# EDGAR Filing Document

**Accession Number:** 0001756761
**File Stem:** 0001756761-25-000085
**Filing Date:** 2025-8
**Character Count:** 475664
**Document Hash:** c9c36578b47750ae1aa0f1e8772572b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001756761-25-000085.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001756761-25-000085

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 180

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56655
- **FILM NUMBER:** 251198111

**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

?xml version='1.0' encoding='ASCII'? inreit-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**_______________________________________________________________**

**FORM 10-Q**

**_______________________________________________________________**

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025**

**OR**

---

| | |
|:---|:---|
| ◻ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> TO <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** |

---

**Commission File Number: 000-56655**

**_______________________________________________________________**

**Invesco Real Estate Income Trust Inc.**

**(Exact name of Registrant as specified in its charter)**

**_______________________________________________________________**

---

| | |
|:---|:---|
| **Maryland** | **83-2188696** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| **2300 N Field Street**<br>**Suite 1200**<br>**Dallas, Texas**<br>**(Address of principal executive office)** | **75201** <br>**(Zip Code)** |
| **Registrant's telephone number, including area code: (972)715-7400** | **Registrant's telephone number, including area code: (972)715-7400** |

---

**_______________________________________________________________**

**Securities registered pursuant to Section 12(b) of the Act: None**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ◻ | Accelerated filer | ◻ |
| Non-accelerated filer | ⌧ | Smaller reporting company | ⌧ |
| | | Emerging growth company | ⌧ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ◻&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

As of August 8, 2025, the issuer had the following shares outstanding: 302,770 shares of Class T common stock, 479,784 shares of Class S common stock, 522,204 shares of Class D common stock, 4,176,286 shares of Class I common stock, 1,268,146 shares of Class E common stock, 14,900,060 shares of Class N common stock, 878,895 shares of Class S-PR common stock, and 439,448 shares of Class K-PR common stock

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **<u>[PART I](#i29ee7b198fdb467dba0b38f2269ff3bd_10)</u>** | **<u>[FINANCIAL INFORMATION](#i29ee7b198fdb467dba0b38f2269ff3bd_10)</u>** | [1](#i29ee7b198fdb467dba0b38f2269ff3bd_10) |
| <u>[ITEM 1.](#i29ee7b198fdb467dba0b38f2269ff3bd_13)</u> | <u>[FINANCIAL STATEMENTS](#i29ee7b198fdb467dba0b38f2269ff3bd_13)</u> | [1](#i29ee7b198fdb467dba0b38f2269ff3bd_13) |
| | <u>[Unaudited Condensed Consolidated Balance Sheets as of](#i29ee7b198fdb467dba0b38f2269ff3bd_16)[June 30](#i29ee7b198fdb467dba0b38f2269ff3bd_16)[, 2025 and December 31, 2024](#i29ee7b198fdb467dba0b38f2269ff3bd_16)</u> | [1](#i29ee7b198fdb467dba0b38f2269ff3bd_16) |
| | <u>[Unaudited Condensed Consolidated Statements of Operations for the three](#i29ee7b198fdb467dba0b38f2269ff3bd_19)[and six](#i29ee7b198fdb467dba0b38f2269ff3bd_19)[months ended](#i29ee7b198fdb467dba0b38f2269ff3bd_19)[June 30](#i29ee7b198fdb467dba0b38f2269ff3bd_19)[, 2025 and 2024](#i29ee7b198fdb467dba0b38f2269ff3bd_19)</u> | [2](#i29ee7b198fdb467dba0b38f2269ff3bd_19) |
| | <u>[Unaudited Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments for the three](#i29ee7b198fdb467dba0b38f2269ff3bd_22)[and six](#i29ee7b198fdb467dba0b38f2269ff3bd_22)[months ended](#i29ee7b198fdb467dba0b38f2269ff3bd_22)[June 30](#i29ee7b198fdb467dba0b38f2269ff3bd_22)[, 2025 and 2024](#i29ee7b198fdb467dba0b38f2269ff3bd_22)</u> | [3](#i29ee7b198fdb467dba0b38f2269ff3bd_22) |
| | <u>[Unaudited Condensed Consolidated Statements of Cash Flows for the](#i29ee7b198fdb467dba0b38f2269ff3bd_25)[six](#i29ee7b198fdb467dba0b38f2269ff3bd_25)[months ended](#i29ee7b198fdb467dba0b38f2269ff3bd_25)[June 30](#i29ee7b198fdb467dba0b38f2269ff3bd_25)[, 2025 and 2024](#i29ee7b198fdb467dba0b38f2269ff3bd_25)</u> | [5](#i29ee7b198fdb467dba0b38f2269ff3bd_25) |
| | <u>[Notes to Unaudited Condensed Consolidated Financial Statements](#i29ee7b198fdb467dba0b38f2269ff3bd_28)</u> | [7](#i29ee7b198fdb467dba0b38f2269ff3bd_28) |
| <u>[ITEM 2.](#i29ee7b198fdb467dba0b38f2269ff3bd_238)</u> | <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i29ee7b198fdb467dba0b38f2269ff3bd_238)</u> | [42](#i29ee7b198fdb467dba0b38f2269ff3bd_238) |
| <u>[ITEM 3.](#i29ee7b198fdb467dba0b38f2269ff3bd_307)</u> | <u>[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i29ee7b198fdb467dba0b38f2269ff3bd_307)</u> | [65](#i29ee7b198fdb467dba0b38f2269ff3bd_307) |
| <u>[ITEM 4](#i29ee7b198fdb467dba0b38f2269ff3bd_313)</u><u>.</u> | <u>[CONTROLS AND PROCEDURES](#i29ee7b198fdb467dba0b38f2269ff3bd_313)</u> | [66](#i29ee7b198fdb467dba0b38f2269ff3bd_313) |
| **<u>[PART II](#i29ee7b198fdb467dba0b38f2269ff3bd_316)</u>** | **<u>[OTHER INFORMATION](#i29ee7b198fdb467dba0b38f2269ff3bd_316)</u>** | [67](#i29ee7b198fdb467dba0b38f2269ff3bd_316) |
| <u>[ITEM 1.](#i29ee7b198fdb467dba0b38f2269ff3bd_319)</u> | <u>[LEGAL PROCEEDINGS](#i29ee7b198fdb467dba0b38f2269ff3bd_319)</u> | [67](#i29ee7b198fdb467dba0b38f2269ff3bd_319) |
| <u>[ITEM 1A.](#i29ee7b198fdb467dba0b38f2269ff3bd_322)</u> | <u>[RISK FACTORS](#i29ee7b198fdb467dba0b38f2269ff3bd_322)</u> | [67](#i29ee7b198fdb467dba0b38f2269ff3bd_322) |
| <u>[ITEM 2.](#i29ee7b198fdb467dba0b38f2269ff3bd_325)</u> | <u>[UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES](#i29ee7b198fdb467dba0b38f2269ff3bd_325)</u> | [67](#i29ee7b198fdb467dba0b38f2269ff3bd_325) |
| <u>[ITEM 3.](#i29ee7b198fdb467dba0b38f2269ff3bd_343)</u> | <u>[DEFAULTS UPON SENIOR SECURITIES](#i29ee7b198fdb467dba0b38f2269ff3bd_343)</u> | [68](#i29ee7b198fdb467dba0b38f2269ff3bd_346) |
| <u>[ITEM 4.](#i29ee7b198fdb467dba0b38f2269ff3bd_346)</u> | <u>[MINE SAFETY DISCLOSURES](#i29ee7b198fdb467dba0b38f2269ff3bd_346)</u> | [68](#i29ee7b198fdb467dba0b38f2269ff3bd_346) |
| <u>[ITEM 5.](#i29ee7b198fdb467dba0b38f2269ff3bd_349)</u> | <u>[OTHER INFORMATION](#i29ee7b198fdb467dba0b38f2269ff3bd_349)</u> | [68](#i29ee7b198fdb467dba0b38f2269ff3bd_349) |
| <u>[ITEM 6.](#i29ee7b198fdb467dba0b38f2269ff3bd_352)</u> | <u>[EXHIBITS](#i29ee7b198fdb467dba0b38f2269ff3bd_352)</u> | [69](#i29ee7b198fdb467dba0b38f2269ff3bd_352) |
| <u>[SIGNATURES](#i29ee7b198fdb467dba0b38f2269ff3bd_355)</u> | <u>[SIGNATURES](#i29ee7b198fdb467dba0b38f2269ff3bd_355)</u> | [70](#i29ee7b198fdb467dba0b38f2269ff3bd_355) |

---

------

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**Invesco Real Estate Income Trust Inc.**

**Condensed Consolidated Balance Sheets** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **in thousands except share amounts** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Investments in real estate, net | $681143 | $680596 |
| Investments in unconsolidated entities | 119627 | 124473 |
| Investment in commercial loan, at fair value | 12190 | 12996 |
| Investments in real estate-related securities, at fair value | 57721 | 56472 |
| Investment in affiliated fund, at fair value | 14487 | 21342 |
| Intangible assets, net | 21967 | 24943 |
| Cash and cash equivalents | 68929 | 48176 |
| Restricted cash | 2946 | 4883 |
| Other assets | 16233 | 9198 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets**<sup>(1)</sup> | $995243 | $983079 |
| **LIABILITIES** |  |  |
| Mortgages payable, net | $234117 | $285266 |
| Financing obligation, net | 53997 | 53991 |
| Due to affiliates | 22523 | 23960 |
| Accounts payable, accrued expenses and other liabilities | 17132 | 16058 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities**<sup>(2)</sup> | 327769 | 379275 |
| Commitments and contingencies (See Note 19) |  |  |
| Class N redeemable common stock, $0.01 par value per share | 435407 | 425178 |
| Redeemable non-controlling interest in INREIT OP | 284 | 2018 |
| **EQUITY** |  |  |
| Common stock, Class T shares, $0.01 par value per share, 600,000,000 shares authorized | 3 | 6 |
| Common stock, Class S shares, $0.01 par value per share, 600,000,000 shares authorized | 5 | 7 |
| Common stock, Class D shares, $0.01 par value per share, 600,000,000 shares authorized | 5 | 9 |
| Common stock, Class I shares, $0.01 par value per share, 600,000,000 shares authorized | 41 | 47 |
| Common stock, Class E shares, $0.01 par value per share, 600,000,000 shares authorized | 13 | 12 |
| Common stock, Class S-PR shares, $0.01 par value per share, 600,000,000 shares authorized | 9 |  |
| Common stock, Class K-PR shares, $0.01 par value per share, 600,000,000 shares authorized | 4 |  |
| Additional paid-in capital | 242384 | 229983 |
| Accumulated deficit and cumulative distributions | (153037) | (127796) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 89427 | 102268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests in consolidated joint ventures | 142356 | 74340 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 231783 | 176608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities, redeemable equity instruments and equity** | $995243 | $983079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes restricted assets of consolidated variable interest entities ("VIEs") at June 30, 2025 and December 31, 2024 of $395.0 million and $165.7 million, respectively. See Note 16 — "Variable Interest Entities."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes non-recourse liabilities of consolidated VIEs at June 30, 2025 and December 31, 2024 of $144.2 million and $4.1 million, respectively. See Note 16 — "Variable Interest Entities."

*See accompanying notes to condensed consolidated financial statements.*

------

**Invesco Real Estate Income Trust Inc.**

 **Condensed Consolidated Statements of Operations**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **in thousands except share amounts** | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue | $14498 | $14558 | $29416 | $29052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from commercial loans | 390 | 1140 | 785 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 760 | 665 | 2030 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 15648 | 16363 | 32231 | 32727 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental property operating | 6631 | 5779 | 12337 | 12418 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 2495 | 1765 | 4599 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee - related party | 708 | 498 | 1313 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance participation interest - related party | 8 |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 7153 | 5919 | 14209 | 11943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 16995 | 13961 | 32466 | 28087 |
| **Other income (expense), net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated entities, net | 419 | 79 | 492 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on real estate-related securities, net | 697 | 737 | 1250 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from investment in affiliated fund, net | 224 | 505 | 697 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on derivative instruments, net | (92) | 547 | (637) | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on commercial loans | 21 | 56 | (45) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment charges | (451) |  | (485) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 756 | 477 | 1486 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (3925) | (6114) | (8485) | (12073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | (85) | (301) | (163) | (489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense), net** | (2436) | (4014) | (5890) | (5415) |
| **Net income (loss) attributable to Invesco Real Estate Income Trust Inc.** | $(3783) | $(1612) | $(6125) | $(775) |
| Dividends to preferred stockholders | $— | $(2) | $— | $(4) |
| Issuance and redemption costs of redeemed preferred stock |  | (24) |  | (24) |
| Net (income) loss attributable to non-controlling interests in consolidated joint ventures | (317) | 475 | (304) | 497 |
| Net (income) loss attributable to non-controlling interest in INREIT OP | (37) | 3 | (55) | 42 |
| **Net income (loss) attributable to common stockholders** | $(4137) | $(1160) | $(6484) | $(264) |
| **Earnings (loss) Per Share:** |  |  |  |  |
| **Net income (loss) per share of common stock, basic and diluted** | $(0.18) | $(0.05) | $(0.28) | $(0.01) |
| **Weighted average shares of common stock** |  |  |  |  |
| &nbsp;&nbsp;Basic | 22850487 | 22097383 | 22791661 | 21864651 |
| &nbsp;&nbsp;Diluted | 22850487 | 22097383 | 22791661 | 21864651 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Invesco Real Estate Income Trust Inc.**

**Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments**

**(Unaudited)**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **in thousands** | **Series A<br>Preferred Stock** | **Class T<br>Common Stock** | **Class S<br>Common Stock** | **Class D<br>Common Stock** | **Class I<br>Common Stock** | **Class E<br>Common Stock** | **Class N<br>Common Stock** | **Class S-PR Common Stock** | **Class K-PR Common Stock** | **Additional Paid-in Capital** | **Accumulated<br>Deficit and Cumulative Distributions** | **Total Stockholders'<br>Equity** | **Non-controlling Interests in Consolidated Joint Ventures** | **Total<br>Equity** | **Class N Redeemable Common Stock** | **Redeemable Non-controlling Interest in INREIT OP** |
| **Balance at December 31, 2024** | $— | $6 | $7 | $9 | $47 | $12 | $— | $— | $— | $229983 | $(127796) | $102268 | $74340 | $176608 | $425178 | $2018 |
| Proceeds from issuance of common stock, net of offering costs |  |  | 1 |  | 1 |  |  |  |  | 4631 |  | 4633 |  | 4633 |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |  |  | 575 |  | 575 |  | 575 | 5097 |  |
| Common stock repurchased |  |  |  |  | (3) |  |  |  |  | (9502) |  | (9505) |  | (9505) |  | (865) |
| Share-based compensation |  |  |  |  |  |  |  |  |  | 62 |  | 62 |  | 62 |  |  |
| Net income (loss) |  |  |  |  |  |  |  |  |  |  | (2347) | (2347) | (13) | (2360) |  | 18 |
| Common stock and INREIT OP unit distributions ($0.4162 gross per share/unit) |  |  |  |  |  |  |  |  |  |  | (9359) | (9359) |  | (9359) |  | (22) |
| Contributions from non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  | 63827 | 63827 |  |  |
| Distributions to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  | (1427) | (1427) |  |  |
| Sale of interest in consolidated joint ventures |  |  |  |  |  |  |  |  |  | 17050 |  | 17050 |  | 17050 |  |  |
| **Balance at March 31, 2025** | $— | $6 | $8 | $9 | $45 | $12 | $— | $— | $— | $242799 | $(139502) | $103377 | $136727 | $240104 | $430275 | $1149 |
| Proceeds from issuance of common stock, net of offering costs |  |  |  |  | 1 | 1 |  |  |  | 5557 |  | 5559 |  | 5559 |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |  |  | 614 |  | 614 |  | 614 | 5132 |  |
| Common stock repurchased |  |  |  |  | (2) |  |  |  |  | (6652) |  | (6654) |  | (6654) |  | (859) |
| Share-based compensation |  |  |  |  |  |  |  |  |  | 63 |  | 63 |  | 63 |  |  |
| Net income (loss) |  |  |  |  |  |  |  |  |  |  | (4137) | (4137) | 317 | (3820) |  | 37 |
| Exchange of common stock |  | (3) | (3) | (4) | (3) |  |  | 9 | 4 |  |  |  |  |  |  |  |
| Common stock and INREIT OP unit distributions ($0.4155 gross per share/unit) |  |  |  |  |  |  |  |  |  |  | (9398) | (9398) |  | (9398) |  | (8) |
| Contributions from non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  | 7985 | 7985 |  |  |
| Distributions to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  | (1185) | (1185) |  |  |
| Purchase of interest in consolidated joint ventures |  |  |  |  |  |  |  |  |  | (32) |  | (32) | (1488) | (1520) |  |  |
| Adjustment to carrying value of redeemable equity instruments |  |  |  |  |  |  |  |  |  | 35 |  | 35 |  | 35 |  | (35) |
| **Balance at June 30, 2025** | $— | $3 | $5 | $5 | $41 | $13 | $— | $9 | $4 | $242384 | $(153037) | $89427 | $142356 | $231783 | $435407 | $284 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Invesco Real Estate Income Trust Inc.**

**Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments**

**(Unaudited)**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **in thousands** | **Series A<br>Preferred Stock** | **Class T<br>Common Stock** | **Class S<br>Common Stock** | **Class D<br>Common Stock** | **Class I<br>Common Stock** | **Class E<br>Common Stock** | **Class N<br>Common Stock** | **Class S-PR Common Stock** | **Class K-PR Common Stock** | **Additional Paid-in Capital** | **Accumulated<br>Deficit and Cumulative Distributions** | **Total Stockholders'<br>Equity** | **Non-controlling Interests in Consolidated Joint Ventures** | **Total<br>Equity** | **Class N Redeemable Common Stock** | **Redeemable Non-controlling Interest in INREIT OP** |
| **Balance at December 31, 2023** | $41 | $6 | $5 | $8 | $43 | $12 | $— | $— | $— | $214297 | $(118388) | $96024 | $35124 | $131148 | $405479 | $5658 |
| Proceeds from issuance of common stock, net of offering costs |  |  | 1 | 1 | 4 |  |  |  |  | 14781 |  | 14787 |  | 14787 |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |  |  | 444 |  | 444 |  | 444 | 4835 |  |
| Common stock repurchased |  |  |  |  | (2) |  |  |  |  | (7361) |  | (7363) |  | (7363) |  | (867) |
| Share-based compensation |  |  |  |  |  |  |  |  |  | 19 |  | 19 |  | 19 |  |  |
| Net income (loss) |  |  |  |  |  |  |  |  |  |  | 898 | 898 | (22) | 876 |  | (39) |
| Preferred stock dividends |  |  |  |  |  |  |  |  |  |  | (2) | (2) |  | (2) |  |  |
| Common stock and INREIT OP unit distributions ($0.4182 gross per share/unit) |  |  |  |  |  |  |  |  |  |  | (8964) | (8964) |  | (8964) |  | (71) |
| Contributions from non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  | 5472 | 5472 |  |  |
| Distributions to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  | (425) | (425) |  |  |
| Adjustment to carrying value of redeemable equity instruments |  |  |  |  |  |  |  |  |  | (54) |  | (54) |  | (54) |  | 54 |
| **Balance at March 31, 2024** | $41 | $6 | $6 | $9 | $45 | $12 | $— | $— | $— | $222126 | $(126456) | $95789 | $40149 | $135938 | $410314 | $4735 |
| Redemption of preferred stock | (41) |  |  |  |  |  |  |  |  |  | (24) | (65) |  | (65) |  |  |
| Proceeds from issuance of common stock, net of offering costs |  |  | 1 |  | 4 |  |  |  |  | 11799 |  | 11804 |  | 11804 |  |  |
| Distribution reinvestment |  |  |  |  |  |  |  |  |  | 505 |  | 505 |  | 505 | 4889 |  |
| Common stock repurchased |  |  |  |  | (3) |  |  |  |  | (7823) |  | (7826) |  | (7826) |  | (852) |
| Share-based compensation |  |  |  |  |  |  |  |  |  | 19 |  | 19 |  | 19 |  |  |
| Net income (loss) |  |  |  |  |  |  |  |  |  |  | (1134) | (1134) | (475) | (1609) |  | (3) |
| Preferred stock dividends |  |  |  |  |  |  |  |  |  |  | (2) | (2) |  | (2) |  |  |
| Common stock and INREIT OP unit distributions ($0.4155 gross per share) |  |  |  |  |  |  |  |  |  |  | (9091) | (9091) |  | (9091) |  | (59) |
| Contributions from non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  | 8329 | 8329 |  |  |
| Distributions to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  | (315) | (315) |  |  |
| Adjustment to carrying value of redeemable equity instruments |  |  |  |  |  |  |  |  |  | (27) |  | (27) |  | (27) |  | 27 |
| **Balance at June 30, 2024** | $— | $6 | $7 | $9 | $46 | $12 | $— | $— | $— | $226599 | $(136707) | $89972 | $47688 | $137660 | $415203 | $3848 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Invesco Real Estate Income Trust Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **in thousands** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(6125) | $(775) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjustments to reconcile net loss to net cash (used in) provided by operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee - related party | 1313 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance participation interest - related party | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from unconsolidated entities, net | (492) | (1081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 14209 | 11943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 125 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rents | (332) | (338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of below-market lease intangibles | (955) | (198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of above-market lease intangibles | 87 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 747 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from investment in affiliated fund, net | (697) | (1156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss from real estate-related securities, net | (343) | (2191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on commercial loans | 45 | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on derivative instruments, net | 1246 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of earnings from investments in unconsolidated entities | 2195 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized (gain) loss from real estate-related securities, net | 1029 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other items | 254 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Change in assets and liabilities, net of assets and liabilities acquired in acquisitions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in other assets | (1076) | (967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in due to affiliates | (1923) | (799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accounts payable, accrued expenses and other liabilities | (1926) | (3382) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by operating activities** | 7389 | 6745 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | (341) | (9217) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions of capital from investments in unconsolidated entities | 3483 | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of investment in affiliated fund | 6606 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution from affiliated fund | 901 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repayment of commercial loan | 761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of real estate | (9718) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-acquisition deposits |  | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital improvements to real estate | (1672) | (1986) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of real estate-related securities | (28636) | (19789) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of real estate-related securities | 26834 | 9008 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investing activities** | (1782) | (15921) |

---

------

---

| | | |
|:---|:---|:---|
| **Cash flows from financing activities:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of preferred stock |  | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 9491 | 27032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs paid | (96) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock and OP units | (16335) | (20088) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions received in advance | 1457 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings from mortgages payable | 84000 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of mortgages payable | (135500) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of derivative instruments |  | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of derivative instruments |  | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs |  | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment charges | 485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of financing obligation | (4) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock and INREIT OP unit distributions | (7390) | (7442) |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividends |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of interest in consolidated joint ventures | (1520) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash received from sale of interest in consolidated joint ventures | 9421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from non-controlling interests | 71812 | 13801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to non-controlling interests | (2612) | (740) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | 13209 | 13800 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in cash and cash equivalents and restricted cash** | 18816 | 4624 |
| **Cash and cash equivalents and restricted cash, beginning of period** | 53059 | 43372 |
| **Cash and cash equivalents and restricted cash, end of period** | $71875 | $47996 |

---

---

| | | |
|:---|:---|:---|
| **Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $68929 | $42778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 2946 | 5218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents and restricted cash | $71875 | $47996 |
| **Supplemental disclosures:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $8238 | $11518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | $155 | $591 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Note receivable from sale of consolidated joint ventures | $7629 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Class E shares for payment of management fees | $1196 | $938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued capital expenditures | $59 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | $3123 | $3050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvestment | $11418 | $10673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued offering costs due to affiliates | $401 | $1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to carrying value of redeemable equity instruments | $(35) | $81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued common stock repurchases | $1546 | $(3180) |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Invesco Real Estate Income Trust Inc.**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**1. Organization and Business Purpose**

Invesco Real Estate Income Trust Inc. (the "Company" or "we") is focused on investing in stabilized, income-oriented commercial real estate in the United States. To a lesser extent, we also originate and acquire private real estate debt and invest in real estate-related securities. We own, and expect to continue to own, all or substantially all of our assets through Invesco REIT Operating Partnership L.P. (the "Operating Partnership" or "INREIT OP"), of which we are the sole general partner.

We were incorporated in October 2018 as a Maryland corporation and commenced real estate operations in September 2020. We are externally managed by Invesco Advisers, Inc. (the "Adviser"), a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd. ("Invesco"), an independent global investment management firm.

We qualified as a real estate investment trust ("REIT") for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2020. We operate our business in a manner that permits our exclusion from the definition of "Investment Company" under the Investment Company Act of 1940, as amended (the "Investment Company Act").

In May 2021, we commenced our initial public offering of up to $3.0 billion in shares of common stock. In November 2024, our initial public offering terminated, and we commenced our follow-on public offering of up to $3.0 billion, consisting of up to $2.4 billion in shares in our primary offering (the "Primary Offering") and up to $600.0 million in shares under our distribution reinvestment plan (collectively, the "Offering"). We are offering to sell any combination of five classes of shares of our common stock in the Offering: Class T shares, Class S shares, Class D shares, Class I shares and Class E shares, with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions and dealer manager fees and different ongoing stockholder servicing fees.

We are also conducting private offerings of up to $1.0 billion in shares of our Class N common stock ("Class N shares" or "Class N common stock") (the "Class N Private Offering") and up to $20.0 million in shares of our Class E common stock (the "Class E Private Offering") (collectively, the "Private Offerings"). On August 1, 2025, we commenced a private placement offering in shares of our Class S-PR common stock ("Class S-PR shares" or "Class S-PR common stock") and our Class K-PR common stock (Class K-PR shares" or "Class K-PR common stock") (collectively, the "Class PR Private Offering").

In February 2023, we, through our Operating Partnership, initiated a private placement program (the "DST Program") to issue and sell up to $3.0 billion of beneficial interests ("Interests") in specific Delaware statutory trusts (the "DSTs") holding real properties (the "DST Properties"), which may be sourced from our real properties or from third parties.

**2. Summary of Significant Accounting Policies**

**Basis of Presentation**

Certain disclosures included in our Annual Report on Form 10-K are not required to be included on an interim basis in our quarterly reports on Form 10-Q. We have condensed or omitted these disclosures. Therefore, this Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024.

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the periods presented.

------

**Consolidation**

We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity, we consider whether the entity is a variable interest entity ("VIE") and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have both the power to direct the most significant activities impacting the economic performance of the VIE and the obligation to absorb losses or receive benefits significant to the VIE. See additional information on our VIEs in Note 16 — "Variable Interest Entities."

The non-controlling partner's interest is generally calculated as the joint venture partner's ownership percentage. Certain of the joint ventures formed by the Company provide the joint venture partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the joint venture partner is reported as net (income) loss attributable to non-controlling interests in consolidated joint ventures on our condensed consolidated statements of operations.

For our DST Program, the non-controlling interest represents the proceeds from the syndicated percentages of the DST Offerings. The non-controlling interest is presented as permanent equity in our condensed consolidated balance sheets because the fair market value purchase option to exchange interests for units of the Operating Partnership or cash is based on the occurrence of a conditional event. See additional information on our DST Program in Note 17 — "DST Program." The beneficial owners' allocation of the DST Program's income or loss is reported as net income (loss) attributable to non-controlling interests in consolidated joint ventures on our condensed consolidated statements of operations.

We apply the equity method of accounting if we have significant influence over an entity, typically when we hold 20 percent or more of the voting common stock (or equivalent) of an investee but do not have a controlling financial interest. In certain circumstances, such as with investments in limited liability companies or limited partnerships, we apply the equity method of accounting when we own as little as three to five percent. See Note 4 — "Investments in Unconsolidated Entities" for further information about our investments in partially owned entities.

**Cash and Cash Equivalents**

We consider all highly liquid investments that have original or remaining maturity dates of three months or less when purchased to be cash equivalents. Certain cash balances classified as cash equivalents may be held in brokerage accounts that also hold our securities investments and can be swept into money market funds. Cash and cash equivalents are carried at cost, which approximates fair value due to the highly liquid and short-term nature of these instruments. We may have cash balances in excess of federally insured amounts. We mitigate our risk of loss by maintaining cash deposits with high credit-quality institutions and by actively monitoring the credit risk of our counterparties.

**Income Taxes**

We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries ("TRSs") which are subject to federal, state and local corporate income tax, as applicable. TRSs hold investments in assets, income streams, operating companies and associated expenses that produce non-qualifying items for purposes of REIT testing.

For the three and six months ended June 30, 2025, we recorded a net tax benefit of $0.1 million and a net tax expense of approximately $8,000, respectively, located within other income (expense), net on our condensed consolidated statements of operations. For the three and six months ended June 30, 2024, we recorded a net tax expense of $0.3 million and $0.4 million, respectively, located within other income (expense), net on our condensed consolidated statements of operations. As of June 30, 2025 and December 31, 2024, we had a deferred tax asset of $0.5 million and $0.3 million, respectively, which was offset by a full valuation allowance. Deferred tax assets and valuation allowances are recorded within other assets on our condensed consolidated balance sheets. As of June 30, 2025, our tax years 2021 through 2025 remain subject to examination by the United States tax authorities.

**Use of Estimates**

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the condensed consolidated financial statements and accompanying notes. An example of an estimate may include, but is not limited to, estimates of the fair values of financial instruments. Actual results may differ from those estimates.

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**Significant Accounting Policies**

There have been no changes to our accounting policies included in Note 2 — "Summary of Significant Accounting Policies" to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2024.

**3. Investments in Real Estate, net**

Investments in real estate, net consist of:

---

| | | |
|:---|:---|:---|
| **in thousands** | **June 30, 2025** | **December 31, 2024** |
| Building and improvements | $556550 | $555325 |
| Land and land improvements | 174888 | 165853 |
| Furniture, fixtures and equipment | 9462 | 9056 |
| Total | 740900 | 730234 |
| Accumulated depreciation | (59757) | (49638) |
| Investments in real estate, net | $681143 | $680596 |

---

*Acquisitions*

We acquired the following property during the six months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$ in thousands**<br>**Property Name** |<br>**Ownership Interest** |<br>**Number of<br>Properties** |<br>**Segment** |<br>**Acquisition Date** |<br>**Purchase** <br>**Price**<sup>(1)</sup> |
| Tanner Road MHC | 100% | 1 | Corporate and Other | May 2025 | $9718 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Purchase price is inclusive of acquisition-related costs.

The following table summarizes the allocation of the total cost for Tanner Road MHC acquired during the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **$ in thousands** | **Amount** |
| Land and land improvements | 8990 |
| Lease intangibles<sup>(1)</sup> | 1169 |
| Below-market lease intangibles | (441) |
| Total purchase price<sup>(2)</sup> | $9718 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Lease intangibles consist of in-place leases and leasing commissions.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes acquisition-related costs.

The weighted-average amortization periods for intangible assets and liabilities acquired in connection with our acquisition of Tanner Road MHC during the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **In-place lease intangibles** | **Leasing commissions** | **Below-market lease intangibles** |
| Weighted-average amortization periods (in years) | 1.50 | 1.00 | 4.00 |

---

*Purchase of Interest in Consolidated Joint Ventures*

On April 24, 2025, we purchased the remaining 5% interest of three industrial properties in our Midwest Industrial portfolio, Meridian Business 940, Capital Park 2919 and 3101 Agler, in which we previously had a 95% ownership interest, from our joint venture partner for a sale price of $1.5 million. This was completed in connection with initiating our third DST Offering, which is comprised of these three industrial properties. We have accounted for the transaction as an equity transaction as we will continue to account for the entity on a consolidated basis in our condensed consolidated financial statements and recognized a decrease in non-controlling interest in our condensed consolidated balance sheets of $1.4 million. The difference of approximately $32,000 between the total consideration paid of $1.5 million and the decrease in non-controlling interest recognized of $1.4 million has been reflected as a decrease to additional paid in capital on our condensed consolidated balance sheets.

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*Impairment*

During the three and six months ended June 30, 2025 and 2024, we did not recognize any impairment losses on our real estate investments.

**4. Investments in Unconsolidated Entities**

As of June 30, 2025, we held five investments in unconsolidated entities that are accounted for using the equity method of accounting. The amounts reflected in the following tables (except for our share of equity and income) are based on the historical financial information of the individual unconsolidated entities. We do not record operating losses of an unconsolidated entity in excess of its investment balance unless we are liable for the obligations of the entity or are otherwise committed to provide financial support to the entity.

Our investments in unconsolidated entities as of June 30, 2025 and December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Carrying Amount** | **Carrying Amount** |
| **in thousands**<br>**Entity** |<br>**Ownership Percentage**<sup>(1)</sup> | **June 30, 2025** | **December 31, 2024** |
| Vida JV LLC<sup>(2)</sup> | 42.5% | $62018 | $64292 |
| San Simeon Preferred Equity<sup>(3)</sup> | —% | 29453 | 28693 |
| PTCR Holdco, LLC<sup>(4)</sup> | —% | 9894 | 9375 |
| Retail GP Fund<sup>(5)</sup> | 4.5% to 9.0% | 18143 | 22019 |
| Homestead Communities, LLC<sup>(6)</sup> | 50.0% | 119 | 94 |
| Total |  | $119627 | $124473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Ownership percentage represents our entitlement to residual distributions after payments of priority returns, where applicable. Preferred equity investment ownership percentages are not presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)We formed a joint venture (the "Invesco JV") with Invesco U.S. Income Fund L.P., an affiliate of Invesco, to acquire an interest in a portfolio of medical office buildings located throughout the United States (the "Sunbelt Medical Office Portfolio"). As of June 30, 2025, the Invesco JV owned an 85% interest in a joint venture ("Vida JV LLC") with an unaffiliated third party. As of June 30, 2025, Vida JV LLC owned a portfolio of twenty medical office buildings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)We own a preferred membership interest in San Simeon Holdings LLC ("San Simeon Preferred Equity"), a limited liability company that owns a multifamily property. The common member of San Simeon Preferred Equity had two one-year extension options that they have exercised as of June 30, 2025. Our mandatory redemption date of our preferred membership interest is December 15, 2025. As of June 30, 2025, the investment yields a preferred return rate of 7.50%, which includes both the current pay and the deferred pay rates, as well as a preferred accrued return of 4.00% due upon redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)We hold an 85% ownership interest in a consolidated joint venture, ITP Investments LLC ("ITP LLC"). ITP LLC holds a preferred equity investment in PTCR Holdco, LLC, a fully integrated retail platform operating company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)ITP LLC has a 90% interest in PT Co-GP Fund, LLC ("Retail GP Fund"), which was formed to invest in retail properties through non-controlling general partner interests. ITP LLC holds non-controlling general partner interests through its interest in the Retail GP Fund ranging from 4.5% to 9.0% in thirteen retail properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufactured housing through a joint venture, Homestead Communities, LLC ("Homestead"). Invesco U.S. Income Fund L.P, an affiliate of Invesco, owns the remaining 50% ownership interest. An unaffiliated third party has a promote incentive that could dilute our ownership percentage if certain performance milestones are exceeded.

