Hines Global Income Trust Reports Consistent NAV, Expands Portfolio

Hines Global Income Trust’s NAV slightly decreased to $10.00 per share as of June 30, 2024, while the REIT maintained strong performance with 42 properties and declared monthly distributions for July.

July 25, 2024

Hines Global Income Trust Inc., a Hines-sponsored publicly registered non-traded REIT, announced its net asset value (NAV) per share for its Class T, S, D, and I shares as of June 30, 2024. The NAV per share slightly decreased to $10.00 from $10.02, where it had remained stable since January, reflecting a 0.2% decline. Shares were originally priced at $10.00 each.

The NAV per share is calculated by the estimated value of the company’s assets minus its liabilities, divided by the number of outstanding shares. Altus Group U.S. Inc. assisted in the valuation process. The number of shares outstanding increased from 261.9 million in May to 262.1 million in June.

As of June 30, 2024, the company’s total NAV was approximately $2.621 billion, a slight decrease from $2.623 billion at the end of May, representing a 0.12% decline. The trust's portfolio includes 42 properties totaling 18 million square feet, spread across 33 U.S. markets, with a 96% lease rate and a 37.8% leverage ratio.

The REIT declared its monthly distributions for June at a gross rate of $0.3333 per share, paid to all stockholders of record as of June 28. For July, the distribution rate was $0.052 per share, payable on the first business day of August to stockholders of record as of the last business day of July.

Launched on June 2, 2021, Hines Global Income Trust has raised approximately $2 billion from selling 181.5 million shares of common stock through its public offering and distribution reinvestment plan. Approximately $211 million in common shares remain available for sale, excluding $322.7 million available under the reinvestment plan. As of July 17, the REIT has accumulated approximately $3.4 billion in gross proceeds from its public offerings.

Earlier this year, the company fully subscribed to a $77 million multifamily DST offering and completed a $152 million DST offering in late 2023. As of December 31, 2023, the portfolio was composed of 33% industrial, 28% living, 19% office, 10% retail, and 10% other properties, with 72% domestic and 28% international holdings.

Despite the slight decrease in NAV, Hines Global Income Trust continues to maintain a robust and diversified portfolio, ensuring stable income and growth potential for its investors.