Supplemental Prospectus - Form 424B3

424B3

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-265588

J.P. MORGAN REAL ESTATE INCOME TRUST, INC.

SUPPLEMENT NO. 10 DATED OCTOBER 16, 2024

TO THE PROSPECTUS DATED APRIL 11, 2024

This prospectus supplement (this "Supplement") is part of and should be read in conjunction with the prospectus of J.P. Morgan Real Estate Income Trust, Inc., dated April 11, 2024 (the "Prospectus"). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are as follows:

	•		to disclose the transaction price for each class of our common stock as of November 1, 2024;

	•		to disclose the calculation of our September 30, 2024 net asset value ("NAV") per share for each class of our common stock;

	•		to provide an update on the status of our offering;

	•		to update the "Experts" section of the Prospectus; and

	•		to update the Form of Subscription Agreement.

November 1, 2024 Transaction Price

The transaction price for each share class of our common stock sold in this offering for subscriptions accepted as of November 1, 2024 (and repurchases as of October 31, 2024) is as follows:

		Transaction Price (per share)
Class D	$	10.35
Class I	$	10.40
Class S	$	10.79
Class T	$	10.93

As of September 30, 2024, we had not sold any Class T shares. As a result, the transaction price for our Class T shares is equal to the NAV per share for our Class E shares as of September 30, 2024. Class E, Class X and Class Y shares are not sold as a part of this offering. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. The repurchase price for each share class equals the transaction price of such class.

September 30, 2024 NAV Per Share

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website atwww.jpmreit.com. Please refer to "Net Asset Value Calculation and Valuation Guidelines" in the Prospectus for how our NAV is determined. The Adviser is ultimately responsible for determining our NAV.

The following table provides a breakdown of the major components of our NAV as of September 30, 2024 ($ and shares in thousands):

Components of NAV		September 30, 2024
Investments in real estate		$	387,317
Investments in real estate debt			79,225
Investments in real estate-related and other securities			478
Cash and cash equivalents			29,822
Restricted cash			270
Other assets			1,436
Debt obligations			(171,826	)
Other liabilities			(6,219	)
Accrued performance participation allocation			(592	)
Stockholder servicing fees payable the following month(1)			(10	)
Non-controlling interests in joint ventures			(7,535	)
Mandatorily redeemable instruments(2)			(104,366	)
Net Asset Value		$	208,000
Number of outstanding shares of common stock			19,525

(1)	Stockholder servicing fees only apply to Class T, Class S, Class D and Class Y shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under accounting principles generally accepted in the United States of America ("GAAP"), we accrue the lifetime cost of the stockholder servicing fee as an offering cost at the time we sell Class T, Class S, Class D and Class Y shares. The stockholder servicing fee on Class D shares was waived as of September 30, 2024, and the NAV attributable to current holders of Class D shares will not be included in the computation of stockholder servicing fees charged on Class D shares in perpetuity. As of September 30, 2024, we had accrued under GAAP stockholder servicing fees of $1.0 million.
(2)	Represents Class E units in the Operating Partnership and Class E shares (collectively the "Mandatorily Redeemable Instruments") held by the Adviser that are mandatorily redeemable and only subject to delays to the continuous obligation to ultimately redeem such shares once sufficient availability exists under the share repurchase agreements. Therefore, the Mandatorily Redeemable Instruments held by the Adviser are classified as a liability pursuant to Topic 480 - Distinguishing Liabilities from Equity and are initially presented at the initial funding amount received, which is equivalent to fair value at the issuance dates. Subsequently, the Mandatorily Redeemable Instruments are carried at their cash redemption value as if the units and shares were repurchased or redeemable at the reporting date, which equals NAV per unit of $10.93. As of September 30, 2024, there were approximately 9.0 million Class E units and approximately 0.5 million Class E shares included in Mandatorily Redeemable Instruments.

The following table provides a breakdown of our total NAV and NAV per share of common stock by share class as of September 30, 2024 ($ and shares in thousands, except per-share data):

NAV Per Share		Class D Shares			Class I Shares			Class S Shares			Class T Shares			Class E Shares			Class X Shares			Class Y Shares			Total
Net asset value attributable to common stockholders		$	9,572			$	92,594			$	602			$	-			$	91,069			$	-			$	14,163			$	208,000
Number of outstanding shares			925				8,905				56				-				8,335				-				1,304				19,525
NAV per share		$	10.35			$	10.40			$	10.79			$	-			$	10.93						$	10.86

Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the September 30, 2024 valuations, based on property types. Once we own more than one single-family rental and more than one retail property, we will include the key assumptions for such property types.

Property Type		Discount Rate			Exit Capitalization Rate
Multifamily			6.94	%			5.50	%
Industrial			7.40	%			5.85	%

These assumptions are determined by our independent valuation advisor 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:

Input		Hypothetical Change		Industrial Investment Values			Multifamily Investment Values
Discount Rate		0.25% decrease			2.06	%			1.84	%
(weighted average)		0.25% increase			(1.95	)%			(1.90	)%
Exit Capitalization Rate		0.25% decrease			2.78	%			2.85	%
(weighted average)		0.25% increase			(2.47	)%			(2.69	)%

Status of Our Current Public Offering

Our public offering was declared effective by the SEC on July 22, 2022, and we are currently offering on a continuous basis up to $5.0 billion in shares of our common stock, consisting of up to $4.0 billion in shares in our primary offering and up to $1.0 billion in shares pursuant to our distribution reinvestment plan. As of the date hereof, we have issued and sold 927,622 Class D, 7,170,378 Class I and 53,776 Class S shares in the primary offering for total proceeds of approximately $84.3 million. We have issued 27,720 Class D, 107,323 Class I and 2,140 Class S shares for a total value of approximately $1.4 million pursuant to our distribution reinvestment plan. As of the date hereof, we have not sold any Class T shares in this offering. We intend to continue selling shares in the public offering on a monthly basis.

Experts

The following disclosure is added to the "Experts" section of the Prospectus.

The estimated market values of our investments in real estate as of September 30, 2024 presented on page 2 of this Supplement under the section "September 30, 2024 NAV Per Share" have been prepared by SitusAMC Real Estate Valuation Services, LLC, an independent valuation firm, and are included in this Supplement given the authority of such firm as experts in property valuations and appraisals. SitusAMC Real Estate Valuation Services, LLC will not calculate or be responsible for our NAV per share for any class of our shares.

Form of Subscription Agreement

The Form of Subscription Agreement included as Appendix C to the Prospectus is superseded and replaced with the Form of Subscription Agreement attached as Appendix A to this Supplement.

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