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 March 31, 2022.
Class T, Class S, and Class D shares had a NAV per share of $31.30 as of March 31, 2022, compared to $31.11 the previous month.
Class I shares had a NAV per share of nearly $31.31, compared to $31.14 the previous month.
Class E shares had a NAV per share of $32.17, compared to $31.53 the previous month.
Invesco REIT said in a filing with the Securities and Exchange Commission that the increases in NAV were largely attributable to value created by its debt hedging instruments in response to higher short-term interest rates.
Investments in real estate increased from $599.1 million in February to $656.9 million, while investments in real estate-related securities increased from $20.5 million to $23.7 million. Investments in unconsolidated entities increased from $142.8 million to $145.8 million month-over-month.
Cash and cash equivalents decreased from $19.7 million to $9.6 million, restricted cash increased from $2 million to $5.3 million, and other assets increased from $2.1 million to $10.4 million.
The REIT’s mortgage note and revolving credit facility increased from ($302.8 million) to ($362.5 million), and other liabilities decreased from ($11.4 million) to ($8.9 million).
The REIT had 14.6 million shares outstanding in March, compared to close to 14.6 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 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 $65.1 million in the primary offering, and as of March 31, 2022, had an aggregate NAV of $461.8 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 $465.4 million.