Invesco Real Estate Income Trust Inc.

10/17/2024 | Press release | Distributed by Public on 10/17/2024 13:21

Material Agreement Form 8 K

Item 1.01 Entry into a Material Definitive Agreement.
Revolving Credit Facility
On October 11, 2024, Bank of America, N.A., as administrative agent (the "Administrative Agent") under the Revolving Credit Agreement, dated January 22, 2021 (as amended, the "Revolving Credit Facility"), among Invesco REIT Operating Partnership LP (the "Operating Partnership"), Invesco Real Estate Income Trust Inc., as guarantor (the "Company"), the subsidiary guarantors party thereto, and the lenders party thereto, entered into the Fifth Amendment to the Revolving Credit Facility to provide for, among other things, a reduction in borrowing limitations from properties in the Company's DST Program in exchange for a commitment by Invesco Realty, Inc. to provide up to $35 million of capital to the Company pursuant to and in accordance with the terms of an Incremental Credit Support Subscription Agreement. These amendments support the Company's second offering within the DST Program.
Subscription Agreement
On October 15, 2024, the Company entered into Amendment No. 2 ("Amendment No. 2") to the Subscription Agreement dated as of July 29, 2021, as amended by Amendment No. 1 on December 9, 2022 (as amended, the "Subscription Agreement") with Massachusetts Mutual Life Insurance Company (the "Subscriber"). Amendment No. 2 amended the Subscription Agreement to extend the commitment period for the Subscriber's $200 million investment and extended when the Subscriber may exercise certain liquidity rights as follows:
•the revolver feature of the Subscription Agreement is extended by extending the Company's ability to repurchase the Subscriber's Class N Shares from December 31, 2024 to June 30, 2025, along with a corresponding extension to the Company's right to request that the Subscriber purchase additional shares to replace those repurchased Class N Shares;
•the Company's obligation to begin repurchasing the Subscriber's $200 million Class N Shares is extended from January 1, 2025 to January 1, 2026; and
•the Subscriber's right to request repurchases of its Class N Shares is extended from January 1, 2025 to January 1, 2026;
In addition, Amendment No. 2 added a provision permitting the Subscriber to transfer its Class N Shares to a wholly owned subsidiary, subject to the terms and conditions in Amendment No. 2.
The summaries of the Fifth Amendment to the Revolving Credit Facility and Amendment No. 2 set forth above do not purport to be complete and are qualified in entirety by reference to each amendment, copies of which are filed herewith and incorporated by reference.