------

Our share of the unconsolidated entities' income (loss) for the three and six months ended June 30, 2025 and 2024 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Company's Share of Unconsolidated Entities' Income (Loss)** | **Company's Share of Unconsolidated Entities' Income (Loss)** | **Company's Share of Unconsolidated Entities' Income (Loss)** | **Company's Share of Unconsolidated Entities' Income (Loss)** |
| | | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>**in thousands**<br>**Entity** |<br>**Ownership Percentage** | **2025** | **2024** | **2025** | **2024** |
| Vida JV LLC | 42.5% | $(684) | $(704) | $(1254) | $(906) |
| San Simeon Preferred Equity | —% | 831 | 781 | 1645 | 1555 |
| PTCR Holdco, LLC | —% | 270 | 269 | 519 | 537 |
| Retail GP Fund | 4.5% to 9.0% | 6 | (377) | (227) | (140) |
| Homestead Communities, LLC | 50.0% | (4) | 110 | (191) | 35 |
| Total |  | $419 | $79 | $492 | $1081 |

---

The following tables provide summarized balance sheets of our investments in unconsolidated entities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **in thousands** | **Total assets** | **Total liabilities** | **Total equity** | **Total assets** | **Total liabilities** | **Total equity** |
| Vida JV LLC | $376194 | $(230795) | $(145399) | $376408 | $(225791) | $(150617) |
| San Simeon Preferred Equity | 132330 | (76778) | (55552) | 132593 | (77450) | (55143) |
| Retail GP Fund | 909887 | (489111) | (420776) | 938113 | (608707) | (329406) |
| Other | 7883 | (8705) | 822 | 4316 | (3832) | (484) |

---

The following tables provide summarized operating data of our investments in unconsolidated entities:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| **in thousands** | **Revenue** | **Net income (loss)** | **Revenue** | **Net income (loss)** |
| Vida JV LLC | $9450 | $(1606) | $9590 | $(1652) |
| San Simeon Preferred Equity | 2722 | 569 | 2791 | 555 |
| Retail GP Fund | 26234 | (5740) | 14954 | (765) |
| Other | 3948 | (589) | 3302 | (649) |
| Total | $42354 | $(7366) | $30637 | $(2511) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **in thousands** | **Revenue** | **Net income (loss)** | **Revenue** | **Net income (loss)** |
| Vida JV LLC | $18821 | $(2944) | $19351 | $(2125) |
| San Simeon Preferred Equity | 5405 | 1357 | 5494 | 1130 |
| Retail GP Fund | 43469 | (9512) | 24625 | (844) |
| Other | 5912 | (1643) | 4990 | (1509) |
| Total | $73607 | $(12742) | $54460 | $(3348) |

---

*Impairment*

We did not record any impairment losses on our investments in unconsolidated entities for the three and six months ended June 30, 2025 and 2024.

------

**5. Investment in Commercial Loan**

The following table summarizes our investment in a commercial loan as of June 30, 2025 and December 31, 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Current Principal Balance** | **Current Principal Balance** | **Fair Value** | **Fair Value** | |
| **in thousands** |<br>**Origination Date** |<br>**Loan Type** |<br>**Interest Rate**<sup>(1)</sup> |<br>**Periodic Payment Terms** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |<br>**Maturity Date** |
| 5805 N Jackson Gap Loan | 1/20/2023 | Mezzanine | 12.48% | Interest only | $12245 | $13007 | $12190 | $12996 | 2/9/2026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents the interest rate as of June 30, 2025. The loan earns interest at Secured Overnight Financing Rate ("SOFR") plus a spread.

We elected the fair value option for our commercial loan and, accordingly, there are no capitalized origination costs or fees associated with our loan.

**6. Investments in Real Estate-Related Securities**

The following tables summarize our investments in real estate-related securities by asset type:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **in thousands** | **Principal Balance** | **Unamortized Premium (Discount)** | **Amortized Cost / Cost**<sup>(1)</sup> | **Unrealized Gain (Loss), Net** | **Fair Value** | **Period-end Weighted Average Yield** | **Weighted-Average Maturity Date** |
| Non-agency CMBS | $56858 | $(1560) | $55298 | $469 | $55767 | 6.60% | 11/3/2027 |
| Preferred stock of REITs | N/A | N/A | 1974 | (20) | 1954 | 6.50% | N/A |
| Total | $56858 | $(1560) | $57272 | $449 | $57721 |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **in thousands** | **Principal Balance** | **Unamortized Premium (Discount)** | **Amortized Cost / Cost**<sup>(1)</sup> | **Unrealized Gain (Loss), Net** | **Fair Value** | **Period-end Weighted Average Yield** | **Weighted-Average Maturity Date** |
| Non-agency CMBS | $52377 | $(1553) | $50824 | $49 | $50872 | 6.81% | 1/14/2027 |
| Common stock of REITs | N/A | N/A | 5543 | 56 | 5600 | 4.41% | N/A |
| Total | $52377 | $(1553) | $56367 | $105 | $56472 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For non-agency CMBS, the amount presented represents amortized cost. For preferred and common stock of REITs, the amount presented represents cost.

------

**7. Intangibles**

The gross carrying amount and accumulated amortization of our intangible assets and liabilities are:

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **in thousands** | **Total Cost** | **Accumulated Amortization** | **Intangible Assets, net** |
| Intangible assets, net: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In-place lease intangibles | $46662 | $(29712) | $16950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasing commissions | 6224 | (2528) | 3696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above-market lease intangibles | 1951 | (630) | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets, net | $54837 | $(32870) | $21967 |
|  | **Total Cost** | **Accumulated Amortization** | **Intangible Liabilities, net** |
| Intangible liabilities, net: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below-market lease intangibles | $7671 | $(2388) | $5283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible liabilities, net | $7671 | $(2388) | $5283 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **in thousands** | **Total Cost** | **Accumulated Amortization** | **Intangible Assets, net** |
| Intangible assets, net: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In-place lease intangibles | $45510 | $(26021) | $19489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasing commissions | 6166 | (2121) | 4045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above-market lease intangibles | 1951 | (542) | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets, net | $53627 | $(28684) | $24943 |
|  | **Total Cost** | **Accumulated Amortization** | **Intangible Liabilities, net** |
| Intangible liabilities, net: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below-market lease intangibles | $7230 | $(1433) | $5797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible liabilities, net | $7230 | $(1433) | $5797 |

---

The estimated future amortization of our intangibles for each of the next five years and thereafter as of June 30, 2025 is:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **in thousands** | **In-place Lease<br>Intangibles** | **Leasing Commissions** | **Above-market Lease Intangibles** | **Below-market<br>Lease Intangibles** |
| 2025 (remainder) | $2535 | $402 | $87 | $(956) |
| 2026 | 4394 | 732 | 175 | (1683) |
| 2027 | 3240 | 645 | 175 | (1542) |
| 2028 | 1765 | 512 | 175 | (609) |
| 2029 | 1331 | 371 | 164 | (398) |
| 2030 | 949 | 289 | 94 | (50) |
| Thereafter | 2736 | 745 | 451 | (45) |
|  | $16950 | $3696 | $1321 | $(5283) |

---

------

**8. Other Assets**

The following table summarizes the components of other assets:

---

| | | |
|:---|:---|:---|
| **in thousands** | **June 30, 2025** | **December 31, 2024** |
| Note receivable<sup>(2)</sup> | $7629 | $— |
| Deferred rent | 4001 | 3669 |
| Prepaid expenses | 1726 | 791 |
| Capitalized tax abatement, net<sup>(1)</sup> | 1114 | 1196 |
| Derivative instruments | 651 | 1733 |
| Receivables, net | 456 | 1052 |
| Deposits | 251 | 339 |
| Other | 405 | 418 |
| Total | $16233 | $9198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)We obtained a tax abatement in conjunction with our purchase of the 3101 Agler property with an expiration date of December 31, 2031. We are amortizing the tax abatement over its remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of June 30, 2025, accumulated amortization of the capitalized tax abatement was $0.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;(2)The note receivable is part of the total consideration from the unaffiliated third party buyer in the sale of the 40% indirect leasehold interest in The Carmin. It is due from the buyer within six months from the sale date, February 28, 2025. The buyer is not required to pay interest on the note receivable unless it is not paid back within six months. If the buyer does not pay timely, the loan shall bear interest at the lesser of 18%, or the highest rate permitted by the law, compounding monthly until paid. The interest payments will also apply retroactively from the date of the sale in lieu of the no interest period.

**9. Derivative Instruments**

We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate risk, primarily by managing the amount, sources, and duration of our investments, borrowings, and the use of derivative financial instruments. Specifically, we use derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings.

The following table summarizes changes to the notional amount of our derivative instruments in for the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **in thousands** | **Notional Amount as of December 31, 2024** | **Additions** | **Termination or Expiration** | **Notional Amount as of June 30, 2025** |
| Interest rate caps | $153500 | $— | $(118500) | $35000 |
| Interest rate swaps | 52500 | 142900 |  | 195400 |
| Total | $206000 | $142900 | $(118500) | $230400 |

---

------

The following tables summarize the notional amount and other information related to our interest rate caps and interest rate swap as of June 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **in thousands** | **Number of Instruments** | **Notional Amount**<sup>(1)</sup> | **Fixed Amount** | **Fair Value** | **Weighted Average Strike Rate/Fixed Rate** | **Weighted Average Remaining Term In Years** |
| Assets<sup>(2)</sup> |  |  |  |  |  |  |
| Interest rate cap | 1 | $35000 | $300 | $4 | 4.20% | 0.10 |
| Interest rate swaps | 2 | 111400 | N/A | 647 | 3.33% | 1.27 |
| Total assets | 3 | $146400 | $300 | $651 |  |  |
| Liabilities<sup>(3)</sup> |  |  |  |  |  |  |
| Interest rate swap | 1 | $84000 | N/A | $374 | 3.85% | 1.68 |
| Total liabilities | 1 | $84000 | $— | $374 |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **in thousands** | **Number of Instruments** | **Notional Amount**<sup>(1)</sup> | **Fixed Amount** | **Fair Value** | **Weighted Average Strike Rate/Fixed Rate** | **Weighted Average Remaining Term In Years** |
| Assets<sup>(2)</sup> |  |  |  |  |  |  |
| Interest rate caps | 3 | $153500 | $2108 | $237 | 3.08% | 0.22 |
| Interest rate swap | 1 | 52500 | N/A | 1496 | 2.73% | 2.32 |
| Total | 4 | $206000 | $2108 | $1733 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The notional amount represents the amount of the mortgage note borrowings that we are hedging. It does not represent our exposure to credit, interest rate or market risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Derivative assets are included as a component of other assets on our condensed consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Derivative liabilities are included as a component of accounts payable, accrued expenses and other liabilities on our condensed consolidated balance sheets.

The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of operations for the three months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| **in thousands** | **Realized gain (loss) on derivative instruments, net** | **Contractual net interest income (expense)** | **Unrealized gain (loss), net** | **Gain (loss) on derivative instruments, net** |
| Interest rate cap | $— | $121 | $(196) | $(75) |
| Interest rate swaps |  | 252 | (269) | (17) |
| Total | $— | $373 | $(465) | $(92) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| **in thousands** | **Realized gain (loss) on derivative instruments, net** | **Contractual net interest income (expense)** | **Unrealized gain (loss), net** | **Gain (loss) on derivative instruments, net** |
| Interest rate caps | $251 | $865 | $(904) | $212 |
| Interest rate swap |  | 348 | (13) | 335 |
| Total | $251 | $1213 | $(917) | $547 |

---

The following tables summarize the effect of interest rate caps and interest rate swaps reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of operations for the six months ended June 30, 2025 and 2024:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **in thousands** | **Realized gain (loss) on derivative instruments, net** | **Contractual net interest income (expense)** | **Unrealized gain (loss), net** | **Gain (loss) on derivative instruments, net** |
| Interest rate cap | $— | $138 | $(468) | $(330) |
| Interest rate swaps |  | 472 | (779) | (307) |
| Total | $— | $610 | $(1247) | $(637) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **in thousands** | **Realized gain (loss) on derivative instruments, net** | **Contractual net interest income (expense)** | **Unrealized gain (loss), net** | **Gain (loss) on derivative instruments, net** |
| Interest rate caps | $251 | $1908 | $(1263) | $896 |
| Interest rate swap |  | 696 | 678 | 1374 |
| Total | $251 | $2604 | $(585) | $2270 |

---

**10. Borrowings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Facility**

INREIT OP has a Revolving Credit Facility with Bank of America, N.A. ("Bank of America"). The interest rate and spread terms are outlined below. As of June 30, 2025, the aggregate commitment is $100.0 million with an ability to request an increase up to $150.0 million in aggregate commitments.

Borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) SOFR, (ii) SOFR with an interest period of one, three or six-months, or (iii) a Base Rate, where the base rate is the highest of (a) federal funds rate plus 0.5%, (b) the rate of interest as publicly announced by Bank of America as its "prime rate", (c) SOFR with an interest period of one month plus 1.0%, or (d) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio.

As of June 30, 2025, an unused commitment fee of 0.25% accrues on the daily amount by which the aggregate commitments exceed the total outstanding balance of the Revolving Credit Facility.

On July 25, 2025, we entered into an amendment to the existing Revolving Credit Facility. As a result of the amendment, the aggregate commitments allow for an ability to request an increase up to $250.0 million in aggregate commitments, subject to certain increase conditions. The amendment also extends the maturity date from September 5, 2025 to July 23, 2027 and grants an option to extend the term to July 21, 2028, subject to certain conditions. Further, the unused commitment fee was modified to be 0.25% if usage is less than 50.0% and 0.15% if usage is greater than or equal to 50.0% that accrues on the daily amount by which the aggregate commitments exceed the total outstanding balance of the Revolving Credit Facility.

As of June 30, 2025 and December 31, 2024, the Company did not have an outstanding principal balance on its revolving credit facility. The weighted-average interest rates for the three and six months ended June 30, 2025 were 6.12% and 6.12%, respectively. The weighted-average interest rates for the three and six months ended June 30, 2024 were 7.12% and 7.11%, respectively. As of June 30, 2025, the borrowing capacity on the Revolving Credit Facility was $70.0 million. The borrowing capacity is less than the difference between the current facility capacity of $100.0 million and the current principal outstanding balance because the calculation of borrowing capacity is limited by the aggregate fair value and cash flows of our unencumbered properties.

As of June 30, 2025, we were in compliance with all loan covenants in our revolving credit facility agreement.

------

**Mortgage Notes Payable, Net**

The following table summarizes certain characteristics of our mortgage notes that are secured by the Company's properties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Principal Balance Outstanding** | **Principal Balance Outstanding** |
| **in thousands**<br>**Indebtedness** |<br>**Interest Rate**<sup>(1)</sup> |<br>**Initial Maturity Date** |<br>**Extended Maturity Date**<sup>(5)</sup> |<br>**Maximum Principal Amount** | **June 30, 2025** | **December 31, 2024** |
| The Carmin | S + 1.75%<sup>(2)</sup> | 3/5/2026 | 3/5/2032 | $84000 | $84000 | $65500 |
| Cortlandt Crossing | 3.13% | 3/1/2027 | N/A | $39660 | 39660 | 39660 |
| Everly Roseland | S + 1.45%<sup>(3)</sup> | 4/28/2027 | 4/28/2029 | $113500 | 111441 | 111441 |
| Midwest Industrial Portfolio | 4.44% and S + applicable margin<sup>(4)</sup> | 7/5/2027 | N/A | $70000 |  | 70000 |
| **Total mortgages payable** |  |  |  |  | 235101 | 286601 |
| Deferred financing costs, net |  |  |  |  | (984) | (1335) |
| **Mortgage notes payable, net** |  |  |  |  | $234117 | $285266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)The term "S" refers to the relevant floating benchmark rate, SOFR.

&nbsp;&nbsp;&nbsp;&nbsp;(2)The weighted-average interest rate for the three and six months ended June 30, 2025 was 6.08%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2024 was 7.07% and 7.08%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(3)The weighted-average interest rate for the three and six months ended June 30, 2025 was 5.77% and 5.96%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2024 was 6.77% and 6.78%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4)On April 24, 2025, we repaid the mortgage note secured by Meridian Business 940, Capital Park 2919, 3101 Agler and Earth City 13330 (collectively the "Midwest Industrial Portfolio") in connection with our buyout of the joint venture partner. We incurred debt extinguishment charges of $0.5 million in connection with the early repayment of the mortgage note. The mortgage note was secured by these properties and bore interest at two rates. Of the $70.0 million principal balance, $35.0 million bore interest at a fixed rate of 4.44%, and $35.0 million bore interest at a floating rate of the greater of (a) 2.20% or (b) the sum of 1.70% plus SOFR. The weighted-average interest rate of the combined $70.0 million principal balance for the three and six months ended June 30, 2025 was 5.33% and 5.39%, respectively and 5.73% for the three and six months ended June 30, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(5)We may elect to extend the maturity date upon meeting certain conditions, which may include payment of a non-refundable extension fee.

As of June 30, 2025, we were in compliance with all loan covenants in our mortgage note agreements.

**Financing Obligation, Net**

In connection with the sale and leaseback of The Carmin property, as of June 30, 2025, we hold a financing obligation on our condensed consolidated balance sheets of $54.0 million, net of debt issuance costs.

The following table presents the future principal payments due under our outstanding borrowings as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **in thousands** | | | | |
| **Year** |<br>**Revolving Credit Facility** |<br>**Mortgages Payable**<sup>(1)</sup> |<br>**Financing Obligation** |<br>**Total** |
| 2025 (remaining) | $— | $— | $3 | $3 |
| 2026 |  |  | 12 | 12 |
| 2027 |  | 39660 | 15 | 39675 |
| 2028 |  |  | 18 | 18 |
| 2029 |  | 111441 | 21 | 111462 |
| 2030 |  |  | 25 | 25 |
| Thereafter |  | 84000 | 36245 | 120245 |
| Total | $— | $235101 | $36339 | $271440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes all extension options are exercised for mortgage note agreements that may be extended at our option, subject to compliance with certain financial and administrative covenants.

------

**11. Accounts Payable, Accrued Expenses and Other Liabilities**

The following table summarizes the components of accounts payable, accrued expenses and other liabilities:

---

| | | |
|:---|:---|:---|
| **in thousands** | **June 30, 2025** | **December 31, 2024** |
| Intangible liabilities, net | $5283 | $5797 |
| Common stock repurchases | 2854 | 1308 |
| Real estate taxes payable | 2352 | 3066 |
| Tenant security deposits | 1666 | 1651 |
| Subscriptions received in advance<sup>(1)</sup> | 1457 | 835 |
| Prepaid rental income | 1318 | 1153 |
| Accrued interest expense | 834 | 1300 |
| Distributions payable | 652 | 633 |
| Derivative instruments | 374 |  |
| Accounts payable and accrued expenses | 342 | 315 |
| Total | $17132 | $16058 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective.

**12. Redeemable Equity Instruments**

**Class N Redeemable Common Stock**

The following table details the movement in our Class N redeemable common stock activity with MassMutual for the three and six months ended June 30, 2025 and 2024:

---

| | |
|:---|:---|
| | **Total** |
| **Balance at December 31, 2024** | 14466761 |
| Distribution reinvestment | 182884 |
| **Balance at March 31, 2025** | 14649645 |
| Distribution reinvestment | 187401 |
| **Balance at June 30, 2025** | 14837046 |
| **Balance at December 31, 2023** | 13783204 |
| Distribution reinvestment | 164658 |
| **Balance at March 31, 2024** | 13947862 |
| Distribution reinvestment | 169005 |
| **Balance at June 30, 2024** | 14116867 |

---

For the three and six months ended June 30, 2025 and 2024, we did not record any adjustments to the value of the Class N shares held by MassMutual.

MassMutual committed to purchase $400.0 million of Class N common stock in our Class N Private Offering and fully met its commitment as of December 31, 2022.

Beginning January 1, 2026 and continuing until we have repurchased $200.0 million of MassMutual shares, we are required to repurchase MassMutual shares on a monthly basis, subject to thresholds based on monthly net offering proceeds. In any month, MassMutual may choose to waive our obligation to repurchase shares. We are required to limit repurchases to ensure that the aggregate NAV of MassMutual shares is at least $50.0 million.

------

Beginning January 1, 2026, MassMutual holds the right to request that we repurchase MassMutual shares on a monthly basis, subject to thresholds based on monthly net offering proceeds and the Company's NAV. This right to request that we repurchase MassMutual shares is in addition to the requirement to repurchase MassMutual shares described in the preceding paragraph. We will not be required to repurchase (1) in any calendar year, more than $150.0 million of MassMutual shares or (2) in any calendar month, MassMutual shares with an aggregate repurchase price equal to more than 100% of the net proceeds to us from the sale of shares of our common stock during such month.

**Exchange Rights and Registration Agreement**

We have entered into an exchange rights and registration agreement with MassMutual (the "Registration Rights Agreement"). After September 28, 2025, MassMutual may require us to exchange all or a portion of its Class N shares for any class of shares of our common stock being sold in the Primary Offering and file and maintain an effective registration statement with the SEC (for no longer than three years) registering the offer and sale of the new shares issued in the exchange. MassMutual's rights under the Registration Rights Agreement will terminate when its shares of our common stock have an aggregate NAV of less than $20.0 million.

**Redeemable Non-controlling Interest in INREIT OP**

In connection with its performance participation interest, Invesco REIT Special Limited Partner L.L.C. (the "Special Limited Partner") holds Class E units in INREIT OP. See Note 18 — "Related Party Transactions" for further details of the Special Limited Partner's performance participation interest. Because the Special Limited Partner has the ability to redeem its Class E units for cash at its sole discretion, we have classified these Class E units as redeemable non-controlling interest in INREIT OP on our condensed consolidated balance sheets. For the three and six months ended June 30, 2025, we recorded an decrease to redeemable non-controlling interest in INREIT OP and an increase to additional paid-in capital of approximately $35,000 to adjust the value of the Class E units in INREIT OP held by the Special Limited Partner to our June 30, 2025 NAV per Class E unit in INREIT OP. For the three and six months ended June 30, 2024, we recorded an increase to redeemable non-controlling interest in INREIT OP and a decrease to additional paid-in capital of approximately $27,000 and $81,000, respectively, to adjust the value of the Class E units in INREIT OP held by the Special Limited Partner to our June 30, 2024 NAV per Class E unit in INREIT OP.

The following table details the non-controlling interest activity related to the Special Limited Partner:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **in thousands** | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) allocated | $37 | $(3) | $55 | $(42) |
| Distributions | $8 | $59 | $30 | $130 |
| Adjustment to carrying value | $(35) | $27 | $(35) | $81 |

---

As of June 30, 2025 and December 31, 2024, distributions payable to the Special Limited Partner were approximately $1,000 and $10,000, respectively.

------

**13. Equity** 

**Preferred Stock**

As of June 30, 2025 and December 31, 2024, we had zero shares of Series A Preferred Stock issued and outstanding. We have 100,000,000 shares of Series A Preferred Stock authorized with a par value of $0.01 per share.

**Common Stock**

The following tables detail the movement in our outstanding shares of common stock:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Class T<br>Shares** | **Class S<br>Shares** | **Class D<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** | **Class N Shares** | **Class S-PR Shares** | **Class K-PR Shares** | **Total** |
| **Balance at December 31, 2024** | 630722 | 726730 | 877190 | 4675460 | 1228798 | 14466761 |  |  | 22605661 |
| Issuance of common stock | 1910 | 55399 | 7134 | 90685 | 20327 |  |  |  | 175455 |
| Exchange of common stock |  |  | (8680) | 8636 |  |  |  |  | (44) |
| Common stock repurchased | (2607) | (3599) | (3778) | (326951) | (18180) |  |  |  | (355115) |
| Distribution reinvestment | 2206 | 3967 | 4203 | 8300 | 2672 | 182884 |  |  | 204232 |
| **Balance at March 31, 2025** | 632231 | 782497 | 876069 | 4456130 | 1233617 | 14649645 |  |  | 22630189 |
| Issuance of common stock | 5061 | 36937 | 3586 | 149612 | 30011 |  |  |  | 225207 |
| Common stock repurchased | (340) |  | (14501) | (223330) | (13853) |  |  |  | (252024) |
| Exchange of common stock | (351765) | (351765) | (355231) | (307836) |  |  | 878895 | 439448 | (48254) |
| Distribution reinvestment | 2266 | 4695 | 4253 | 9065 | 2760 | 187401 |  |  | 210440 |
| **Balance at June 30, 2025** | 287453 | 472364 | 514176 | 4083641 | 1252535 | 14837046 | 878895 | 439448 | 22765558 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Class T<br>Shares** | **Class S<br>Shares** | **Class D<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** | **Class N Shares** | **Class S-PR Shares** | **Class K-PR Shares** | **Total** |
| **Balance at December 31, 2023** | 613405 | 528268 | 832598 | 4332740 | 1190589 | 13783204 |  |  | 21280804 |
| Issuance of common stock | 7631 | 115782 | 32613 | 371514 | 15742 |  |  |  | 543282 |
| Common stock repurchased | (226) |  | (262) | (242673) | (15463) |  |  |  | (258624) |
| Distribution reinvestment | 1985 | 1615 | 3677 | 5690 | 2506 | 164658 |  |  | 180131 |
| **Balance at March 31, 2024** | 622795 | 645665 | 868626 | 4467271 | 1193374 | 13947862 |  |  | 21745593 |
| Issuance of common stock | 3665 | 32743 | 11187 | 379827 | 16418 |  |  |  | 443840 |
| Common stock repurchased | (257) |  | (18190) | (252147) | (8542) |  |  |  | (279136) |
| Exchange of common stock |  |  |  | (574) | 547 |  |  |  | (27) |
| Distribution reinvestment | 2065 | 2806 | 3852 | 6686 | 2512 | 169005 |  |  | 186926 |
| **Balance at June 30, 2024** | 628268 | 681214 | 865475 | 4601063 | 1204309 | 14116867 |  |  | 22097196 |

---

**Distributions**

We are generally required to distribute at least 90% our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue code. Taxable income does not necessarily equal net income as calculated in accordance with GAAP.

For the three and six months ended June 30, 2025, we declared distributions of $9.4 million and $18.8 million, respectively. For the three and six months ended June 30, 2024, we declared distributions of $9.2 million and $18.2 million, respectively. We accrued $2.5 million, respectively, for distributions payable to related parties as a component of due to affiliates in our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024. Additionally, as of June 30, 2025 and December 31, 2024, we accrued $0.7 million and $0.6 million, respectively, for distributions payable to third parties as a component of accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets.

------

The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three and six months ended June 30, 2025 and 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| | **Series A<br>Preferred Stock** | **Class T <br>Common Stock** | **Class S <br>Common Stock** | **Class D<br>Common Stock** | **Class I <br>Common Stock** | **Class E <br>Common Stock** | **Class N <br>Common Stock** | **Class S-PR Common Stock** | **Class K-PR Common Stock** |
| Aggregate distributions declared per share | $— | $0.4155 | $0.4155 | $0.4155 | $0.4155 | $0.4155 | $0.4155 | $0.1380 | $0.1380 |
| Stockholder servicing fee per share<sup>(1)</sup> |  | (0.0349) | (0.0391) | (0.0119) |  |  |  |  |  |
| Net distributions declared per share | $— | $0.3806 | $0.3764 | $0.4036 | $0.4155 | $0.4155 | $0.4155 | $0.1380 | $0.1380 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| | **Series A<br>Preferred Stock** | **Class T <br>Common Stock** | **Class S <br>Common Stock** | **Class D <br>Common Stock** | **Class I <br>Common Stock** | **Class E <br>Common Stock** | **Class N <br>Common Stock** | **Class S-PR Common Stock** | **Class K-PR Common Stock** |
| Aggregate distributions declared per share | $31.2500 | $0.4155 | $0.4155 | $0.4155 | $0.4155 | $0.4155 | $0.4155 | $— | $— |
| Stockholder servicing fee per share<sup>(1)</sup> |  | (0.0258) | (0.0284) | (0.0103) |  |  |  |  |  |
| Net distributions declared per share | $31.2500 | $0.3897 | $0.3871 | $0.4052 | $0.4155 | $0.4155 | $0.4155 | $— | $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| | **Series A<br>Preferred Stock** | **Class T <br>Common Stock** | **Class S <br>Common Stock** | **Class D<br>Common Stock** | **Class I <br>Common Stock** | **Class E <br>Common Stock** | **Class N <br>Common Stock** | **Class S-PR Common Stock** | **Class K-PR Common Stock** |
| Aggregate distributions declared per share | $— | $0.8317 | $0.8317 | $0.8317 | $0.8317 | $0.8317 | $0.8317 | $0.1380 | $0.1380 |
| Stockholder servicing fee per share<sup>(1)</sup> |  | (0.0595) | (0.0687) | (0.0219) |  |  |  |  |  |
| Net distributions declared per share | $— | $0.7722 | $0.7630 | $0.8098 | $0.8317 | $0.8317 | $0.8317 | $0.1380 | $0.1380 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| | **Series A<br>Preferred Stock** | **Class T <br>Common Stock** | **Class S <br>Common Stock** | **Class D <br>Common Stock** | **Class I <br>Common Stock** | **Class E <br>Common Stock** | **Class N <br>Common Stock** | **Class S-PR Common Stock** | **Class K-PR Common Stock** |
| Aggregate distributions declared per share | $31.2500 | $0.8337 | $0.8337 | $0.8337 | $0.8337 | $0.8337 | $0.8337 | $— | $— |
| Stockholder servicing fee per share<sup>(1)</sup> |  | (0.0516) | (0.0512) | (0.0207) |  |  |  |  |  |
| Net distributions declared per share | $31.2500 | $0.7821 | $0.7825 | $0.8130 | $0.8337 | $0.8337 | $0.8337 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See Note 18 — "Related Party Transactions" for a discussion of our stockholder servicing fee.

**Distribution Reinvestment Plan**

We have adopted a distribution reinvestment plan whereby stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. The per share purchase price for shares purchased (including fractional shares) under the distribution reinvestment plan is equal to the transaction price at the time the distribution is payable.

------

**Share Repurchase Plan**

We have adopted a share repurchase plan. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to limitations in the share repurchase plan. For the three and six months ended June 30, 2025, we repurchased 238,171 and 579,434 shares of common stock for $6.3 million and $15.4 million, respectively, and fulfilled all repurchase requests that were made. For the three and six months ended June 30, 2024, we repurchased 270,675 and 520,837 shares of common stock for $7.6 million and $14.7 million, respectively, and fulfilled all repurchase requests that were made.

**14. Earnings (Loss) Per Share**

The following table summarizes our earnings (loss) per share for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **in thousands, except per share amount** | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) available to common stockholders | $(4137) | $(1160) | $(6484) | $(264) |
| Weighted average common shares outstanding | 22850487 | 22097383 | 22791661 | 21864651 |
| Effect of dilutive restricted stock awards |  |  |  |  |
| **Diluted weighted average common shares outstanding** | 22850487 | 22097383 | 22791661 | 21864651 |
| Earnings (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.18) | $(0.05) | $(0.28) | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.18) | $(0.05) | $(0.28) | $(0.01) |

---

**15. Fair Value Measurements**

A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. The three levels are defined as follows:

Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. We do not adjust the quoted price for these investments.

Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

Certain investments that are measured at fair value using NAV per share as a practical expedient are not required to be categorized in the fair value hierarchy tables. The total fair value of these investments is included in the tables below to permit reconciliation of the fair value hierarchy to amounts presented on our condensed consolidated balance sheets. As of June 30, 2025 and December 31, 2024, none of these investments were expected to be sold at a value materially different than NAV.

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**Valuation of Assets and Liabilities Measured at Fair Value on a Recurring Basis**

The following table details our financial instruments measured at fair value on a recurring basis:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | |
| **in thousands** | **Level 1** | **Level 2** | **Level 3** | **NAV as a Practical Expedient** |<br>**Total at Fair Value** |
| Assets: |  |  |  |  |  |
| Investments in real estate-related securities | $1954 | $55767 | $— | $— | $57721 |
| Investment in commercial loan |  |  | 12190 |  | 12190 |
| Investment in affiliated fund |  |  |  | 14487 | 14487 |
| Interest rate caps |  | 4 |  |  | 4 |
| Interest rate swap |  | 647 |  |  | 647 |
| Total assets | $1954 | $56418 | $12190 | $14487 | $85049 |
| Liabilities: |  |  |  |  |  |
| Interest rate swap | $— | $374 | $— | $— | $374 |
| Total liabilities | $— | $374 | $— | $— | $374 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | |
| **in thousands** | **Level 1** | **Level 2** | **Level 3** | **NAV as a Practical Expedient** |<br>**Total at Fair Value** |
| Assets: |  |  |  |  |  |
| Investments in real estate-related securities | $5600 | $50872 | $— | $— | $56472 |
| Investment in commercial loan |  |  | 12996 |  | 12996 |
| Investment in affiliated fund |  |  |  | 21342 | 21342 |
| Interest rate caps |  | 237 |  |  | 237 |
| Interest rate swap |  | 1496 |  |  | 1496 |
| Total assets | $5600 | $52605 | $12996 | $21342 | $92543 |

---

The following table details our investment in commercial loan measured at fair value on a recurring basis using Level 3 inputs:

---

| | |
|:---|:---|
| **in thousands** | **Investment in Commercial Loan** |
| **Balance as of December 31, 2024** | $12996 |
| Unrealized gain (loss) | (45) |
| Loan repayment | (761) |
| **Balance as of June 30, 2025** | $12190 |

---

The following table shows the significant unobservable inputs related to the Level 3 fair value measurement of our investment in commercial loan as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Weighted Average Rate** | **Weighted Average Rate** |
|<br>**Type** |<br>**Asset Class** |<br>**Valuation Technique** |<br>**Unobservable Input** | **June 30, 2025** | **December 31, 2024** |
| Commercial loan | Industrial | Discounted cash flow | Discount rate | 8.75% | 8.75% |

---

The discount rate above is subject to change based on changes in economic and market conditions both current and anticipated, in addition to changes in use or timing of exit if applicable. These rates are also based on the location, type and nature of each property and related industry publications. Changes in discount rates result in increases or decreases in the fair values of these investments. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. It is not possible for us to predict the effect of future economic or market conditions based on our estimated fair values.

