Hines Global Sets NAV Across Share Classes

New property acquisitions and updated valuations drive portfolio metrics as NAV holds steady month-over-month.

October 17, 2025

Hines Global Maintains NAV, Sets November Transaction Prices, and Declares October Distributions

Hines Global Income Trust has locked in a $9.81 net asset value per share across all share classes as of September 30, 2025. That same NAV sets the price for November’s share transactions—covering both reinvested distributions and redemptions under the firm’s programs.

The valuation came after a routine review process led by Hines Global’s independent valuation committee, with additional oversight from third-party advisor Altus Group. The NAV reflects a real estate portfolio that continues to expand: 52 properties, 24 million square feet, and a 96% occupancy rate, based on the latest available leasing data. Two new properties—Montrose Collective and Runway—were added in Q3 and are already included in the figures.

Asset growth played a key role in the NAV holding steady. Total real estate investments rose by roughly $465 million month-over-month, and while liabilities climbed in tandem, the portfolio remained 35% levered based on property values. The result: a modest bump from August’s $9.80 NAV to the current $9.81.

Class-by-class, the transaction price doesn’t change. Each share class uses the same NAV, and each class follows the same distribution reinvestment pricing formula. However, when it comes to redemptions, the company applies a 5% discount for shares held less than a year—unless that discount is waived based on qualifying exceptions.

Hines Global also confirmed its monthly distribution schedule. Each share class will receive a gross distribution of $0.052 per share for October. The net distribution, once stockholder servicing fees are factored in, ranges between $0.044 and $0.052 depending on share class. These distributions will either be paid in cash or automatically reinvested on November 1, depending on the investor’s selection.

Valuation Inputs and Sensitivities

Behind the NAV is a detailed valuation model. Hines Global uses weighted averages for key metrics like:

• Exit capitalization rate: 5.86%


• Discount rate: 7.29%


• Average hold period: approximately 9.4 years

These inputs, developed by the company’s advisor and reviewed by Altus, help determine property-level cash flow expectations. They’re customized by asset type—office, retail, industrial, residential, and other—and are used across a discounted cash flow framework.

Small changes in assumptions can make a measurable impact. For example:

• A 0.25% decrease in cap rates could increase property values by around 3.04%


• A 0.25% increase in discount rates could lower values by about 1.74%

Importantly, the NAV calculation excludes an estimated $49.3 million in future distribution and stockholder servicing fees. These are not counted unless triggered by future events like a public listing or liquidation scenario.

Investors can expect the NAV to be updated monthly. Hines Global includes full transparency into how it’s calculated, with the supporting valuation policy and assumptions available through the company’s published exhibits. These updates give stakeholders a consistent view into the financial mechanics behind the portfolio.