# EDGAR Filing Document

**Accession Number:** 0001756761
**File Stem:** 0001756761-25-000144
**Filing Date:** 2025-12
**Character Count:** 15365
**Document Hash:** caba0894b8d622b1a7fe99b761ae5fd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001756761-25-000144.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001756761-25-000144

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20251216

**DATE AS OF CHANGE**: 20251216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invesco Real Estate Income Trust Inc.
- **CENTRAL INDEX KEY:** 0001756761
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 832188696
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-279314
- **FILM NUMBER:** 251575906

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 N FIELD STREET
- **STREET 2:** SUITE 1200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 972-715-7400

**MAIL ADDRESS:**
- **STREET 1:** 2300 N FIELD STREET
- **STREET 2:** SUITE 1200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**Filed Pursuant to Rule 424(b)(3)**

**Registration No. 333-279314**

**INVESCO REAL ESTATE INCOME TRUST INC.**

**SUPPLEMENT NO. 11 DATED DECEMBER 16, 2025**

**TO THE PROSPECTUS DATED APRIL 15, 2025**

This prospectus supplement ("Supplement") is part of and should be read in conjunction with the prospectus of Invesco Real Estate Income Trust Inc., dated April 15, 2025 (as supplemented to date, the "Prospectus"). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. References herein to the "Company," "we," "us," or "our" refer to Invesco Real Estate Income Trust Inc. and its subsidiaries unless the context specifically requires otherwise.

The purposes of this Supplement are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide an update on our portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to disclose the transaction price for each class of our common stock available in this offering as of January 1, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to disclose the calculation of our November 30, 2025 NAV per share for all share classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide an update on the status of our public offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to disclose certain updates to our Prospectus.

**Portfolio Update**

As of November 30, 2025, our direct real estate investments include 65 real estate properties totaling approximately 9.9 million square feet located in 33 markets throughout the U.S., with a weighted average occupancy rate of 93%. As of November 30, 2025, our leverage ratio was 22%.

On November 20, 2025, we acquired a 100% interest in Silver Shores MHC, a 95% occupied manufactured housing community consisting of 103 sites, located in the Seattle Metropolitan Statistical Area, for $13.4 million.

On December 10, 2025, we closed on The Catherine II Loan, a floating rate loan origination secured by a multifamily property located in Santa Monica, California, for a total commitment of $86.3 million. The loan was originated with an initial term of two years and three 12-month extension options.

**January 1, 2026 Transaction Price**

The transaction price for each share class of our common stock for subscriptions accepted as of January 1, 2026 (and repurchases as of December 31, 2025) is as follows:

---

| | |
|:---|:---|
| | **Transaction Price (per share)** |
| Class T | $26.0373 |
| Class S | $26.0979 |
| Class D | $26.0544 |
| Class I | $26.1993 |
| Class E | $28.0658 |

---

The January 1, 2026 transaction price for each of our share classes is equal to such class's NAV per share as of November 30, 2025. A detailed calculation of the NAV per share is set forth below. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. The repurchase price for each share class equals the transaction price of such class.

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**November 30, 2025 NAV per Share**

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.inreit.com and is made available on our toll-free, automated telephone line at 833-834-4924. Please refer to "Net Asset Value Calculation and Valuation Guidelines" in the Prospectus for how our NAV is determined. The Adviser is ultimately responsible for determining our NAV. Our properties have been appraised and our commercial mortgage loans and debt have been valued in accordance with our valuation guidelines and such appraisals and valuations were prepared or reviewed by our independent valuation advisors. We have included a breakdown of the components of total NAV and NAV per share for November 30, 2025.

Our total NAV presented in the following tables includes the aggregate NAV of our Class T, Class S, Class D, Class I, Class E Class N, Class S-PR, and Class K-PR shares, as well as partnership interests of the Operating Partnership held by the Special Limited Partner. The following table provides a breakdown of the major components of our total NAV as of November 30, 2025:

---

| | |
|:---|:---|
| **$ in thousands, except share/unit data**<br>**Components of NAV** |<br>**November 30, 2025** |
| Investments in real estate | $946867 |
| Investments in unconsolidated entities | 148368 |
| Investments in real estate-related securities | 41395 |
| Investment in commercial loan | 12227 |
| Investment in affiliated fund | 12451 |
| Cash and cash equivalents | 30096 |
| Restricted cash | 2344 |
| Other assets | 3933 |
| Mortgage notes, revolving credit facility and financing obligation, net | (287780) |
| Subscriptions received in advance | (812) |
| Other liabilities | (19139) |
| Accrued performance participation allocation | (104) |
| Management fee payable | (607) |
| Accrued stockholder servicing fees | (17) |
| Non-controlling interests in joint-ventures | (259890) |
| Net asset value | $629332 |
| Number of outstanding shares | 23104600 |

---

The following table provides a breakdown of our total NAV and NAV per share/unit by class as of November 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **$ in thousands, except share/unit data** | **$ in thousands, except share/unit data** | | | | | | | | |
| **NAV Per Share** | **Class T Shares** |<br>**Class S Shares** |<br>**Class D Shares** |<br>**Class I Shares** |<br>**Class E Shares** |<br>**Class N Shares** |<br>**Class S-PR Shares** |<br>**Class K-PR Shares** |<br>**Total** |
| Net asset value | $7072 | $12606 | $13349 | $105882 | $35826 | $417825 | $24257 | $12515 | $629332 |
| Number of outstanding shares/units | 271611 | 483035 | 512370 | 4041409 | 1276495 | 15157853 | 898322 | 463505 | 23104600 |
| NAV Per Share/Unit as of November 30, 2025 | $26.0373 | $26.0979 | $26.0544 | $26.1993 | $28.0658 | $27.5649 | $27.0029 | $27.0013 |  |

---

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Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the November 30, 2025 valuations, based on property types.

