Hines HREX DSTs: $1.91 Billion Sold in Ten Trusts, HREX 10 Opens

How we counted

We searched EDGAR for every Form D filer whose name starts with HREX or HGIT, and for the phrases “Hines Real Estate Exchange” and “HGIT” in Form D text, then read the Form D XML of each filing (25 filings, 11 issuers, all saved). For each issuer we use the latest Form D or D/A by filing date, its total amount sold and its number of investors already invested. Three rules matter:

• Zeros. A first Form D is filed before the first sale, so every first filing shows $0 sold and 0 investors. We treat that as “not yet sold”, not as a failure. HREX 10 is the only trust still at $0.
• Sums. Investor counts are per trust; someone who bought two trusts is counted twice. We have no way to remove duplicates from public forms.
• Consistency. No amendment we read reports less sold than an earlier one. HREX Multifamily I's offering amount differs by one dollar between its first and last form ($79,850,837 and $79,850,836).

We left out two Hines issuers that came up in the name search and are not DSTs: HGIT 3401 Empire Ave REIT I LLC and II LLC ($125,000 each, January 2023), and the single-asset LLCs that Hines syndicates under its own name, such as Hines Ann Arbor Multifamily LLC. We cannot rule out a Hines DST filed under a name that contains neither HREX nor HGIT; none turned up, and the property names in Hines Global Income Trust's filings match the trusts below.

The eleven trusts on Form D

Source: Form D and D/A XML filed by each trust on EDGAR; “firms named” counts distinct broker-dealer names in the sales-compensation block of the latest form, not the individual representatives; the average and the totals are our arithmetic. Every form claims Rule 506(b), reports no non-accredited investors and a $250,000 minimum.

Two things in that table are easy to miss. The only single-investor trust, HREX BMS, DST, sold $40,733,265 to one investor; its form does not say what BMS stands for, and it carries a different fee estimate (below). And the second row is the property EMME: Hines' March 6, 2024 release says HREX Multifamily I DST “owns EMME”, a 199-unit building in Chicago's West Loop, and Hines Global Income Trust's 10-Q names “the 200 Park Place and EMME DSTs” as the two it bought back in April 2026. The release's headline calls it a “$77 Million” DST; the Form D reports $79,850,836 sold. The release does not say why the two differ.

A size curve, not a straight line

The figure that circulates, “$80 million in 2023 to $590 million in 2026”, starts at the wrong place and skips the dip. The program began in 2022 with a $157.7 million trust, the 2023 trust was half that, and the largest trust since the first one only arrived with HREX 5 (2024). Sorted by the year of each trust's first sale:

Source: first-sale dates and sold amounts from each trust's latest Form D; sums are our arithmetic. By the year each trust's latest Form D was filed instead, the series is $237.6 million (2024), $939.4 million (2025) and $736.0 million (2026). HREX 9's first sale was December 17, 2025; its $590.6 million was reported complete on October 15, 2026.

Three readings. HREX 9 alone is 30.9% of the program's sales and is 2.4 times HREX 6, the next largest (our arithmetic). The ticket is getting bigger: the average per investor rose from $701,018 at the first trust to $1,062,510 at HREX 7 and $1,073,907 at HREX 9, against a $250,000 minimum. And HREX 10 is the biggest offering yet: $725,171,159, 17.3% above HREX 9 as first filed and 9.1 times HREX Multifamily I (our arithmetic). Hines Global Income Trust's 10-Q describes the DST Program as a program to “raise up to $3.0 billion of capital”; ten trusts equal about 64% of that by Form D gross sold (our arithmetic; the 10-Q counts net proceeds, $1.7 billion through June 30, 2026, so the two measures are not the same).

“Sold out” means the offering was cut

Every trust that reports 100% sold reports it against its latest offering amount. Seven of them lowered that amount between the first Form D and the last, to the dollar they had sold:

Source: first and latest Form D or D/A of each trust; the cut and percentage are our arithmetic. HGIT 200 Park Place was cut by $168,424 (0.1%) and HREX Multifamily I by one dollar; HREX BMS did not change.

Taken together, the seven trusts were cut by $69,047,054 (our arithmetic). The forms do not say why: a lower property price, a different loan, or interest that did not arrive are all possible. What they do show is that the first-filed amount was a target, and the 100% in the latest filing is measured against what was actually sold. Our Hines Global Income Trust review reaches the same conclusion for HREX 9: the $618.4 million was the planned size and the $591 million Hines announced is the amount sold.

How fast each trust sold

A Form D amendment is a snapshot, so the time between the first sale and the latest filing is an upper bound on the selling period (the last sale may be earlier than the amendment) and the dollars per day are a lower bound.

