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Hines Global REIT Liquidating Trust Declares Special Distribution

HGR Liquidating Trust, the liquidating trust of non-traded real estate investment trust Hines Global REIT Inc., has declared a special distribution to unitholders of record at the close of business on January 12, 2022.

HGR Liquidating Trust, the liquidating trust of non-traded real estate investment trust Hines Global REIT Inc., has declared an $0.60 per unit special distribution to unitholders of record at the close of business on January 12, 2022. The distribution will be paid in cash around September 29, 2021 and will be designated as a return of invested capital.

Hines Global REIT formed HGR Liquidating Trust to complete its plan of liquidation approved by stockholders in July 2018. The trust’s primary purpose is to liquidate assets transferred to it and distribute the sales proceeds to equity holders after paying any remaining liabilities.

The trust recently sold three properties – Markets at Town Center, Gogolevsky 11, and New City – for a combined $216 million.

After this latest special distribution is paid, the REIT and the trust will have paid total special distributions, including return of invested capital distributions and liquidating distributions, of approximately $8.85 per share/unit between January 2018 and January 2022. In addition to the $8.85 of special distributions, the REIT paid $5.64 of regular operating distributions since inception, for a combined total of $14.49. Shares were originally priced at $10.00 each.

There is one property remaining in the portfolio, which the trust expects to sell in the coming months and make a final special distribution.

In addition, the trust’s previous net asset value of $1.29 per unit was adjusted to reflect the special distribution, resulting in a new NAV per unit of $0.69.

Hines Global REIT launched its offering in December 2008 and raised $2.7 billion in investor equity before closing in April 2014.

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