Invesco REIT Declares Net Asset Value Per Share for July 2021
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 July 31, 2021.
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 July 31, 2021.
The REIT’s public offering launched in late May 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 $27.83 as of July 31, 2021, compared to $27.88 the previous month.
Class I share had a NAV per share of $27.92, compared to $27.98 the previous month.
Class E shares had a NAV per share of $28.07, compared to $28.10 the previous month.
Class N shares had a NAV per share of $27.99, compared to $28.03 the previous month.
Invesco REIT said in a filing with the Securities and Exchange Commission that the NAV per share decrease was driven mostly by an unrealized, mark-to-market loss on an interest rate hedging instrument tied to the financing of its Sunbelt Medical Office Portfolio. The hedging instrument is an interest rate swap, which has experienced valuation volatility as a result of the interest rate environment, the REIT noted. Portfolio-wide occupancy remains at approximately 97 percent.
Investments in real estate increased from $142.3 million in June to $142.7 million in July, while investments in real estate-related securities hovered around $4.8 million. Investments in unconsolidated entities increased slightly from $109.3 million to $109.6 million month-over-month.
Cash and cash equivalents remained at around $2 million, restricted cash was also flat at roughly $880,000, and other assets increased from $740,000 to $1.2 million.
The REIT’s mortgage note and revolving credit facility increased slightly from ($81.3 million) in June to ($81.9 million) in July, and other liabilities increased from ($2.9 million) to ($3.4 million), month-over-month. The REIT had nearly 6.3 million shares outstanding in both June and July.
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 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.