Source: first-sale dates and filing dates from each trust's latest Form D; days and daily amounts are our arithmetic. HREX BMS (one investor, 21 days) is omitted.

Only three trusts have an intermediate reading. HGIT 200 Park Place went from $15,391,276 and 41 investors (January 12, 2023) to $157,729,150 and 225 (March 26, 2024). HREX Multifamily I went from $45,388,546 and 51 investors (January 5, 2024) to $79,850,836 and 94 (March 26, 2024). HREX Multifamily II went from $9,646,389 (February 21, 2024) to $39,792,851 (April 11, 2024) and then to $133,753,937 a year later, with no filing in between. HREX 9 has none: its Form D of December 15, 2025 and its amendment of October 15, 2026 are the only two, so unlike Blue Owl's trusts, which file every two weeks, there is no public selling pace for the largest DST in the program.

What the load is, and what it is not

Each first Form D estimates two things: sales commissions (Item 12) at 5.00% of the offering and related-person fees and expenses (Item 16) at 2.25%, which the form describes as an “Estimate of certain fees and expenses including Dealer Manager Fees and Organization and Offering Expenses which may accrue to one or more related persons.” The Hines Global Income Trust 10-K says what sits behind them: HREX “will pay the Dealer Manager upfront selling commissions, upfront dealer manager fees and O&O fees of up to 5.0%, 1.0% and 1.25%, respectively, of the gross purchase price per unit of beneficial interest sold in the DST Program,” and for Class S DST interests an ongoing fee of up to 0.25% of the equity investment a year. “All of these fees are funded by the private investors in the DST Program,” the 10-K says. The 10-K names Hines Securities, Inc. as the Dealer Manager; the sales-compensation block of the Forms D lists Hines Securities, Inc. on the trusts first filed through February 14, 2024 (HREX Multifamily III) and Hines Private Wealth Solutions LLC from June 10, 2024 (HREX 5).

Source: Item 12 and Item 16 of each trust's latest Form D, both marked as estimates; percentages are our arithmetic. Most forms kept the dollar estimates of the first filing when the offering was cut, which is why the last column drifts above 7.25%. HREX Multifamily II's last amendment lowered the commission estimate with the offering but left the related-person estimate unchanged.

On a $1,000,000 interest, 5.0% plus 1.0% plus 1.25% is up to $72,500 (our arithmetic), and the 10-K says those fees are paid by the investor. Across the ten trusts that sold, the forms estimate $97,124,865 of sales commissions and $42,611,017 of related-person fees, $139,735,882 in all, 7.3% of the $1,912,887,979 sold (our arithmetic). These are ceilings and estimates, not what was paid, and a Form D does not say what the properties' price was. Our fee analysis of 90 DST Form Ds puts the 5.00% commission in context: the median selling commission across that cohort is 7.00%, so Hines' commission is below that median, but the 2.25% on Item 16 is a separate line and the two add to 7.25%.

The exit runs through Hines Global Income Trust

A Hines DST is not a free-standing property fund. The 10-Q describes the structure: the real property is leased back to a subsidiary of Hines Global Income Trust's operating partnership “on a long-term basis of up to twenty years pursuant to a master lease agreement,” and “These master lease agreements are fully guaranteed by the Operating Partnership.” In return the operating partnership keeps a purchase option: “the right, but not the obligation, to acquire the beneficial interests in the DST from the investors during a 12-month period commencing two years after the closing of the applicable DST offering, in exchange for units of interest in the Operating Partnership.” It also warns that “The net amount the Company receives from the underlying DST Properties may be more or less than the amount the Company pays to the investors in the specific DST and could fluctuate over time.” So the rent a DST investor receives is a payment from Hines' REIT under a lease it guarantees, and the REIT, not the market, decides whether and when the interest is bought.

That option has now been used once. The 10-Q says that “On April 1, 2026, 21.1 million OP Units were issued in exchange for DST interests for a net investment of $207.1 million,” on “200 Park Place and EMME, two of the properties that had been held through the DST Program.” Those are HGIT 200 Park Place, DST and HREX Multifamily I, DST, whose last Form D amendments are both dated March 26, 2024 and whose completion Hines announced on March 6, 2024 for the second. The exercise came about 25 months after that announcement (our arithmetic). The filings do not say what each DST investor received per interest, and we do not compute a return from them: the $207.1 million is Hines' “net investment” in its own accounting, and the Form D figures are gross sold by each trust.