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**Valuation of Liabilities Not Carried at Fair Value**

The following table presents the principal balance and estimated fair value of our liabilities that are not carried at fair value on the condensed consolidated balance sheets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **in thousands** | **Principal Balance** | **Estimated Fair Value** | **Principal Balance** | **Estimated Fair Value** |
| Mortgage notes payable | $235101 | $233849 | $286601 | $283937 |
| Total | $235101 | $233849 | $286601 | $283937 |

---

**Valuation of Assets Measured at Fair Value on a Nonrecurring Basis**

Our real estate investments are not measured at fair value on an ongoing basis but are subject to fair value adjustments when there is evidence of impairment. We review our real estate investments for impairment each quarter or when there is an event or change in circumstances that could indicate the carrying amount of these investments may not be recoverable.

During the three and six months ended June 30, 2025 and 2024, we did not recognize any impairment losses on our real estate investments.

**16. Variable Interest Entities**

*Consolidated Variable Interest Entities* 

Included within our condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 are three consolidated entities and one consolidated entity, respectively, that are VIEs for which we are the primary beneficiary. These entities were established to own and operate real estate property. Our involvement with these entities is through majority ownership and management of the property. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the managing partner by a vote of a simple majority or less and they do not have substantive participating rights. We determined that we are the primary beneficiary as (1) we have the power to direct activities of the VIEs that most significantly impact the VIEs economic performance and (2) we have the obligation to absorb losses or the right to receive benefits of the VIEs that could potentially be significant to the VIEs through our variable interests.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. We have not provided financial support to these VIEs that we were not previously contractually required to provide, which consists primarily of funding expenses that are deemed necessary to continue to operate the entities and any operating cash shortfalls that the entities may experience.

In addition, included within our condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 are three consolidated entities and two consolidated entities, respectively, that are VIEs that were established in connection with our DST Program. See additional information on the DST Program in Note 17 — "DST Program." Our involvement with these entities is through our majority ownership and master lease agreements between the VIEs and the Company. These entities are deemed VIEs primarily because any equity ownership in the entities does not provide the equity owners voting rights. We determined that we are the primary beneficiary as (1) the VIEs have limited ongoing significant activities and the Company is responsible for the key decisions of the VIEs that were made at formation and has the power to direct the remaining activities of the VIEs such as the ability to exercise a fair market value purchase option and (2) the Company has the obligation to absorb losses or the right to receive benefits of the VIEs that could potentially be significant to the VIEs through the Company's variable interests.

The majority of the operations of the VIE are funded with cash flows from the master lease between the VIE and a wholly-owned subsidiary of the Operating Partnership. We have not provided any financial support to the VIE other than the interests described in Note 17 — "DST Program."

------

The table below summarizes the consolidated VIEs and the classification of the restricted assets and non-recourse VIE liabilities on our condensed consolidated balance sheets:

---

| | | |
|:---|:---|:---|
| **in thousands** | **June 30, 2025** | **December 31, 2024** |
| Total number of consolidated VIEs | 6 | 3 |
| Restricted assets: |  |  |
| &nbsp;&nbsp;Investments in real estate, net | $376048 | $155313 |
| &nbsp;&nbsp;Cash and cash equivalents | 5043 | 2254 |
| &nbsp;&nbsp;Intangible assets, net | 11304 | 7025 |
| &nbsp;&nbsp;Other assets | 2581 | 1108 |
| Total restricted assets | $394976 | $165700 |
| VIE non-recourse liabilities: |  |  |
| &nbsp;&nbsp;Mortgages payable, net | $83671 | $— |
| &nbsp;&nbsp;Financing obligation, net | 53987 |  |
| &nbsp;&nbsp;Accounts payable, accrued expenses, and other liabilities | 6510 | 4147 |
| Total VIE non-recourse liabilities: | $144168 | $4147 |

---

*Unconsolidated Variable Interest Entities* 

The table below summarizes the unconsolidated VIEs on our condensed consolidated balance sheets:

---

| | | | |
|:---|:---|:---|:---|
| **in thousands** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Investments in Unconsolidated Entities** | **Carrying Amount** | **Maximum Risk of Loss** | **Ownership Percentage**<sup>(1)</sup> |
| &nbsp;&nbsp;San Simeon Preferred Equity | $29453 | $24400 | —% |
| &nbsp;&nbsp;Retail GP Fund | 18143 | 22200 | 4.5% to 9.0% |
| &nbsp;&nbsp;Homestead | 119 | 2700 | 50.0% |
| Total unconsolidated variable interest entities | $47715 | $49300 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **in thousands** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investments in Unconsolidated Entities** | **Carrying Amount** | **Maximum Risk of Loss** | **Ownership Percentage**<sup>(1)</sup> |
| &nbsp;&nbsp;San Simeon Preferred Equity | $28693 | $24400 | —% |
| &nbsp;&nbsp;Retail GP Fund | 22019 | 22200 | 4.5% to 9.0% |
| &nbsp;&nbsp;Homestead | 94 | 2700 | 50.0% |
| Total unconsolidated variable interest entities | $50806 | $49300 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Ownership percentage represents our entitlement to residual distributions after payments of priority returns, where applicable. Preferred equity investment ownership percentages are not presented.

We have concluded that these investments are VIEs primarily because the equity investors at risk lack the ability to make decisions that significantly impact the economic performance of the entities. We have determined that we are not the primary beneficiary because we either do not have the power or share the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance. We have not provided financial support to the VIEs that we were not previously contractually required to provide.

------

**17. DST Program**

In February 2023, we, through our Operating Partnership, initiated the DST Program to issue and sell up to a maximum aggregate offering amount of $3.0 billion of beneficial interests in specific DSTs holding the DST Properties. Under the DST Program, each DST Property may be sourced from our real properties or from third parties, will be held in a separate DST, and will be leased by a wholly-owned subsidiary of the Operating Partnership in accordance with a master lease agreement. Each master lease agreement is guaranteed by the Operating Partnership, which has a fair market value purchase option (the "FMV Option") giving it the right, but not the obligation, to acquire the interests in the applicable DST from the investors any time after two years from the closing of the applicable DST offering in exchange for units of the Operating Partnership ("OP Units") or cash, at our sole discretion. After a one-year holding period, investors who receive OP Units under the FMV Option generally have the right to cause the Operating Partnership to redeem all or a portion of their OP Units for, at our sole discretion, shares of common stock, cash, or a combination of both.

The sale of beneficial interests in the DST are accounted for as sales of equity interests. As of June 30, 2025 and December 31, 2024, we have raised $113.0 million and $46.5 million, respectively, related to the DST Program which is included in non-controlling interests on our condensed consolidated balance sheets.

As of June 30, 2025, the following investments are included in our DST Program:

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| | |
|:---|:---|
| 13034 Excelsior | 5201 Industry |
| Bend Self-Storage Portfolio | Clarksville Self-Storage Portfolio |
| River Road Storage | South Loop Storage |
| University Parkway Storage | Meridian Business 340 |
| Capital Park 2919 | 3101 Agler |

---

Under the master lease, we are responsible for subleasing the DST Properties to tenants and for covering all costs associated with operating the underlying DST Properties. The rental revenues and property operating expenses associated with the underlying property are included in the respective line items on our condensed consolidated statements of operations. The net amount we receive from the underlying DST Properties may be more or less than the amount we pay to the investors in the relevant DST and could fluctuate over time.

**18. Related Party Transactions**

**Due to Affiliates**

The following table details the components of due to affiliates:

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| | | |
|:---|:---|:---|
| **in thousands** | **June 30, 2025** | **December 31, 2024** |
| Advanced organization and offering expenses | $6789 | $6789 |
| Advanced operating expenses | 5386 | 5386 |
| Accrued reimbursable organization and offering expenses<sup>(1)</sup> | 2663 | 1403 |
| Accrued stockholder servicing fee | 2614 | 2506 |
| Distributions payable | 2471 | 2511 |
| Accrued reimbursable operating expenses<sup>(1)</sup> | 2131 | 4898 |
| Accrued management fee | 461 | 375 |
| Performance participation interest | 8 |  |
| Accrued affiliate service provider expenses |  | 92 |
| Total | $22523 | $23960 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)We reimburse the Adviser on a quarterly basis for all accrued operating expenses incurred subsequent to December 31, 2021 and accrued organization and offering expenses incurred subsequent to December 31, 2022. Please refer to the 'Accrued Reimbursable Operating, Organization and Offering Expenses' section below for further details.

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**Management Fee and Performance Participation Interest**

We are externally managed by the Adviser, a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco. The Adviser is at all times subject to the supervision and oversight of our board of directors and has only such functions and authority as we delegate to it.

We pay the Adviser a management fee equal to 1.0% of NAV for Class T shares, Class S shares, Class D shares, Class I shares, Class S-PR shares and Class K-PR shares per annum calculated and payable monthly. In addition, we will pay the Adviser 1.0% per annum payable monthly of the total consideration received by us for selling interests in the DST Program to third-party investors, which will be allocated among all classes of common stock based on each class's relative percentage of aggregate NAV. We will also pay the Adviser a management fee equal to 1.0% of NAV for INREIT OP Class T, Class S, Class S-1, Class S-2, Class D, Class D-2, Class I, Class S-PR and Class K-PR units not held by us or the Adviser per annum. We will not pay a management fee on the Class E shares or INREIT OP Class E units. Commencing on January 16, 2030, we will pay the Adviser a management fee equal to 1.0% of NAV for Class N shares and INREIT OP Class N units not held by us or the Adviser per annum. The value of our investment in Invesco Commercial Mortgage Income - U.S. Fund, L.P. ("CMI"), an affiliate of Invesco managed by our Adviser, is excluded for purposes of calculating the management fee. The Adviser may elect to receive its management fee in cash, shares of our Class I common stock, shares of our Class E common stock, INREIT OP Class I units or INREIT OP Class E units. During the three and six months ended June 30, 2025, we incurred management fees of $0.7 million and $1.3 million, respectively. During the three and six months ended June 30, 2024, we incurred management fees of $0.5 million and $1.0 million, respectively. The unpaid portion of these fees are accrued as a component of due to affiliates on our condensed consolidated balance sheets. As of June 30, 2025 and December 31, 2024, we accrued $0.5 million and $0.4 million, respectively, of management fees. During the three and six months ended June 30, 2025, we issued 22,900 and 42,346 Class E shares, respectively, as payment for the management fees earned. During the three and six months ended June 30, 2024, we issued 16,785 and 32,333 Class E shares, respectively, as payment for the management fees earned. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. During the three and six months ended June 30, 2025, the Adviser submitted 13,853 and 27,705 Class E shares for repurchase by the Company, for a total repurchase amount of $0.4 million and $0.8 million, respectively. During the three and six months ended June 30, 2024, the Adviser submitted 8,461 and 16,921 Class E shares for repurchase by the Company, for a total repurchase amount of $0.2 million and $0.5 million, respectively.

The Special Limited Partner holds a performance participation interest in INREIT OP that entitles it to receive an allocation from INREIT OP equal to (1) with respect to all INREIT OP units other than Class N units and Class E units, 12.5% of the Total Return, subject to a 6.0% Hurdle Amount and a High Water Mark, with a Catch-Up (each such term as defined in the limited partnership agreement of INREIT OP), and (2) with respect to Class N units, 10.0% of the Class N Total Return, subject to a 7.0% Class N Hurdle Amount and a Class N High Water Mark, with a Catch-Up (each such term as defined in the limited partnership agreement of INREIT OP). The performance participation interest started to accrue in June 2025 and is calculated and payable on an annual basis. For the three and six months ended June 30, 2025, we incurred approximately $8,000, respectively, for the Special Limited Partner's performance participation interest. For the three and six months ended June 30, 2024, the Special Limited Partner did not earn a performance participation interest. The Special Limited Partner may elect to receive payment of the performance participation interest in cash, INREIT OP Class I units or INREIT OP Class E units. During the three and six months ended June 30, 2025, the Special Limited Partner submitted 30,516 and 61,032 Class E units for repurchase by the Company, for a total repurchase amount of $0.9 million and $1.7 million, respectively. During the three and six months ended June 30, 2024, the Special Limited Partner submitted 28,982 and 57,965 Class E units for repurchase by the Company, for a total repurchase amount of $0.9 million and $1.7 million, respectively.

**Reimbursement of Expenses Incurred by Adviser**

During the three and six months ended June 30, 2025, we incurred $0.3 million and $0.7 million, respectively, for expenses incurred by the Adviser on our behalf. During the three and six months ended June 30, 2024, we incurred $0.2 million and $0.6 million, respectively, for expenses incurred by the Adviser on our behalf.

**Stockholder Servicing Fees and Other Selling Commissions** 

Invesco Distributors, Inc. ("the Dealer Manager") is a registered broker-dealer affiliated with the Adviser and is entitled to receive selling commissions, dealer manager fees and stockholder servicing fees for Class T, Class S and Class D shares sold in the Offering. The Dealer Manager reallows (pays) all or a portion of the stockholder servicing fees to participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers and will waive stockholder servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such services.

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We accrue the full amount of stockholder servicing fees payable as an offering cost at the time each Class T, Class S and Class D share is sold during the Offering. As of June 30, 2025 and December 31, 2024, we have paid $0.2 million and $0.3 million, respectively, of commissions, dealer manager fees and stockholder servicing fees with respect to the outstanding Class T, Class S and Class D shares.

The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offering and the stockholder servicing fee per annum based on the aggregate outstanding NAV:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class T<br>Shares** | **Class S<br>Shares** | **Class D<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** |
| Maximum Upfront Selling Commissions <br>(% of Transaction Price) | up to 3.0%<sup>(1)</sup> | up to 3.5% | up to 1.5% |  |  |
| Maximum Upfront Dealer Manager Fees <br>(% of Transaction Price) | 0.5%<sup>(1)</sup> |  |  |  |  |
| Stockholder Servicing Fee <br>(% of NAV) | 0.85%<sup>(2)</sup> | 0.85% | 0.25% |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For Class T shares sold in the Offering (other than as part of our distribution reinvestment plan), investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Consists of a representative stockholder servicing fee (0.65% per annum) and a dealer stockholder servicing fee (0.20% per annum).

We will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder's account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed, in the aggregate, 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in the applicable agreement between the Dealer Manager and a participating broker-dealer at the time such Class T shares were issued) of the gross proceeds from the sale of such shares (including the gross proceeds of any shares issued under our distribution reinvestment plan upon the reinvestment of distributions paid with respect thereto or with respect to any shares issued under our distribution reinvestment plan directly or indirectly attributable to such shares). At the end of such month, each such Class T share, Class S share or Class D share will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such share.

*DST Program Fees and Expenses*

Invesco Distributors, Inc. serves as the dealer manager for the DST Program. Invesco Real Estate Exchange LLC, an indirect wholly owned subsidiary of the Company (the "DST Sponsor"), pays the dealer manager upfront selling commissions of up to 5.0% of Interests sold, upfront dealer manager fees of up to 1.0% of Interests sold and placement fees of up to 1.0% of the Interests sold, some or all of which may be waived or reallowed to participating broker-dealers. For the three and six months ended June 30, 2025, we incurred upfront selling commissions, upfront dealer manager and placement fees of $0.2 million and $0.9 million, respectively. For the three and six months ended June 30, 2024, we incurred upfront selling commissions, upfront dealer manager and placement fees of approximately $88,000 and $0.1 million, respectively. Invesco DST Manager LLC, which is indirectly owned by the Adviser and is an affiliate of the Sponsor, serves as the manager for the DST Program and receives a management fee equal to 0.15% per annum of Interests sold. The Dealer Manager receives an investor servicing fee equal to 0.25% per annum of Interests sold. For the three and six months ended June 30, 2025, the expense incurred for management and investor servicing fees was $0.1 million and $0.2 million, respectively. For the three and six months ended June 30, 2024, the expense incurred for management and investor servicing fees was approximately $17,000 and $27,000, respectively.

For the first DST Offering, an affiliate of Invesco received an organizational and offering expense reimbursement of 0.5% of Interests sold. We did not incur any organizational and offering expense reimbursement fees for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, we incurred organizational and offering expense reimbursement fees of approximately $36,000 and $64,000, respectively. For the second and third DST Offering, our Operating Partnership receives an organizational and offering expense reimbursement of 0.5% of Interests sold. For the three and six months ended June 30, 2025, we recorded income from organizational and offering expense reimbursement of approximately $40,000 and $0.3 million, recorded as a component of other revenue on our condensed consolidated statement of operations. We did not record any income from organizational and offering expense reimbursement for the three and six months ended June 30, 2024.

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Our Operating Partnership receives a closing cost reimbursement equal to 0.5% of Interests sold. For the three and six months ended June 30, 2025, we recorded income from closing cost reimbursements of approximately $40,000 and $0.3 million, respectively, recorded as a component of other revenue on our condensed consolidated statement of operations. For the three and six months ended June 30, 2024, we recorded income from closing cost reimbursements of approximately $36,000 and $64,000, respectively, recorded as a component of other revenue on our condensed consolidated statement of operations.

See additional information on the DST Program in Note 17 — "DST Program."

**Related Party Share Ownership** 

The table below shows the amount of shares and the total purchase price of those shares held by affiliates as of June 30, 2025 and December 31, 2024, excluding the Class E Shares issued for payment of the management fee held by the Adviser as described above.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **in thousands, except share amounts** | **Class T<br>Shares** | **Class S<br>Shares** | **Class D<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** | **Class N<br>Shares** | **Class S-PR Shares** | **Class K-PR Shares** | **Total Purchase Price** |
| MassMutual |  |  |  |  |  | 14837046 |  |  | $436486 |
| Invesco Global Property Plus Fund |  |  |  | 338888 | 834416 |  |  |  | 38137 |
| Invesco Realty, Inc. | 90 | 91 | 91 |  |  |  | 878895 | 439448 | 39016 |
| Members of our board of directors and employees of our Adviser<sup>(1)</sup> |  |  |  |  | 126576 |  |  |  | 3507 |
|  | 90 | 91 | 91 | 338888 | 960992 | 14837046 | 878895 | 439448 | $517146 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **in thousands, except share amounts** | **Class T<br>Shares** | **Class S<br>Shares** | **Class D<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** | **Class N<br>Shares** | **Class S-PR Shares** | **Class K-PR Shares** | **Total Purchase Price** |
| MassMutual |  |  |  |  |  | 14466761 |  |  | $426204 |
| Invesco Global Property Plus Fund |  |  |  | 790720 | 834415 |  |  |  | 46500 |
| Invesco Realty, Inc. | 351856 | 351856 | 351856 | 311283 |  |  |  |  | 39016 |
| Members of our board of directors and employees of our Adviser<sup>(1)</sup> |  |  |  |  | 125600 |  |  |  | 3479 |
|  | 351856 | 351856 | 351856 | 1102003 | 960015 | 14466761 |  |  | $515199 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Members of our board of directors and employees of our Adviser are made up of officers of the Company or employees who serve on the Company's steering committee. This includes stock awards issued to members of our board of directors under our Share-Based Compensation Plan. Total Purchase Price for stock awards issued under our Share-Based Compensation Plan represents the value of shares issued as equity compensation.

**Advanced Operating Expenses** 

The Adviser advanced all of our operating expenses on our behalf through December 31, 2021. Beginning January 2022 and ceasing September 2022, we began ratably reimbursing the Adviser over 60 months for the operating expenses incurred prior to December 31, 2021 and will recommence reimbursements to the Adviser following the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2027. As of June 30, 2025 and December 31, 2024, we have $5.4 million due to the Adviser for advanced operating expenses that are recorded as a component of due to affiliates on our condensed consolidated balance sheets.

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**Advanced Organization and Offering Expenses**

The Adviser advanced all of our organization and offering expenses (other than upfront selling commissions, dealer manager fees, and ongoing stockholder servicing fees) incurred through December 31, 2022. We will begin reimbursing the Adviser for advanced organization and offering expenses upon the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2027. We will reimburse the Adviser for all of our advanced expenses ratably over 60 months following such date. As of June 30, 2025 and December 31, 2024, we have $6.8 million due to the Adviser for advanced organization and offering expenses that are recorded as a component of due to affiliates on our condensed consolidated balance sheets.

**Accrued Reimbursable Operating, Organization and Offering Expenses**

In January 2022, we began reimbursing the Adviser on a quarterly basis for operating expenses incurred subsequent to December 31, 2021. As of June 30, 2025 and December 31, 2024, we have $2.1 million and $4.9 million, respectively, due to the Adviser for operating expenses. The amount due to the Adviser is recorded as a component of due to affiliates on our condensed consolidated balance sheets.

In January 2023, we began reimbursing the Adviser on a quarterly basis for organizational and offering expenses incurred subsequent to December 31, 2022. As of June 30, 2025 and December 31, 2024, we have $2.7 million and $1.4 million, respectively, due to the Adviser for organization and offering expenses that are recorded as a component of due to affiliates on our condensed consolidated balance sheets.

**Operating Expenses Reimbursement**

Under our charter, we may reimburse the Adviser, at the end of each fiscal quarter, for total operating expenses paid by the Adviser. However, we may not reimburse the Adviser at the end of any fiscal quarter for total operating expenses (as defined in our charter) that, in the four consecutive fiscal quarters then ended, exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of our assets for that period (the "2%/25% Guidelines").

We may reimburse the Adviser for expenses in excess of the 2%/25% Guidelines if a majority of our independent directors determines that such excess expenses (an "Excess Amount") are justified based on unusual and non-recurring factors. Operating expenses for the four consecutive fiscal quarters ended June 30, 2025 did not exceed the charter-imposed limitation.

**Accrued Affiliate Service Provider Expenses**

The Company has engaged and expects to continue to engage Pine Tree Commercial Realty, LLC ("Pine Tree"), a wholly owned subsidiary of PTCR Holdco, LLC, in which we have a preferred equity investment, to provide property management services (including leasing, revenue management, accounting, legal and contract management, expense management and capital expenditure project services) for Cortlandt Crossing. The cost for such services is a percentage of the gross receipts and project costs, respectively.

During the three and six months ended June 30, 2025, we incurred $0.1 million, respectively, of expenses due to Pine Tree for services in connection with the property management of Cortlandt Crossing. During the three and six months ended June 30, 2024, we incurred approximately $47,000 and $89,000, respectively, of expenses due to Pine Tree for services in connection with the property management of Cortlandt Crossing. All property management fees paid to Pine Tree are included in rental property operating expenses on our condensed consolidated statements of operations.

**Co-Investments with Affiliated Products** 

We formed a joint venture with Invesco U.S. Income Fund L.P., an affiliate of Invesco, to acquire an 85% interest in the Sunbelt Medical Office Portfolio. We and Invesco U.S. Income Fund L.P. each hold a 50% interest in the joint venture.

We hold a 50% ownership interest in a real estate operating company focused on the aggregation and asset management of manufactured housing through Homestead Communities, LLC. Invesco U.S. Income Fund L.P. owns the remaining 50% ownership interest.

See additional discussion in Note 4 — "Investments in Unconsolidated Entities."

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We hold our interest in Everly Roseland through a 60% consolidated ownership interest in Everly Roseland Co-Invest, a co-investment between INREIT OP and Invesco Real Estate Atlas US Everly LLC, an affiliate of Invesco and a majority owned subsidiary of Invesco Global Property Plus Fund ("IGP+"). The Everly Roseland Co-Invest holds a 95% consolidated ownership interest in a joint venture with a third-party.

**Investment in Affiliated Fund**

As of June 30, 2025, we have an investment of $14.5 million in CMI, an affiliate of Invesco managed by our Adviser. CMI invests primarily in mortgage loans that are collateralized by commercial and residential real estate throughout the United States.

**Captive Insurance Program**

In March 2024, the Adviser established a captive insurance program to provide a portion of the "all risk property insurance" for real estate properties managed by the Adviser and its affiliates in the United States, including the properties owned by us. In connection with our participation in the captive insurance program, we or our property-owning subsidiaries will be a member of a Vermont mutual insurance company (the "Mutual Insurance Company") formed by the Adviser. We are required to pay to the Mutual Insurance Company our pro rata share of the premium for this first loss retention insurance. The Adviser's affiliated Vermont insurance company, IRE Core Insurance Services LLC, provides certain administrative services for the Mutual Insurance Company and is entitled to reimbursement from the Mutual Insurance Company (and thus, indirectly, from us and other participants) for such services at cost. In addition, the Mutual Insurance Company will reimburse IRE Core Insurance Services LLC for the fees and costs of certain third-party service providers retained in connection with such administrative services. For the three and six months ended June 30, 2025, we incurred $0.1 million and $0.2 million, respectively, for our wholly owned properties and approximately $33,000 and $62,000, respectively, for our properties held through joint ventures related to the captive insurance program which are recorded as a component of rental property operating expenses and income (loss) from unconsolidated entities, net, respectively, on our condensed consolidated statement of operations. For the three and six months ended June 30, 2024, we incurred $0.1 million, respectively, for our wholly owned properties and approximately $29,000, respectively, for our properties held through joint ventures related to the captive insurance program which are recorded as a component of rental property operating expenses and income (loss) from unconsolidated entities, net, respectively, on our condensed consolidated statement of operations.

**Other** 

As of June 30, 2025, we have an outstanding commitment of $65.0 million from Invesco Realty, Inc. that collateralizes our Revolving Credit Facility. On July 25, 2025, the commitment was reduced by $35.0 million pursuant to and in accordance with the terms of the amended Revolving Credit Facility bringing their total commitment to $30.0 million. We may be required to call capital under this commitment to repay outstanding obligations under our Revolving Credit Facility in the event of default, however this commitment is not available to fund our operating or investing activities. As of June 30, 2025, we have not called any of the commitment.

MassMutual, an affiliate of Invesco, is the sole holder of our Class N redeemable common stock. See additional information on MassMutual's investment in the Company in Note 12 — "Redeemable Equity Instruments."

**19. Commitments and Contingencies**

Commitments and contingencies may arise in the ordinary course of business. As of June 30, 2025, we have no material off-balance sheet commitments and contingencies.

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2025, we were not subject to any material litigation or aware of any pending or threatened material litigation.

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**20. Tenant Leases**

Our real estate properties are leased to tenants under operating lease agreements that expire on various dates. Our tenants have the option to extend or terminate certain leases at their discretion and also have termination options that may result in additional fees due to the Company.

We recognize rental revenue on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. Our tenant leases do not have material residual value guarantees or material restrictive covenants.

The following table details the components of operating lease income:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **in thousands** | **2025** | **2024** | **2025** | **2024** |
| Fixed lease payments | $12950 | $12993 | $25488 | $25884 |
| Variable lease payments | 1548 | 1565 | 3928 | 3168 |
| Rental revenue | $14498 | $14558 | $29416 | $29052 |

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Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable lease term are as follows:

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| | |
|:---|:---|
| **in thousands**<br>**Year** | **Future Minimum**<br>**Rents**<sup>(1)</sup> |
| 2025 (remainder) | $9817 |
| 2026 | 19106 |
| 2027 | 16492 |
| 2028 | 14681 |
| 2029 | 11917 |
| 2030 | 9817 |
| Thereafter | 43770 |
| Total | $125600 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes leases for our industrial, office and retail properties which typically have long-term leases over multiple years. All other properties issue short term-leases which have no contractual obligations for future years.

Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.

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**21. Segment Reporting**

As of June 30, 2025, we operated in nine reportable segments: healthcare, office, industrial, self-storage, multifamily, student housing, grocery-anchored retail, real estate debt and real estate-related securities. Real estate debt includes an originated commercial loan, the preferred equity investment in San Simeon Preferred Equity and our investment in an affiliated debt fund. We allocate resources and evaluate results based on the performance of each segment individually.

Our chief operating decision maker ("CODM") for each segment is a group comprised of the Company's Chief Executive Officer, President and Chief Financial Officer. The CODM is responsible for making investments in properties, real estate ventures and real-estate related securities and reviews the financial reports for each real estate sector and investment on a regular basis. The financial reports for each segment and investment are reviewed based on net operating income, a cash flow measure of operating performance that includes real estate revenue, income from commercial loans, rental property operating expenses, the net of revenues and rental property operating expenses of unconsolidated entities excluding depreciation and amortization, income from our investment in an affiliated fund and income from our real estate-related securities on a regular basis. Therefore, net operating income is the key performance metric that is used to make investment decisions and captures the unique operating characteristics of each segment.

The segment expenses regularly provided to the CODM that are used to manage our real estate segment operations are rental property operating expenses. Rental property operating expenses include real estate taxes, property insurance, repairs and maintenance, property management fees, utilities and other costs associated with owning real estate.

The following table summarizes our total assets by segment:

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| | | |
|:---|:---|:---|
| **in thousands** | **June 30, 2025** | **December 31, 2024** |
| Healthcare | $62018 | $64292 |
| Office | 28601 | 29270 |
| Industrial | 209155 | 216473 |
| Self-Storage | 71051 | 71242 |
| Multifamily | 188575 | 193547 |
| Student Housing | 158249 | 151382 |
| Grocery-Anchored Retail | 61969 | 62843 |
| Real Estate Debt | 56193 | 63161 |
| Real Estate-Related Securities | 66143 | 56472 |
| Corporate and Other | 93289 | 74397 |
| Total assets | $995243 | $983079 |

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The following table summarizes our financial results by segment for the three months ended June 30, 2025:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **in thousands** | **Healthcare** | **Office** | **Industrial** | **Self-Storage** | **Multifamily** | **Student Housing** | **Grocery-Anchored Retail** | **Real Estate Debt** | **Real Estate-Related Securities** | **Corporate and Other** | **Total** |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Rental revenue | $— | $731 | $3585 | $1625 | $3910 | $3110 | $1445 | $— | $— | $92 | $14498 |
| Income from commercial loans |  |  |  |  |  |  |  | 390 |  |  | 390 |
| Other revenue |  |  | 87 | 152 | 114 | 327 |  |  |  | 80 | 760 |
| Total revenues |  | 731 | 3672 | 1777 | 4024 | 3437 | 1445 | 390 |  | 172 | 15648 |
| Expenses: |  |  |  |  |  |  |  |  |  |  |  |
| Rental property operating |  | 136 | 1520 | 902 | 2096 | 1482 | 534 |  |  | (39) | 6631 |
| Total expenses |  | 136 | 1520 | 902 | 2096 | 1482 | 534 |  |  | (39) | 6631 |
| Income (loss) from unconsolidated entities, net | 876 |  |  |  |  |  |  | 831 |  | 1188 | 2895 |
| Income (loss) from investment in affiliated fund, net |  |  |  |  |  |  |  | 224 |  |  | 224 |
| Gain (loss) from real estate-related securities, net |  |  |  |  |  |  |  |  | 697 |  | 697 |
| Segment net operating income (loss) | $876 | $595 | $2152 | $875 | $1928 | $1955 | $911 | $1445 | $697 | $1399 | $12833 |
| Depreciation and amortization | $(1557) | $(341) | $(2300) | $(462) | $(2070) | $(1495) | $(517) | $— | $— | $(887) | $(9629) |
| General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | (2495) |
| Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | (92) |
| Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | 21 |
| Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | (451) |
| Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | 756 |
| Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | (3925) |
| Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | (708) |
| Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | (8) |
| Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | (85) |
| Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | $(3783) |
| Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | (317) |
| Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | (37) |
| Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | $(4137) |

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------

The following table reconciles our segment income (loss) from unconsolidated entities to income (loss) from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended June 30, 2025:

---

| | |
|:---|:---|
| **in thousands** | |
| Segment income (loss) from unconsolidated entities | $2895 |
| Depreciation and amortization attributable to unconsolidated entities | (2476) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated entities, net | $419 |

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The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended June 30, 2025:

---

| | |
|:---|:---|
| **in thousands** | |
| Segment depreciation and amortization | $(9629) |
| Depreciation and amortization attributable to unconsolidated entities | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $(7153) |

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------

The following table summarizes our financial results by segment for the three months ended June 30, 2024:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **in thousands** | **Healthcare** | **Office** | **Industrial** | **Self-Storage** | **Multifamily** | **Student Housing** | **Grocery-Anchored Retail** | **Real Estate Debt** | **Real Estate-Related Securities** | **Corporate and Other** | **Total** |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Rental revenue | $— | $741 | $2346 | $2138 | $2940 | $4964 | $1429 | $— | $— | $— | $14558 |
| Income from commercial loans |  |  |  |  |  |  |  | 1140 |  |  | 1140 |
| Other revenue |  |  | 60 | 222 | 61 | 285 | 1 |  |  | 36 | 665 |
| Total revenues |  | 741 | 2406 | 2360 | 3001 | 5249 | 1430 | 1140 |  | 36 | 16363 |
| Expenses: |  |  |  |  |  |  |  |  |  |  |  |
| Rental property operating |  | 162 | 800 | 683 | 1433 | 2082 | 442 |  |  | 177 | 5779 |
| Total expenses |  | 162 | 800 | 683 | 1433 | 2082 | 442 |  |  | 177 | 5779 |
| Income (loss) from unconsolidated entities, net | 952 |  |  |  |  |  |  | 781 |  | 555 | 2288 |
| Income (loss) from investment in affiliated fund, net |  |  |  |  |  |  |  | 505 |  |  | 505 |
| Gain (loss) from real estate-related securities, net |  |  |  |  |  |  |  |  | 737 |  | 737 |
| Segment net operating income (loss) | $952 | $579 | $1606 | $1677 | $1568 | $3167 | $988 | $2426 | $737 | $414 | $14114 |
| Depreciation and amortization | $(1656) | $(416) | $(1384) | $(638) | $(1214) | $(1722) | $(545) | $— | $— | $(553) | $(8128) |
| General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | (1765) |
| Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | 547 |
| Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | 56 |
| Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | 477 |
| Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | (6114) |
| Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | (498) |
| Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | (301) |
| Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | $(1612) |
| Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | (2) |
| Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | (24) |
| Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | 475 |
| Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | 3 |
| Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | $(1160) |

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------

The following table reconciles our segment income (loss) from unconsolidated entities to income (loss) from unconsolidated entities, net on our condensed consolidated statement of operations for the three months ended June 30, 2024:

---

| | |
|:---|:---|
| **in thousands** | |
| Segment income (loss) from unconsolidated entities | $2288 |
| Depreciation and amortization attributable to unconsolidated entities | (2209) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated entities, net | $79 |

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The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the three months ended June 30, 2024:

---

| | |
|:---|:---|
| **in thousands** | |
| Segment depreciation and amortization | $(8128) |
| Depreciation and amortization attributable to unconsolidated entities | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $(5919) |

