenced operations in September 2020 via a $400 million private placement offering of Class N shares and sold nearly 6.3 million shares for approximately $164.3 million.