Hines Global Income Trust, a non-traded real estate investment trust, announced that its board of directors determined a new estimated per share net asset value of $10.11 for the company’s common stock as of August 31, 2019.
Altus assessed the company’s real estate across property types, including office, industrial, retail and residential/living. Additionally, the board of directors included the values of other assets, debt and other liabilities.
The key drivers of the change in NAV from $10.10 per share in July 2019 to $10.11 per share in August 2019 were the result of the following:
- A $.70 reduction per share decrease in debt and other liabilities
- A $.55 increase per share for other assets
- A $1.24 decrease in the value of the company’s real estate investments
Participants in the company’s distribution reinvestment plan will acquire shares at a price equal to the new estimated per share NAV of $10.11, rather than at the previous price of $10.10, beginning with the September 30, 1029.
Hines Global’s portfolio is comprised of eleven properties totaling 7.3 million square feet that are 96% leased. It commenced its initial public offering of up to $2.5 billion in shares of its common stock in August 2014. It commenced its second public offering of up to $2.5 billion in shares of common stock, including a follow-on offering of $500 million shares offered under its distribution reinvestment plan in December 2017.
As of August 14, 2019, the company had received gross offering proceeds of $738.9 million from the sale of 73.8 million shares through its public offerings, including shares issued pursuant to its distribution reinvestment plan.