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------

The following table summarizes our financial results by segment for the six months ended June 30, 2025:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **in thousands** | **Healthcare** | **Office** | **Industrial** | **Self-Storage** | **Multifamily** | **Student Housing** | **Grocery-Anchored Retail** | **Real Estate Debt** | **Real Estate-Related Securities** | **Corporate and Other** | **Total** |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Rental revenue | $— | $1462 | $7673 | $3199 | $7836 | $6301 | $2853 | $— | $— | $92 | $29416 |
| Income from commercial loans |  |  |  |  |  |  |  | 785 |  |  | 785 |
| Other revenue |  |  | 174 | 303 | 223 | 584 | 1 |  |  | 745 | 2030 |
| Total revenues |  | 1462 | 7847 | 3502 | 8059 | 6885 | 2854 | 785 |  | 837 | 32231 |
| Expenses: |  |  |  |  |  |  |  |  |  |  |  |
| Rental property operating |  | 294 | 2545 | 1611 | 3929 | 2957 | 1004 |  |  | (3) | 12337 |
| Total expenses |  | 294 | 2545 | 1611 | 3929 | 2957 | 1004 |  |  | (3) | 12337 |
| Income (loss) from unconsolidated entities, net | 1830 |  |  |  |  |  |  | 1645 |  | 1907 | 5382 |
| Income (loss) from investment in affiliated fund, net |  |  |  |  |  |  |  | 697 |  |  | 697 |
| Gain (loss) from real estate-related securities, net |  |  |  |  |  |  |  |  | 1250 |  | 1250 |
| Segment net operating income (loss) | $1830 | $1168 | $5302 | $1891 | $4130 | $3928 | $1850 | $3127 | $1250 | $2747 | $27223 |
| Depreciation and amortization | $(3084) | $(683) | $(4816) | $(918) | $(4833) | $(2406) | $(1039) | $— | $— | $(1320) | $(19099) |
| General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | (4599) |
| Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | (637) |
| Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | (45) |
| Net gain from sale of membership interest | Net gain from sale of membership interest | Net gain from sale of membership interest | Net gain from sale of membership interest | Net gain from sale of membership interest | Net gain from sale of membership interest | Net gain from sale of membership interest | Net gain from sale of membership interest | Net gain from sale of membership interest | Net gain from sale of membership interest | Net gain from sale of membership interest |  |
| Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | Debt extinguishment charges | (485) |
| Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | 1486 |
| Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | (8485) |
| Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | (1313) |
| Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | Performance participation interest - related party | (8) |
| Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | (163) |
| Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | $(6125) |
| Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | (304) |
| Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | (55) |
| Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | $(6484) |

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The following table reconciles our segment income (loss) from unconsolidated entities to income (loss) from unconsolidated entities, net on our condensed consolidated statement of operations for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **in thousands** | |
| Segment income (loss) from unconsolidated entities | $5382 |
| Depreciation and amortization attributable to unconsolidated entities | (4890) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated entities, net | $492 |

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The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| **in thousands** | |
| Segment depreciation and amortization | $(19099) |
| Depreciation and amortization attributable to unconsolidated entities | 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $(14209) |

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------

The following table summarizes our financial results by segment for the six months ended June 30, 2024:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **in thousands** | **Healthcare** | **Office** | **Industrial** | **Self-Storage** | **Multifamily** | **Student Housing** | **Grocery-Anchored Retail** | **Real Estate Debt** | **Real Estate-Related Securities** | **Corporate and Other** | **Total** |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Rental revenue | $— | $1482 | $4811 | $4219 | $5795 | $9977 | $2768 | $— | $— | $— | $29052 |
| Income from commercial loans |  |  |  |  |  |  |  | 2270 |  |  | 2270 |
| Other revenue |  |  | 177 | 443 | 117 | 602 | 2 |  |  | 64 | 1405 |
| Total revenues |  | 1482 | 4988 | 4662 | 5912 | 10579 | 2770 | 2270 |  | 64 | 32727 |
| Expenses: |  |  |  |  |  |  |  |  |  |  |  |
| Rental property operating |  | 298 | 1494 | 2782 | 2516 | 4178 | 918 |  |  | 232 | 12418 |
| Total expenses |  | 298 | 1494 | 2782 | 2516 | 4178 | 918 |  |  | 232 | 12418 |
| Income (loss) from unconsolidated entities, net | 2428 |  |  |  |  |  |  | 1556 |  | 1546 | 5530 |
| Income (loss) from investment in affiliated fund, net |  |  |  |  |  |  |  | 1156 |  |  | 1156 |
| Gain (loss) from real estate-related securities, net |  |  |  |  |  |  |  |  | 1755 |  | 1755 |
| Segment net operating income (loss) | $2428 | $1184 | $3494 | $1880 | $3396 | $6401 | $1852 | $4982 | $1755 | $1378 | $28750 |
| Depreciation and amortization | $(3334) | $(832) | $(2760) | $(1275) | $(2560) | $(3471) | $(1045) | $— | $— | $(1115) | $(16392) |
| General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | General and administrative | (2763) |
| Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | Gain (loss) on derivative instruments, net | 2270 |
| Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | Unrealized gain (loss) on commercial loans | 110 |
| Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | Interest income | 775 |
| Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | Interest expense | (12073) |
| Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | Management fee - related party | (963) |
| Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | Other income (expense) | (489) |
| Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | Net income (loss) attributable to Invesco Real Estate Income Trust Inc. | $(775) |
| Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | Dividends to preferred stockholders | (4) |
| Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | Issuance and redemption costs of redeemed preferred stock | (24) |
| Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | Net (income) loss attributable to non-controlling interests in consolidated joint ventures | 497 |
| Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | Net (income) loss attributable to non-controlling interest in INREIT OP | 42 |
| Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | $(264) |

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The following table reconciles our segment income (loss) from unconsolidated entities to income (loss) from unconsolidated entities, net on our condensed consolidated statement of operations for the six months ended June 30, 2024:

---

| | |
|:---|:---|
| **in thousands** | |
| Segment income (loss) from unconsolidated entities | $5530 |
| Depreciation and amortization attributable to unconsolidated entities | (4449) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated entities, net | $1081 |

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The following table reconciles our segment depreciation and amortization to depreciation and amortization on our condensed consolidated statement of operations for the six months ended June 30, 2024:

---

| | |
|:---|:---|
| **in thousands** | |
| Segment depreciation and amortization | $(16392) |
| Depreciation and amortization attributable to unconsolidated entities | 4449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $(11943) |

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*In this quarterly report on Form 10-Q, or this "Quarterly Report," we refer to Invesco Real Estate Income Trust Inc. and its consolidated subsidiaries as "we," "us," "our Company," or "our," unless we specifically state otherwise or the context indicates otherwise. We refer to our external manager, Invesco Advisers, Inc., as our "Adviser," and we refer to the indirect parent company of our Adviser, Invesco Ltd. together with its consolidated subsidiaries (which does not include us), as "Invesco."*

The following discussion should be read in conjunction with our condensed consolidated financial statements and the accompanying notes to our condensed consolidated financial statements, which are included in Item 1 of this Quarterly Report, as well as the information contained in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC").

**Forward Looking Statements**

This Quarterly Report may include statements that constitute "forward-looking statements" within the meaning of the United States securities laws and the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. These forward-looking statements may include statements about possible or assumed future results of our business, investment strategies, financial condition, liquidity, results of operations, distributions, repurchases, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "intend," "project," "forecast" or similar expressions and future or conditional verbs such as "will," "may," "could," "should," and "would," and any other statement that necessarily depends on future events, we intend to identify forward-looking statements, although not all forward-looking statements may contain such words.

Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are difficult to predict and are generally beyond our control. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. We caution you not to rely unduly on any forward-looking statements and urge you to carefully consider the factors described under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Report and our Annual Report on Form 10-K. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

**Overview**

We are a Maryland corporation formed in October 2018. We invest primarily in stabilized, income-oriented commercial real estate in the United States. To a lesser extent, we also originate and acquire private real estate debt and invest in real estate-related securities. We own, and expect to continue to own, all or substantially all of our assets through Invesco REIT Operating Partnership L.P. ("INREIT OP" or "Operating Partnership"), of which we are the sole general partner.

We are externally managed and advised by our Adviser, a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd., an independent global investment management firm. Our Adviser utilizes the personnel and global resources of Invesco Real Estate, the real estate investment center of Invesco, to provide investment management services to us. We qualified to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2020. To maintain our REIT qualification, we must meet a number of organizational and operational requirements, including that we are generally required to distribute at least 90% of our REIT taxable income to our stockholders annually. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income (determined without regard to our net capital gain and dividends-paid deduction) to stockholders and maintain our qualification as a REIT. We operate our business in a manner that permits our exclusion from the definition of "Investment Company" under the Investment Company Act of 1940, as amended (the "Investment Company Act").

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As of June 30, 2025, we own or have invested in 59 properties. See "Investment Portfolio—Real Estate" below for additional information on these investments. As of June 30, 2025, we also own real estate-related securities, have an investment in a commercial loan and have invested in an affiliated fund which invests primarily in mortgage loans that are collateralized by commercial and residential real estate throughout the United States.

**Public Offering**

In May 2021, we commenced our initial public offering of up to $3.0 billion in shares of common stock. In November 2024, our initial public offering terminated and we commenced our follow-on public offering of up to $3.0 billion, consisting of up to $2.4 billion in shares in our primary offering (the "Primary Offering") and up to $600.0 million in shares under our distribution reinvestment plan (collectively, the "Offering"). We are offering to sell any combination of five classes of shares of our common stock, Class T shares, Class S shares, Class D shares, Class I shares and Class E shares in the Offering, with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions and dealer manager fees and different ongoing stockholder servicing fees. The purchase price per share for each class of our common stock sold in the Offering will vary and will generally equal our prior month's net asset value ("NAV") per share for such class, as determined monthly, plus any applicable upfront selling commissions and dealer manager fees. We intend to continue selling shares in our follow-on public offering on a monthly basis.

As of August 8, 2025, we have received aggregate gross proceeds of $231.5 million from the Offering. We intend to continue selling shares on a monthly basis.

**Private Offerings**

We are conducting private offerings of up to $1.0 billion in shares of our Class N common stock ("Class N shares" or "Class N common stock") (the "Class N Private Offering") and up to $20 million in shares of our Class E common stock ("Class E shares" and the "Class E Private Offering," respectively). All of the Class N shares that were repurchased were classified as Class N redeemable common stock on our condensed consolidated balance sheets. On August 1, 2025, we commenced an additional private offering in shares of our Class S-PR common stock ("Class S-PR shares" or "Class S-PR common stock") and our Class K-PR common stock (Class K-PR shares" or "Class K-PR common stock") (the "Class PR Offering") (collectively, the "Private Offerings"). As of August 8, 2025, we have received gross proceeds of $600.8 million in the Private Offerings, and we have repurchased $74.8 million of Class N shares and $0.4 million of Class E shares, funded by proceeds from both the Offering and Private Offerings.

In August 2022, our board of directors authorized management to initiate, through the Operating Partnership, a program (the "DST Program") to issue and sell up to a maximum aggregate offering amount of $3.0 billion of beneficial interests ("Interests") in specific Delaware statutory trusts (the "DSTs") holding real properties (the "DST Properties"). These Interests will be issued and sold to "accredited investors," as that term is defined under Regulation D promulgated by the SEC under the Securities Act of 1933, as amended (the "Securities Act") in private placements exempt from registration pursuant to Section 4(a)(2) of the Securities Act (the "DST Offerings"). Under the DST Program, each DST Property may be sourced from our real properties or from third parties, will be held in a separate DST, and will be leased back by a wholly-owned subsidiary of the Operating Partnership in accordance with a master lease agreement. Each master lease agreement is guaranteed by the Operating Partnership, which has a fair market value purchase option (the "FMV Option") giving it the right, but not the obligation, to acquire the interests in the applicable DST from the investors any time after two years from the closing of the applicable DST offering in exchange for units of the Operating Partnership ("OP Units") or cash. After a one-year holding period, investors who acquire OP Units under the FMV Option generally have the right to cause the Operating Partnership to redeem all or a portion of their OP Units for, at our sole discretion, shares of our common stock, cash, or a combination of both.

The DST Program gives us the opportunity to expand and diversify our capital-raising strategies by offering what we believe to be an attractive investment product for investors that may be seeking replacement properties to complete like-kind exchange transactions under Section 1031 of the Internal Revenue Code of 1986, as amended. Certain affiliates of the Adviser receive fees in connection with the sale of the Interests and the management of the DSTs. We intend to use the net offering proceeds from the DST Program to make investments in accordance with our investment strategy and policies, reduce our borrowings, repay indebtedness, fund the repurchase of shares of all classes of our common stock under our share repurchase plan and for other corporate purposes. We commenced our DST Program in February 2023. As of August 8, 2025, we have raised $133.4 million from our DST Program.

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**Factors Affecting Operating Results**

Our results of operations are affected by a number of factors and depend on the rental income generated by the properties that we acquire or lend on, the timing of lease expirations, operating expenses, income or loss from unconsolidated entities, general market conditions and the competitive environment for real estate assets. Of these factors, changing macroeconomic landscape, interest rates, capital flows and transaction activity had the most direct impacts on our performance and financial condition during the second quarter of 2025.

*Market Conditions*

Our business is affected by conditions in the financial markets and economic conditions in the United States and to a lesser extent, elsewhere in the world. Inflation and economic trend data, along with policy shifts with a new administration, will ultimately determine if and when interest rates decline. For the time being, secured borrowing costs for core and core plus real estate remain in the 5-6% range, which will inform how investors underwrite value and their conviction in required growth. Our investment decisions today are further colored by a divergence in sector fundamentals, impacts of recent changes to U.S. trade policies and the resulting impacts to both near-term and long-term consumer demand. Amid today's economic uncertainty and volatility, real estate offers tangible, income-generating assets with low correlation to public market fluctuations, making it an effective portfolio diversifier. New trade policies may cause construction costs to increase, which makes owning existing real estate below replacement cost attractive and a defensive place for capital preservation. This could create attractive entry points and investment opportunities, further emphasizing the importance to prioritize investment-level execution to generate outperformance.

*Rental Property Operating Results*

We generate rental property income primarily from rental revenue received by the properties that we acquire. The amount of rental revenue depends upon a number of factors, including our ability to enter into leases with above or at market value rents for the properties that we acquire, and rent collection, which primarily relates to each current and future tenant's financial condition and ability to make rent payments to us on time. Rental property operating expenses include real estate taxes, property insurance, repairs and maintenance, property management fees, utilities and other costs associated with owning real estate.

Our investments are diversified across sectors, including student-housing, multifamily, self-storage, industrial and healthcare. With our pipeline of new investments, ample liquidity and low leverage, we believe we have a unique opportunity to access private real estate at an inflection point. While market volatility and certain fundamental factors have affected and may continue to affect the commercial real estate market and our performance, we believe there are positive long-term fundamentals within our portfolio and benefits from our recent portfolio repositioning. In addition, we believe that demand will continue for Section 1031 investment products, supporting our DST Program.

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**Q2 2025 Highlights**

*Operating Results*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* We declared monthly net distributions totaling $9.4 million for the three months ended June 30, 2025. The details of the average annualized distributions rates and total returns are shown in in the following table:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class T** | **Class S** | **Class D** | **Class I** | **Class E** | **Class N** |
| Average Annualized Distribution Rate<sup>(1)(4)</sup> | 5.5% | 5.5% | 6.1% | 6.3% | 5.9% | 6.0% |
| Year-to-Date Total Return, without upfront selling commissions<sup>(2)(4)</sup> | 0.8% | 0.8% | 1.0% | 1.1% | 1.5% | 1.5% |
| Year-to-Date Total Return, assuming maximum upfront selling commissions<sup>(2)(4)</sup> | (2.7)% | (2.7)% | (0.6)% | 1.1% | 1.5% | 1.5% |
| Inception-to-Date Total Return, without upfront selling commissions<sup>(2)(3)(4)</sup> | 4.1% | 4.2% | 4.3% | 4.7% | 6.0% | 7.8% |
| Inception-to-Date Total Return, assuming maximum upfront selling commissions<sup>(2)(3)(4)</sup> | 3.2% | 3.3% | 4.0% | 4.7% | 6.0% | 7.8% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The annualized distribution rate is calculated as the current month's distribution annualized and divided by the prior month's NAV, which is inclusive of all fees and expenses. The percent shown is the average annualized distribution rate for the three months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Total return is calculated as the change in NAV per share during the respective periods plus any distributions per share declared in the period and assumes any distributions are reinvested in accordance with our distribution reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The inception date was June 1, 2021 for Class T, S and D shares; May 21, 2021 for Class I shares; May 14, 2021 for Class E shares and September 28, 2020 for Class N shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The inception date for Class S-PR and K-PR shares was June 30, 2025. They are excluded from the table due to minimal activity.

*Capital Activity*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We raised $11.8 million of net proceeds from the sale of our common stock during the three months ended June 30, 2025 and also have raised a total of $113.0 million in proceeds from the DST Program as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three months ended June 30, 2025, our second DST Offering was fully subscribed which raised $85.7 million in proceeds.

*Investments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We purchased $1.7 million and sold $0.7 million in real estate-related securities bringing our total investment in real estate-related securities to $57.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We purchased an 85-site, fully-leased, manufactured housing community in Houston, Texas for $9.7 million inclusive of closing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We completed a buyout of the joint venture partner for the Meridian Business 940, Capital Park 2919, and 3101 Agler properties that were previously included as part of the Midwest Industrial Portfolio.

*Financings*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We repaid the mortgage note secured by the Midwest Industrial Portfolio in connection with the joint venture buyout which had a total principal balance of $70.0 million and incurred debt extinguishment charges of $0.5 million.

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**Investment Portfolio**

*Summary of Portfolio*

The following chart summarizes the allocation of our investment portfolio based on fair value as of June 30, 2025:

**Investment Allocation** <sup>(1)</sup>

![132](inreit-20250630_g1.jpg)

The following charts describe the diversification of our investments in real estate based on fair value as of June 30, 2025:

**Property Type** <sup>(2)</sup> 

![260](inreit-20250630_g2.jpg)

**Geography** <sup>(3)</sup>

![265](inreit-20250630_g3.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Investment allocation is measured as the asset value of each investment category (real estate property investments, private real estate debt, real estate-related securities or cash) against the total asset value of all investment categories, excluding the value of any third-party interests in such assets. Real estate investments include our direct property investments, unconsolidated investments and our interest in retail properties through INREIT's interest in ITP Investments LLC. See "—Real Estate" below for additional information on these investments. Totals may not sum to 100% due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Property Type weighting is measured as the asset value of real estate investments for each sector category (Healthcare, Industrial, Office, Multifamily, Grocery-Anchored Retail, Self-Storage, Student Housing, Private Real Estate Debt, Other) against the total asset value of all real estate investments, excluding the value of any third-party interests in such real estate investments. The Other segment includes non-controlling interests in retail properties through our interest in ITP Investments LLC. Totals may not sum to 100% due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;(3)Geography weighting excludes the asset value of any investments in private real estate debt, real estate-related securities or cash and is measured as the asset value of direct real estate properties and unconsolidated investments for each geographical category (East, Midwest, South, West) against the total asset value of all real estate property investments. Totals may not sum to 100% due to rounding.

As of June 30, 2025, we owned interests in 59 properties, which we acquired for a total purchase price of $889.7 million, inclusive of closing costs. Our diversified portfolio of income producing assets consists of healthcare, office, industrial, self-storage, multifamily, student housing and grocery-anchored retail properties, as well as real estate debt investments, concentrated in growth markets across the United States.

The following table provides a summary of our real estate portfolio as of June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Segment** | **Number of<br>Properties** | **Sq. Feet /<br>Units /Beds** | **Occupancy<br>Rate** | **Gross Asset**<br>**Value**<br>**($ in thousands)**<sup>(1)</sup> | **Segment**<br>**Revenue** <br>**($ in thousands)**<sup>(2)</sup> | **Percentage of**<br>**Total Segment**<br>**Revenue**<sup>(3)</sup> |
| Industrial | 12 | 1,877,967 sq. ft. | 80% | $214134 | $7847 | 20% |
| Healthcare | 20 | 1,030,397 sq. ft. | 94% | 167791 | 1830 | 5% |
| Multifamily | 2 | 541 units | 97% | 126058 | 8059 | 20% |
| Student Housing | 1 | 833 beds | 85% | 115487 | 6885 | 17% |
| Self-Storage | 8 | 462,520 sq. ft. | 91% | 79684 | 3502 | 9% |
| Grocery-Anchored Retail | 1 | 122,225 sq. ft. | 100% | 60200 | 2854 | 7% |
| Office | 1 | 80,980 sq. ft. | 100% | 27900 | 1462 | 4% |
| Other<sup>(4)</sup> | 14 | 4,252,125 sq. ft. / <br>85 units | 100% | 66766 | 2744 | 7% |
| Total | 59 |  |  | $858020 | $35183 | 89% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Based on fair value as of June 30, 2025. The Gross Asset Value includes investments in both consolidated and unconsolidated real estate. The unconsolidated investments, excluding preferred equity investments, are included at our pro-rata share of the investment. For our preferred equity investments, we include the fair value of our preferred equity investment. See "—Real Estate" below for additional information on these investments.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Segment revenue is presented for the six months ended June 30, 2025. Healthcare and Other segment revenue includes income from unconsolidated entities.

&nbsp;&nbsp;&nbsp;&nbsp;(3)The Percentage of Total Segment Revenue does not equal 100% as it does not include real estate debt and real estate-related securities. See the tables below for the remainder of our segment revenue.

&nbsp;&nbsp;&nbsp;&nbsp;(4)The full amount of the Other segment is comprised of non-controlling interests we own in retail properties through our interest in ITP Investments LLC and our investment in a manufactured housing community. See "—Real Estate" below for additional information on these investments.

The following table provides a summary of our real estate debt as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Segment** | **Number of<br>Instruments** | **Fair**<br>**Value**<br>**($ in thousands)**<sup>(1)</sup> | **Segment**<br>**Revenue**<br>**($ in thousands)**<sup>(2)</sup> | **Percentage of**<br>**Total Segment**<br>**Revenue**<sup>(3)</sup> |
| Real Estate Debt | 3 | $55920 | $3127 | 8% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Based on fair value as of June 30, 2025. The Fair Value includes an investment in a commercial mortgage, the investment in an affiliated debt fund and unconsolidated preferred equity. See "—Real Estate Debt" below for additional information on these investments.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Segment revenue is presented for the six months ended June 30, 2025. The Real Estate Debt segment revenue includes income from unconsolidated entities as a result of the San Simeon Holdings LLC ("San Simeon Preferred Equity") investment, income from commercial loans and income from the investment in an affiliated fund.

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&nbsp;&nbsp;&nbsp;&nbsp;(3)The Percentage of Total Segment Revenue does not equal 100% as it does not include the real estate portfolio and real estate-related securities.

The following table provides a summary of our real estate-related securities as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Segment** | **Number of<br>Instruments** | **Fair**<br>**Value**<br>**(in thousands)**<sup>(1)</sup> | **Segment**<br>**Revenue**<br>**(in thousands)**<sup>(2)</sup> | **Percentage of**<br>**Total Segment**<br>**Revenue**<sup>(3)</sup> |
| Real Estate-Related Securities | 26 | $57721 | $1250 | 3% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Based on fair value as of June 30, 2025. The Fair Value includes investments in liquid real estate-related securities consisting of investments in commercial mortgage backed securities ("CMBS") and preferred stock of REITs. See "—Investments in Real Estate-Related Securities" below for additional information on these investments.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Segment revenue is presented for the six months ended June 30, 2025. The Real Estate-Related Securities segment revenue includes the gain (loss) from real estate-related securities, net.

&nbsp;&nbsp;&nbsp;&nbsp;(3)The Percentage of Total Segment Revenue does not equal 100% as it does not include the real estate portfolio and real estate debt.

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*Real Estate*

The following table provides information regarding our portfolio of real estate as of June 30, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Segment and Investment** | **Number of Properties** | **Location(s)** | **Acquisition Date(s)** | **Ownership Interest** | **Purchase Price ($ in thousands)** | **Sq. Feet /<br>Units /Beds** | **Sq. Feet /<br>Units /Beds** | **Occupancy** |
| <u>Industrial:</u> |  |  |  |  |  |  |  |  |
| 13034 Excelsior<sup>(5)</sup> | 1 | Norwalk, CA | December 2020 | 100% | $18594 | 53527 | sq. ft. | 100% |
| 5201 Industry<sup>(5)</sup> | 1 | Pico Rivera, CA | December 2020 | 100% | 12483 | 40480 | sq. ft. | 100% |
| Meridian Business 940<sup>(2)(5)</sup> | 1 | Aurora, IL | September 2021 | 100% | 29615 | 257542 | sq. ft. | 100% |
| Capital Park 2919<sup>(2)(5)</sup> | 1 | Grove City, OH | January 2022 | 100% | 28030 | 378283 | sq. ft. | 100% |
| 3101 Agler Road<sup>(2)(5)</sup> | 1 | Columbus, OH | March 2022 | 100% | 20503 | 160000 | sq. ft. | 100% |
| Earth City 13330<sup>(2)</sup> | 1 | Earth City, MO | March 2022 | 95% | 37418 | 542600 | sq. ft. | 42% |
| International Business 4535 | 1 | Charlotte, NC | July 2024 | 100% | 8731 | 61200 | sq. ft. | 100% |
| NJ Exit 5 Industrial Portfolio | 5 | Lumberton, NJ | December 2024 | 95% | 62069 | 384335 | sq. ft. | 85% |
| *Total Industrial* | 12 |  |  |  | 217443 | 1877967 | sq. ft. |  |
| <u>Multifamily:</u> |  |  |  |  |  |  |  |  |
| Everly Roseland<sup>(3)</sup> | 1 | Roseland, NJ | April 2022 | 57% | 162023 | 360 | units | 97% |
| Elan at Bluffview | 1 | Dallas, TX | November 2024 | 100% | 36954 | 181 | units | 95% |
| *Total Multifamily* | 2 |  |  |  | 198977 | 541 | units |  |
| <u>Student Housing:</u> |  |  |  |  |  |  |  |  |
| The Carmin | 1 | Tempe, AZ | December 2021 | 59% | 163692 | 833 | beds | 85% |
| *Total Student Housing* | 1 |  |  |  | 163692 | 833 | beds |  |
| <u>Healthcare:</u> |  |  |  |  |  |  |  |  |
| Sunbelt Medical Office Portfolio<sup>(1)</sup> | 20 | CA, CO, FL, TN, TX | September 2020 / December 2020 / February 2021 | 42.5% | 86416 | 1030397 | sq. ft. | 94% |
| *Total Healthcare* | 20 |  |  |  | 86416 | 1030397 | sq. ft. |  |
| <u>Self-Storage:</u> |  |  |  |  |  |  |  |  |
| River Road Storage<sup>(5)</sup> | 1 | Salem, OR | September 2021 | 100% | 15540 | 76034 | sq. ft. | 88% |
| South Loop Storage<sup>(5)</sup> | 1 | Houston, TX | September 2021 | 100% | 11141 | 66981 | sq. ft. | 90% |
| University Parkway Storage<sup>(5)</sup> | 1 | Winston-Salem, NC | April 2022 | 100% | 12154 | 52275 | sq. ft. | 97% |
| Bend Self-Storage Portfolio<sup>(5)</sup> | 2 | Bend, OR | June 2022 | 100% | 18078 | 62805 | sq. ft. | 91% |
| Clarksville Self-Storage Portfolio<sup>(5)</sup> | 3 | Clarksville, TN | July 2022 | 100% | 24529 | 204425 | sq. ft. | 90% |
| *Total Self-Storage* | 8 |  |  |  | 81442 | 462520 | sq. ft. |  |
| <u>Grocery-Anchored Retail:</u> |  |  |  |  |  |  |  |  |
| Cortlandt Crossing | 1 | Mohegan Lake, NY | February 2022 | 100% | 65553 | 122225 | sq. ft. | 100% |
| *Total Grocery-Anchored Retail* | 1 |  |  |  | 65553 | 122225 | sq. ft. |  |
| <u>Office:</u> |  |  |  |  |  |  |  |  |
| Willows Commerce 9805 | 1 | Redmond, WA | December 2020 | 100% | 35729 | 80980 | sq. ft. | 100% |
| *Total Office* | 1 |  |  |  | 35729 | 80980 | sq. ft. |  |
| <u>Other:</u> |  |  |  |  |  |  |  |  |
| Retail GP Fund<sup>(4)</sup> | 13 | Various<sup>(4)</sup> | Various<sup>(4)</sup> | 4.5% - 9.0%  | 30700 | 4252125 | sq. ft. | 90% |
| Tanner Road MHC | 1 | Houston, TX | May 2025 | 100% | 9718 | 85 | units | 100% |
| *Total Other* | 14 |  |  |  | 40418 |  |  |  |
| **Total Investment Properties** | 59 |  |  |  | $889670 |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)We hold our interest in the Sunbelt Medical Office Portfolio through a 50% ownership interest in a joint venture with Invesco U.S. Income Fund L.P., an affiliate of Invesco, (the "Invesco JV"). The Invesco JV holds an 85% ownership interest in a joint venture with a third-party. We account for our investment using the equity method of accounting. The dates of acquisition and aggregate purchase price in the table above reflect the dates of our investments and the total amount of our investment in the Invesco JV.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Meridian Business 940, Capital Park 2919, 3101 Agler and Earth City 13330 were previously presented as Midwest Industrial Portfolio. On April 24, 2025, we purchased the remaining 5% interest of the Meridian Business 940, Capital Park 2919 and 3101 Agler properties, in which we previously had a 95% ownership interest, from our joint venture partner.

&nbsp;&nbsp;&nbsp;&nbsp;(3)We hold our interest in Everly Roseland through a 60% consolidated ownership interest in Everly Roseland Co-Invest, a co-investment between INREIT OP and Invesco Real Estate Atlas US Everly LLC ("Atlas US"), an affiliate of Invesco. Invesco Global Property Plus Fund ("IGP+"), the majority owner in Atlas US, owns more than 10% of our outstanding common stock as of the date of this Report. The Everly Roseland Co-Invest holds a 95% consolidated ownership interest in a joint venture with a third-party.

&nbsp;&nbsp;&nbsp;&nbsp;(4)We hold an 85% ownership interest in a joint venture, ITP Investments LLC ("ITP LLC"). ITP LLC has a 90% interest in PT Co-GP Fund, LLC ("Retail GP Fund"), which was formed to invest in retail properties through non-controlling general partner interests. The ownership interest and aggregate purchase price in the table above reflects ITP LLC's ownership interest and the total amount paid by ITP LLC to obtain non-controlling general partner interests in the retail properties. The properties were acquired over several transactions from October 2021 to June 2024 and are located throughout the United States.

&nbsp;&nbsp;&nbsp;&nbsp;(5)These properties are held through our DST Program as of June 30, 2025 and have been consolidated in our condensed consolidated balance sheets. Any profits interest due to the third-party investors in the DST Program are reported within non-controlling interests in consolidated joint ventures in our condensed consolidated balance sheets.

*Lease Expirations*

The following schedule details the expiring leases at our consolidated office, industrial, and grocery-anchored retail properties, as well as our unconsolidated healthcare properties by annualized base rent and square footage as of June 30, 2025. The table below excludes our self-storage, multifamily and student housing properties as substantially all leases at such properties expire within 12 months.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Number of<br>Expiring Leases** | **Annualized**<br>**Base Rent (in thousands)** <sup>(1)(2)</sup> | **% of Total<br>Annualized Base<br>Rent Expiring** | **Square<br>Feet** | **% of Total Square<br>Feet Expiring** |
| 2025 (remaining) | 31 | $2952 | 6% | 122740 | 5% |
| 2026 | 43 | 5130 | 11% | 401612 | 15% |
| 2027 | 30 | 3944 | 9% | 368655 | 14% |
| 2028 | 37 | 5073 | 11% | 145969 | 5% |
| 2029 | 31 | 6239 | 14% | 510891 | 19% |
| 2030 | 23 | 3703 | 8% | 169287 | 6% |
| 2031 | 12 | 1592 | 3% | 142775 | 5% |
| 2032 | 11 | 1045 | 2% | 35301 | 1% |
| 2033 | 6 | 630 | 1% | 20771 | 2% |
| 2034 | 12 | 1335 | 3% | 53700 | 2% |
| Thereafter | 32 | 14557 | 32% | 691624 | 26% |
| Total | 268 | $46200 | 100% | 2663325 | 100% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Annualized base rent is determined from the annualized June 30, 2025 base rent per leased square foot of the applicable year and excludes tenant recoveries, straight-line rent and above-market and below-market lease amortization.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes 100% of the Sunbelt Medical Office Portfolio.

*Real Estate Debt*

We hold an investment in San Simeon Preferred Equity. San Simeon Preferred Equity owns San Simeon Apartments, a 431 unit multifamily property in Houston, Texas which is 90% occupied. Our investment is structured as a preferred membership interest, and we account for our investment in the San Simeon Apartments using the equity method of accounting. At June 30, 2025, our total equity investment was $29.5 million.

We have an investment in Invesco Commercial Mortgage Income - U.S. Fund, L.P. ("CMI"), an affiliate of Invesco managed by our Adviser, which invests primarily in mortgage loans that are collateralized by commercial and residential real estate throughout the United States. As of June 30, 2025, our investment in CMI was $14.5 million.

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The following table summarizes our investment in a commercial loan as of June 30, 2025 and December 31, 2024:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Current Principal Balance** | **Current Principal Balance** | **Fair Value** | **Fair Value** | |
| **in thousands** |<br>**Origination Date** |<br>**Loan Type** |<br>**Interest Rate**<sup>(1)</sup> |<br>**Periodic Payment Terms** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |<br>**Maturity Date** |
| 5805 N Jackson Gap Loan | 1/20/2023 | Mezzanine | 12.48% | Interest only | $12245 | $13007 | $12190 | $12996 | 2/9/2026 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents the interest rate as of June 30, 2025. The loan earns interest at Secured Overnight Financing Rate ("SOFR") plus a spread.

We elected the fair value option and, accordingly, there are no capitalized origination costs or fees associated with the loans.

