Hines Global Income Trust’s NAV Remains Unchanged for Fourth Straight Month

Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust sponsored by Hines, has declared a net asset value per share for its Class T, S, D, and I shares of common stock, as of June 30, 2024.

The REIT’s NAV per share decreased slightly to $10.00 from $10.02, where it had remained since January of this year, a decrease of 0.2%. Shares were originally priced at $10.00 each.

The NAV per share is based on the estimated value of the company’s assets, less the estimated value of its liabilities divided by the number of outstanding shares. Altus Group U.S. Inc., a third-party firm, assisted with the valuation process.

The number of shares outstanding increased from 261.9 million in May to 262.1 million in June.

As of June 30, 2024, the company’s NAV was approximately $2.621 billion, compared with $2.623 billion as of May 31, 2024, a decrease of approximately 0.12%.

As of the same date, the company also reported that it owned interests in 42 real properties that were 96% leased and consisted of 18 million square feet of leasable space. The portfolio was 33% levered based on the valuations of its real properties.

Hines Global Income Trust was launched on June 2, 2021, and, as of July 17, 2024, it has received gross proceeds of approximately $2 billion from the sale of 181.5 million shares of its common stock through the current public offering, including proceeds from its distribution reinvestment plan. Additionally, approximately $211 million common shares remain available for sale in any combination of its various share classes, exclusive of approximately $322.7 million of shares available under the distribution reinvestment plan. Further, the company reported that, as of July 17, it has received aggregate gross proceeds of approximately $3.4 billion from the sale of shares of its common stock through its public offerings, including proceeds from its distribution reinvestment plan.

The REIT also reported that it declared its monthly distributions for the month of July at the gross distribution rate of $0.052 for each class of its common stock. Distributions will be paid to stockholders of record as of the last business day of July 2024, and will be paid on the first business day of August 2024.

As of Dec. 31, 2023, the portfolio was weighted to industrial (33%), living (28%), office (19%), retail (10%), and other (10%). 72% of the properties were reported as domestic, while 28% were international.

Earlier this year, the company fully subscribed its $77 million multifamily DST offering, as previously reported by Alts Wire. In late 2023, the REIT also completed a $152 million DST offering.

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