Hines Global Income Trust’s NAV Holds Steady for Another 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, Class S, Class D, and Class I shares of common stock, as of July 31, 2024.

The REIT’s NAV per share remained at $10.00 for the second straight month. 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 also remained roughly the same at 262.1 million as of the end of July. The company’s NAV also remained generally unchanged from the previous month at $2.62 billion.

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 35% levered based on the valuations of its real properties.

The REIT also reported that it declared its monthly distributions for the month of August 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 August 2024 and will be paid on the first business day of September 2024.

Additionally, the REIT announced, as part of its quarterly report dated Aug. 16, 2024, that, for the six months ended June 30, 2024, it raised $151.2 million of gross proceeds from the sale of common stock through its public offerings, including shares issued pursuant to its distribution reinvestment plan. Additionally, it raised net offering proceeds of $125.5 million through the Delaware statutory trust program. The REIT also stated that, for the same time period, it declared distributions of $77.3 million, and that its gross annualized distribution rate has remained at $0.625 per share since January 2019. The REIT also redeemed $139 million in shares of its common stock pursuant to the share redemption program during the same six-month time frame.

The REIT also acquired two investments for an aggregate net purchase price of $138.7 million during the six months ended June 30, 2024.

As of June 30, 2024, the portfolio was weighted to industrial (36%), residential/living (29%), office (17%), retail (9%), and other (9%). Approximately 70% of the properties were reported as domestic, while 30% were international.

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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