Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
Invesco Real Estate Exchange LLC is the DST sponsor for the Delaware statutory trust program of Invesco Real Estate Income Trust Inc. (INREIT) and is an indirect wholly owned subsidiary of INREIT's operating partnership. INREIT initiated the program in February 2023 to issue and sell up to $3.0 billion of beneficial interests in specific Delaware statutory trusts holding real properties, with each property held in a separate trust and leased back by an operating partnership subsidiary under a master lease. Two IREX industrial offerings were reported fully subscribed: an $87 million Ohio and Illinois portfolio in December 2025 and a $94 million Florida and North Carolina portfolio in May 2026.
Sponsor-stated figures are as reported by the sponsor.Evidence 12345
Published Grade summary
The public record tracks 5 Programs for this Sponsor over 2 years, and none of those Programs has yet reached a lifecycle-eligible stage, so no full-cycle outcomes appear in the record. The outcome-disclosure ledger holds no entries — no figures published, no acknowledgments without figures, and no silent Programs. No material adverse events or recorded floor appear, which reflects the limits of the record rather than any finding, and the evidence rests on 1 citation at a proof depth of 1.
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0Programs with an ending or 7+ years of history
0 of 0Programs with a documented problem
0%Finished Programs with a published result
Not foundPublishes its own track record
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
HHarm recordDocumented problems, weighed against everything at stake35% weight
LLifecycle outcomesHow programs old enough to finish actually ended25% weight
RMarket acceptanceHow each raise went against comparable offerings25% weight
TDisclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
Ceilings
The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
Evidence gates
A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
Adverse floors
An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth4.5Published-outcome coverage0%
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Published Grade historyOne published letter, unchanged since
C2026-Q3 · Moved from C. Binding constraints: proof depth below 4; fewer than 10 lifecycle-eligible Programs; H below 85.
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Chapter 4
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
Invesco Real Estate Exchange LLC is identified as the DST Sponsor for the INREIT DST Program, and INREIT's 2024 proxy statement describes the DST Sponsor as an indirect wholly owned subsidiary of INREIT's Operating Partnership 1.
Program structure and scale
INREIT initiated the DST Program in February 2023 to issue and sell up to $3.0 billion of beneficial interests in specific Delaware statutory trusts holding real properties 2. Under the program as described by INREIT, properties may be sourced either from INREIT's own real properties or from third parties, are held in separate Delaware statutory trusts, and are leased back by a wholly owned Operating Partnership subsidiary under a master lease 1. Top1031's sponsor record associates five IREX-series DST programs with the sponsor, with first filings spanning 2023 through 2026 3.
Reported completed offerings
IREX III Industrial Portfolio DST — INREIT reported on December 18, 2025 that the offering was fully subscribed, raising $87 million in gross proceeds across three industrial properties in Ohio and Illinois reported as 100% occupied and totaling 795,825 net rentable square feet 4.
IREX IV Industrial Portfolio DST — an INREIT release distributed by PR Newswire on May 12, 2026 reported the offering fully subscribed, raising $94 million in gross proceeds across three industrial properties in Florida and North Carolina reported as 100% occupied and totaling 537,947 net rentable square feet 5.
Invesco IREX Industrial Portfolio I DST | Real Estate Transition SolutionsMarketplace listing for the IREX Industrial Portfolio I DST describing the closed offering as two corporate-guaranteed net-lease cold-storage properties in Los Angeles, California totaling over 94,000 sq ft; offering size $36,881,720; property status 'Closed Offering'.
Invesco Real Estate’s Chase Bolding Talks Market OpportunityIn an interview, Chase Bolding identified the IREX II Self-Storage Portfolio Delaware Statutory Trust as Invesco Real Estate’s tax-oriented private-wealth strategy for investors seeking to defer taxes on appreciated gains.
Mid-Atlantic STIHL celebrates brand-new facilityLocal news coverage of Mid-Atlantic STIHL's ribbon-cutting ceremony on March 28, 2025 for its new regional distribution and training facility in Mebane's Buckhorn Industrial Park, NC—the same STIHL facility that is one of the IREX IV DST's three anchor industrial properties.
Brookfield Sells Cold Storage Property Near Downtown Los AngelesInvesco Real Estate acquired 3268 E. Vernon Avenue, a ~35,100-sf cold-storage facility in Vernon, CA from Brookfield — one of two cold-storage assets acquired as part of the IREX Industrial Portfolio I DST.