*Investments in Liquid Real Estate-Related Securities* 

As of June 30, 2025, our liquid real estate-related securities portfolio consisted of investments in commercial mortgage backed securities ("CMBS") and preferred stock of REITs. The following table details our investments in real estate-related securities as of June 30, 2025 and December 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **in thousands** | **Principal Balance** | **Unamortized Premium (Discount)** | **Amortized Cost / Cost**<sup>(1)</sup> | **Unrealized Gain (Loss), Net** | **Fair Value** | **Period-end Weighted Average Yield** | **Weighted-Average Maturity Date** |
| Non-agency CMBS | $56858 | $(1560) | $55298 | $469 | $55767 | 6.60% | 11/3/2027 |
| Preferred stock of REITs | N/A | N/A | 1974 | (20) | 1954 | 6.50% | N/A |
| Total | $56858 | $(1560) | $57272 | $449 | $57721 |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **in thousands** | **Principal Balance** | **Unamortized Premium (Discount)** | **Amortized Cost / Cost**<sup>(1)</sup> | **Unrealized Gain (Loss), Net** | **Fair Value** | **Period-end Weighted Average Yield** | **Weighted-Average Maturity Date** |
| Non-agency CMBS | $52377 | $(1553) | $50824 | $49 | $50872 | 6.81% | 1/14/2027 |
| Common stock of REITs | N/A | N/A | 5543 | 56 | 5600 | 4.41% | N/A |
| Total | $52377 | $(1553) | $56367 | $105 | $56472 |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For non-agency CMBS, the amount presented represents amortized cost. For preferred and common stock of REITs, the amount presented represents cost.

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**Results of Operations**

The following table sets forth the results of our operations:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **$ Change** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **$ Change** |
| **in thousands** | **2025** | **2024** | **$ Change** | **2025** | **2024** | **$ Change** |
| **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue | $14498 | $14558 | $(60) | $29416 | $29052 | $364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from commercial loans | 390 | 1140 | (750) | 785 | 2270 | (1485) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 760 | 665 | 95 | 2030 | 1405 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 15648 | 16363 | (715) | 32231 | 32727 | (496) |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental property operating | 6631 | 5779 | 852 | 12337 | 12418 | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 2495 | 1765 | 730 | 4599 | 2763 | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee - related party | 708 | 498 | 210 | 1313 | 963 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance participation interest - related party | 8 |  | 8 | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 7153 | 5919 | 1234 | 14209 | 11943 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 16995 | 13961 | 3034 | 32466 | 28087 | 4379 |
| **Other income (expense), net** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated entities, net | 419 | 79 | 340 | 492 | 1081 | (589) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on real estate-related securities, net | 697 | 737 | (40) | 1250 | 1755 | (505) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from investment in affiliated fund, net | 224 | 505 | (281) | 697 | 1156 | (459) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on derivative instruments, net | (92) | 547 | (639) | (637) | 2270 | (2907) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on commercial loans | 21 | 56 | (35) | (45) | 110 | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment charges | (451) |  | (451) | (485) |  | (485) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 756 | 477 | 279 | 1486 | 775 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (3925) | (6114) | 2189 | (8485) | (12073) | 3588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | (85) | (301) | 216 | (163) | (489) | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense), net** | (2436) | (4014) | 1578 | (5890) | (5415) | (475) |
| **Net income (loss) attributable to Invesco Real Estate Income Trust Inc.** | $(3783) | $(1612) | $(2171) | $(6125) | $(775) | $(5350) |
| Dividends to preferred stockholders | $— | $(2) | $2 | $— | $(4) | $4 |
| Issuance and redemption costs of redeemed preferred stock |  | (24) | 24 |  | (24) | 24 |
| Net (income) loss attributable to non-controlling interests in consolidated joint ventures | (317) | 475 | (792) | (304) | 497 | (801) |
| Net (income) loss attributable to non-controlling interest in INREIT OP | (37) | 3 | (40) | (55) | 42 | (97) |
| **Net income (loss) attributable to common stockholders** | $(4137) | $(1160) | $(2977) | $(6484) | $(264) | $(6220) |

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*Rental Revenue, Other Revenue and Rental Property Operating Expenses*

Our rental revenue primarily consists of fixed contractual base rent from our tenants and is recognized on a straight-line basis over the non-cancelable terms of the related leases. Our rental property operating expenses generally include the costs of ownership of real estate, including insurance, utilities, real estate taxes and repair and maintenance expense. Rental revenue decreased by $0.1 million, other revenue increased by $0.1 million and rental property operating expenses increased by $0.9 million for the three months ended June 30, 2025 as compared to the same period in 2024. Rental revenue increased by $0.4 million, other revenue increased by $0.6 million and rental property operating expenses decreased by $0.1 million for the six months ended June 30, 2025 as compared to the same period in 2024. For the three and six months ended, rental revenue is consistent and increased, respectively, due to the acquisition of eight new properties in the last twelve months. For the three and six months ended, the increase in other revenue is due to an increase in interests sold in our DST Program in 2025 driving an increase in the organizational and offering expense reimbursements and closing cost reimbursements that we receive. The increase in rental property operating expenses for the three months ended is primarily due to the acquisition of eight properties in the last twelve months. For the six months ended, rental property operating expenses decreased primarily due to a change in the accrual of promote fees at our self-storage properties in 2025 as compared to 2024. There was no promote earned as of June 30, 2025.

*Income from Commercial Loans and Unrealized Gain (Loss) on Commercial Loans*

During the three and six months ended June 30, 2025, income from commercial loans decreased $0.8 million and $1.5 million, respectively, compared to the three and six months ended June 30, 2024. This is due to the maturity of the Blue Grass commercial loan in September 2024. For the three months ended June 30, 2025, unrealized gain on commercial loans decreased by approximately $35,000 compared to the three months ended June 30, 2024. For the six months ended June 30, 2025, we recorded an unrealized loss on commercial loans which is a decrease of approximately $0.2 million compared to the unrealized gain on commercial loans for the six months ended June 30, 2024. Changes for both of the comparable periods were driven by changes to the interest rate environment as compared to 2024.

*General and Administrative*

During the three and six months ended June 30, 2025, general and administrative expenses increased $0.7 million and $1.8 million, respectively, compared to the three and six months ended June 30, 2024. The increase was primarily due to higher corporate level expenses incurred.

*Management Fee - Related Party*

During the three and six months ended June 30, 2025, the management fee increased $0.2 million and $0.4 million compared to the three and six months ended June 30, 2024 due to an additional management fee payable to the Adviser from interests sold in our DST Program.

*Performance Participation Interest - Related Party*

During the three and six months ended June 30, 2025, the performance participation interest increased approximately $8,000 as it started to accrue in June 2025. There was no performance participation interest accrual for the three and six months ended June 30, 2024.

*Depreciation and Amortization*

During the three and six months ended June 30, 2025, depreciation and amortization increased $1.2 million and $2.3 million compared to the three and six months ended June 30, 2024 primarily due to the acquisition of eight properties in the last twelve months.

*Income (Loss) from Unconsolidated Entities, Net*

During the three and six months ended June 30, 2025, income from unconsolidated entities increased $0.3 million and decreased $0.6 million, respectively, compared to three and six months ended June 30, 2024. The increase for the three months ended is due to a promote received from the past sales of investments in our Retail GP fund. The decrease for the six months ended was primarily due to a decrease in net income at Vida JV LLC due to unrealized losses from derivatives and a decrease in net income at Retail GP Fund due to higher depreciation and amortization driven by additional investments in six properties acquired in June 2024.

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*Gain (Loss) on Real Estate-Related Securities, Net*

During the three and six months ended June 30, 2025, our gains on real estate-related securities decreased by approximately $40,000 and 0.5 million, respectively, compared to the three and six months ended June 30, 2024. The decrease was primarily due to an increase in unrealized losses from market volatility on common stock holdings.

*Income (Loss) from Investment in Affiliated Fund, Net*

During the three and six months ended June 30, 2025, income from investment in affiliated fund decreased by $0.3 million and $0.5 million, respectively, compared to the three and six months ended June 30, 2024. The decrease is primarily due to a decrease in net investment income caused by partial redemptions and distributions which decreased our investment and unrealized loss allocations of the fund.

*Gain (Loss) on Derivative Instruments, Net*

During the three and six months ended June 30, 2025, loss on derivative instruments changed by $0.6 million and $2.9 million, respectively, compared to a gain on derivative instruments for the three and six months ended June 30, 2024. The change for the three and six months ended June 30, 2025 is a result of unrealized losses in 2025 compared to 2024 and a decrease in contractual interest received from the derivative instruments due to expired and terminated contracts.

*Debt Extinguishment Charges*

During the three and six months ended June 30, 2025, we incurred debt extinguishment charges of $0.5 million, respectively, from the early repayment of the mortgage notes secured by The Carmin and Midwest Industrial Portfolio properties. We did not incur any debt extinguishment charges in the three and six months ended June 30, 2024.

*Interest Income*

During the three and six months ended June 30, 2025, interest income increased by $0.3 million and $0.7 million, respectively, compared to the three and six months ended June 30, 2024. The increase was primarily due to a higher cash balance as of June 30, 2025 as compared to June 30, 2024.

*Interest Expense*

During the three and six months ended June 30, 2025, interest expense decreased $2.2 million and $3.6 million, respectively, compared to the three and six months ended June 30, 2024. The decrease is primarily due to the repayment of the mortgage associated with a property sold in 2024 and the repayment of the mortgage related to the Midwest Industrial Portfolio that was paid off in April 2025.

**Funds from Operations, Adjusted Funds from Operations and Funds Available for Distribution**

We believe funds from operations ("FFO") is a meaningful non-GAAP measure. Our condensed consolidated financial statements are presented in accordance with GAAP under historical cost accounting which, among other things, requires depreciation of real estate investments to be calculated on a straight-line basis. As a result, our operating results imply that the value of our real estate investments will decrease evenly over a set time period. However, we believe that the value of our real estate investments will fluctuate over time based on market conditions and as such, depreciation under historical cost accounting may be less informative. FFO is a standard REIT industry metric defined by the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as net income or loss (computed in accordance with GAAP), excluding (i) gains or losses from sales of depreciable real property, (ii) impairment write-downs on depreciable real property, plus (iii) real estate-related depreciation and amortization and (iv) similar adjustments for non-controlling interests and unconsolidated entities.

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We also believe that adjusted FFO ("AFFO") is a meaningful non-GAAP measure of our operating results. AFFO further adjusts FFO to reflect the performance of our portfolio by adjusting for items we believe are not directly attributable to our operations. Our adjustments to FFO to arrive at AFFO include removing the impact of (i) straight-line rental income, (ii) amortization of capitalized tax abatements, (iii) amortization of above- and below-market lease intangibles, (iv) amortization of deferred financing costs, (v) organization expenses advanced by the Adviser, as well as repayment of those expenses, (vi) unrealized losses (gains) from changes in fair value of financial instruments, (vii) non-cash share based compensation awards and amortization of unvested restricted stock awards, (viii) non-cash performance participation interest or other non-cash incentive compensation even if repurchased by us, (ix) debt extinguishment charges and (x) similar adjustments for non-controlling interests and unconsolidated entities. We may add additional adjustments from FFO to arrive at AFFO as appropriate.

We also believe FAD is a meaningful non-GAAP measure that provides useful information for considering our operating results and certain other items relative to the amount of our distributions by removing the impact of certain non-cash items from our operating results. FAD is calculated as AFFO excluding (i) realized losses (gains) on investments in financial instruments and (ii) management fees paid in shares of our common stock or INREIT OP units even if repurchased by us, and including deductions for (a) recurring tenant improvements, leasing commissions, and other capital projects, (b) stockholder servicing fees paid during the period, (c) certain operating expenses advanced by the Adviser, as well as repayment of those expenses, (d) accrued preferred return from preferred membership interest, (e) accrued preferred return from preferred equity investment, (f) accrued property incentive fees and (g) similar adjustments for non-controlling interests and unconsolidated entities. FAD is not indicative of cash available to fund our cash needs and does not represent cash flows from operating activities in accordance with GAAP, as it excludes adjustments for working capital items and actual cash receipts from interest income recognized on investments in commercial loans. Cash flows from operating activities in accordance with GAAP would generally be adjusted for such items. Furthermore, FAD is adjusted for stockholder servicing fees and recurring tenant improvements, leasing commissions and other capital expenditures, which are not considered when determining cash flows from operating activities in accordance with GAAP.

FFO, AFFO, and FAD should not be considered to be more relevant or accurate than the GAAP methodology in calculating net income (loss) or in evaluating our operating performance. In addition, FFO, AFFO, and FAD should not be considered as alternatives to net income (loss) as indications of our performance or as alternatives to cash flows from operating activities as indications of our liquidity, but rather should be reviewed in conjunction with these and other GAAP measurements. Further, FFO, AFFO, and FAD are not intended to be used as liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our stockholders. In addition, our methodology for calculating AFFO and FAD may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported AFFO and FAD may not be comparable to the AFFO and FAD reported by other companies.

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The following table presents a reconciliation of FFO, AFFO and FAD to net income (loss) attributable to our stockholders:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **in thousands** | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) attributable to our stockholders | $(4137) | $(1160) | $(6484) | $(264) |
| &nbsp;&nbsp;Adjustments to arrive at FFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of investments in real estate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate depreciation and amortization | 7153 | 5919 | 14209 | 11943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount attributed to unconsolidated entities for real estate depreciation and amortization | 2317 | 2209 | 4732 | 4449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount attributed to non-controlling interests for real estate depreciation and amortization | 835 | (615) | (856) | (1287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount attributed to unconsolidated entities for net gain on disposition of real estate | (340) |  | (340) | (106) |
| FFO attributable to our stockholders | 5828 | 6353 | 11261 | 14735 |
| &nbsp;&nbsp;Adjustments to arrive at AFFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rental income | (187) | (163) | (332) | (338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized tax abatement<sup>(1)</sup> | 42 | 42 | 83 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of above-market and below-market lease intangibles | (421) | (55) | (867) | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 426 | 313 | 747 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment charges | 485 |  | 485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized losses (gains) from changes in the fair value of financial instruments<sup>(2)</sup> | (82) | 825 | 1098 | (1716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash share based compensation awards | 63 | 19 | 125 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash performance participation interest | 8 |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount attributed to unconsolidated entities for unrealized losses (gains) on fair value of financial instruments | 524 | 860 | 1065 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount attributed to unconsolidated entities for above adjustments | 71 | (12) | 131 | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount attributed to non-controlling interests for above adjustments | (181) | (53) | (525) | 205 |
| AFFO attributable to our stockholders | 6576 | 8129 | 13279 | 14715 |
| Adjustments to arrive at FAD: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash management fee | 708 | 498 | 1313 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring tenant improvements, leasing commissions and other capital expenditures<sup>(3)</sup> | (450) | (307) | 144 | (337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued preferred return from preferred membership interest | (308) | (288) | (608) | (573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued preferred return from preferred equity investment | (87) | (86) | (172) | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder servicing fees | (50) | (44) | (96) | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring capital expenditures attributed to unconsolidated entities<sup>(3)</sup> | (359) | (327) | (1580) | (1188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recurring capital expenditures attributed to non-controlling interests<sup>(3)</sup> | (10) | 36 | 790 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized (gains) losses on financial instruments<sup>(4)</sup> | 995 | (230) | 1029 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued property incentive fees |  | (356) | (92) | 667 |
| FAD attributable to our stockholders | $7015 | $7025 | $14007 | $15431 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)We obtained a tax abatement in conjunction with our purchase of the 3101 Agler property with an expiration date of December 31, 2031. We are amortizing the tax abatement over its remaining useful life as a component of property operating expenses in the condensed consolidated statements of operations. As of June 30, 2025, accumulated amortization of the capitalized tax abatement was $0.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Unrealized losses (gains) from changes in fair value of financial instruments primarily relates to mark-to-market changes on our investments in real estate-related securities, investment in affiliated fund, investments in commercial loans and derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(3)Recurring capital expenditures are required to maintain our investments. Capital expenditures exclude underwritten tenant improvements, leasing commissions and capital expenditures with useful lives over 10 years.

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&nbsp;&nbsp;&nbsp;&nbsp;(4)Realized (gains) losses on financial instruments relates to the sale of real estate related securities, realized (gains) losses from derivative instruments and realized (gains) losses from our investment in affiliated fund.

**Net Asset Value**

We calculate NAV in accordance with the valuation guidelines approved by our board of directors. We calculate our NAV for each class of shares based on the net asset values of our investments (including loans and real estate-related securities), the addition of any other assets (such as cash on hand), and the deduction of any liabilities (including mortgages, other indebtedness, the allocation/accrual of any performance participation to Invesco REIT Special Limited Partner L.L.C. (the "Special Limited Partner") and the deduction of any stockholder servicing fees specifically applicable to such class of shares). NAV is not a measure used under GAAP and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from GAAP. You should not consider NAV to be equivalent to stockholders' equity or any other GAAP measure.

The following table reconciles stockholders' equity under GAAP per our condensed consolidated balance sheets to our NAV:

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| | | |
|:---|:---|:---|
| **in thousands** | **June 30, 2025** | **December 31, 2024** |
| Stockholders' equity | $89427 | $102268 |
| Adjustments: |  |  |
| Class N redeemable common stock<sup>(1)</sup> | 435407 | 425178 |
| Unrealized net real estate and borrowings appreciation (depreciation)<sup>(2)</sup> | (26873) | (27036) |
| Accumulated depreciation and amortization<sup>(3)</sup> | 124251 | 108062 |
| Impairment of investments in real estate<sup>(7)</sup> | 6182 | 6182 |
| Organization costs, offering costs and certain operating expenses<sup>(4)</sup> | 12000 | 12000 |
| Redeemable non-controlling interests attributable to INREIT OP<sup>(5)</sup> | 284 | 2018 |
| Accrued stockholder servicing fee<sup>(6)</sup> | 2597 | 2490 |
| Straight-line rent receivable<sup>(8)</sup> | (7820) | (7399) |
| Purchase and sale of interest in consolidated joint ventures<sup>(9)</sup> | (17020) |  |
| Other |  | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;NAV | $618435 | $624507 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)MassMutual's Class N shares have been classified as redeemable common stock, which is not a component of stockholders' equity on our condensed consolidated balance sheets in this Quarterly Report on Form 10-Q, because MassMutual has the contractual right to redeem the shares under certain circumstances. MassMutual's redemption rights are not transferable. We include the value of these shares as a component of our NAV.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Our investments in real estate are presented under historical cost in our condensed consolidated financial statements in this Quarterly Report on Form 10-Q. Additionally, our mortgage notes, revolving credit facility and financing obligation ("Borrowings") are presented at their carrying value in our condensed consolidated financial statements. As such, any increases or decreases in the fair market value of our investments in real estate or our Borrowings are not included in our condensed consolidated financial statements. For purposes of determining our NAV, our investments in real estate and our Borrowings are recorded at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;(3)We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization, including depreciation and amortization related to our investments in unconsolidated entities, is excluded for purposes of determining our NAV.

&nbsp;&nbsp;&nbsp;&nbsp;(4)The Adviser advanced all of our operating expenses on our behalf through December 31, 2021. Beginning January 2022 and ceasing September 2022, we began ratably reimbursing the Adviser over 60 months for the operating expenses incurred prior to December 31, 2021 and will recommence reimbursements to the Adviser following the earlier of (1) the date our NAV reaches $1.0 billion and (2) December 31, 2027.

The Adviser advanced all of our organization and offering expenses (other than upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees) incurred through December 31, 2022. We will reimburse the Adviser for all of our advanced expenses ratably over 60 months following the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2027.

Under GAAP, organization and operating costs are expensed as incurred and offering costs are charged to equity as such amounts are incurred. For NAV, all such costs will be recognized as a reduction to NAV as they are reimbursed ratably over 60 months. The adjustment presented represents the difference between the organization costs, offering costs and certain operating expenses advanced by the Adviser and the amount that has been reimbursed to the Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;(5)The Class E units in the Operating Partnership held by the Special Limited Partner have been classified as redeemable non-controlling interest, which is not a component of stockholders' equity on our condensed consolidated balance sheets in this Quarterly Report on Form 10-Q. We include the value of these units as a component of our NAV. These Class E units are classified as redeemable non-controlling interest in the Operating Partnership on our condensed consolidated balance sheets because the Special Limited Partner has the contractual right to redeem the units under certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;(6)Accrued stockholder servicing fee represents the accrual for the cost of the stockholder servicing fee for Class T, Class S and Class D shares. Under GAAP, we accrued the full cost of the stockholder servicing fee payable over the life of each share (assuming such share remains outstanding the length of time required to pay the maximum stockholder servicing fee) as an offering cost at the time we sold the Class T, Class S and Class D. For purposes of calculating NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis when such fee is paid.

&nbsp;&nbsp;&nbsp;&nbsp;(7)We record impairment of investments in real estate in accordance with GAAP. Any impairment recorded for GAAP is excluded for purposes of determining our NAV.

&nbsp;&nbsp;&nbsp;&nbsp;(8)We record straight-line rent in accordance with GAAP. Any resulting straight-line rent receivable or liability is excluded for purposes of determining our NAV.

&nbsp;&nbsp;&nbsp;&nbsp;(9)Under GAAP, contributions where there is an addition or reduction in the parent's ownership interest and control is maintained are based on the carrying value of the property at the time of the transaction. Therefore, contributions from non-controlling interests in the property may not equal total consideration received. For purposes of determining our NAV, contributions from non-controlling interests are equal to total consideration received.

The following table provides a breakdown of the major components of our total NAV as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| **in thousands, except share/unit data**<br>**Components of NAV** |<br>**June 30, 2025** |<br>**December 31, 2024** |
| Investments in real estate | $785437 | $774238 |
| Investments in unconsolidated entities | 148221 | 148905 |
| Investments in real estate-related securities | 65939 | 56472 |
| Investment in commercial loan | 12190 | 12996 |
| Investment in affiliated fund | 14487 | 21675 |
| Cash and cash equivalents | 60711 | 48820 |
| Restricted cash | 2946 | 4883 |
| Other assets | 10965 | 4395 |
| Mortgage notes, revolving credit facility and financing obligation, net | (286862) | (336291) |
| Subscriptions received in advance | (1457) | (835) |
| Other liabilities | (17815) | (18921) |
| Accrued performance participation interest | (8) |  |
| Management fee payable | (476) | (359) |
| Accrued stockholder servicing fees | (17) | (16) |
| Non-controlling interests in joint-ventures | (175826) | (91455) |
| Net asset value | $618435 | $624507 |
| Number of outstanding shares/units | 22775730 | 22676865 |

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **in thousands, except share/unit data** | **in thousands, except share/unit data** | | | | | | | | | |
| **NAV Per Share/Unit** | **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>**Operating Partnership Units**<sup>(1)</sup> |<br>**Total** |
| Net asset value | $7491 | $12340 | $13410 | $107081 | $34982 | $407156 | $23794 | $11897 | $284 | $618435 |
| Number of outstanding shares/units | 287453 | 472364 | 514176 | 4083641 | 1252535 | 14837046 | 878895 | 439448 | 10172 | 22775730 |
| NAV Per Share/Unit as of June 30, 2025 | $26.0615 | $26.1232 | $26.0804 | $26.2218 | $27.9293 | $27.4418 | $27.0728 | $27.0728 | $27.9293 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes the limited partnership interest of the Operating Partnership held by the Special Limited Partner.

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Our real estate properties are valued by an independent advisor using a discounted cash flow methodology. The following table summarizes the weighted averages of the key unobservable inputs used in the June 30, 2025 valuations:

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| | | |
|:---|:---|:---|
| **Property Type** | **Discount Rate** | **Exit Capitalization Rate** |
| Healthcare | 7.3% | 5.8% |
| Office | 9.0% | 7.3% |
| Industrial | 8.2% | 5.9% |
| Self-Storage | 7.8% | 5.8% |
| Multifamily | 7.3% | 5.5% |
| Student Housing | 7.5% | 5.8% |
| Retail | 8.4% | 7.3% |

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These assumptions are determined by Capright 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:

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

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**Distributions**

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Code. Distributions are at the discretion of our board of directors and include a review of earnings, cash flow, liquidity and capital resources.

The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor.

The table below details the net distribution for each of our share classes for the six months ended June 30, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Declaration Date** | **Class T<br>Shares** | **Class S<br>Shares** | **Class D<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** | **Class N<br>Shares** | **Class S-PR Shares** | **Class K-PR Shares** |
| January 31, 2025 | $0.1310 | $0.1295 | $0.1361 | $0.1395 | $0.1395 | $0.1395 | $— | $— |
| February 28, 2025 | 0.1296 | 0.1281 | 0.1341 | 0.1372 | 0.1372 | 0.1372 |  |  |
| March 31, 2025 | 0.1310 | 0.1290 | 0.1361 | 0.1395 | 0.1395 | 0.1395 |  |  |
| April 30, 2025 | 0.1298 | 0.1277 | 0.1347 | 0.1380 | 0.1380 | 0.1380 |  |  |
| May 30, 2025 | 0.1311 | 0.1290 | 0.1362 | 0.1395 | 0.1395 | 0.1395 |  |  |
| June 30, 2025 | 0.1197 | 0.1197 | 0.1326 | 0.1380 | 0.1380 | 0.1380 | 0.1380 | 0.1380 |
| Total | $0.7722 | $0.7630 | $0.8098 | $0.8317 | $0.8317 | $0.8317 | $0.1380 | $0.1380 |

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For the three and six months ended June 30, 2025, we declared distributions of $9.4 million and $18.8 million, respectively. For the three and six months ended June 30, 2024, we declared distributions of $9.2 million and $18.2 million, respectively.

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The following tables summarizes our distributions declared during the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| **in thousands** | **Amount** | **Percentage** | **Amount** | **Percentage** |
| **Distributions** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable in cash | $3602 | 38% | $3741 | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested in shares | 5803 | 62% | 5409 | 59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | $9405 | 100% | $9150 | 100% |
| **Sources of Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flows from operating activities | $2821 | 30% | $4929 | 54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions of capital from investments in unconsolidated entities<sup>(1)</sup> | 1334 | 14% | 2130 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering proceeds<sup>(3)</sup> | 5250 | 56% | 2091 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing proceeds |  | —% |  | (1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sources of distributions | $9405 | 100% | $9150 | 100% |
| Cash flows from operating activities | $2821 |  | $4929 |  |
| Funds from Operations<sup>(2)</sup> | $5828 |  | $6353 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| **in thousands** | **Amount** | **Percentage** | **Amount** | **Percentage** |
| **Distributions** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable in cash | $7271 | 39% | $7454 | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested in shares | 11514 | 61% | 10733 | 59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | $18785 | 100% | $18187 | 100% |
| **Sources of Distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flows from operating activities | $7389 | 40% | $6745 | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions of capital from investments in unconsolidated entities<sup>(1)</sup> | 4384 | 23% | 3278 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering proceeds<sup>(3)</sup> | 7012 | 37% | 8164 | 45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing proceeds |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sources of distributions | $18785 | 100% | $18187 | 100% |
| Cash flows from operating activities | $7389 |  | $6745 |  |
| Funds from Operations<sup>(2)</sup> | $11261 |  | $14735 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents distributions received from equity method investments that are classified as cash flows from investing activities. These equity method investments currently include our interest in a joint venture through which we own our interest in the Sunbelt Medical Office Portfolio, our preferred membership interest in San Simeon Preferred Equity, which owns a multifamily property, and our interest in a joint venture through which we hold our interests in a fully integrated retail platform operating company and non-controlling interests we own in fourteen retail properties. Distributions received from equity method investments are classified as either cash flows from operating or investing activities based on the cumulative earnings approach. See Note 2 — "Summary of Significant Accounting Policies" to our consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2024 for additional details on the cumulative earnings approach. In addition, this amount represents distributions from our investment in an affiliated fund. The distributions received from this investment are classified as investing activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)See "—Funds from Operations, Adjusted Funds from Operations and Funds Available for Distribution" above for description of Funds from Operations ("FFO"), for reconciliation of FFO to GAAP net income (loss) attributable to INREIT stockholders and for considerations on how to review this metric.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Offering proceeds represents distributions reinvested in shares of our common stock at the shareholders election through our distribution reinvestment plan.

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**Liquidity and Capital Resources**

*Liquidity*

Our primary needs for liquidity and capital resources are to fund our investments, to make distributions to our stockholders, to repurchase shares of our common stock under our share repurchase plan, to pay our offering costs and operating fees and expenses and to pay interest on our borrowings. We will obtain the funds required to purchase investments and conduct our operations from the net proceeds of our Private Offerings, our Offering, DST Program and any future offerings we may conduct (collectively, the "Capital Raising Programs"), from secured and unsecured borrowings from banks and other lenders and from net cash provided by operating activities. Generally, cash needs for items other than asset acquisitions are met from operations, and cash needs for asset acquisitions are funded by our Capital Raising Programs and debt financings. However, there may be a delay between the sale of our shares and our purchase of assets that could result in a delay in the benefits to our stockholders, if any, of returns generated from our investment operations.

Our target leverage ratio is approximately 50% to 60%. As used herein, "leverage ratio" is measured by dividing (x) the sum of the Company's consolidated property-level debt, entity-level debt and debt-on-debt, net of cash and restricted cash, by (y) the asset value of the Company's real estate investments, private real estate debt investments and equity in the Company's real estate-related securities portfolio (in each case measured using the greater of fair market value and cost), including the Company's net investment in unconsolidated investments. For purposes of determining the asset value of the Company's real estate investments, the Company includes the asset value of the DST Properties due to the master lease structure, including the Company's fair market value purchase option. The leverage ratio calculation does not include (i) indebtedness incurred in connection with funding a deposit in advance of the closing of an investment, (ii) indebtedness incurred as other working capital advances, (iii) indebtedness on the Company's real estate securities investments or (iv) the pro rata share of debt within the Company's unconsolidated investments. Further, the refinancing of any amount of existing indebtedness will not be deemed to constitute incurrence of new indebtedness for purposes of the leverage ratio calculation so long as no additional amount of net indebtedness is incurred in connection therewith (excluding the amount of transaction expenses associated with such refinancing). Our charter prohibits us from borrowing more than 300% of our net assets, which approximates borrowing 75% of the cost of our investments. We may exceed this limit if a majority of our independent directors approves each borrowing in excess of the limit and we disclose the justification for doing so to our stockholders.

If we are unable to raise substantial funds in the Offering or Private Offerings, we will make fewer investments resulting in less diversification in terms of the type, number and size of investments we make. Further, we have certain fixed operating expenses, including certain expenses as a publicly offered REIT, regardless of whether we are able to raise substantial funds in the Offering and Private Offerings. Our inability to raise substantial funds would increase our fixed operating expenses as a percentage of gross income, reducing our net income and limiting our ability to make distributions.

The Adviser and its affiliates provide us with our management team, including our officers and appropriate support personnel. The Adviser or the Adviser's affiliates may provide us services that would otherwise be performed by third parties. In such event, we will reimburse the Adviser or the Adviser's affiliate the cost of performing such services provided that such reimbursements will not exceed the amount that would be payable if such services were provided by a third party in an arms-length transaction.

The Adviser advanced all of our operating expenses on our behalf through December 31, 2021. Beginning January 2022 and ceasing September 2022, we began ratably reimbursing the Adviser over 60 months for the operating expenses incurred prior to December 31, 2021 and will recommence reimbursements to the Adviser following the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2027. As of June 30, 2025 and December 31, 2024, we have $5.4 million, respectively, due to the Adviser for advanced operating expenses that are recorded as a component of due to affiliates on our condensed consolidated balance sheets.

The Adviser advanced all of our organization and offering expenses (other than upfront selling commissions, dealer manager fees, and ongoing stockholder servicing fees) incurred through December 31, 2022. We will begin reimbursing the Adviser for advanced organization and offering expenses upon the earlier of (1) the date that our NAV reaches $1.0 billion and (2) December 31, 2027. We will reimburse the Adviser for all of our advanced expenses ratably over 60 months following such date. As of June 30, 2025 and December 31, 2024, we have $6.8 million, respectively, due to the Adviser for advanced organization and offering expenses that are recorded as a component of due to affiliates on our condensed consolidated balance sheets.

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In January 2022, we began reimbursing the Adviser on a quarterly basis for operating expenses incurred subsequent to December 31, 2021. As of June 30, 2025 and December 31, 2024, we have $2.1 million and $4.9 million, respectively, due to the Adviser for operating expenses. The amount due to the Adviser is recorded as a component of due to affiliates on our condensed consolidated balance sheets.

In January 2023, we began reimbursing the Adviser on a quarterly basis for organization and offering expenses incurred subsequent to December 31, 2022. As of June 30, 2025 and December 31, 2024, we have $2.7 million and $1.4 million, respectively, due to the Adviser for organization and offering expenses that are recorded as a component of due to affiliates on our condensed consolidated balance sheets.

Under our charter, we may reimburse the Adviser, at the end of each fiscal quarter, for total operating expenses paid by the Adviser. However, we may not reimburse the Adviser at the end of any fiscal quarter for total operating expenses (as defined in our charter) that, in the four consecutive fiscal quarters then ended, exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of our assets for that period (the "2%/25% Guidelines").

We may reimburse the Adviser for expenses in excess of the 2%/25% Guidelines if a majority of our independent directors determines that such excess expenses (an "Excess Amount") are justified based on unusual and non-recurring factors. Operating expenses for the four consecutive fiscal quarters ended June 30, 2025 did not exceed the charter-imposed limitation.

MassMutual committed to purchase $400.0 million of Class N common stock in our Class N Private Offering and fully met its commitment as of December 31, 2022.

Beginning January 1, 2026 and continuing until we have repurchased $200.0 million of MassMutual shares, we are required to repurchase MassMutual shares on a monthly basis, subject to thresholds based on monthly net offering proceeds. In any month, MassMutual may choose to waive our obligation to repurchase shares. We are required to limit repurchases to ensure that the aggregate NAV of MassMutual shares is at least $50.0 million.

Beginning January 1, 2026, MassMutual holds the right to request that we repurchase MassMutual shares on a monthly basis, subject to thresholds based on monthly net offering proceeds and the Company's NAV. This right to request that we repurchase MassMutual shares is in addition to the requirement to repurchase MassMutual shares described in the preceding paragraph. We will not be required to repurchase (1) in any calendar year, more than $150.0 million of MassMutual shares or (2) in any calendar month, MassMutual shares with an aggregate repurchase price equal to more than 100% of the net proceeds to us from the sale of shares of our common stock during such month.

*Capital Resources*

INREIT OP has a Revolving Credit Facility with Bank of America, N.A. ("Bank of America"), which was amended on July 25, 2025. The interest rate and spread terms are outlined below. With the amendment, the aggregate commitment is $100.0 million with an ability to request an increase up to $250.0 million in aggregate commitments. The amendment extends the maturity date from September 5, 2025 to July 23, 2027 and grants an option to extend the term to July 21, 2028, subject to certain conditions.

Borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) SOFR, (ii) SOFR with an interest period of one, three or six-months, or (iii) a Base Rate, where the base rate is the highest of (a) federal funds rate plus 0.5%, (b) the rate of interest as publicly announced by Bank of America N.A. as its "prime rate", (c) SOFR with an interest period of one month plus 1.0%, or (d) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio.

