Invesco Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has declared its monthly net asset value per share for its various classes of common stock, as of August 31, 2021.
The REIT’s public offering launched in late May 2021 and consists of up to $2.4 billion in shares of common stock and up to $600 million through the distribution reinvestment plan. There are five share classes, Class T, Class S, Class D, Class I and Class E, with shares priced at net asset value per share plus applicable upfront selling commissions and fees.
Class T, Class S, and Class D shares had a NAV per share of nearly $29.19 as of August 31, 2021, compared to $27.83 the previous month.
Class I share had a NAV per share of $29.28, compared to $27.92 the previous month.
Class E shares had a NAV per share of $29.71, compared to $28.07 the previous month.
Invesco REIT said in a filing with the Securities and Exchange Commission that the NAV per share increase was driven by appraisal activity on its healthcare, industrial and office portfolios, “resulting from continued investor and tenant demand.” Portfolio-wide occupancy is approximately 97 percent and collections “remain high.”
Investments in real estate increased from $142.7 million in July to $147.4 million in August, while investments in real estate-related securities increased from $4.8 million to $5.9 million. Investments in unconsolidated entities increased from $109.6 million to $116.1 million month-over-month.
Cash and cash equivalents increased from $2 million to $5.4 million, restricted cash was also flat at roughly $893,000, and other assets increased from $1.2 million to $4.6 million.
The REIT’s mortgage note and revolving credit facility increased from ($81.9 million) in July to ($85.9 million) in August, and other liabilities increased slightly from ($3.4 million) to ($4 million), month-over-month. The REIT had 6.4 million shares outstanding in August, compared to nearly 6.3 million the previous month.
Invesco Real Estate Income Trust seeks to purchase 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 has raised $26.1 million in the primary offering, and as of August 31, 2021, had an aggregate NAV of $188.7 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.