Invesco REIT Increases Net Asset Value Per Share
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 June 30, 2022.
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 June 30, 2022.
Class T and Class S shares had a NAV per share of $32.19 as of June 30, 2022, compared to $31.89 the previous month.
Class D shares had a NAV per share of $32.17, compared to $31.88 the previous month.
Class I shares had a NAV per share of $32.28, compared to $31.87 the previous month.
Class E shares had a NAV per share of $33.37, compared to $32.97 the previous month.
Invesco REIT said in a filing with the Securities and Exchange Commission that the increase in NAV was primarily attributable to appreciation of its multifamily investments, “where rent growth remains strong on new and renewal leasing activity.” The REIT also noted that its self-storage holdings have continued to generate “outsized” net operating income growth.
Recent self-storage investments have increased the REIT’s self-storage portfolio to more than $128 million. These include a two-facility, 674-unit self-storage portfolio located in Bend, Oregon purchased for $17.8 million, and a three-property, 1,347-unit portfolio located in Clarksville, Tennessee purchased for $24.2 million.
“We believe that persistent, elevated inflation will result in continued monetary tightening and higher short-term interest rates in order to achieve price stability,” the company said. “During this period, we remain focused on high, durable cash flow and investment profiles demonstrating a margin for safety.”
Investments in real estate increased from $842.9 million to $866.6 millionin June, while investments in real estate-related securities hovered around $25.3 million. Investments in unconsolidated entities increased slightly from $148 million to $150.3 million.
Cash and cash equivalents increased from $11.9 million to $16.1 million, restricted cash decreased from $11.9 million to $9.2 million, and other assets decreased from $7.8 million to $6.6 million.
The REIT’s mortgage notes and revolving credit facility increased from ($462.9 million) in May to ($487.6 million), and other liabilities increased from ($10.6 million) to ($12.2 million).
The REIT had 16.1 million shares outstanding in June, compared to 16.2 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 $81.8 million in the primary offering, and as of June 30, 2022, had an aggregate NAV of $526 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 $524.8 million.
