The board of Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has declared a net asset value per share of $9.82 for its Class T, Class S, Class D, and Class I shares of common stock, as of August 31, 2020.
Last month also had an NAV per share of $9.82. Shares were originally priced at $10.00 each.
The REIT’s real estate investments totaled $1.6 billion in August, compared to $1.5 billion for July. Other assets decreased from $173.5 million in July to $146 million in August, while debt and other liabilities increased from ($746.8 million) to ($824.3 million), month-over-month.
The company noted that investments in real properties and real estate-related securities have been impacted by the pandemic and in some cases significantly.
For example, the REIT collected approximately 41 percent of rental payments at its two U.S. retail properties for the second quarter of 2020 compared to approximately 97 percent for the first quarter of 2020. These two properties comprise approximately 18 percent of the REIT’s portfolio, based on the estimated value of our real estate investments as of June 30, 2020, as well as 19 percent of its total revenue for the six months ended June 30, 2020.
Additionally, the REIT agreed to refund May through August rents for 53 percent of students across its international student housing portfolio following the closing of nearby universities for the remainder of the 2019/2020 school year. These universities have announced a mixture of in-campus and on-line learning for the 2020/2021 school year with a delayed start.
“We are still in the early stages of navigating the actual and potential long-term impacts the pandemic will have on our business,” Hines Global Income Trust said in a filing with the Securities and Exchange Commission. “However, we have invested in well leased, high-quality assets using modest leverage in markets positioned for value retention and resiliency and we believe our globally diversified fund is well-situated to weather this challenge.”
As of June 30, 2020, Hines Global Income Trust owned 18 properties totaling 8.9 million square feet that were 95 percent leased. The REIT has raised $1.1 billion from the sale of 104.5 million shares through its public offerings, including shares issued through its distribution reinvestment plan.