Hines Global Income Trust (HGIT) Review: NAV $9.82, DST Role

Updated October 20, 2026 — September 30 NAV of $9.82, liabilities of 1.3 times NAV, and the HREX 9 DST that HGIT sourced. NAV: the 8-K of October 16, 2026 (accession 0001628280-26-066113) sets $9.82 per share for every class at September 30, down one cent from $9.83 at August 31, and that is the transaction price for subscriptions accepted on November 1 and for redemptions completed as of September 30. Total NAV was $3,358,487,000 across 341,970,000 shares and OP units (August: $3,345,788,000 and 340,479,000). Balance sheet in the NAV table: real estate investments of $7,292,581,000, other assets of $448,585,000 and “debt and other liabilities” of $4,382,679,000, against $6,886,628,000, $473,541,000 and $4,014,381,000 a month earlier. Liabilities are therefore about 1.30 times NAV (1.20 times at August 31; our arithmetic), and the fund says its portfolio was 33% levered on property values, up from 30%. Fee liability: the balance sheet carries $49.1 million for distribution and stockholder servicing fees payable to the dealer manager in future periods ($49.5 million a month earlier), which the NAV does not deduct. Portfolio: 59 real properties, 27.0 million square feet, 94% leased, reflecting seven acquisitions and four dispositions since June 30. Payout: October's gross distribution was declared at $0.052 per share, unchanged from September, against a gross annualized rate the Q2 10-Q says has held at $0.625 since January 2019. Offering: Supplement No. 9 says the current offering had raised about $892.1 million from 90.7 million shares by October 16. DST: an 8-K furnished October 20, 2026 (accession 0001628280-26-066416, Item 7.01) says the HREX 9 DST, “a $591 million DST offering,” is complete and owns Gables Station in Florida and Left Bank in Illinois, both sourced by HGIT; see the DST section below for how this fits with the $618.4 million on the Form D. Still to come: July to September repurchases and the Q3 distribution-source table, in the Q3 10-Q (around mid-November).

Updated October 15, 2026 — what people searching “HGIT” ask first, and nothing new on EDGAR since October 6. What it is: Hines Global Income Trust, Inc. (SEC CIK 1585101) is a non-traded NAV REIT, formerly Hines Global REIT II, Inc. It is not the original Hines Global REIT, which finished liquidating in October 2022 (April 22, 2026 prospectus). NAV: $9.83 per share in every class at August 31, 2026 (8-K of September 16, 2026). Payout: a gross $0.052 per share for September 2026 against a gross annualized rate that “has remained at $0.625 per share since January 2019” (Q2 10-Q). Redemptions: the fund may repurchase up to 2% of NAV a month and 5% a quarter, and it paid every request received from April to June 2026 (7,102,394 shares); shares held under a year are redeemed at 95% of the price. Still to come (as of October 15): the SEC's filing list showed no 8-K after October 6, so the September 30 NAV had not been filed; it was filed on October 16 (see the October 20 update above).

Updated October 10, 2026 — about $525 million of purchases since the last NAV date, second-quarter repurchases paid in full, and a new name for the dealer manager. NAV and distribution: the 8-K of September 16, 2026 set $9.83 per share for every class at August 31 (total NAV $3,345,788,000 across 340,479,000 shares and OP units; 56 properties, 94% leased, 30% levered) and declared September's gross distribution at $0.052 per share (net $0.052 for Class I, $0.044 for Class T, $0.045 for Class S, $0.050 for Class D). The Q2 10-Q shows the June 30 NAV was $9.78, the low of the year so far, after $9.80 at March 31. The September 30 NAV had not been filed at that date; it was filed on October 16 at $9.82 (see the October 20 update above). Repurchases: the 10-Q table lists 2,731,120 shares in April, 1,961,871 in May and 2,409,403 in June (7,102,394 in all), “which represents all of the share repurchase requests received for the same period,” each month below the 2% monthly limit printed beside it (3,427,177, 4,266,390 and 3,853,468 shares). Purchases and sales: the 8-K of October 6, 2026 reports two more acquisitions after the August 31 NAV date: 99 West Paces, a residential property in Atlanta (about 380,700 square feet, 95% leased, about $237.8 million, bought September 29), and the Bishop Arts Portfolio in Dallas (438,000 square feet of residential at 95% leased plus 49,000 of retail at 98%, about $170.5 million, bought September 30). With Castings Commerce Center ($117.0 million, August 31) that is about $525.3 million (our addition). Earlier in the summer the fund bought the 405 Colorado office building in Austin (about $151.0 million, 100% leased) and Design Center of the Carolinas in Charlotte (about $170.0 million, 88% leased) in July and an industrial building in Diemelstadt, Germany (€71.5 million) in August, and it sold three industrial properties in the United Kingdom (£77.9 million) and Eastgate Park (€50.3 million gross). Name: the dealer manager is now Hines Private Wealth Solutions LLC, “formerly known as Hines Securities, Inc.” according to the April 22, 2026 prospectus; older text on this page that said Hines Securities has been corrected.