If the Form D date is a fair proxy for the closing date, the same window opens for the other trusts as follows (our arithmetic; the 10-Q counts from “the closing”, which can be earlier than the last amendment):

Source: last Form D or D/A date of each trust; the exercise is from Hines Global Income Trust's Form 10-Q for June 30, 2026 (accession 0001628280-26-057031). The window dates are our arithmetic and are a proxy, not a contractual date.

What the REIT side looks like in its own filings: net proceeds from the DST Program were $1.2 billion from September 2022 to December 31, 2025 and $1.7 billion through June 30, 2026, with $354.6 million received in 2024 and $688.6 million in 2025; the DST proceeds are booked as “financing obligations” of $1,430,289 thousand at June 30, 2026, against $1,231,287 thousand at December 31, 2025. HGIT held seven properties through the program at the end of 2024, twelve at the end of 2025 and ten at June 30, 2026. For HREX 9 specifically, an 8-K furnished on October 20, 2026 says the DST owns “two residential properties, Gables Station in Florida and Left Bank in Illinois, both of which were sourced by Hines Global Income Trust, Inc.” How that affects the REIT's NAV, leverage and repurchases is in our Hines Global Income Trust review, and the tax mechanics of swapping a DST interest for OP units are in our guide to the 721 exchange. How Hines' REIT came to be, and what happened to its older funds, is in What Happened to Hines REIT.

How this differs from our other DST pages

Our Delaware statutory trust page lists “Hines (HREX)” with 7 DSTs, $1.57 billion offered and $0.95 billion sold. That table covers DSTs first filed from January 2024 to September 30, 2026, which is why it leaves out the first four Hines trusts, and its footnote flags that HREX 9 was still at $0 sold on its cut-off. On this page's count the program is 11 trusts, ten of them sold, and $1.91 billion. The two are consistent: the 7-trust figures reproduce from the filings above (our arithmetic, $1,569.3 million offered and $950.9 million sold for the seven trusts first filed from February 2024). Our page on Blue Owl's DSTs reads the same REIT-sponsored structure for another sponsor.

What a Form D cannot tell you

It does not name the properties (only the 8-K of October 20, 2026 and Hines' press releases do), the price paid, the debt on the trust, the rent, the distribution or what any DST has paid investors. A Form D is a notice that an offering exists and a record of how much has been sold. Nothing on it measures how a DST has performed, and a trust that sold out has told you that investors bought it, not that it did well.

What a reader can do with this

• Ask for the private placement memorandum of the trust you are offered and read the use of proceeds. The Form D gives ceilings of 5.00% and 2.25%; the memorandum says what is paid, to whom, and what part goes to Hines affiliates.
• Ask for the master lease and the purchase option. Term, rent steps, who pays for capital spending, how the price of the interests is set, and what happens if the window passes without the REIT acting.
• Ask what an OP-unit exit would do to your tax position and your liquidity. The units are interests in the REIT's operating partnership, not DST interests; our 721 exchange guide sets out the rules and what the REIT filings say about repurchases.
• Read the REIT behind the lease. Under the 10-Q, Hines Global Income Trust's operating partnership guarantees every master lease; its NAV, debt and repurchase record is the credit you are relying on.
• Check the firm that sells it to you. HREX 9's form names 34 broker-dealer firms; confirm the firm and the representative on FINRA BrokerCheck.
• If you are looking at HREX 10, the Form D shows $725,171,159 offered and nothing sold. Whether, when and at what size it closes will show in a later Form D/A, and you cannot count on it staying open: the trusts before it were reported complete between 21 and 517 days after their first sale (upper bound, above). Plan a second replacement property under the identification rules in our 1031 exchange rules and year-end timeline.

FAQ

Sources, read and saved on October 29, 2026: Form D and D/A XML filed by HGIT 200 Park Place, DST (SEC CIK 0001947079), HREX Multifamily I, II and III, DST (0001993405, 0001999551, 0002012069), HREX 5, 6, 7, 8, 9 and 10, DST (0002026403, 0002051688, 0002070723, 0002087374, 0002100016, 0002160686) and HREX BMS, DST (0002082541), 25 filings in all, with each trust's EDGAR filing list; Hines Global Income Trust, Inc. (CIK 0001585101) Form 10-K for 2025 (0001628280-26-022047), Form 10-Q for June 30, 2026 (0001628280-26-057031) and Form 8-K of October 20, 2026 (0001628280-26-066416); Hines press release of March 6, 2024 (hinesprivatewealth.com); Pulse 2.0 report of October 25, 2026 (pulse2.com); Revenue Ruling 2004-86. Sums, shares, averages, daily amounts, window dates and the firm counts are our arithmetic. Form D figures are the issuer's own reports on the filing date. This is analysis of public documents, not investment, legal or tax advice.