Invesco’s INCREF Declares Special Distribution, Lifts August Payout 12.5%

Invesco Commercial Real Estate Finance Trust Inc. declared a special distribution of $0.02 per share for August, adding a one-time supplement on top of its standard $0.16-per-share monthly distribution.

The combined gross distribution comes to $0.18 per share for the month across all seven share classes. Net amounts vary for Class S, Class S-1, and Class D-1 after stockholder servicing fees are deducted. The distributions are payable to stockholders of record as of the close of business today, Aug. 31, and will be paid on or about Sept. 15, either in cash or reinvested through the company’s distribution reinvestment plan, the nontraded real estate investment trust said.

The special distribution marks a break from the recent pattern. AltsWire’s review of the REIT’s monthly distributions back to April found a flat $0.16-per-share payout in April, May, June, and July, with no supplemental component in any of those months. August marks the first month in that stretch with an add-on, a 12.5% increase above the recent baseline rate.

The company’s most recent net asset value update, covering the period through July 31, shows total NAV of roughly $1.4 billion, up from about $1.26 billion at the end of April, even as NAV per share has stayed in a narrow band, from roughly $24.85 to $26.15 depending on class. The steady per-share NAV alongside rising total NAV points to continued capital raising rather than a one-time asset sale or valuation gain. The company’s NAV update for August is not expected until mid-September.

Invesco Commercial Real Estate Finance Trust is a nontraded REIT sponsored by Invesco Real Estate that originates and invests in commercial real estate debt. As of July 31, the company held commercial real estate loan investments of approximately $6.2 billion, funded in part through $2.9 billion of secured financing facilities and $2.1 billion of collateralized loan obligations.

AltsWire has covered the REIT closely this year. Most recently, an Aug. 17 story reported that originations slowed to $192 million in July as NAV growth cooled. Before that, a June 24 piece covered the fund’s second CRE CLO closing at $1.24 billion with an expanded seven-bank syndicate and a June 17 story marked the loan portfolio topping $6 billion after $480 million in May originations.

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