---

| | | |
|:---|:---|:---|
| **Property Type** | **Discount Rate** | **Exit Capitalization Rate** |
| Healthcare | 7.3% | 5.8% |
| Office | 9.0% | 7.3% |
| Industrial | 8.0% | 5.9% |
| Self-Storage | 7.6% | 5.8% |
| Multifamily | 7.5% | 5.5% |
| Student Housing | 7.8% | 5.8% |
| Retail | 8.4% | 7.3% |
| Manufactured Housing Community | 10.0% | 5.7% |

---

These assumptions are determined by our independent valuation advisor and reviewed by the Adviser. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Values** | **Investment Values** | **Investment Values** | **Investment Values** | **Investment Values** | **Investment Values** | **Investment Values** | **Investment Values** |
|<br>**Input** |<br>**Hypothetical Change** | **Healthcare** | **Office** | **Industrial** | **Self-Storage** | **Multifamily** | **Student Housing** | **Retail** | **Manufactured Housing Community** |
| Discount Rate (weighted average) | 0.25% decrease | 1.9% | 1.8% | 2.0% | 1.9% | 1.9% | 1.9% | 1.8% | 1.9% |
| Discount Rate (weighted average) | 0.25% increase | (1.9)% | (1.7)% | (1.9)% | (1.9)% | (1.9)% | (1.8)% | (1.8)% | (1.9)% |
| Exit Capitalization Rate (weighted average) | 0.25% decrease | 2.8% | 2.1% | 2.9% | 2.7% | 3.0% | 2.7% | 1.9% | 3.0% |
| Exit Capitalization Rate (weighted average) | 0.25% increase | (2.6)% | (1.9)% | (2.7)% | (2.5)% | (2.7)% | (2.5)% | (1.8)% | (2.7)% |

---

**Status of our Public Offering**

We are currently offering on a continuous basis up to $3.0 billion in shares of common stock, consisting of up to $2.4 billion in shares in our primary offering and up to $0.6 billion in shares pursuant to our distribution reinvestment plan. This offering is our first follow-on offering and commenced on November 12, 2024. As of December 11, 2025, we have issued and sold in our public offering (1) 701,084 shares of our common stock (consisting of 36,571 Class T shares, 111,011 Class S shares, 36,717 Class D shares, 494,217 Class I shares and 22,568 Class E shares) in the primary offering for total proceeds of $18.6 million and (2) 96,230 shares of our common stock (consisting of 9,393 Class T shares, 19,098 Class S shares, 18,727 Class D shares, 40,493 Class I shares and 8,519 Class E shares) pursuant to our distribution reinvestment plan for a total value of $2.6 million. As of November 30, 2025, our aggregate NAV was $629.3 million. We intend to continue selling shares in our public offering on a monthly basis.

**Updates to our Prospectus**

*Effective as of the close of business on January 1, 2026, the second, third and fourth paragraphs set forth in the "Suitability Standards" section of the Prospectus are hereby deleted and replaced with the following*:

We require that a purchaser of shares of our common stock have either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a net worth of at least $350,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a gross annual income of at least $100,000 and a net worth of at least $100,000.

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Certain states have established suitability standards in addition to the minimum income and net worth standards described above. Shares will be sold to investors in these states only if they meet the additional suitability standards set forth below. Certain broker-dealers selling shares in this offering may impose greater suitability standards than the minimum income and net worth standards described above and the state-specific suitability standards described below.

For purposes of determining whether you satisfy the suitability standards, (i) "net worth" is calculated excluding the value of your home, home furnishings and automobiles; (ii) unless otherwise indicated, "liquid net worth" means that portion of net worth that consists of cash, cash equivalents and readily marketable investments; and (iii) "direct participation programs" means REITs, business development companies, oil and gas programs, equipment leasing programs, and commodity pools, but excludes federal and state exempt private offerings and any investment company registered pursuant to the Investment Company Act of 1940, as amended.

*Effective as of the close of business on January 1, 2026, the Alabama, Iowa and Kentucky suitability standards set forth in the "Suitability Standards" section of the Prospectus are hereby deleted and replaced with the following, and the following Arkansas suitability standard is hereby added:*

<u>Alabama Investors</u>. An Alabama investor's aggregate investment in our company and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made through the distribution reinvestment plan nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the "Securities Act").

<u>Arkansas Investors</u>. An Arkansas investor's aggregate investment in our company and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made through the distribution reinvestment plan nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act.

<u>Iowa Investors</u>. An Iowa investor's aggregate investment in our company and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made through the distribution reinvestment plan nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act.

<u>Kentucky Investors</u>. A Kentucky investor's aggregate investment in our company and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made through the distribution reinvestment plan nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act.

*Effective as of the close of business on January 1, 2026, the Form of Subscription Agreement set forth in Appendix B of the Prospectus is hereby deleted and replaced with the Form of Subscription Agreement attached to this Supplement as Appendix A.*

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