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 classes of common stock, as of May 31, 2021.
The public offering launched late last month 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 I shares had a NAV per share of $27.65 each, as of May 31, 2021.
Class E shares had a NAV per share of $27.68 each.
Class N shares had a NAV per share of $27.66 each, an increase of 0.35 percent from nearly $27.57 as of April 30, 2021.
In a filing with the Securities and Exchange Commission, the REIT said that the NAV change 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.”
The REIT has not sold any Class T, Class S or Class D shares.
As of May 31, 2021, investments in real estate totaled $140 million, investments in real estate-related securities were $4.9 million, and investments in unconsolidated entities were $107.8 million.
Cash and cash equivalents totaled nearly $2.1 million, restricted cash was $863,000, and other assets was $645,000.
The REIT had a balance of ($80.4 million) on its revolving credit facility and other liabilities totaled ($2.7 million).
The REIT had nearly 6.3 million shares outstanding as of May 31, 2021.
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. On May 14, 2021, the 156,066 Class N shares held by the REIT’s directors and the adviser’s employees and affiliates were exchanged for Class E shares on a one-for-one basis.