Hines Global Income Trust Declares NAV Per Share
Hines Global Income 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.
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.
Hines Global REIT engaged Altus Group U.S., Inc. to review all appraised values provided by its advisor, Hines Global REIT II Advisors LP, and conducted by third-party appraisal firms.
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.
