Hines Global Income Trust Maintains $10.00 NAV Per Share

Hines Global Income Trust maintained a steady net asset value of $10.00 per share in July 2024, with a portfolio that remains 96% leased, while continuing to declare monthly distributions and raise new capital.

September 04, 2024

Hines Global Income Trust Inc., a publicly registered non-traded REIT backed by Hines, has announced that the net asset value (NAV) per share for its Class T, Class S, Class D, and Class I shares remained steady at $10.00 as of July 31, 2024. This marks the second month in a row with no change in the NAV per share, originally priced at $10.00 each. The NAV calculation is based on the company’s assets minus its liabilities, divided by the number of shares outstanding, with Altus Group U.S. Inc. providing third-party valuation services.

As of the end of July, the total number of shares stood at 262.1 million, and the company’s overall NAV was approximately $2.62 billion, staying level with the prior month. Hines Global reported ownership interests in 42 real estate assets totaling 18 million square feet, with a 96% occupancy rate. The portfolio carried leverage of around 35%, according to the valuation of its properties.

Hines Global also declared monthly dividends for August, with a gross distribution of $0.052 per share for all classes of common stock. These distributions will be issued to shareholders of record at the close of business on August 31 and paid on the first business day of September 2024.

In its quarterly report from August 16, 2024, the REIT disclosed that it had raised $151.2 million in gross proceeds from stock sales and an additional $125.5 million through its Delaware statutory trust program in the first half of 2024. The company distributed $77.3 million in dividends and repurchased $139 million in shares under its share redemption plan over the same period. Additionally, two new investments were made for a total purchase price of $138.7 million.

As of June 30, 2024, the portfolio consisted of 36% industrial, 29% residential/living, 17% office, 9% retail, and 9% other assets. Approximately 70% of the properties are located within the U.S., while 30% are international. Earlier in 2024, the REIT fully subscribed its $77 million multifamily Delaware statutory trust offering, following a successful $152 million DST offering completed at the end of 2023.