Hines Global Income Trust (HGIT) Q3 2026 10-Q: NAV $9.77, 6.9M Shares Redeemed, 18% of Payouts From Operations

This page reads the newest 10-Q and the October 31 NAV 8-K against the filings of the three previous quarters. The history of the fund, its fees and its record are in our HGIT review; the two older Hines REITs that liquidated, which are different companies, are in what happened to Hines REIT. What is new here is what only the November 13 filings show: the October NAV, the third-quarter repurchases, the distribution table for the quarter and a balance sheet that now carries a $600,000 thousand revolver draw. The 8-K of November 13 is a routine monthly NAV report, not an event filing; the quarter's news is in the 10-Q.

NAV per share, month by month

The fund sets one NAV per share for every class (T, S, D, I, AX, JX) and for OP Units, and reports it in an 8-K about two weeks after each month-end. That NAV is the price at which the fund redeems shares and reinvests distributions the following month.

The per-share line is the one that matters to a holder, and it has moved inside a 6-cent band all year: $9.77 to $9.83. October's $9.77 is the lowest of the eleven month-ends, 1 cent below the $9.78 of June 30 (our arithmetic). The total-NAV column changes basis in the July report: from July 31 the 8-K counts OP Units, and the June 30 total is shown there as $3,289,390 thousand against the $3,083,494 thousand printed a month earlier. The 10-Q's total return for Class I is 4.88% for the nine months to September 30 and 6.67% over one year, with distributions reinvested.

How the October NAV is built

Per share, real estate fell $0.92, other assets rose $0.26 and debt and other liabilities fell $0.61, a net 5-cent loss (our arithmetic). The 8-K states that the balance sheet carries $48.7 million of distribution and stockholder servicing fees payable to the dealer manager in future periods that the NAV does not deduct. Its valuation table gives weighted-average exit capitalization of 5.94% and a discount rate of 7.40%; a 0.25-point lower exit rate would add 2.77% to property values and a 0.25-point higher one would take off 2.66%.

Repurchases: what was redeemed, and how close to the limit

The 10-Q's Item 2 table lists shares redeemed by month with the maximum the program could still redeem under the 2% monthly limit. We lined up all nine months of 2026.

The cash flow statement shows $182,976 thousand paid for redemptions in the nine months, against $177,998 thousand in the nine months of 2025, up 2.8% (our arithmetic).

The sentence that matters is the one under the table: “which represents all of the share repurchase requests received for the same period.” Every month's shares redeemed sit below the printed maximum, so the 2% and 5% limits did not bind. The closest were February and March at 85.5% and 80.9%. The third quarter is the lowest of the three in shares, 3.4% below the second quarter and 7.6% below the first (our arithmetic), while the fund issued 12,359 thousand shares in the same quarter, including reinvested distributions. Redemptions in the quarter equal about 2.1% of the 320,857 thousand shares outstanding at September 30 (our arithmetic). A year earlier, the statement of equity shows 5,730 thousand shares redeemed in the third quarter of 2025, so 2026 is 19.7% higher (our arithmetic).

The rules that sit behind the number

The 10-Q repeats the program's limits. The fund may redeem in a calendar month shares worth up to 2% of aggregate NAV at the previous month-end and in a calendar quarter up to 5% of aggregate NAV at the previous quarter-end; shares held under a year are redeemed at 95% of the transaction price; and the 5% holding discount is waived for shares issued through the distribution reinvestment plan. There is no minimum holding period. Redemptions are funded from “any available cash sources”, including borrowings and offering proceeds, with no cap on how much comes from each.

The protection and the risk are both written down. If in any consecutive 24 months there is no month in which the fund fully satisfies properly submitted requests, it “will not make any new investments (excluding short-term cash management investments under 30 days in duration)” until requests are met. But the 10-Q also says that if requests “place an undue burden on our liquidity” the board “may make exceptions to, modify or suspend the share redemption program”, and that it cannot terminate the program absent a liquidity event. The board has complete discretion over whether funds are sufficient.

Worked example: 10,000 Class I shares since January 1

At the December 31, 2025 NAV of $9.82, 10,000 Class I shares were worth $98,200 (our arithmetic). At the October 31, 2026 NAV of $9.77 they are worth $97,700. The fund declared a gross $0.05208 a share a month; Class I carries no servicing fee, so ten months come to $5,208 on those shares. Value plus distributions is $102,908, 4.8% above the start (our arithmetic). That is before any tax and assumes the declared amounts were received; as shown below, a large part of what was paid came from reinvested distributions and non-operating sources. A holder who has owned the shares for under a year would receive $92,815 on a redemption at the October price, 95% of $97,700 (our arithmetic).

Distributions: the rate is frozen, the source is not operations

The gross rate is $0.05208 a share a month, $0.625 a year, and the 10-Q says it has stayed at $0.625 per share since January 2019. The 8-K declares November at $0.052 gross: $0.052 net for Class I, $0.050 for Class D, $0.045 for Class S and $0.044 for Class T. On the October NAV the Class I gross rate is 6.4% (our arithmetic).

The 10-Q defines the third line: “Other sources may include cash flows from investing activities, such as proceeds from the sale of assets or cash flows from financing activities, such as proceeds from our debt financings.” It also says: “We have not generated and we may continue to be unable to generate sufficient cash flows from operations to fully fund distributions paid.” Over the nine months the fund paid $77,008 thousand in cash to stockholders and noncontrolling interests, 3.0 times its $25,641 thousand of net cash from operating activities, which was down from $48,128 thousand (our arithmetic). Part of the drop is a $24.8 million performance participation allocation paid to the Advisor in the first quarter and $22.7 million of extra interest on DST financing obligations, per the 10-Q.