The unused commitment fee was modified to be 0.25% if usage is less than 50.0% and 0.15% if usage is greater than or equal to 50.0% that accrues on the daily amount by which the aggregate commitments exceed the total outstanding balance of the Revolving Credit Facility.

As of June 30, 2025 and December 31, 2024, the Company did not have an outstanding principal balance on its revolving credit facility. The weighted-average interest rates for the three and six months ended June 30, 2025 were 6.12% and 6.12%, respectively. The weighted-average interest rates for the three and six months ended June 30, 2024 were 7.12% and 7.11%, respectively. As of June 30, 2025, the borrowing capacity on the Revolving Credit Facility was $70.0 million. The borrowing capacity is less than the difference between the current facility capacity of $100.0 million and the current principal outstanding balance because the calculation of borrowing capacity is limited by the aggregate fair value and cash flows of our unencumbered properties.

As of June 30, 2025, we were in compliance with all loan covenants in our revolving credit facility agreement.

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The following table summarizes certain characteristics of our mortgage notes that are secured by our properties:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Principal Balance Outstanding** | **Principal Balance Outstanding** |
| **in thousands**<br>**Indebtedness** |<br>**Interest Rate**<sup>(1)</sup> |<br>**Initial Maturity Date** |<br>**Extended Maturity Date**<sup>(5)</sup> |<br>**Maximum Principal Amount** | **June 30, 2025** | **December 31, 2024** |
| The Carmin | S + 1.75%<sup>(2)</sup> | 3/5/2026 | 3/5/2032 | $84000 | 84000 | 65500 |
| Cortlandt Crossing | 3.13% | 3/1/2027 | N/A | $39660 | 39660 | 39660 |
| Everly Roseland | S + 1.45%<sup>(3)</sup> | 4/28/2027 | 4/28/2029 | $113500 | 111441 | 111441 |
| Midwest Industrial Portfolio | 4.44% and S + applicable margin<sup>(4)</sup> | 7/5/2027 | N/A | $70000 |  | 70000 |
| **Total mortgages payable** |  |  |  |  | 235101 | 286601 |
| Deferred financing costs, net |  |  |  |  | (984) | (1335) |
| **Mortgage notes payable, net** |  |  |  |  | $234117 | $285266 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)The term "S" refers to the relevant floating benchmark rate, SOFR.

&nbsp;&nbsp;&nbsp;&nbsp;(2)The weighted-average interest rate for the three and six months ended June 30, 2025 was 6.08%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2024 was 7.07% and 7.08%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(3)The weighted-average interest rate for the three and six months ended June 30, 2025 was 5.77% and 5.96%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2024 was 6.77% and 6.78%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4)On April 24, 2025, we repaid the mortgage note secured by Meridian Business 940, Capital Park 2919, 3101 Agler and Earth City 13330 (collectively the "Midwest Industrial Portfolio") in connection with our buyout of the joint venture partner. We incurred debt extinguishment charges of $0.5 million in connection with the early repayment of the mortgage note. The mortgage note was secured by these properties and bore interest at two rates. Of the $70.0 million principal balance, $35.0 million bore interest at a fixed rate of 4.44%, and $35.0 million bore interest at a floating rate of the greater of (a) 2.20% or (b) the sum of 1.70% plus SOFR. The weighted-average interest rate of the combined $70.0 million principal balance for the three and six months ended June 30, 2025 was 5.33% and 5.39%, respectively, and 5.73% for the three and six months ended June 30, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(5)We may elect to extend the maturity date upon meeting certain conditions, which may include payment of a non-refundable extension fee.

As of June 30, 2025, we were in compliance with all loan covenants in our mortgage notes.

In connection with the sale and leaseback of The Carmin property, as of June 30, 2025 we hold a financing obligation on our condensed consolidated balance sheets of $54.0 million, net of debt issuance costs.

See Note 10 — "Borrowings" to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of our borrowing arrangements.

Other potential future sources of capital include incremental secured or unsecured financings from banks or other lenders and proceeds from the sale of assets. If necessary, we may use financings or other sources of capital in the event of unforeseen significant capital expenditures. We have not yet identified any sources for these types of financings.

At June 30, 2025, we had cash and cash equivalents of $68.9 million and restricted cash of $2.9 million. Our restricted cash consists of subscriptions received in advance, amounts in escrow for taxes and insurance related to mortgages at certain properties and security deposits.

We currently have no deposits or lines of credit with community or regional banking organizations, as such terms are defined by the Federal Reserve. The commercial loan we hold is a mezzanine loan for which the senior loan is held by a community or regional banking organization and in this case the senior loan is fully funded with no future funding obligation. Our Adviser and its affiliates use a formal bank monitoring program to seek to ensure a comprehensive and disciplined approach for the selection and ongoing monitoring of the financial institutions with whom funds and companies managed by our Adviser and its affiliates, such as our Company, do business. All financial institutions with which we do business must be initially approved by Invesco's treasurer and are subject to ongoing monitoring.

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*Capital Uses*

During periods when we are selling more shares than we are repurchasing, we primarily use our capital to acquire our investments, which we also fund with other capital resources. During periods when we are repurchasing more shares than we are selling, we primarily use our capital to fund repurchases. During the months ended April 30, 2025, May 31, 2025 and June 30, 2025, we received repurchase requests below the applicable repurchase limits under our Share Repurchase Plan and fulfilled all repurchase requests.

Our operating expenses include, among other things, the management fee we pay to the Adviser and the performance participation allocation that INREIT OP pays to the Special Limited Partner, both of which will impact our liquidity to the extent the Adviser or the Special Limited Partner elects to receive such payments in cash, or subsequently redeem shares or OP units previously issued to them. To date, the Adviser and the Special Limited Partner have both always elected to be paid in shares or OP units, resulting in a non-cash expense.

*Forward-Looking Statements Regarding Liquidity*

We believe that with respect to liquidity, we are well positioned with $138.9 million of immediate liquidity as of June 30, 2025, comprised of $70.0 million of undrawn capacity on our Revolving Credit Facility and $68.9 million of cash and cash equivalents. In addition, we hold $57.7 million in investments in real estate-related securities that could be liquidated to satisfy any potential liquidity requirements.

**Cash Flows**

The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash:

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **in thousands** | **2025** | **2024** |
| Cash flows provided by (used in) operating activities | $7389 | $6745 |
| Cash flows provided by (used in) investing activities | (1782) | (15921) |
| Cash flows provided by (used in) financing activities | 13209 | 13800 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | $18816 | $4624 |

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*Operating Activities* 

Cash flows provided by operating activities of $7.4 million for the six months ended June 30, 2025 consists of our net loss of $6.1 million adjusted for non-cash items and changes in assets and liabilities. The change in our assets and liabilities is primarily due to the timing of cash receipts and cash payments, including amounts we owe our affiliates.

*Investing Activities* 

Cash flows used in investing activities decreased $14.1 million during the six months ended June 30, 2025 compared to the corresponding period in 2024 primarily due to additional redemptions from our investment in an affiliated fund, proceeds received from the partial paydown of the principal on our investment in a commercial loan by the borrower, a decrease in our contributions in our investments in unconsolidated entities and a decrease in purchases and proceeds from the sale of real estate-related securities. This decrease is partially offset by an increase in acquisition activity.

*Financing Activities* 

Cash flows provided by financing activities decreased $0.6 million for the six months ended June 30, 2025 compared to the corresponding period in 2024 primarily due to a change in net borrowing activity of $51.0 million, a decrease in net proceeds and repurchases of common stock of $13.4 million and cash paid in connection with the Midwest Industrial Portfolio joint venture buyout of $1.5 million. These decreases were offset by an increase in contributions from non-controlling interests primarily related to DST proceeds of $58.0 million and cash proceeds from the sale of an interest in The Carmin of $9.4 million.

**Critical Accounting Policies and Estimates**

There have been no significant changes to our critical accounting policies and estimates that are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

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**Pending Accounting Pronouncements**

There have been no significant changes to the status of our adoption of the recently issued accounting pronouncement that is disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

The primary components of our market risk are related to interest rates, credit and real estate values. While we do not seek to avoid risk completely, we believe that risk can be quantified from historical experience, and we seek to actively manage that risk, to earn sufficient compensation to justify taking those risks and to maintain capital levels consistent with the risks we undertake.

*Interest Rate Risk*

We are exposed to interest rate changes primarily as a result of long-term debt used to maintain liquidity, fund capital expenditures and expand our investment portfolio and operations. Market fluctuations in real estate financing affect the availability and cost of funds needed to expand our investment portfolio. In addition, restrictions upon the availability of real estate financing or high interest rates for real estate loans could adversely affect our ability to dispose of real estate in the future. We seek to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. We use derivative financial instruments to hedge exposures to changes in interest rates on loans secured by our assets.

Interest rate risk is highly sensitive to many factors, including governmental, monetary and tax policies, domestic and international economic and political considerations and other factors beyond our control. We are subject to interest rate risk in connection with floating rate debt secured by our properties, our Revolving Credit Facility, our investments in real estate securities, our investment in a commercial loan and our investment in an affiliated debt fund. We are also subject to interest rate risk through our investments in unconsolidated entities that have been financed with floating rate debt. We seek to manage our exposure to interest rate risk by utilizing a combination of fixed- and floating-rate financing with staggered maturity dates and through interest rate protection agreements to cap a portion of our variable rate debt. Additionally, we may hedge our interest rate risk by using derivative contracts to fix the interest expense on a portion of our floating-rate debt.

Certain of our mortgage notes and Revolving Credit Facility financings are variable rate and indexed to SOFR. As of June 30, 2025, we had borrowed $235.1 million under our mortgage notes and fully repaid the Revolving Credit Facility. Of our total borrowings, $195.4 million bears variable rate interest. As of June 30, 2025, a 100 basis point increase or decrease in SOFR assuming no changes in the composition of our borrowings over a twelve-month period results in a projected increase or decrease in interest expense of less than $1,000, net of the impact of our interest rate hedges.

We have invested a portion of our portfolio in fixed and floating rate real estate-related debt securities. On floating-rate securities, our net income will increase or decrease depending on interest rate movements. As of June 30, 2025, a 100 basis point increase or decrease in SOFR assuming no changes in the composition of our portfolio of real estate-related securities over a twelve-month period results in a projected increase or decrease in interest income of $0.4 million.

As of June 30, 2025, we have originated a $12.2 million variable rate mezzanine commercial loan that is indexed to SOFR. As of June 30, 2025, a 100 basis point increase or decrease in SOFR assuming no changes in the composition of our commercial loan results in a projected increase of $0.3 million or projected decrease of $0.1 million in interest income, respectively.

*Credit Risk*

We are exposed to credit risk with respect to the tenants that occupy properties we own. To mitigate this risk, we undertake a credit evaluation of major tenants prior to making an investment. This analysis includes extensive due diligence of a potential tenant's creditworthiness and business, as well as an assessment of the strategic importance of the property to the tenant's core business operations.

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Additionally, we are exposed to credit risk in the real estate-related debt investments that we make with respect to a borrower's ability to make required interest and principal payments on scheduled due dates. We manage this risk by conducting a credit analysis prior to making an investment and by actively monitoring our portfolio and its underlying credit quality. In addition, we re-evaluate the credit risk inherent in our investments on a regular basis pursuant to fundamental considerations such as gross domestic product, unemployment, interest rates, retail sales, store closings/openings and corporate earnings. Where applicable, we also review key property and loan-level metrics including, but not limited to, payment status, debt-service coverage ratios, debt yields, current loan-to-value ratios, occupancy rates, and tenant rent rolls along with property sponsorship. These characteristics assist in determining the likelihood and severity of underlying loan losses as well as prepayment and extension expectations. We then perform structural analysis to project investment cash flows and assess subordination levels relative to underlying collateral performance expectations. This analysis allows us to quantify our opinions of credit quality and fundamental value, which are key drivers of portfolio management decisions.

Finally, we may be exposed to counterparty credit risk under the terms of a derivative contract. If the fair value of a derivative contract is positive, the counterparty will owe us, which creates credit risk for us. If the fair value of a derivative contract is negative, we will owe the counterparty and, therefore, do not have credit risk. We will seek to minimize the credit risk in derivative instruments by entering into transactions with high-quality counterparties. As of June 30, 2025, we held derivative instruments with a fair value asset balance of $0.7 million and a fair value liability balance of $0.4 million.

*Real Estate Market Value Risks*

Commercial property values are subject to volatility and may be adversely affected by a number of factors, including but not limited to: national, regional and local economic conditions (which may be adversely affected by industry slowdowns and other factors); local real estate conditions; changes or continued weakness in specific industry segments; construction quality, age and design; demographic factors; and retroactive changes to building or similar codes. Changes in commercial property values are difficult to predict with accuracy. We model a range of valuation scenarios and the resulting impacts to our business.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

An evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as defined in Rule 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this Quarterly Report was made under the supervision and with the participation of our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"). Based upon this evaluation, our CEO and CFO have concluded that as of the end of the period covered by this Quarterly Report our disclosure controls and procedures (a) are effective to reasonably ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

**Changes in Internal Controls over Financial Reporting**

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2025, we were not involved in any material legal proceedings.

**ITEM 1A. RISK FACTORS**

There were no material changes during the period covered by this Quarterly Report to the risk factors previously disclosed in Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES** 

**Unregistered Sales of Equity Securities**

On April 1, 2025, we issued 6,792 unregistered Class E shares of common stock to the Adviser for payment of management fees for total consideration of $0.2 million.

On May 1, 2025, we issued 7,797 unregistered Class E shares of common stock to the Adviser for payment of management fees for total consideration of $0.2 million.

On June 2, 2025, we issued 8,311 unregistered Class E shares of common stock to the Adviser for payment of management fees for total consideration of $0.2 million.

On April 11, 2025, we issued 282 unregistered Class E shares of common stock as part of the distribution reinvestment program for total consideration of approximately $8,000.

On May 12, 2025, we issued 280 unregistered Class E shares of common stock as part of the distribution reinvestment program for total consideration of approximately $8,000.

On June 10, 2025, we issued 288 unregistered Class E shares of common stock as part of the distribution reinvestment program for total consideration of approximately $8,000.

On April 11, 2025, we issued 62,165 unregistered Class N shares of common stock as part of the distribution reinvestment program for total consideration of $1.7 million.

On May 12, 2025, we issued 61,806 unregistered Class N shares of common stock as part of the distribution reinvestment program for total consideration of $1.7 million.

On June 10, 2025, we issued 63,430 unregistered Class N shares of common stock as part of the distribution reinvestment program for total consideration of $1.7 million.

The transactions described above were exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) thereof because they were not part of any public offering and did not involve any general solicitation or general advertising.

**Issuer Purchases of Equity Securities** 

We have adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that we repurchase all or any portion of their shares of any class, subject to the terms and conditions of the share repurchase plan. We may choose to repurchase all, some or none of the shares that have been requested to be repurchased in any month, in our discretion, subject to any limitations in the share repurchase plan.

The aggregate amount of share repurchases is limited to no more than 2% of our aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of our aggregate NAV per calendar quarter (measured using the aggregate NAV as of the end of the immediately preceding three months).

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Under our share repurchase plan, to the extent we choose to repurchase shares in any month, we will only repurchase shares as of the opening of the last calendar day of that month (each such date, a "Repurchase Date"). Repurchases will be made at the transaction price in effect on the Repurchase Date, except that shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price, subject to certain limited exceptions. Should repurchase requests, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on our company as a whole, or should we otherwise determine that investing our liquid assets in real properties or other investments rather than repurchasing our shares is in the best interests of our company as a whole, we may choose to repurchase fewer shares in any month than have been requested to be repurchased, or none at all. Further, our board of directors may make exceptions to modify or suspend our share repurchase plan if it deems such action to be in our best interest and the best interest of our stockholders.

If the transaction price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no repurchase requests will be accepted for such month and stockholders who wish to have their shares repurchased the following month must resubmit their repurchase requests.

During the three months ended June 30, 2025, we repurchased shares of our common stock in the following amounts:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Month of:** | **Total Number of Shares Repurchased**<sup>(1)</sup> | **Average Price Paid per Share** | **Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs**<sup>(2)</sup> | **Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Programs** <sup>(3)</sup> |
| April 2025 | 9219 | $27.42 | 4602 |  |
| May 2025 | 134312 | 26.35 | 129694 |  |
| June 2025 | 108492 | 25.19 | 103875 |  |
|  | 252023 | $25.89 | 238171 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Total Number of Shares Repurchased and Average Price Paid per Share includes 13,853 Class E common shares held by the Adviser repurchased outside of the share repurchase plan, with an average price paid per share of $28.07, related to shares that were previously issued to the Adviser as payment of management fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Publicly announced plans or programs include share repurchases under our share repurchase plan, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)All repurchase requests under our share repurchase plan were satisfied.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

*Rule 10b5-1 Trading Plans*

During the fiscal quarter ended June 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" as each term is defined in Item 408 of Regulation S-K.

*Entry into a Material Definitive Agreement*

On August 6, 2025, the Company, the Operating Partnership and the Special Limited Partner entered into an Amended and Restated Limited Partnership Agreement of the Operating Partnership (the "Amended and Restated LPA").

The Amended and Restated Advisory Agreement amended the prior agreement to, among other things, provide that the Company, as general partner of the Operating Partnership may delay the redemption date for up to 180 days to the extent required for the Company to accumulate liquidity from the operations of its business, whereas the prior agreement allowed the Company to delay the redemption date for up to 180 days to the extent required for the Company to issue additional shares of common stock to provide liquidity for cash redemption payments.

The summary of the Amended and Restated LPA set forth above does not purport to be a complete summary of the terms thereof and is qualified in its entirety by the Amended and Restated LPA, a copy of which is filed as Exhibit 10.2 to this Quarterly Report on Form 10-Q and incorporated herein by reference.

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**ITEM 6. EXHIBITS**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Description** |
| 3.1 | <u>[Second Articles of Amendment and Restatement of Invesco Real Estate Income Trust Inc. (filed as Exhibit 3.1 to the Company's Registration Statement on Form S-11 filed on March 31, 2021 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/0001756761/000119312521102512/d75934dex31.htm)</u> |
| 3.2 | <u>[Articles of Amendment to the Company's Charter, effective June 27, 2025 (filed as Exhibit 3.1 to the Current Report on Form 8-K filed on July 1, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1756761/000175676125000063/exhibit31-articlesofamendm.htm)</u> |
| 3.3 | <u>[Articles Supplementary Classifying and Designating a Class of Common Stock as Class S-PR Common Stock and Fixing Distribution and other Preferences and Rights of Such Class, effective June 27, 2025 (filed as Exhibit 3.2 to the Current Report on Form 8-K filed on July 1, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1756761/000175676125000063/exhibit32-articlessuppleme.htm)</u> |
| 3.4 | <u>[Articles Supplementary Classifying and Designating a Class of Common Stock as Class K-PR Common Stock and Fixing Distribution and other Preferences and Rights of Such Class, effective June 27, 2025 (filed as Exhibit 3.3 to the Current Report on Form 8-K filed on July 1, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1756761/000175676125000063/exhibit33-articlessuppleme.htm)</u> |
| 3.5 | <u>[Bylaws of Invesco Real Estate Income Trust Inc. (filed as Exhibit 3.2 to the Company's Registration Statement on Form S-11 filed on March 31, 2021 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/0001756761/000119312521102512/d75934dex32.htm)</u> |
| 4.1 | <u>[Distribution Reinvestment Plan (filed as Exhibit 4.1 on Form 10-Q filed on May 12, 2023 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1756761/000175676123000060/inreit_reviseddripx32023.htm)</u> |
| 10.1 | <u>[Amended and Restated Advisory Agreement, dated June 27, 2025, by and among the Company, Invesco REIT Operating Partnership LP, and Invesco Advisers, Inc. (filed as Exhibit 10.1 to the Current Report on Form 8-K as filed on July 1, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1756761/000175676125000063/inreit_aradvisoryagreement.htm)</u> |
| 10.2\* | <u>[Amended and Restated Limited Partnership Agreement of Invesco REIT Operating Partnership LP, dated August 6, 2025](lpa.htm)</u> |
| 10.3 | <u>[Sixth Amendment to Revolving Credit Agreement, dated July 25, 2025, by and among Invesco REIT Operating Partnership LP, Invesco Real Estate Income Trust Inc., Bank of America, N.A. and the other parties thereto (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on July 31, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1756761/000175676125000079/sixthamendment.htm)</u> |
| 31.1\* | <u>[Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](inreit06302025-exx311ceo.htm)</u> |
| 31.2\* | <u>[Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](inreit06302025-exx312cfo.htm)</u> |
| 32.1\*\* | <u>[Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](inreit06302025-exx321ceo.htm)</u> |
| 32.2\*\* | <u>[Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](inreit06302025-exx322cfo.htm)</u> |
| 101 | The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in iXBRL (inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations; (iii) Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments; and (iv) Condensed Consolidated Statements of Cash Flows |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| \* Filed herewith | \* Filed herewith |
| \*\* Furnished herewith | \*\* Furnished herewith |

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The agreements and other documents filed as exhibits to this quarterly report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | |
|:---|:---|
| | **Invesco Real Estate Income Trust Inc.**<br>/s/ R. Scott Dennis |
| | R. Scott Dennis<br>Chairperson of the Board and Chief Executive Officer<br>(Principal Executive Officer)<br>/s/ Courtney Popelka |
| | Courtney Popelka |
| | Chief Financial Officer and Treasurer |
| | (Principal Financial Officer and Principal Accounting Officer) |
| Date: August 8, 2025 |  |

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## Exhibit 10.2

![](lpa001.jpg)

Exhibit 10.2 LEGAL02/46412726v4 AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF INVESCO REIT OPERATING PARTNERSHIP LP A DELAWARE LIMITED PARTNERSHIP AUGUST 6, 2025

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![](lpa002.jpg)

Exhibit 10.2 i LEGAL02/46412726v4 **TABLE OF CONTENTS** Page ARTICLE 1 DEFINED TERMS .................................................................................................... 1 1.1. Definitions............................................................................................................... 1 1.2. Interpretation ......................................................................................................... 13 ARTICLE 2 PARTNERSHIP FORMATION AND IDENTIFICATION ................................... 13 2.1. Formation .............................................................................................................. 13 2.2. Name, Office and Registered Agent ..................................................................... 13 2.3. Partners ................................................................................................................. 13 2.4. Term and Dissolution ............................................................................................ 14 2.5. Filing of Certificate and Perfection of Limited Partnership ................................. 14 2.6. Certificates Representing Partnership Units ......................................................... 15 ARTICLE 3 BUSINESS OF THE PARTNERSHIP .................................................................... 15 ARTICLE 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS ............................................... 15 4.1. Capital Contributions ............................................................................................ 15 4.2. Units ...................................................................................................................... 16 4.3. Additional Capital Contributions and Issuances of Additional Partnership Interests ................................................................................................................. 16 4.4. Additional Funding ............................................................................................... 20 4.5. Capital Accounts ................................................................................................... 20 4.6. Percentage Interests .............................................................................................. 20 4.7. No Interest on Contributions ................................................................................. 20 4.8. Return of Capital Contributions ............................................................................ 21 4.9. No Third Party Beneficiary ................................................................................... 21 ARTICLE 5 PROFITS AND LOSSES; DISTRIBUTIONS ........................................................ 21 5.1. Allocation of Profit and Loss ................................................................................ 21 5.2. Distribution of Cash .............................................................................................. 25 5.3. REIT Distribution Requirements .......................................................................... 28 5.4. No Right to Distributions in Kind ......................................................................... 28 5.5. Limitations on Return of Capital Contributions ................................................... 28 5.6. Distributions Upon Liquidation ............................................................................ 28 5.7. Substantial Economic Effect ................................................................................. 29 5.8. Reinvestment......................................................................................................... 29 ARTICLE 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER ........................................................................................................................ 30 6.1. Management of the Partnership ............................................................................ 30 6.2. Delegation of Authority ........................................................................................ 33 6.3. Indemnification and Exculpation of Indemnitees ................................................. 33 6.4. Liability and Obligations of the General Partner .................................................. 34 6.5. Reimbursement of General Partner ....................................................................... 35

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ii LEGAL02/46412726v4 6.6. Outside Activities.................................................................................................. 36 6.7. Transactions With Affiliates ................................................................................. 36 6.8. Title to Partnership Assets .................................................................................... 37 6.9. Repurchases and Exchanges of REIT Shares ....................................................... 37 6.10. No Duplication of Fees or Expenses ..................................................................... 38 ARTICLE 7 CHANGES IN GENERAL PARTNER ................................................................... 38 7.1. Transfer of the General Partner's Partnership Interest ......................................... 38 7.2. Admission of a Substitute or Additional General Partner .................................... 39 7.3. Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner .................................................................................... 40 7.4. Removal of a General Partner ............................................................................... 40 ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS ........................ 41 8.1. Management of the Partnership ............................................................................ 41 8.2. Power of Attorney ................................................................................................. 41 8.3. Limitation on Liability of Limited Partners .......................................................... 42 8.4. Ownership by Limited Partner of Corporate General Partner or Affiliate ........... 42 8.5. Redemption Right ................................................................................................. 42 ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS ................................. 45 9.1. Purchase for Investment ........................................................................................ 45 9.2. Restrictions on Transfer of Limited Partnership Interests .................................... 45 9.3. Admission of Substitute Limited Partner .............................................................. 47 9.4. Rights of Assignees of Partnership Interests ........................................................ 48 9.5. Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner ................................................................................................................... 48 9.6. Joint Ownership of Interests ................................................................................. 48 ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS .......................... 49 10.1. Books and Records ............................................................................................... 49 10.2. Custody of Partnership Funds; Bank Accounts .................................................... 49 10.3. Fiscal and Taxable Year........................................................................................ 49 10.4. Annual Tax Information and Report ..................................................................... 49 10.5. Partnership Representative; Tax Elections; Special Basis Adjustments ............... 49 10.6. Reports to Limited Partners .................................................................................. 50 ARTICLE 11 AMENDMENT OF AGREEMENT; MERGER ................................................... 50 ARTICLE 12 GENERAL PROVISIONS .................................................................................... 51 12.1. Notices .................................................................................................................. 51 12.2. Survival of Rights ................................................................................................. 51 12.3. Additional Documents .......................................................................................... 51 12.4. Severability ........................................................................................................... 51 12.5. Entire Agreement .................................................................................................. 51 12.6. Pronouns and Plurals............................................................................................. 52 12.7. Headings ............................................................................................................... 52

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iii LEGAL02/46412726v4 12.8. Counterparts .......................................................................................................... 52 12.9. Governing Law ..................................................................................................... 52 EXHIBITS EXHIBIT A – Partners, Capital Contributions, Units and Percentage Interests EXHIBIT B – Notice of Exercise of Redemption Right

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Exhibit 10.2 LEGAL02/46412726v4 AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF INVESCO REIT OPERATING PARTNERSHIP LP This Amended and Restated Limited Partnership Agreement (this "Agreement") of Invesco REIT Operating Partnership LP (the "Partnership") is entered into as of August 6, 2025, between Invesco Real Estate Income Trust Inc., a Maryland corporation, as general partner (the "General Partner") and as a Limited Partner, Invesco REIT Special Limited Partner L.L.C., a Delaware limited liability company (the "Special Limited Partner") and the Limited Partners party hereto from time to time. RECITALS: WHEREAS, the General Partner and the Special Limited Partner are party to that certain Amended and Restated Limited Partnership Agreement dated June 27, 2025 (the "Prior Agreement"); and WHEREAS, the General Partner and the Special Limited Partner desire to amend and restate the Prior Agreement in its entirety as set forth in this Agreement. NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: ARTICLE 1 DEFINED TERMS 1.1. Definitions. The following defined terms used in this Agreement shall have the meanings specified below: "Act" means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. "Additional Funds" has the meaning set forth in Section 4.4. "Additional Securities" means any additional REIT Shares (other than REIT Shares issued in connection with a redemption pursuant to Section 8.5) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.3(a)(iii). "Administrative Expenses" means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above,

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2 LEGAL02/46412726v4 REIT Expenses; provided, however, that Administrative Expenses shall not include any administrative costs and expenses incurred by the General Partner that are attributable to assets that are not owned directly or indirectly by the Partnership. "Adviser" means the Person appointed, employed or contracted with by the General Partner and the Partnership and responsible for directing or performing the day-to-day business affairs of the General Partner and the Partnership, including any Person to whom the Adviser subcontracts all or substantially all of such functions. "Advisory Agreement" means the agreement between the General Partner, the Partnership and the Adviser pursuant to which the Adviser will direct or perform the day-to-day business affairs of the General Partner and the Partnership. "Affiliate" means, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding with the power to vote 10% of more of the outstanding voting securities of such other Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, including any partnership in which such Person is a general partner; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts an executive officer, director, trustee or general partner. "Aggregate Share Ownership Limit" has the meaning set forth in the Articles of Incorporation. "Agreed Value" means the fair market value of a Partner's non-cash Capital Contribution as of the date of contribution as agreed to by such Partner and the General Partner. "Agreement" means this Amended and Restated Limited Partnership Agreement, as amended, modified supplemented or restated from time to time, as the context requires. "Applicable Percentage" has the meaning provided in Section 8.5(b). "Articles of Incorporation" means the Articles of Amendment and Restatement of the General Partner filed with the Maryland State Department of Assessments and Taxation on October 5, 2018, as further amended or supplemented from time to time. "Capital Account" has the meaning provided in Section 4.5. "Capital Contribution" means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset (other than cash or cash equivalents) contributed or deemed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner. "Carrying Value" means, with respect to any asset of the Partnership, the asset's adjusted basis for federal income tax purposes or, in the case of any asset contributed to the Partnership, the fair market value of such asset at the time of contribution, reduced by any amounts attributable

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3 LEGAL02/46412726v4 to the inclusion of liabilities in basis pursuant to Section 752 of the Code, except that the Carrying Values of all assets may, at the discretion of the General Partner, be adjusted to equal their respective fair market values (as determined by the General Partner), in accordance with the rules set forth in Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.5. In the case of any asset of the Partnership that has a Carrying Value that differs from its adjusted tax basis, the Carrying Value shall be adjusted by the amount of depreciation, depletion and amortization calculated for purposes of the definition of Profit and Loss rather than the amount of depreciation, depletion and amortization determined for federal income tax purposes. "Cash Amount" means an amount of cash per Partnership Unit equal to the applicable Redemption Price per Partnership Unit determined by the General Partner. "Certificate" means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by any of the Partners of the Partnership (either by themselves or pursuant to the power- of-attorney granted to the General Partner in Section 8.2) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction. "Class" means a class of REIT Shares or Partnership Units, as the context may require. "Class D Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class D Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class D REIT Shares" means the REIT Shares referred to as "Class D Common Shares" in the Articles of Incorporation. "Class D Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class D Unit as provided in this Agreement. "Class D-1 Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class D-1 Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class D-1 Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class D-1 Unit as provided in this Agreement. "Class E Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class E Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class E REIT Shares" means the REIT Shares referred to as "Class E Common Shares" in the Articles of Incorporation.

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4 LEGAL02/46412726v4 "Class E Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class E Unit as provided in this Agreement. "Class I REIT Shares" means the REIT Shares referred to as "Class I Common Shares" in the Articles of Incorporation. "Class I Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class I Unit as provided in this Agreement. "Class K-PR Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class K-PR Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class K-PR REIT Shares" means the REIT Shares referred to as "Class K-PR Common Shares" in the Articles of Incorporation. "Class K-PR Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class K-PR Unit as provided in this Agreement. "Class N Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class N Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class N Hurdle Amount" for any period during a calendar year means that amount that results in a 7% annualized internal rate of return on the Net Asset Value of the Class N Units outstanding at the beginning of the then-current calendar year and all Class N Units issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Class N Units and all issuances of Class N Units over the period and calculated in accordance with recognized industry practices. The ending Net Asset Value of the Class N Units used in calculating the internal rate of return will be calculated before giving effect to any allocation or accrual to the Class N Performance Allocation and any applicable Stockholder Servicing Fee and Investor Servicing Fee expenses, provided that the calculation of the Class N Hurdle Amount for any period will exclude any Class N Units repurchased during such period, which Class N Units will be subject to the Class N Performance Allocation upon such repurchase as described in Section 5.2(c). "Class N Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Class N Total Return and decrease by any positive annual Class N Total Return, provided that the Class N Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Class N Loss Carryforward Amount will exclude the Class N Total Return related to any Class N Units repurchased during such year, which Class N Units will be subject to the Class N Performance Allocation upon such repurchase as described in Section 5.2(c). "Class N Performance Allocation" has the meaning set forth in Section 5.2(c). "Class N REIT Shares" means the REIT Shares referred to as "Class N Common Shares" in the Articles of Incorporation.

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5 LEGAL02/46412726v4 "Class N Total Return" for any period since the end of the prior calendar year shall equal the sum of: (i) all distributions accrued or paid (without duplication) on all Class N Units outstanding at the end of such period since the beginning of the then-current calendar year plus (ii) the change in aggregate Net Asset Value of such Class N Units since the beginning of such year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Class N Units, (y) any allocation or accrual to the Class N Performance Allocation and (z) any applicable Stockholder Servicing Fee or Investor Servicing Fee expenses (including any payments made to the General Partner for payment of such expenses). For the avoidance of doubt, the calculation of Class N Total Return will (i) include any appreciation or depreciation in the Net Asset Value of Class N Units issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Class N Units. "Class N Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class N Unit as provided in this Agreement. "Class S Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class S Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class S REIT Shares" means the REIT Shares referred to as "Class S Common Shares" in the Articles of Incorporation. "Class S Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class S Unit as provided in this Agreement. "Class S-PR Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class S-PR Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class S-PR REIT Shares" means the REIT Shares referred to as "Class S-PR Common Shares" in the Articles of Incorporation. "Class S-PR Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class S-PR Unit as provided in this Agreement. "Class S-1 Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class S-1 Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class S-1 Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class S-1 Unit as provided in this Agreement. "Class S-2 Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class S-2 Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class S-2 Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class S-2 Unit as provided in this Agreement.

