J.P. Morgan Real Estate Income Trust, Inc.

What Do They Do?

Owns and leases multifamily properties to tenants, along with industrial and retail real estate.

How Do They Make Money?

Property tenants pay fixed contractual rent, plus reimbursements for shared-area maintenance, property taxes and other recoverable costs. Charges are billed like monthly rent, and rent is earned over the lease term.

revenue

Segment	Share	How money arrives
Multifamily Recurring	55% FY2022: 82%	Recurring
Industrial Recurring	31% FY2022: 18%	Recurring
Single-family rental Recurring	4.3%	Recurring
Retail Recurring	9.8%	Recurring

Who Are Their Customers?

Tenants pay fixed contractual rent; lease charges can also include reimbursements for shared-area maintenance, property taxes and other recoverable costs.

Do Revenues Turn Into Profits?

No. It lost $10.4M in FY2025.

Operating income, FY2025

85% of revenue

▲ +211% vs FY2024 ($19.5M, 77%)

Net income, FY2025

−15% of revenue

▲ +6% (Loss) vs FY2024 (−$9.8M, −39%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +122%; vs $13.2M in Q2 FY2025
Net income: ▲ Now profitable; vs −$60K in Q2 FY2025

Multifamily share of revenue vs 48.0% in Q2 FY2025

Growing. Revenue grew 34.5x in 3 years, from $2.1M in FY2022 to $71.3M in FY2025, about 226% a year.

Broader securities investments The latest report broadens the stated investment scope to include other securities alongside real estate debt and real estate-related securities.

Revenue over time

Multifamily Industrial Single-family rental Retail

$100M$50M$0

FY2022 FY2023 FY2024 FY2025

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