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 June 30, 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 $27.88, as of June 30, 2021. The REIT had not sold any Class T, Class S, or Class D shares the previous month, and the shares had transaction price of $27.66, which was based on the aggregate NAV per share as of May 31, 2021.
Class I share had a NAV per share of $27.98, compared to $27.65 the previous month.
Class E shares had a NAV per share of $28.10, compared to $27.68 the previous month.
Class N shares had a NAV per share of $28.03, compared to $27.66 the previous month.
The REIT said in a filing with the Securities and Exchange Commission that the NAV per share increase was “driven primarily by an increase in value in its multifamily asset as a result of rental rate growth, strong occupancy and supportive capital market conditions.” Portfolio-wide occupancy is approximately 97 percent.
Investments in real estate increased from $140 million in May to $142.3 million in June, while investments in real estate-related securities decreased slightly from $4.9 million to nearly $4.8 million. Investments in unconsolidated entities increased from $107.8 million to $109.3 million month-over-month.
Cash and cash equivalents remained relatively flat at $2.1 million, restricted cash was also flat at around $860,000, and other assets from $645,000 to $740,000.
The REIT’s mortgage note and revolving credit facility increased slightly from ($80.4 million) in May to ($81.3 million) in June, and other liabilities increased from ($2.7 million) to ($2.9 million), month-over-month. The REIT had nearly 6.3 million shares outstanding in both May and June.
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.