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6 LEGAL02/46412726v4 "Class T Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class T Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class T REIT Shares" means the REIT Shares referred to as "Class T Common Shares" in the Articles of Incorporation. "Class T Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class T Unit as provided in this Agreement. "Class T-1 Conversion Rate" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class T-1 Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. "Class T-1 Unit" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class T-1 Unit as provided in this Agreement. "Code" means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. "Commission" means the U.S. Securities and Exchange Commission. "Common Share Ownership Limit" has the meaning set forth in the Articles of Incorporation. "Dealer Manager" means Invesco Distributors, Inc., or such other Person or entity selected by the board of directors of the General Partner to act as the dealer manager for a Public Offering or a Private Placement. "Director" has the meaning set forth in the Articles of Incorporation. "DRIP" has the meaning set forth in Section 5.8. "DST Interests" means tenancy-in-common or Delaware statutory trust beneficial interests sold by the General Partner or any Affiliate to third-party investors in connection with the acquisition of DST Properties. "DRIP Participant" has the meaning set forth in Section 5.8. "DST Properties" means real properties that meet the following criteria: (i) DST Interests in such properties have been sold by the General Partner or any Affiliate to third-party investors and (ii) such properties are being leased by the General Partner or any Affiliate of the General Partner from the tenancy-in-common or Delaware statutory trust. "Event of Bankruptcy" as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within

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7 LEGAL02/46412726v4 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. "Excepted Holder Limit" has the meaning set forth in the Articles of Incorporation. "FMV Option" means a fair market value purchase option giving the Partnership the right, but not the obligation, to acquire DST Interests from holders thereof at a later time as set forth in the applicable Memorandum. "General Partner" means Invesco Real Estate Income Trust Inc., a Maryland corporation, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner, in such Person's capacity as a General Partner of the Partnership. "General Partnership Interest" means any Partnership Interest held by the General Partner, other than any Partnership Interest it holds as a Limited Partner. "Hurdle Amount" for any period during a calendar year means that amount that results in a 6% annualized internal rate of return on the Net Asset Value of the Partnership Units (excluding Class N Units and Class E Units) outstanding at the beginning of the then-current calendar year and all Partnership Units (excluding Class N Units and Class E Units) issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Partnership Units and all issuances of Partnership Units (excluding Class N Units and Class E Units) over the period and calculated in accordance with recognized industry practices. The ending Net Asset Value of the Partnership Units (excluding Class N Units and Class E Units) used in calculating the internal rate of return will be calculated before giving effect to any allocation or accrual to the Performance Allocation and any applicable Stockholder Servicing Fee or Investor Servicing Fee, provided that the calculation of the Hurdle Amount for any period will exclude any Partnership Units (excluding Class N Units and Class E Units) repurchased during such period, which Partnership Units will be subject to the Performance Allocation upon such repurchase as described in Section 5.2(c). "Indemnitee" means (i) any Person made a party to a proceeding by reason of its status as the General Partner or a director, officer or employee of the General Partner or the Partnership, (ii) the Adviser, (iii) the Special Limited Partner and (iv) such other Persons (including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion. "Investor Servicing Fee" means a per annum investor servicing fee paid or previously paid to the Dealer Manager by the Partnership or the General Partner with respect to any Partnership

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8 LEGAL02/46412726v4 Units, or DST Units which were exchanged for Partnership Units, as set forth in the applicable Memorandum. "Joint Venture" means any joint venture or partnership arrangement (other than the Partnership) in which the Partnership or any of its Subsidiaries is a co-venturer or partner established to acquire or hold assets of the Partnership. "Limited Partner" means the General Partner in its capacity as a Limited Partner, and any other Person identified as a Limited Partner on Exhibit A, upon the execution and delivery by such Person of an additional limited partner signature page, and any Person who becomes a Substitute Limited Partner, in such Person's capacity as a Limited Partner in the Partnership. "Limited Partnership Interest" means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act. A Limited Partnership Interest may be expressed as a number of Partnership Units. "Listing" means the listing of any class of the shares of the General Partner's common stock on a national securities exchange. Upon such Listing, the shares shall be deemed "Listed." "Loss" has the meaning provided in Section 5.1(e). "Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Partnership Units (excluding Class N Units) repurchased during such year, which Partnership Units will be subject to the Performance Allocation upon such repurchase as described in Section 5.2(c). "Memorandum" means a memorandum utilized for the purpose of offering and selling securities, including DST Interests, in a Private Placement. "Net Asset Value" means (i) for any Partnership Units, the net asset value of such Partnership Units, determined as of the last business day of each month as described in the Valuation Guidelines and (ii) for any REIT Shares, the net asset value of such REIT Shares, determined as of the last business day of each month as described in the Valuation Guidelines. "Net Asset Value Per Unit" means, for each Class of Partnership Unit, the Net Asset Value per unit of such Class of Partnership Unit. "Net Asset Value Per REIT Share" means, for each Class of REIT Shares, the Net Asset Value per share of such Class of REIT Shares. "Notice of Redemption" means the Notice of Exercise of Redemption Right substantially in the form attached as Exhibit B.

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9 LEGAL02/46412726v4 "Offer" has the meaning set forth in Section 7.1(b)(ii). "Offering" means the offer and sale of REIT Shares to the public. "Partner" means any General Partner, Special Limited Partner or Limited Partner. "Partner Nonrecourse Debt Minimum Gain" means an amount with respect to each Partner's nonrecourse debt (as defined in Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Regulations Section 1.752-1(a)(2)) determined in accordance with Regulations Section 1.704-2(i)(3). "Partnership" means Invesco REIT Operating Partnership LP, a Delaware limited partnership. "Partnership Interest" means an ownership interest in the Partnership held by a Limited Partner, the General Partner or the Special Limited Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. "Partnership Minimum Gain" has the meaning specified in Regulations Sections 1.704- 2(b)(2) and 1.704-2(d). "Partnership Record Date" means the record date established by the General Partner for the distribution of cash pursuant to Section 5.2, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution. "Partnership Representative" has the meaning described in Section 10.5(a). "Partnership Unit" means a fractional, undivided share of the Partnership Interests (other than the General Partnership Interest and the Special Limited Partnership Interest) of all Partners issued hereunder. The allocation of Partnership Units of each Class among the Partners shall be as set forth on Exhibit A. "Percentage Interest" means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on Exhibit A. "Performance Allocation" has the meaning set forth in Section 5.2(c). "Person" means an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other legal entity.

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10 LEGAL02/46412726v4 "Prior Agreement" has the meaning set forth in the recitals hereto. "Private Placement" means an unregistered sale of DST Interests, REIT Shares or equity of a subsidiary of the General Partner pursuant to an applicable exemption from the registration requirements of the Securities Act and state securities laws. "Profit" has the meaning provided in Section 5.1(e) hereof. "Property" means any Real Property, Real Estate Securities or other investment in which the Partnership holds an ownership interest. "Prospectus" means the prospectus included in the most recent effective registration statement filed by the General Partner with the Commission with respect to the applicable Public Offering, as such prospectus may be amended or supplemented from time to time. "Public Offering" means an offer and sale of REIT Shares to the public. "Real Estate Securities" means equity and debt securities of both publicly traded and private companies, including REITs and pass-through entities, that own Real Property or loans secured by real estate, including investments in commercial mortgage-backed securities, and derivative instruments, owned by the General Partner or the Partnership directly or indirectly through one or more of its Affiliates. "Real Property" means land, rights in land (including leasehold interests) and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. DST Properties shall also be deemed Real Property for purposes of this definition. "Redemption Price" means the Value of the REIT Shares Amount as of the end of the Specified Redemption Date. "Value" means, for any Class of REIT Shares: (i) if such Class of REIT Shares are Listed, the average closing price per share for the previous 30 trading days, or (ii) if such Class of REIT Shares are not Listed, the Net Asset Value Per REIT Share for REIT Shares of that Class. "Redemption Right" has the meaning provided in Section 8.5(a). "Regulations" means the federal income tax regulations promulgated under the Code, as amended and as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. "Regulatory Allocations" has the meaning set forth in Section 5.1(g). "REIT" means a real estate investment trust as defined pursuant to Sections 856 through 860 of the Code and any successor or other provisions of the Code relating to real estate investment trusts.

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11 LEGAL02/46412726v4 "REIT Expenses" means (i) costs and expenses relating to the formation and continuity of existence and operation of the General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes of this defined term, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any director, officer, or employee of the General Partner or service providers to the General Partner (including service providers affiliated with the Adviser), (ii) costs and expenses relating to any Private Placement or Public Offering and registration of securities by the General Partner and all filings, statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to such Private Placement or Public Offering of securities, any Stockholder Servicing Fees or Investor Servicing Fees, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) the management fee payable to the Adviser under the Advisory Agreement and other fees and expenses payable to other services providers of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests or REIT Shares, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership. "REIT Share" means a share of common stock of the General Partner (or successor entity, as the case may be), including Class D REIT Shares, Class E REIT Shares, Class I REIT Shares, Class K-PR REIT Shares, Class N REIT Shares, Class S REIT Shares, Class S-PR REIT Shares and Class T Shares. "REIT Shares Amount" means a number of REIT Shares having the same Class designation as the Class of Partnership Units, other than as set forth in Section 8.5(b) in connection with certain Partnership Units issued in exchange for DST Interests in connection with the exercise of the FMV Option, offered for exchange by a Tendering Party equal to such number of Partnership Units; provided that in the event the General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the "rights"), and the rights have not expired at the Specified Redemption Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights. Other than as set forth in Section 8.5(b) in connection with certain Partnership Units, Class T-1 Units shall be deemed to have the same Class designation as Class T REIT Shares, Class S-1 and Class S-2 Units shall be deemed to have the same Class designation as Class S REIT Shares and Class D-1 Units shall be deemed to have the same Class designation as Class D REIT Shares. "Related Party" means, with respect to any Person, any other Person whose ownership of shares of the General Partner's capital stock would be attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)).

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12 LEGAL02/46412726v4 "Securities Act" means the Securities Act of 1933, as amended from time to time, or any successor statute thereto. Reference to any provision of the Securities Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. "Service" means the United States Internal Revenue Service. "Special Limited Partner" means Invesco REIT Special Limited Partner L.L.C., a Delaware limited liability company, which shall be a limited partner of the Partnership and recognized as such under applicable Delaware law, but not a "Limited Partner" within the meaning of this Agreement (other than to the extent it owns Partnership Units). "Special Limited Partnership Interest" means the interest of the Special Limited Partner in the Partnership representing solely its right as the holder of an interest in distributions described in Section 5.2 (and any corresponding allocations of income, gain, loss and deduction under this Agreement), and not any interest in Partnership Units it may own from time to time. "Stockholder Servicing Fee" means a per annum stockholder servicing fee paid to the Dealer Manager by the General Partner with respect to any REIT Shares, as set forth in the Prospectus or applicable Memorandum. "Specified Redemption Date" means the first business day of the month following the month of the day that is 45 days after the receipt by the General Partner of the Notice of Redemption. "Subsidiary" means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. "Substitute Limited Partner" means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3. "Survivor" has the meaning set forth in Section 7.1(c). "Tendered Units" has the meaning provided in Section 8.5(a). "Tendering Party" has the meaning provided in Section 8.5(a). "Total Return" for any period since the end of the prior calendar year shall equal the sum of: (i) all distributions accrued or paid (without duplication) on all Partnership Units (excluding Class N Units and Class E Units) outstanding at the end of such period since the beginning of the then-current calendar year plus (ii) the change in aggregate Net Asset Value of such Partnership Units (excluding Class N Units and Class E Units) since the beginning of such year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Partnership Units (excluding Class N Units and Class E Units), (y) any allocation or accrual to the Performance Allocation and (z) any applicable Stockholder Servicing Fees or Investor Servicing Fees, or related expenses, accrued or allocated directly or indirectly with respect to the Partnership Units (including any payments made to the General Partner for payment of such expenses). For the

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13 LEGAL02/46412726v4 avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the Net Asset Value of Partnership Units (excluding Class N Units and Class E Units) issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Partnership Units. "Transfer" has the meaning set forth in Section 9.2(a). "Valuation Guidelines" means the valuation guidelines adopted by the board of directors of the General Partner, as amended or restated from time to time. 1.2. Interpretation. The definitions in Section 1.1 shall apply equally to both the singular and plural forms of the terms defined. Wherever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine and neuter forms. For all purposes of this Agreement, the term "control" and variations thereof shall mean possession of the authority to direct or cause the direction of the management and policies of the specified entity, through the direct or indirect ownership of equity interests therein, by contract or otherwise. As used in this Agreement, the words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." As used in this Agreement, the terms "herein," "hereof" and "hereunder" shall refer to this Agreement in its entirety. Any references in this Agreement to "Sections" or "Articles" shall, unless otherwise specified, refer to Sections or Articles, respectively, in this Agreement. Any references in this Agreement to an "Exhibit" shall, unless otherwise specified, refer to an Exhibit attached to this Agreement, as such Exhibit may be amended from time to time. Each such Exhibit shall be deemed incorporated in this Agreement in full. ARTICLE 2 PARTNERSHIP FORMATION AND IDENTIFICATION 2.1. Formation. The Partnership was formed as a limited partnership pursuant to the Act and all other pertinent laws of the State of Delaware, for the purposes and upon the terms and conditions set forth in this Agreement. 2.2. Name, Office and Registered Agent. The name of the Partnership is Invesco REIT Operating Partnership LP. The specified office and principal place of business of the Partnership shall be 2001 Ross Avenue, Suite 3400, Dallas, Texas 75201. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership's registered agent is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent. 2.3. Partners. (a) The General Partner of the Partnership is Invesco Real Estate Income Trust Inc., a Maryland corporation. Its principal place of business is the same as that of the Partnership.

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14 LEGAL02/46412726v4 (b) The Limited Partners are the General Partner (in its capacity as Limited Partner) and any other Persons identified as Limited Partners on Exhibit A hereto. (c) The Special Limited Partner is Invesco REIT Special Limited Partner L.L.C., a Delaware limited liability company. Its principal place of business is the same as that of the Partnership. 2.4. Term and Dissolution. (a) The Partnership commenced upon the filing for record of the Certificate in the office of the Secretary of State of the State of Delaware on October 5, 2018 and shall continue indefinitely, except that the Partnership shall be dissolved upon the first to occur of any of the following events: (i) The occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b); provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners, either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; (ii) The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid in full); or (iii) The election by the General Partner that the Partnership should be dissolved. (b) Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.3(b)), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Partnership's assets and apply and distribute the proceeds thereof in accordance with Section 5.6. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary to satisfy the Partnership's debts and obligations), or (ii) distribute the assets to the Partners in kind. 2.5. Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate(s) and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business.

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15 LEGAL02/46412726v4 2.6. Certificates Representing Partnership Units. At the request of a Limited Partner, the General Partner, at its sole and absolute discretion, may issue (but in no way is obligated to issue) a certificate specifying the number and Class of Partnership Units owned by the Limited Partner as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: "This certificate is not negotiable. The Partnership Units represented by this certificate are governed by, and transferable only in accordance with, the provisions of the Limited Partnership Agreement of Invesco REIT Operating Partnership LP, as amended from time to time." ARTICLE 3 BUSINESS OF THE PARTNERSHIP The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code (to the extent the General Partner determines not being subject to such taxes is desirable), unless the General Partner otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner's right in its sole and absolute discretion to qualify or cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to qualify as a REIT for federal income tax purposes and that such qualification and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner on behalf of the Partnership shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for purposes of Section 7704 of the Code. ARTICLE 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS 4.1. Capital Contributions. The General Partner and the Limited Partners have made Capital Contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A. Notwithstanding the foregoing, the General Partner may keep Exhibit A current through separate revisions to the books and records of the Partnership that reflect periodic changes to the Capital Contributions made by the Partners, redemptions and other purchases of Partnership Units by the Partnership, conversions of Partnership Units, and corresponding changes to the Partnership Interests of the Partners, without preparing a formal amendment to this Agreement.

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16 LEGAL02/46412726v4 4.2. Units. The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class D Units, Class D-1 Units, Class E Units, Class I Units, Class K-PR Units, Class N Units, Class S Units, Class S-PR, Class S-1 Units, Class S-2 Units, Class T Units, and Class T-1 Units. Each such Class shall have the rights and obligations attributed to that Class under this Agreement. 4.3. Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.3 or in Section 4.4, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.3. (a) Issuances of Additional Partnership Interests. (i) General. The General Partner is hereby authorized to cause the Partnership to issue such additional Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners, including but not limited to, Partnership Units issued in connection with the issuance of REIT Shares of, or other interests in, the General Partner, Class I Units or Class E Units issued to the Special Limited Partner with respect to payments made pursuant to the Performance Allocation or Class N Performance Allocation, Class I Units or Class E Units issued to the Adviser as a management fee pursuant to the Advisory Agreement, Partnership Units issued in connection with acquisitions of properties and Partnership Units issued in connection with the exercise of the FMV Option. Any additional Partnership Interests issued thereby may be issued in one or more classes (including the Classes specified in this Agreement or any other Classes), or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: (1) the additional Partnership Interests are issued in connection with an issuance of Additional Securities by the General Partner in accordance with Section 4.3(a)(iii); (2) the additional Partnership Interests are issued in exchange for property owned by the General Partner with a fair market value, as determined

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17 LEGAL02/46412726v4 by the General Partner, in good faith, equal to the value of the Partnership Interests; or (3) the additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their respective Percentage Interests. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. (ii) Adjustment Events. In the event the General Partner (i) declares or pays a dividend on any Class of its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of any Class of its outstanding REIT Shares in REIT Shares, (ii) subdivides any Class of its outstanding REIT Shares, or (iii) combines any Class of its outstanding REIT Shares into a smaller number of REIT Shares with respect to any Class of REIT Shares, then a corresponding adjustment to the number of outstanding Partnership Units of the applicable Class necessary to maintain the proportionate relationship between the number of outstanding Partnership Units of such Class to the number of outstanding REIT Shares of such Class shall automatically be made. Additionally, in the event that any other entity shall become General Partner pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the "Successor Entity"), the number of outstanding Partnership Units of each Class shall be adjusted by multiplying such number by the number of shares of the Successor Entity into which one REIT Share of such Class is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the number of outstanding Partnership Units of any Class shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Redemption after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, or such merger, consolidation or combination, the number of outstanding Partnership Units of any Class shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the record date for such dividend, distribution, subdivision or combination or such merger, consolidation or combination. If the General Partner takes any other action affecting the REIT Shares other than actions specifically described above and, in the opinion of the General Partner such action would require an adjustment to the number of Partnership Units to maintain the proportionate relationship between the number of outstanding Partnership Units to the number of outstanding REIT Shares, the General Partner shall have the right to make such adjustment to the number of Partnership Units, to the extent permitted by law, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances. (iii) Upon Issuance of Additional Securities. Upon the issuance by the General Partner of any Additional Securities (including pursuant to the General Partner's distribution reinvestment plan) other than to all holders of REIT Shares, the General Partner shall contribute any net proceeds from the issuance of such Additional Securities

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18 LEGAL02/46412726v4 and from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership in return for, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights such that their economic interests are substantially similar to those of the Additional Securities; provided, however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of assets that would not be owned directly or indirectly by the Partnership, but if and only if, such acquisition and issuance of Additional Securities have been approved and determined to be in or not opposed to the best interests of the General Partner and the Partnership; provided further, that the General Partner is allowed to use net proceeds from the issuance and sale of such Additional Securities to repurchase REIT Shares pursuant to a share repurchase plan. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. Without limiting the foregoing, if the General Partner issues REIT Shares of any Class for a cash purchase price and contributes all of the net proceeds of such issuance to the Partnership as required hereunder, the General Partner shall be issued a number of additional Partnership Units having the same Class designation as the issued REIT Shares equal to the number of such REIT Shares of that Class issued by the General Partner the proceeds of which were so contributed. (b) Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, to the extent that the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, if the proceeds actually received and contributed by the General Partner in respect of the REIT Shares the proceeds of which were so contributed are less than the gross proceeds of such issuance as a result of any underwriter's discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 and in connection with the required issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.3(a). In connection with any and all issuances of REIT Shares pursuant to the General Partner's distribution reinvestment plan, the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the distributions that have been reinvested in respect of the REIT Shares issued by the General Partner in return for an equal number of Partnership Units having the same Class designation as the issued REIT Shares. (c) Fee Limit Conversion to Class I Units. (i) Each Class T-1 Unit held by a Limited Partner which it received in exchange for DST Interests in connection with the exercise of the FMV Option shall automatically, and without any action on the part of the Limited Partner, convert to Class I Units at the Class T- 1 Conversion Rate at the end of the month in which the Dealer Manager, in conjunction with the General Partner's transfer agent, determines that aggregate selling commissions, dealer manager

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19 LEGAL02/46412726v4 fees, and Investor Servicing Fees paid with respect to such Partnership Units, including any selling commissions, dealer manager fees and Investor Servicing Fees previously paid in connection with the DST Interests exchanged for such Partnership Units in connection with the FMV Option, would exceed, in the aggregate, the percentage cap (if any) of the sum of the cash price paid in the Private Placement for the DST Interests which were exchanged for such Class T-1 Units as set forth in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold such DST Interests . (ii) Each Class S-1 Unit held by a Limited Partner which it received in exchange for DST Interests in connection with the exercise of the FMV Option shall automatically, and without any action on the part of the Limited Partner, convert to Class I Units at the Class S- 1 Conversion Rate at the end of the month in which the Dealer Manager, in conjunction with the General Partner's transfer agent, determines that aggregate selling commissions, dealer manager fees, and Investor Servicing Fees paid with respect to such Partnership Units, including any selling commissions, dealer manager fees and Investor Servicing Fees previously paid in connection with the DST Interests exchanged for such Partnership Units in connection with the FMV Option, would exceed, in the aggregate, the percentage cap (if any) of the sum of the cash price paid in the Private Placement for the DST Interests which were exchanged for such Class S-1 Units as set forth in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold such DST Interests. (iii) Each Class S-2 Unit held by a Limited Partner which it received in exchange for DST Interests in connection with the exercise of the FMV Option shall automatically, and without any action on the part of the Limited Partner, convert to Class I Units at the Class S- 2 Conversion Rate at the end of the month in which the Dealer Manager, in conjunction with the General Partner's transfer agent, determines that aggregate selling commissions, dealer manager fees, and Investor Servicing Fees paid with respect to such Partnership Units, including any selling commissions, dealer manager fees and Investor Servicing Fees previously paid in connection with the DST Interests exchanged for such Partnership Units in connection with the FMV Option, would exceed, in the aggregate, the percentage cap (if any) of the sum of the cash price paid in the Private Placement for the DST Interests which were exchanged for such Class S-2 Units as set forth in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold such DST Interests. (iv) Each Class D-1 Unit held by a Limited Partner which it received in exchange for DST Interests in connection with the exercise of the FMV Option shall automatically, and without any action on the part of the Limited Partner, convert to Class I Units at the Class D- 1 Conversion Rate at the end of the month in which the Dealer Manager, in conjunction with the General Partner's transfer agent, determines that aggregate selling commissions, dealer manager fees, and Investor Servicing Fees paid with respect to such Partnership Units, including any selling commissions, dealer manager fees and investor servicing fees previously paid in connection with the DST Interests exchanged for such Partnership Units in connection with the FMV Option, would exceed, in the aggregate, the percentage cap (if any) of the sum of the cash price paid in the Private Placement for the DST Interests which were exchanged for such Class D-1 Units as set forth in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold such DST Interests .

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20 LEGAL02/46412726v4 4.4. Additional Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership funds ("Additional Funds") for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, (ii) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans, purchase of additional Partnership Interests or otherwise (which the General Partner or such Affiliates will have the option, but not the obligation, of providing) or (iii) cause the Partnership to issue additional Partnership Interests and admit additional Limited Partners to the Partnership in accordance with Section 4.3. 4.5. Capital Accounts. A separate capital account (a "Capital Account") shall be established and maintained for each Partner in accordance with Regulations Section 1.704- 1(b)(2)(iv), and a Partner shall have a single Capital Account with respect to all Partnership Interests held by such Partner. If (i) a new or existing Partner acquires an additional Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis amount of Partnership property or money as consideration for a Partnership Interest, (iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g), or (iv) the Partnership grants a Partnership Interest (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Partnership, the General Partner may revalue the property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership's property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 4.6. Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests. 4.7. No Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution.

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21 LEGAL02/46412726v4 4.8. Return of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner's Capital Contribution for so long as the Partnership continues in existence. 4.9. No Third Party Beneficiary. No creditor or other third-party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership. ARTICLE 5 PROFITS AND LOSSES; DISTRIBUTIONS 5.1. Allocation of Profit and Loss. (a) General Partner Gross Income Allocation. There shall be specially allocated to the General Partner an amount of (i) first, items of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period, before any other allocations are made hereunder, in an amount equal to the excess, if any, of the cumulative reimbursements made to the General Partner under Section 6.5(b) (other than reimbursements that would properly be treated as "guaranteed payments" or which are attributable to the reimbursement of expenses that would properly be either deductible by the Partnership or added to the tax basis of any Partnership asset) over the cumulative allocations of Partnership income and gain to the General Partner under this Section 5.1(a). (b) General Allocations. The items of Profit and Loss of the Partnership for each fiscal year or other applicable period shall be allocated among the Partners in a manner that will, as nearly as possible (after giving effect to the allocations under Section 5.1(a), 5.1(c) and 5.1(g)) cause the Capital Account balance of each Partner at the end of such fiscal year or other applicable period to equal (i) the amount of the hypothetical distribution that such Partner would receive if the Partnership were liquidated on the last day of such period and all assets of the Partnership, including cash, were sold for cash equal to their Carrying Values, taking into account any adjustments thereto for such period, all liabilities of the Partnership were satisfied in full in

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23 LEGAL02/46412726v4 only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article 5 have been tentatively made as if Section 5.1(c)(ii) and this Section 5.1(c)(iii) were not in this Partnership Agreement. (iv) Payee Allocation. If any payment to any person that is treated by the Partnership as the payment of an expense is recharacterized by a taxing authority as a Partnership distribution to the payee as a partner, such payee shall be specially allocated, in the manner determined by the General Partner, an amount of Partnership gross income and gain as quickly as possible equal to the amount of the distribution. (v) Nonrecourse Deductions. Nonrecourse Deductions shall be allocated pro rata based on the number of Partnership Units held by each Partner. "Nonrecourse Deductions" has the meaning specified in Regulations Sections 1.704- 2(b)(1) and 1.704-2(c). (vi) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated to the Partner who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(j). "Partner Nonrecourse Deductions" has the meaning specified in Regulations Section 1.704-2(i)(2). (vii) Any special allocations of income or gain pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) hereof shall be taken into account in computing subsequent allocations pursuant to Section 5.1(b) and this Section 5.1(c)(viii), so that the net amount of any items so allocated and all other items allocated to each Partner shall, to the extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) had not occurred. (d) Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership's fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the transferee Partner. (e) Definition of Profit and Loss. "Profit" and "Loss" and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments: (i) all items of income, gain, loss or deduction allocated pursuant to Sections 5.1(a) and 5.1(c)(i) through (iii) shall not be taken into account in computing such taxable income or loss; (ii) any income of the Partnership that is exempt from U.S. federal income taxation and not otherwise taken into account in computing Profit and Loss shall be added to such taxable

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24 LEGAL02/46412726v4 income or loss; (iii) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any depreciation, amortization, gain or loss resulting from a disposition of such asset shall be calculated with reference to such Carrying Value; (iv) upon an adjustment to the Carrying Value of any asset pursuant to the definition of Carrying Value (other than an adjustment in respect of depreciation, amortization or cost recovery deductions), the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss; (v) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions with respect to such asset for purposes of Profit and Loss shall be an amount which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction is zero, the Partners may use any reasonable method for purposes of determining depreciation, amortization or other cost recovery deductions in calculating Profit and Loss; and (vi) except for items in (i) above, any expenditures of the Partnership not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Profit and Loss pursuant to this definition shall be treated as deductible items. (f) Tax Allocations. All items of income, gain, loss, deduction and credit of the Partnership shall be allocated among the Partners for federal, state and local income tax purposes consistent with the manner that the corresponding constituent items of Profit and Loss shall be allocated among the Partners pursuant to this Partnership Agreement in the manner determined by the General Partner, except as may otherwise be provided herein or by the Code. Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose. (g) Curative Allocations. The allocations set forth in Section 5.1(c) of this Agreement (the "Regulatory Allocations") are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any other provision of this Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner's Capital Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated pursuant to Sections 5.1(a) and (b). (h) Special Allocations of Class-Specific Items. To the extent that any items of income, gain, loss or deduction of the General Partner are allocable to a specific Class or Classes of REIT Shares as provided in the Prospectus, including, without limitation, Stockholder Servicing Fees, such items, or an amount equal thereto, shall be specially allocated to the Class or Classes of Partnership Units corresponding to such Class or Classes of REIT Shares. To the extent any items of expense are attributable to any Investor Servicing Fees, such items, or an amount equal

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25 LEGAL02/46412726v4 thereto, shall be specially allocated to the Class or Classes of Partnership Units to which such Investor Servicing Fees relate. 5.2. Distribution of Cash. (a) The Partnership shall distribute cash on a quarterly basis (or, at the election of the General Partner, more or less frequently), in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in accordance with Section 5.2(b). The Partnership shall be deemed to have distributed cash to the General Partner in an amount equal to the amount of distributions by the General Partner that are reinvested in REIT Shares issued by the General Partner pursuant to the General Partner's distribution reinvestment plan, and the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of such distributions in return for an equal number of Partnership Units having the same Class designation as the issued REIT Shares. (b) Except for distributions pursuant to Section 5.6 in connection with the dissolution and liquidation of the Partnership and subject to the provisions of Sections 5.2(c), 5.2(d), 5.2(e), 5.3 and 5.4, all distributions of cash (including any deemed distributions pursuant to Section 5.2(a)) shall be made to the Partners in amounts proportionate to the aggregate Net Asset Value of the Partnership Units held by the respective Partners on the Partnership Record Date, except that the amount distributed per Partnership Unit of any Class may differ from the amount per Partnership Unit of another Class on account of differences in Class-specific expense allocations with respect to REIT Shares as described in the Memorandum or Prospectus, as applicable, or for other reasons as determined by the Board of Directors of the General Partner. Any such differences shall correspond to differences in the amount of distributions per REIT Share for REIT Shares of different Classes, with the same adjustments being made to the amount of distributions per Partnership Unit for Partnership Units of a particular Class as are made to the distributions per REIT Share by the General Partner with respect to REIT Shares having the same Class designation. (c) Notwithstanding the foregoing, so long as the Advisory Agreement has not been terminated (including by means of non-renewal), the Special Limited Partner shall be entitled to distributions, promptly following the end of each year (which shall accrue on a monthly basis) in amounts equal to: (i) With respect to the Class D Units, Class D-1 Units, Class I Units, Class K-PR Units, Class S Units, Class S-PR Units, Class S-1 Units, Class S-2 Units, Class T Units and Class T-1 Units (the "Performance Allocation"): (A) First, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of such Excess Profits until the total amount allocated to the Special Limited Partner equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any

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26 LEGAL02/46412726v4 amount allocated to the Special Limited Partner pursuant to this clause; and (B) Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits. Any amount by which Total Return falls below the Hurdle Amount and that does not constitute Loss Carryforward Amount will not be carried forward to subsequent periods. (ii) With respect to solely the Class N Units (the "Class N Performance Allocation"): (A) First, if the Class N Total Return for the applicable period exceeds the sum of (i) the Class N Hurdle Amount for that period and (ii) the Class N Loss Carryforward Amount (any such excess, "Class N Excess Profits"), 50% of such Class N Excess Profits until the total amount allocated to the Special Limited Partner equals 10% of the sum of (x) the Class N Hurdle Amount for that period and (y) any amount allocated to the Special Limited Partner pursuant to this clause; and (B) Second, to the extent there are remaining Class N Excess Profits, 10% of such remaining Class N Excess Profits. Any amount by which Class N Total Return falls below the Class N Hurdle Amount and that does not constitute Class N Loss Carryforward Amount will not be carried forward to subsequent periods. With respect to all Partnership Units that are repurchased at the end of any month in connection with repurchases of REIT Shares pursuant to the General Partner's share repurchase plan, the Special Limited Partner shall be entitled to such Performance Allocation or Class N Performance Allocation, as applicable, in an amount calculated as described above calculated in respect of the portion of the year for which such Partnership Units were outstanding, and proceeds for any such Partnership Unit repurchase will be reduced by the amount of any such Performance Allocation or Class N Performance Allocation, as applicable. Distributions on the Class N Performance Allocation may be payable in cash or Class N Units, Class I Units or Class E Units at the election of the Special Limited Partner. Distributions on the Performance Allocation may be payable in cash or Class I Units or Class E Units at the election of the Special Limited Partner. If the Special Limited Partner elects to receive such distributions in Class N Units, Class I Units or Class E Units, the Special Limited Partner will receive the number of Class N Units, Class I Units or Class E Units that results from dividing the Performance Allocation or Class N Performance Allocation, as applicable, by the Net Asset Value per Class N Unit, Class I Unit or Class E Unit at the time of such distribution. If the Special Limited Partner elects to receive such distributions in Class N Units, Class I Units or Class E Units, the

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27 LEGAL02/46412726v4 Special Limited Partner may request the Partnership to redeem such Class N Units, Class I Units or Class E Units from the Special Limited Partner at any time thereafter pursuant to Section 8.5. The measurement of the change in Net Asset Value Per Unit for the purpose of calculating the Total Return and Class N Total Return is subject to adjustment by the Board of Directors of the General Partner to account for any dividend, split, recapitalization or any other similar change in the Partnership's capital structure or any distributions that the Board of Directors of the General Partner deems to be a return of capital if such changes are not already reflected in the Partnership's net assets. The Special Limited Partner will not be obligated to return any portion of the Performance Allocation or Class N Performance Allocation paid due to the subsequent performance of the Partnership. In the event the Advisory Agreement is terminated (including by means of non-renewal), the Special Limited Partner will be allocated any accrued Performance Allocation and Class N Performance Allocation with respect to all Partnership Units as of the date of such termination. (d) To the extent the Partnership is required by law to withhold or to make tax payments (including interest and penalties thereon) on behalf of or with respect to any Partner ("Tax Advances"), the General Partner may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of a Partner shall, at the option of the General Partner, (i) be promptly paid to the Partnership by the Partner on whose behalf such Tax Advances were made or (ii) be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. Whenever the General Partner selects the option set forth in clause (ii) of the immediately preceding sentence for repayment of a Tax Advance by a Partner, for all other purposes of this Partnership Agreement such Partner shall be treated as having received all distributions unreduced by the amount of such Tax Advance. Each Partner hereby agrees to indemnify and hold harmless the Partnership and the General Partner and any member or officer of the General Partner from and against any liability with respect to Tax Advances required on behalf of or with respect to such Partner. Each Partner shall furnish the General Partner with such information, forms and certifications as it may require and as are necessary to comply with the regulations governing the obligations of withholding tax agents, as well as such information, forms and certifications as are necessary with respect to any withholding taxes imposed by countries other than the United States and represents and warrants that the information and forms furnished by it shall be true and accurate in all respects. The amount of any taxes paid by or withheld from receipts of the Partnership (or any investment in which the Partnership invests that is treated as a flow-through entity for U.S. federal income tax purposes) allocable to a Partner from an Investment shall be deemed to have been distributed to each Partner to the extent that the payment or withholding of such taxes reduced distribution proceeds otherwise distributable to such Partner as provided herein. (e) In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged.