The quarter-by-quarter tables do not add up cleanly. The Q2 10-Q's quarter table printed $24,306 thousand (48%) from operations for the second quarter, while its own six-month column printed $8,511 thousand (9%), and the first quarter showed nothing. The Q3 10-Q's nine-month figure of $25,641 thousand ties to the cash flow statement, and $25,641 less $8,511 is the $17,130 thousand it prints for the third quarter (our arithmetic). The second-quarter figure of 48% is therefore not consistent with the six-month column, and the filings do not explain it.

Debt, the revolver and 2028

Principal rose $490.9 million in the quarter (our arithmetic), a quarter with seven acquisitions and four sales; the 10-Q attributes the nine-month borrowings primarily to the revolver and to mortgages on 2026 acquisitions. Cash fell from $284,040 thousand to $183,043 thousand. The 10-Q says the fund is not aware of any covenant noncompliance at September 30, 2026 or the date of the report.

The 2028 column roughly doubled between June 30 and September 30 because the revolver and term loans both mature on March 10, 2028 and the revolver is now drawn. The 2027 and 2028 maturities together are 72.5% of principal (our arithmetic). The wider context is in our CRE debt maturity wall page. The DST structure behind the $1,609,615 thousand of financing obligations, and the $591 million HREX 9 offering, are in our Hines HREX DST report.

Portfolio: leasing, buying and selling

At September 30, 2026 the fund owned 59 properties totaling 27,745,679 square feet, 92% leased. By type, the 10-Q shows office 95% leased on 2,658,202 square feet, industrial 92% on 16,811,910, residential/living 93% on 4,056,606, retail 95% on 2,694,690 and other 80% on 1,524,271. About 74% of the portfolio by estimated value is in the United States and 26% abroad.

The monthly NAV 8-Ks published in the quarter gave 94% leased on information as of June 30; the 10-Q's 92% is the first figure measured at September 30. Two points of 27.7 million square feet is about 555,000 square feet (our arithmetic). Over nine months the fund bought ten properties for $1.1 billion and sold five for $313.4 million.

Fees paid to the Advisor and its affiliates

The asset management fee is 0.0625% a month of the value of real estate investments, capped at one-twelfth of 1.25% of NAV, and the 10-Q says it “can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units”. It does not say which form the Advisor chose this quarter. The performance participation allocation is 12.5% of total return above a 5% annual hurdle, accrues monthly and is payable after each calendar year. The $47,398 thousand of unpaid servicing fees is the liability the NAV does not deduct.

What the 10-Q does not say

• How many people asked. The Item 2 table says its totals represent all requests received. The 10-Q gives no count of requests and no queue, so a holder cannot tell from the filing how much more would have been asked for at a different price.
• How the redemption dollars reconcile. The statement of equity shows $60,330 thousand for third-quarter redemptions (6,858 thousand shares); the Item 2 shares at their monthly average prices come to about $67.3 million (our arithmetic). The 10-Q does not reconcile the two.
• Two odd rows in the first half. The April 2026 row in the Q2 10-Q (2,731,120 shares at $9.82) is identical to the March 2026 row in the Q1 10-Q, and the Q1 statement of equity shows 6,184 thousand shares redeemed against 7,419,929 in the Q1 Item 2 table. The filings do not comment on either.
• Why operations funded so little of the quarter's distributions. The 10-Q lists the pieces (the Advisor's first-quarter payment, DST interest, leasing costs) but gives no forecast of when operating cash flow would cover the payout.
• Whether the rate will hold. The board declared distributions “from January 2019 through October 2026” at the same rate; the 8-K declares November. No filing states a policy on future declarations.
• Court records and tenant concentration were not part of this reading.

Dates to watch

What a reader can do with this

This is analysis of public documents, not investment, legal or tax advice.

• Check your price against $9.77. Every class has the same NAV. Shares held under a year are redeemed at 95% of it, which is $9.28 a share (our arithmetic); shares from distribution reinvestment are not discounted.
• Read the redemption sentence, not the headline. The 10-Q says the quarter's table represents all requests received. That is a statement about the past three months; the board can still modify or suspend the program.
• Weigh the payout against its source. Over nine months, 18% of distributions came from operations and 52% were reinvested by the holders themselves. A holder who takes the cash receives money that was partly funded by other investors' reinvestment, asset sales or borrowing.
• Watch the debt, not only the NAV. The NAV has stayed within a 6-cent band all year while principal rose $490.9 million in a quarter and $1,377,531 thousand falls due in 2028. See how the other large funds compare in our NAV REIT redemption status table.
• For an heir or executor, the program says it “may” waive the 5% discount on request in the case of death or disability; see what the repurchase rules say for heirs.

If a large share of your portfolio is in one non-traded REIT, or you are weighing the tax on a sale, a second opinion on your own numbers may help.

FAQ

All figures are from SEC filings of Hines Global Income Trust, Inc. (CIK 1585101) read on November 14, 2026: Form 10-Q for September 30, 2026 (accession 0001628280-26-073899, filed November 13, 2026), for June 30, 2026 (0001628280-26-057031) and for March 31, 2026 (0001628280-26-034984); the Form 8-K of November 13, 2026 for the October 31, 2026 NAV (0001628280-26-073751); monthly NAV Forms 8-K filed January 15, February 12, March 17, April 16, May 14, June 15, July 17, August 17, September 16 and October 16, 2026 (0001628280-26-002201, -007665, -018647, -025474, -035205, -043110, -048603, -057363, -062301, -066113); and the Form 8-K of October 2, 2026 on the leadership transition (0001628280-26-064477). The company's last filing at the time of writing was the 10-Q of November 13, 2026. Our arithmetic is labelled in the text and in the data file. This is analysis of public documents, not investment, legal or tax advice.