The non-traded REIT reported a flat month-over-month NAV while completing a $150.7 million property sale and declaring March distributions.

March 18, 2026

Hines Global Income Trust, Inc. disclosed its updated net asset value and several key business developments in a report dated March 17, 2026. The Maryland-based non-traded real estate investment trust reported that its NAV per share remained at $9.82 across all six share classes as of February 28, 2026, unchanged from the prior month.

Portfolio and NAV Details

The stable per-share NAV masked some movement in the underlying portfolio. Total NAV rose to approximately $2.999 billion from $2.963 billion a month earlier, while total shares outstanding increased from roughly 301,895,000 to 305,578,000 over the same period. The value of the company’s real estate investments declined from approximately $6.36 billion as of January 31 to $6.22 billion as of February 28, a decrease partially attributable to the disposition of a property during the month. Meanwhile, debt and other liabilities fell from approximately $3.79 billion to $3.69 billion.

The transaction price of $9.82 per share will govern two important functions: distributions declared for March 2026 will be reinvested at that price as of the first business day of April, and share redemptions completed as of February 28 will also be processed at that level. Shares held for less than one year remain subject to a five percent discount on the redemption price unless certain limited exceptions apply.

As of the reporting date, Hines Global owned interests in 54 real properties encompassing approximately 24.2 million square feet of leasable space, with a portfolio occupancy rate of 96 percent. That property count reflects several transactions in recent months, including the acquisitions of Left Bank and Worship Square in November 2025, Clay Terrace in December 2025, and the sale of Briargate in February 2026. The portfolio carried a leverage ratio of 32 percent based on property valuations as of February 28.

Valuation Assumptions and Sensitivity

The company also detailed the key assumptions underlying its discounted cash flow valuations, which were prepared by the company’s advisor, HGIT Advisors LP, and reviewed by independent valuation firm Altus Group U.S. Inc. On a weighted-average basis, the exit capitalization rate stood at 5.84 percent and the discount rate at 7.30 percent, with an average assumed holding period of 8.9 years. Among property types, industrial assets carried the lowest exit cap rate at 5.52 percent, while office properties had the highest at 6.96 percent.

A sensitivity analysis included in the report showed that a 25-basis-point decrease in the weighted-average exit capitalization rate would boost property values by approximately 3.00 percent, while an equivalent increase would reduce values by roughly 2.74 percent. Changes to the discount rate showed a similar but somewhat smaller effect, with a 25-basis-point decrease adding about 1.88 percent to values and an increase trimming them by 1.79 percent.

March Distributions

For March 2026, the board authorized gross distributions of $0.052 per share across all share classes. After accounting for distribution and stockholder servicing fees, net distributions vary by class, ranging from $0.044 for Class T shares to the full $0.052 for Class I, Class AX, and Class JX shares. The distributions will be paid on the first business day of April to stockholders of record as of the last business day of March. The company noted that some or all of the cash distributions may come from sources other than operating cash flows.

Briargate Disposition

In a separate transaction, Hines Global completed the sale of its Briargate property on February 17, 2026, for a contract price of $150.7 million before transaction costs and closing adjustments. The buyer was not affiliated with the company or its related entities.

The company’s NAV is calculated monthly and reviewed by its independent valuation committee, which is composed entirely of independent directors. All real properties are generally appraised annually by third-party firms, and Altus confirmed its concurrence with the February 28 NAV calculation.