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28 LEGAL02/46412726v4 5.3. REIT Distribution Requirements. The General Partner shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to make stockholder distributions that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 5.4. No Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions by the Partnership. 5.5. Limitations on Return of Capital Contributions. Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner's Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership's assets. 5.6. Distributions Upon Liquidation. Immediately before liquidation of the Partnership, Class T Units will automatically convert to Class I Units at the Class T Conversion Rate, Class T-1 Units will automatically convert to Class I Units at the Class T-1 Conversion Rate, Class S Units will automatically convert to Class I Units at the Class S Conversion Rate, Class S- PR Units will automatically convert to Class I Units at the Class S-PR Conversion Rate, Class S-1 Units will automatically convert to Class I Units at the Class S-1 Conversion Rate, Class S-2 Units will automatically convert to Class I Units at the Class S-2 Conversion Rate, Class D Units will automatically convert to Class I Units at the Class D Conversion Rate, Class D-1 Units will automatically convert to Class D-1 Units at the Class D-1 Conversion Rate, Class E Units will automatically convert to Class I Units at the Class E Conversion Rate, Class N Units will automatically convert to Class I Units at the Class N Conversion Rate, and Class K-PR Units will automatically convert to Class I Units at the Class K-PR Conversion Rate. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, and after payment of any accrued Performance Allocation or Class N Performance Allocation to the Special Limited Partner, any remaining assets of the Partnership shall be distributed to each holder of Class I Units, ratably with each other holder of Class I Units, which will include all converted Class T Units, Class T-1 Units, Class S Units, Class S-PR Units, Class S-1 Units, Class S-2 Units, Class D Units, Class D-1 Units, Class E Units, Class N Units, and Class K-PR Units, in such proportion as the number of outstanding Class I Units held by such holder bears to the total number of outstanding Class I Units then outstanding. Notwithstanding any other provision of this Agreement, the amount by which the value, as determined in good faith by the General Partner, of any property other than cash to be distributed in kind to the Partners exceeds or is less than the Carrying Value of such property shall, to the extent not otherwise recognized by the Partnership, be taken into account in computing Profit and Loss of the Partnership for purposes of crediting or charging the Capital Accounts of, and distributing proceeds to, the Partners, pursuant to this Agreement. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations.

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29 LEGAL02/46412726v4 5.7. Substantial Economic Effect. It is the intent of the Partners that the allocations under Sections 5.1(a), 5.1(b), 5.1(c) and 5.1(g) have substantial economic effect (or be consistent with the Partners' interests in the Partnership in the case of the allocation of losses attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent. 5.8. Reinvestment. Subject to legal, tax, regulatory or other similar considerations, each Limited Partner holding Partnership Units (other than the Special Limited Partner) agrees to participate in the reinvestment program of distributions to the holders of Partnership Units (the "DRIP" and any participating Limited Partner, a "DRIP Participant") unless the Limited Partner withdraws pursuant to Section 5.8(b)(v) or otherwise agreed with the General Partner in writing. The following provisions shall apply to the DRIP and any Limited Partner's participation therein: (a) Subject to Section 5.8(b)(v), the General Partner shall, on behalf of each DRIP Participant, pay to the General Partner all distributions to be made to such DRIP Participant with respect to its Partnership Units in exchange for such DRIP Participant being issued REIT Shares of the same Class of Partnership Units held by such DRIP Participant with respect to which such distribution is being made. REIT Shares issued pursuant to the DRIP shall be purchased at the applicable Net Asset Value Per REIT Share on the date that the distribution is payable. (b) In connection with this Section 5.8, each Limited Partner agrees and acknowledges as follows: (i) The Partnership has designated the General Partner to administer the DRIP and act as agent for the DRIP Participants. The General Partner shall credit distributions to DRIP Participants and shall reinvest such distributions in REIT Shares of the same Class as the Partnership Units held by such DRIP Participant with respect to which such distribution is made. (ii) A DRIP Participant shall remain in the DRIP until such DRIP Participant withdraws from the DRIP in accordance with Section 5.8(b)(v) or the General Partner terminates or suspends the DRIP. (iii) A DRIP Participant shall, on the date that the distribution is payable, be deemed to have received a cash distribution from the Partnership and paid to the General Partner the entire amount of such cash distribution that otherwise would have been received by such DRIP Participant in such distribution, in exchange for the General Partner's issuance of REIT Shares to such DRIP Participant (at the then-current transaction price (as defined in the most recent Prospectus) per REIT Share, which will generally be equal to the then-current Net Asset Value Per REIT Share). The DRIP Participant shall be issued REIT Shares having the same class designation as the applicable class of Partnership Units to which such distributions are attributable. No interest shall be paid on cash distributions pending reinvestment in REIT Shares under the terms of the DRIP. (iv) No DRIP Participant shall have any authorization or power to direct the time or price at which REIT Shares shall be purchased. The total amount to be invested

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30 LEGAL02/46412726v4 shall depend on the amount of any distributions paid on the number of Partnership Units owned by the DRIP Participant, as well as any withholding taxes paid on behalf of such DRIP Participant. (v) DRIP Participants may elect to withdraw from the DRIP with respect to the Partnership Units held in their account by providing 10 days' prior written notice of such election to withdraw in a form acceptable to the General Partner and such election to withdraw shall be effective until rescinded by providing written notice of an election to reinstate participation in the DRIP in a form acceptable to the General Partner. Such written notice of such election to withdraw or be reinstated, as the case may be, must be received by the General Partner prior to the last day of the quarter in order for a Participant's termination to be effective for such quarter (i.e., a timely termination notice will be effective as of the last day of the quarter in which it is timely received and will not affect participation in the DRIP for any prior quarter). Any transfer of Partnership Units by a DRIP Participant to a non-DRIP Participant will terminate participation in the DRIP with respect to the transferred Partnership Units. If a DRIP Participant requests that the Partnership repurchase all or any portion of the DRIP Participant's Partnership Units, the DRIP Participant's participation in the DRIP with respect to the DRIP Participant's Partnership Units for which repurchase was requested but that were not repurchased will be terminated. If a DRIP Participant terminates DRIP participation, the General Partner may, at its option, ensure that the terminating DRIP Participant's account will reflect the whole number of REIT Shares in such DRIP Participant's account and provide a check or other instrument of payment for the cash value of any fractional REIT Share in such account. Upon termination of DRIP participation for any reason, future distributions will be distributed to the Limited Partner in cash. (vi) Each DRIP Participant represents and warrants that is an "accredited investor" as such term is defined in Rule 501(a) of Regulation D under the Securities Act, and agrees to promptly notify the General Partner in writing if such DRIP Participant experiences a change in its status as an "accredited investor" at any time prior to such DRIP Participant's withdrawal from the DRIP pursuant to Section 5.8(b)(v). (c) This Section 5.8 shall not apply to any distributions to the General Partner made pursuant to Section 5.2(a). ARTICLE 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER 6.1. Management of the Partnership. (a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement and without limiting any powers of the Adviser pursuant to the Advisory Agreement, the powers

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31 LEGAL02/46412726v4 of the General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership: (i) to acquire, purchase, own, operate, lease and dispose of any Property; (ii) to construct buildings and make other improvements on the properties owned or leased by the Partnership; (iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests) of the Partnership; (iv) to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership's assets; (v) to pay, either directly or by reimbursement, for all operating costs and general administrative expenses of the Partnership to the Adviser, to third parties or to the General Partner or its Affiliates as set forth in this Agreement; (vi) to guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership's assets; (vii) to use assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general administrative expenses of the General Partner, the Partnership or any Subsidiary of either, to the Adviser, to third parties or to the General Partner as set forth in this Agreement; (viii) to lease all or any portion of any of the Partnership's assets, whether or not any portion of the Partnership's assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine; (ix) to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the Partnership's assets;

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32 LEGAL02/46412726v4 (x) to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership's assets or any other aspect of the Partnership business; (xi) to make or revoke any election permitted or required of the Partnership by any taxing authority; (xii) to maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such types, as the General Partner shall determine from time to time; (xiii) to determine whether or not to apply any insurance proceeds for any property to the restoration of such property or to distribute the same; (xiv) to establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefor such remuneration as the General Partner may deem reasonable and proper; (xv) to retain other services of any kind or nature in connection with the Partnership business, and to pay therefor such remuneration as the General Partner may deem reasonable and proper; (xvi) to negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; (xvii) to maintain accurate accounting records and to file all federal, state and local income tax returns on behalf of the Partnership; (xviii) to distribute Partnership cash or other Partnership assets in accordance with this Agreement; (xix) to form or acquire an interest in, and contribute property to, any further limited or general partnerships, joint ventures or other relationships that the General Partner deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in which it has an equity interest from time to time); (xx) to establish Partnership reserves for working capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose; (xxi) to merge, consolidate or combine the Partnership with or into another Person;

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33 LEGAL02/46412726v4 (xxii) to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for purposes of Section 7704 of the Code; and (xxiii) to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. (b) Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 6.2. Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder to any Person, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person (which may include the Adviser) may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve. 6.3. Indemnification and Exculpation of Indemnitees. (a) To the fullest extent permitted by law, the Partnership shall indemnify and hereby agrees to indemnify and hold harmless an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, costs and expenses (including reasonable legal fees and expenses), judgments, fines, settlements, penalties and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnitee and that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and constituted willful misconduct or gross negligence; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any proceeding by settlement, judgment, order or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that an Indemnitee did not act in good faith and in a manner that the Indemnitee believed to be in or not opposed to the best interests of the Partnership or that the Indemnitee's conduct constituted fraud, willful misconduct, gross negligence, a material breach of this Agreement, a breach of its fiduciary duty or, with respect to any criminal action or proceeding, an Indemnitee had no reasonable cause to believe his conduct was unlawful. Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership.

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34 LEGAL02/46412726v4 (b) The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 6.3 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. (c) The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. (d) The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership's activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. (e) For purposes of this Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership. (f) In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. (g) An Indemnitee shall not be denied indemnification in whole or in part under this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement and the Articles of Incorporation. (h) The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 6.4. Liability and Obligations of the General Partner. (a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission not amounting to willful misconduct or gross negligence. The General Partner shall not be in

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35 LEGAL02/46412726v4 breach of any duty that the General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement. (b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its stockholders collectively, and that neither the General Partner nor its Board of Directors is under any obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the stockholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith. (c) Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. (d) Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT, (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, or (iii) to ensure that the Partnership will not be classified as a "publicly traded partnership" under Section 7704 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. (e) Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner's liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 6.5. Reimbursement of General Partner. (a) Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to

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36 LEGAL02/46412726v4 which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. (b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all Administrative Expenses incurred by the General Partner. 6.6. Outside Activities. (a) Subject to Section 6.7 hereof, the Articles of Incorporation and any agreements entered into by the General Partner or its Affiliates with the Partnership or any of its Subsidiaries, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner shall be entitled to and may have, directly or indirectly, business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such business ventures, interests or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to communicate or offer any opportunities or interest in any such business ventures, interests and activities to the Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person, even if it may raise a conflict of interest with the Limited Partners or the Partnership. The General Partner will not be liable for breach of any fiduciary or other duty by reason of the fact that such party pursues or acquires for, or directs such opportunity or interest to another Person or does not communicate or offer such opportunity or interest to the Partnership. (b) No Limited Partner shall, by reason of being a Limited Partner in the Partnership, have any right to participate in any manner in any profits or income earned or derived by or accruing to the General Partner and its respective Affiliates, or the respective members, partners, officers, directors, employees, stockholders, agents or representatives thereof from the conduct of any business other than the business of the Partnership or from any transaction in instruments effected by the General Partner and its Affiliates or the respective members, partners, stockholders, officers, directors, employees or agents thereof for any account other than that of the Partnership. 6.7. Transactions With Affiliates. (a) Any Affiliate of the General Partner or the Adviser may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner determines to be fair and reasonable. (b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The

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37 LEGAL02/46412726v4 foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person. (c) The Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant, and in which any of its Affiliates may or may not be a participant, upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement, applicable law, the Articles of Incorporation and the REIT status of the General Partner. (d) Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are, in the General Partner's sole discretion, on terms that are fair and reasonable to the Partnership and in compliance with the Articles of Incorporation. 6.8. Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 6.9. Repurchases and Exchanges of REIT Shares. (a) Repurchases. If the General Partner repurchases any REIT Shares (other than REIT Shares repurchased with proceeds received from the issuance of other REIT Shares), then the General Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units having the same Class designation as the redeemed REIT Shares for that Class of Partnership Units on the same terms that the General Partner repurchased such REIT Shares (including any applicable discount to Net Asset Value). (b) Exchanges. If the General Partner exchanges any REIT Shares of any Class ("Exchanged REIT Shares") for, or converts any REIT Shares of any Class to, REIT Shares of a different Class ("Received REIT Shares"), then the General Partner shall, and shall cause the Partnership to, exchange or convert a number of Partnership Units having the same Class designation as the Exchanged REIT Shares, for Partnership Units having the same Class designation as the Received REIT Shares on the same terms that the General Partner exchanged or converted the Exchanged REIT Shares.

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38 LEGAL02/46412726v4 6.10. No Duplication of Fees or Expenses. The Partnership may not incur or be responsible for any fee or expense (in connection with any Private Placement, any Public Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner. ARTICLE 7 CHANGES IN GENERAL PARTNER 7.1. Transfer of the General Partner's Partnership Interest. (a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as provided in, or in connection with a transaction contemplated by, Section 7.1(b), (c) or (d). (b) Except as otherwise provided in Section 6.4(b) or Section 7.1(b), (c) or (d) hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in the General Partner's state of incorporation or organizational form) in each case which results in a change of control of the General Partner (a "Transaction"), unless: (i) the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners is obtained; or (ii) as a result of such Transaction all Limited Partners will receive for each Partnership Unit of each Class an amount of cash, securities, or other property equal to the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share having the same Class designation as that Partnership Unit in consideration of such REIT Share; provided that if, in connection with the Transaction, a purchase, tender or exchange offer ("Offer") shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership Units shall be given the option to exchange its Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner holding Partnership Units would have received had it (1) exercised its Redemption Right and (2) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Redemption Right immediately prior to the expiration of the Offer; or the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash, securities, or other property in the Transaction or (B) all Limited Partners receive in exchange for their Partnership Units of each Class, an amount of cash, securities, or other property (expressed as an amount per REIT Share) that is no less than the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares having the same Class designation as the Partnership Units being exchanged. (c) Notwithstanding Section 7.1(a), the General Partner may merge with or into or consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the "Survivor"), other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the

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39 LEGAL02/46412726v4 Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this Section 7.1(c). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount and the REIT Shares Amount after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares of each Class or options, warrants or other rights relating thereto, and which a holder of Partnership Units of any Class could have acquired had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for in Section 4.3(a)(ii). The Survivor also shall in good faith modify the definition of REIT Shares and make such amendments to Section 8.5 so as to approximate the existing rights and obligations set forth in Section 8.5 as closely as reasonably possible. The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder. In respect of any transaction described in the preceding paragraph, the General Partner is required to use its commercially reasonable efforts to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction, provided such efforts are consistent with the exercise of the Board of Directors' fiduciary duties to the stockholders of the General Partner under applicable law. (d) Notwithstanding Section 7.1(a), a General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly-owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner. 7.2. Admission of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: (a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 in connection with such admission shall have been performed; (b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person's authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and

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40 LEGAL02/46412726v4 (c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel and the state or any other jurisdiction as may be necessary) that (x) the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act and (y) none of the actions taken in connection with the admission of such Person as a substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal tax purposes, or (ii) the loss of any Limited Partner's limited liability. 7.3. Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner. (a) Upon the occurrence of an Event of Bankruptcy as to the sole remaining General Partner (and its removal pursuant to Section 7.4(a)) or the death, withdrawal, removal or dissolution of the sole remaining General Partner (except that, if the sole remaining General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b). The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 shall not be deemed to be the withdrawal, dissolution or removal of the General Partner. (b) Following the occurrence of an Event of Bankruptcy as to the sole remaining General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of the sole remaining General Partner (except that, if the sole remaining General Partner is, on the date of such occurrence, a partnership, the withdrawal of, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership by selecting, subject to Section 7.2 and any other provisions of this Agreement, a substitute General Partner by consent of the Limited Partners holding a majority of the Percentage Interests of all Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 7.4. Removal of a General Partner. (a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death or dissolution of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause.

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41 LEGAL02/46412726v4 (b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by the Limited Partners in accordance with Section 7.3(b) and otherwise admitted to the Partnership in accordance with Section 7.2. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and the Limited Partners holding a majority of the Percentage Interests of all Limited Partners within 10 days following the removal of the General Partner. If the parties are unable to agree upon an appraiser, the removed General Partner and the Limited Partners holding a majority of the Percentage Interests of all Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner's General Partnership Interest within 30 days of the General Partner's removal, and the fair market value of the removed General Partner's General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner's General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General Partner's General Partnership Interest shall be the average of the two appraisals closest in value. (c) The General Partnership Interest of a removed General Partner, during the time after default until transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). (d) All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be legally necessary, desirable and sufficient to effect all the foregoing provisions of this Section. ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 8.1. Management of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 8.2. Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name,

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42 LEGAL02/46412726v4 place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. 8.3. Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 8.4. Ownership by Limited Partner of Corporate General Partner or Affiliate. No Limited Partner shall at any time, either directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with other stock or other interests owned by other Limited Partners would, in the opinion of counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as is required to establish compliance by the Limited Partners with the provisions of this Section. 8.5. Redemption Right. (a) Subject to this Section 8.5 and the provisions of any agreements between the Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner other than the General Partner, after holding any Partnership Units for at least one year, shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem (a "Redemption") all or a portion of such Partnership Units (the "Tendered Units") in exchange (a "Redemption Right") for REIT Shares issuable on, or the Cash Amount payable on, the Specified Redemption Date, as determined by the General Partner on its own behalf and on behalf of the Partnership in its sole discretion. Any Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner) by the Limited Partner exercising the Redemption Right (the "Tendering Party"). Within 15 days of receipt of a Notice of Redemption, the Partnership will send to the Limited Partner submitting the Notice of Redemption a response stating whether the General Partner on behalf of the Partnership has determined the applicable Partnership Units will be redeemed for REIT Shares or the Cash Amount. In either case, the Limited Partner shall be entitled to withdraw the Notice of Redemption if (i) it provides notice to the Partnership that it wishes to withdraw the request and (ii) the Partnership receives the notice no less than two business days prior to the Specified Redemption Date. Notwithstanding the foregoing, the Special Limited Partner and the Adviser shall have the right to require the Partnership to redeem all or a portion of their Class N Units, Class I Units or Class E Units, as the case may be, pursuant to this Section 8.5 at any time irrespective of the period the Class N Units, Class I Units or Class E Units, as the case may be, have been held by the Special Limited Partner or the Adviser. The Partnership shall redeem any such Class N Units, Class I Units or Class E Units, as the case may be, of the Special Limited

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43 LEGAL02/46412726v4 Partner or the Adviser for the Cash Amount unless the Board of Directors of the General Partner determines that any such redemption for cash would be prohibited by applicable law or this Agreement, in which case such Class N Units will be redeemed for an amount of Class N REIT Shares with an aggregate Net Asset Value equivalent to the aggregate Net Asset Value of such Class N Units, such Class I Units will be redeemed for an amount of Class I REIT Shares with an aggregate Net Asset Value equivalent to the aggregate Net Asset Value of such Class I Units and such Class E Units will be redeemed for an amount of Class E REIT Shares with an aggregate Net Asset Value equivalent to the aggregate Net Asset Value of such Class E Units. No Limited Partner, other than the Special Limited Partner and the Adviser, may deliver more than two Notices of Redemption during each calendar year. A Limited Partner other than the Special Limited Partner and the Adviser may not exercise the Redemption Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The Tendering Party shall have no right, with respect to any Partnership Units so redeemed, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or after the Specified Redemption Date. (b) If the General Partner elects to cause the Partnership to redeem Tendered Units for REIT Shares rather than cash, then the Partnership shall direct the General Partner to issue and deliver such REIT Shares to the Tendering Party pursuant to the terms set forth in this Section 8.5(b), in which case, (i) the General Partner, acting as a distinct legal entity, shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party's exercise of its Redemption Right, and (ii) such transaction shall be treated, for federal income tax purposes, as a transfer by the Tendering Party of such Tendered Units to the General Partner in exchange for REIT Shares. The percentage of the Tendered Units tendered for Redemption by the Tendering Party for which the General Partner elects to issue REIT Shares (rather than cash) is referred to as the "Applicable Percentage." In making such election to acquire Tendered Units, the Partnership shall act in a fair, equitable and reasonable manner that neither prefers one group or class of Limited Partners over another nor discriminates against a group or class of Limited Partners. If the Partnership elects to redeem any number of Tendered Units for REIT Shares rather than cash, on the Specified Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the General Partner in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the Applicable Percentage. In the case of Tendered Units which were initially issued in exchange for DST Interests in connection with the exercise of the FMV Option, if the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold such DST Interests provides that the applicable Tendered Units shall be redeemed for Class I REIT Shares (or does not have any provision regarding the Class of REIT Shares for which such Tendered Units shall be redeemed), "REIT Shares Amount," as used in the preceding sentence, shall mean a number of Class I REIT Shares equal to (i) for tendered Class T-1 Units, the product of the number of such tendered Class T-1 Units and the Class T-1 Conversion Rate; (ii) for tendered Class S-1 Units, the product of the number of such tendered Class S-1 Units and the Class S-1 Conversion Rate; (iii) for tendered Class S-2 Units, the product of the number of such tendered Class S-2 Units and the Class S-2 Conversion Rate; (iv) for tendered Class D-1 Units, the product of the number of such tendered Class D-1 Units and the Class D-1 Conversion Rate; and (v) for tendered Class I Units, the number of such tendered Class I Units. The product of the Applicable Percentage and the REIT Shares Amount (including the REIT Shares Amount applicable to Tendered Units which were issued in exchange for DST Interests in connection with the exercise

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44 LEGAL02/46412726v4 of the FMV Option), if applicable, shall be delivered by the General Partner as duly authorized, validly issued, fully paid and non-assessable REIT Shares free of any pledge, lien, encumbrance or restriction, other than the Aggregate Share Ownership Limit (as calculated in accordance with the Articles of Incorporation) and other restrictions provided in the Article of Incorporation, the bylaws of the General Partner, the Securities Act and relevant state securities or "blue sky" laws. Notwithstanding the provisions of Section 8.5(a) and this Section 8.5(b), the Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited under the Articles of Incorporation. (c) In connection with an exercise of Redemption Rights pursuant to this Section 8.5, the Tendering Party shall submit the following to the Partnership (with a copy to the General Partner), in addition to the Notice of Redemption: (i) A written affidavit, dated the same date as the Notice of Redemption, (a) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and (ii) any Related Party and (b) representing that, after giving effect to the Redemption, neither the Tendering Party nor any Related Party will own REIT Shares in excess of the Aggregate Share Ownership Limit (or, if applicable the Excepted Holder Limit); (ii) A written representation that neither the Tendering Party nor any Related Party has any intention to acquire any additional REIT Shares prior to the closing of the Redemption on the Specified Redemption Date; (iii) An undertaking to certify, at and as a condition to the closing of the Redemption on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Tendering Party and any Related Party remain unchanged from that disclosed in the affidavit required by Section 8.5(c)(1) or (b) after giving effect to the Redemption, neither the Tendering Party nor any Related Party shall own REIT Shares in violation of the Aggregate Share Ownership Limit (or, if applicable, the Excepted Holder Limit); and (iv) Any other documents, representations and certifications as the General Partner may reasonably require. (d) Any Cash Amount to be paid to a Tendering Party pursuant to this Section 8.5 shall be paid on the Specified Redemption Date; provided, however, that the Partnership may elect to delay the Specified Redemption Date for up to an additional 180 days to the extent required for the Partnership to accumulate liquidity from the operations of its business as contemplated in Article 3 to enable the Partnership to effectuate the payment of such Cash Amount to the Tendering Party. Notwithstanding the foregoing, the Partnership (and the General Partner on behalf of the Partnership) agrees to use its best efforts to cause the closing of the acquisition of Tendered Units hereunder to occur as quickly as reasonably possible. (e) Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their

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45 LEGAL02/46412726v4 Redemption Rights to prevent, among other things, (a) any person from owning shares in excess of the Common Share Ownership Limit, the Aggregate Share Ownership Limit and the Excepted Holder Limit, and (b) the General Partner's common stock from being owned by less than 100 persons, the General Partner from being "closely held" within the meaning of Section 856(h) of the Code, and as and if deemed necessary to ensure that the Partnership does not constitute a "publicly traded partnership" under Section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a "Restriction Notice") to each of the Limited Partners holding Partnership Units, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid having the Partnership be treated as a "publicly traded partnership" under Section 7704 of the Code. (f) A redemption fee may be charged (other than to the Adviser, Special Limited Partner or their Affiliates) in connection with an exercise of Redemption Rights pursuant to this Section 8.5. ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 9.1. Purchase for Investment. (a) Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of his Partnership Interest is made as a principal for his account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. (b) Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 9.2. Restrictions on Transfer of Limited Partnership Interests. (a) Subject to the provisions of Section 9.2(b) and (c), no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership Interest, or any of such Limited Partner's economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a "Transfer") without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion; provided that the Special Limited Partner may transfer all or any portion of its Limited Partnership Interest, or any of its economic rights as a Limited Partner, to any of its Affiliates without the consent of the General Partner. Any such purported transfer undertaken without such consent shall be considered to be null and void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith.

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47 LEGAL02/46412726v4 (g) Any Transfer in contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership. (h) Prior to the consummation of any Transfer under this Article 9, the transferor and the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 9.3. Admission of Substitute Limited Partner. (a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and upon the satisfactory completion of the following: (i) The assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may require in order to effect the admission of such Person as a Limited Partner. (ii) To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act. (iii) The assignee shall have delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. (iv) If the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee's authority to become a Limited Partner under the terms and provisions of this Agreement. (v) The assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.2 hereof. (vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner. (vii) The assignee has obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner's sole and absolute discretion. (b) For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described

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48 LEGAL02/46412726v4 in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. (c) The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership. 9.4. Rights of Assignees of Partnership Interests. (a) Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. (b) Any Person who is the assignee of all or any portion of a Limited Partner's Limited Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of its Limited Partnership Interest. 9.5. Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner. 9.6. Joint Ownership of Interests. A Partnership Interest may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall have received notice of such death. Upon notice to the General

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49 LEGAL02/46412726v4 Partner from either owner, the General Partner shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners. ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 10.1. Books and Records. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership's specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate of Limited Partnership and all Certificates of amendment thereto, (c) copies of the Partnership's federal, state and local income tax returns and reports, (d) copies of this Agreement and amendments thereto and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours. 10.2. Custody of Partnership Funds; Bank Accounts. (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. (b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested in any manner determined by the General Partner in its sole discretion. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment permitted by this Section 10.2(b). 10.3. Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year. 10.4. Annual Tax Information and Report. Within 90 days after the end of each fiscal year of the Partnership, the General Partner shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited Partner's individual tax returns as required by law. 10.5. Partnership Representative; Tax Elections; Special Basis Adjustments. (a) The General Partner shall designate itself or another Person to serve as the "partnership representative" of the Partnership within the meaning of Section 6223(a) of the Code (as amended by the Bipartisan Budget Act of 2015) (the "Partnership Representative") in accordance with Treasury Regulations Section 301.6223-1 or any other applicable Service guidance. If the Person designated by the General Partner to serve as the Partnership Representative is not an individual, the General Partner shall also appoint an individual (the

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50 LEGAL02/46412726v4 "Designated Individual") through whom the Partnership Representative acts in accordance with Treasury Regulations Section 301.6223-1 or any other applicable Service guidance. The General Partner shall also designate a new Partnership Representative if the Partnership Representative resigns or appoint a new Designated Individual if the Designated Individual resigns. The General Partner is authorized to revoke and replace from time to time the Partnership Representative or the Designated Individual in accordance with Treasury Regulations Section 301.6223-1 or any other applicable Service guidance. The General Partner shall make all designations and appointments under similar or analogous state, local or non-U.S. laws. The Partnership Representative shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Partnership Representative. The Partnership Representative shall have the right to retain professional assistance in respect of any audit of the Partnership by the Service and all out-of- pocket expenses and fees incurred by the Partnership Representative on behalf of the Partnership as Partnership Representative shall constitute Partnership expenses. The taking of any action and the incurring of any expense by the Partnership Representative in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the Partnership Representative, and the provisions relating to indemnification of the General Partner set forth in Section 6.3 of this Agreement shall be fully applicable to the Partnership Representative and its Designated Individual, if any, acting as such. (b) All elections required or permitted to be made by the Partnership under the Code or any applicable state, local or foreign tax law shall be made by the General Partner in its sole and absolute discretion (c) In the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership's assets. Notwithstanding anything contained in Article 5, any adjustments made pursuant to Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election. 10.6. Reports to Limited Partners. As soon as practicable after the close of each fiscal year, but in no event later than the date on which the General Partner mails its annual report to holders of the REIT Shares, the General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial statements shall be audited by accountants selected by the General Partner. ARTICLE 11 AMENDMENT OF AGREEMENT; MERGER The General Partner's consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity

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51 LEGAL02/46412726v4 (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 7.1(b), (c) or (d) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners: (a) any amendment affecting the operation of the Redemption Right (except as provided in Section 8.5(d), 7.1(b) or 7.1(c)) in a manner adverse to the Limited Partners; (b) any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.3; (c) any amendment that would alter the Partnership's allocations of Profit and Loss to the Limited Partners, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.3; or (d) any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership. ARTICLE 12 GENERAL PROVISIONS 12.1. Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth in Exhibit A; provided, however, that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 12.2. Survival of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 12.3. Additional Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. 12.4. Severability. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 12.5. Entire Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof, including, without limitation, the Original Agreement.

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52 LEGAL02/46412726v4 12.6. Pronouns and Plurals. When the context in which words are used in the Agreement indicates that such is the intent, words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require. 12.7. Headings. The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the scope of this Agreement or any particular Article. 12.8. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 12.9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

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Exhibit 10.2 LEGAL02/46412726v4 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Amended and Restated Limited Partnership Agreement, all as of the date first set forth above. GENERAL PARTNER: INVESCO REAL ESTATE INCOME TRUST INC. By: /s/ R. Scott Dennis Name: R. Scott Dennis Title: Chief Executive Officer SPECIAL LIMITED PARTNER: INVESCO REIT SPECIAL LIMITED PARTNER L.L.C. By: Invesco Realty, Inc. its sole member By:/s/R. Scott Dennis Name: R. Scott Dennis Title: Chief Executive Officer and President

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&nbsp;&nbsp;&nbsp;&nbsp;A-1 LEGAL02/46412726v4 EXHIBIT A Partner Type of Interest Contribution Agreed Value of Contribution Class T Units Class S Units Class D Units Class I Units Class E Units Class N Units Class S-PR Units Class K-PR Units Percent- age Interest GENERAL PARTNER Invesco Real Estate Income Trust Inc. 2300 N. Field Street, Suite 1200 Dallas, Texas 75201 General Partnership Interest N/A $ N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Limited Partnership Interest $645,452,155.41 — 302,769.56 479,783.60 522,203.65 4,176,286.38 1,268,146.29 14,900,059.53 878,895.26 439,447.63 100% LIMITED PARTNER: Invesco REIT Special Limited Partner, L.L.C. 2300 N. Field Street, Suite 1200 Dallas, Texas 75201 Limited Partnership Interest N/A $ N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.00% Totals $645,452,155.41 — 302,769.56 479,783.60 522,203.65 4,176,286.38 1,268,146.29 14,900,059.53 878,895.26 439,447.63 100%

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&nbsp;&nbsp;&nbsp;&nbsp;B-1 LEGAL02/46412726v4 EXHIBIT B NOTICE OF EXERCISE OF REDEMPTION RIGHT In accordance with Section 8.5 of the Amended and Restated Limited Partnership Agreement (the "Agreement") of Invesco REIT Operating Partnership LP, the undersigned hereby irrevocably (i) presents for redemption Partnership Units in Invesco REIT Operating Partnership LP in accordance with the terms of the Agreement and the Redemption Right referred to in Section 8.5 thereof, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Redemption Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below. Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Agreement. The undersigned represents, warrants, certifies and agrees that: (i) the undersigned has held the Partnership Units being presented for redemption for a period of at least twelve full months; (ii) the undersigned has, and at the closing of the Redemption will have, good, marketable and unencumbered title to such Partnership Units, free and clear of the rights or interests of any other person or entity; (iii) the undersigned has, and at the closing of the Redemption will have, the full right, power and authority to tender and surrender such Partnership Units as provided herein; and (iv) the undersigned has obtained the consent or approval of all persons and entities, if any, having the right to consent to or approve such redemption. Dated: (Name of Limited Partner) (Signature of Limited Partner) (Mailing Address) (City) (State) (Zip Code) Signature Guaranteed by:

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2 LEGAL02/46412726v4 If REIT Shares are to be issued, issue to: Name: Social Security or Tax I.D. Number:

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, R. Scott Dennis, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Invesco Real Estate Income Trust Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 8, 2025 | |
| | /s/ R. Scott Dennis |
| | R. Scott Dennis |
| | Chairperson of the Board and Chief Executive Officer |
| | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Courtney Popelka, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Invesco Real Estate Income Trust Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

---

| | |
|:---|:---|
| Date: August 8, 2025 | |
| | /s/ Courtney Popelka |
| | Courtney Popelka |
| | Chief Financial Officer and Treasurer |
| | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Invesco Real Estate Income Trust Inc. (the "<u>Company</u>") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "<u>Report</u>"), I, R. Scott Dennis, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ R. Scott Dennis |
| R. Scott Dennis |
| Chairperson of the Board and Chief Executive Officer |
| (Principal Executive Officer) |
| August 8, 2025 |

---

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Invesco Real Estate Income Trust Inc. (the "<u>Company</u>") on Form 10-Q for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "<u>Report</u>"), I, Courtney Popelka, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company

---

| |
|:---|
| /s/ Courtney Popelka |
| Courtney Popelka |
| Chief Financial Officer and Treasurer |
| (Principal Financial Officer and Principal Accounting Officer) |
| August 8, 2025 |

---

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

### Attached PDF Documents

**Attachment 1:** `lpa.pdf`

_No text found in this document._