After Consistent Year, Hines Global Income Trust’s NAV Falls to $9.91
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, Class S, Class D, and Class I shares of common stock, as of Nov. 30, 2024.
After three straight months at $10.02, and much of the year at that price, the REIT’s NAV per share decreased by approximately 1.1% to $9.91. This is the first time the REIT’s NAV has dropped below $10.00 since November 2020. A decrease in real estate investments and an increase in debt and other liabilities may have contributed to the NAV’s decrease. 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 264.4 million in October to 267.6 million in November.
As of Nov. 30, 2024, the company’s NAV was approximately $2.651 billion, compared with $2.649 billion as of Oct. 31, 2024, an increase of approximately 0.08%.
As of the same date, the company also reported that it owned interests in 43 real properties that were 96% leased and consisted of 18.1 million square feet of leasable space. The portfolio was 32% levered based on the valuations of its real properties.
The REIT also reported that it declared its monthly distributions for the month of December 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 December 2024 and will be paid on the first business day of January 2025.
Hines also announced that its board of directors approved the renewal of its advisory agreement with advisor HGIT Advisors LP. The agreement was extended to Dec. 31, 2025.
Hines Global Income Trust Inc. was originally launched in 2014. As of Dec. 16, 2024, the REIT has received gross proceeds of approximately $2.1 billion from the sale of 195.6 million shares of its common stock through its current public offering, including proceeds from its distribution reinvestment plan. As of the same date, approximately $100.9 million of its common shares were available for sale pursuant to its current public offering in any combination of Class T Shares, Class S Shares, Class D Shares and Class I Shares, exclusive of approximately $291.4 million of shares available under its distribution reinvestment plan.
In October, Alex Knapp, the REIT’s chief investment officer, resigned from his position, effective at the end of this year. Earlier this year, the company fully subscribed its $77 million multifamily DST offering, as previously reported by The DI Wire. In late 2023, the REIT also completed a $152 million DST offering.
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