Update — October 5, 2026: Jeff Hines hands the fund to Laura Hines-Pierce on January 1

An 8-K filed on October 2, 2026 (accession 0001628280-26-064477, Items 5.02 and 7.01) reports that on September 29 Jeffrey C. Hines told the board he will resign as director, Chair of the Board and Chief Executive Officer of HGIT, effective January 1, 2027. The board appointed Laura Hines-Pierce, 42, already a director and Co-CEO of the sponsor for more than five years, as Chair and CEO from that date, and Adam Hines, 38, to the board. The filing states that Laura Hines-Pierce and Adam Hines are siblings and Jeff Hines is their father.

What changes for a holder, according to the filing and the sponsor's press release furnished with it:

• Control of the advisor. HGIT Advisors LP is today controlled by Jeff Hines and Laura Hines-Pierce; from January 1, 2027 Jeff, Laura and Adam Hines will share control. The 8-K reports no current or proposed transaction with Laura or Adam Hines beyond the agreements already described in the July 2, 2026 proxy statement and a standard indemnification agreement for Adam Hines.
• The sponsor. At Hines itself, Adam Hines becomes Co-CEO alongside Laura, David Steinbach becomes the firm's first President, Alfonso Munk becomes Global Chief Investment Officer, and Jeff Hines becomes Chairman, stepping back "from day-to-day management". The release puts Hines at about $91 billion of assets under management as of June 30, 2026.
• What does not change. Nothing in the filing touches the redemption plan, the distribution rate or the NAV policy. The next figures that matter are the September 30 NAV (8-K, expected around mid-October) and the Q3 10-Q (around mid-November).

This is a family succession that the sponsor calls "planned", not a departure under pressure, and the person taking over has run the sponsor jointly for more than five years. It does mean that HGIT's leadership changes at the top from January 1, 2027.

Update — October 2026: August NAV, the September 29 annual meeting, and office is 17% of the fund by value

Two filings since our August update. The 8-K of September 16, 2026 (accession 0001628280-26-062301, with 424B3 Supplement No. 8) sets the August 31 NAV, and the 8-K of September 29 (accession 0001628280-26-063813) reports the annual meeting vote and furnishes the slides the chief operating officer, Omar Thowfeek, showed stockholders. We read both; the figures below replace older ones on this page.

NAV per share did not move: $9.83 at August 31, as at July 31. Underneath, the fund kept growing. Real estate investments rose from $6,708.8 million to $6,886.6 million in the month and debt and other liabilities from $3,911.3 million to $4,014.4 million, for a total NAV of $3,345.8 million across 340.5 million shares and OP units. The fund now owns interests in 56 properties, 26.2 million square feet, 94% leased, and calls itself 30% levered. The new purchase in the filing is Castings Commerce Center, an industrial property in Columbus, Ohio of about 862,000 square feet, 96% leased, for a contract price of about $117.0 million. The current offering had taken in $859.9 million by September 16.

What the sponsor told stockholders on September 29. The presentation reports, as of August 31, 2026:

The office number is the one to notice. Elsewhere on this page we describe the fund as about 10% office, which is the share of leasable square footage in the 10-K. By value, the measure that drives the NAV, the sponsor's own slide puts office at 17% and industrial at 30%, not 60%. Both are true: warehouses are large and cheap per square foot, office buildings smaller and dearer. If you are judging how exposed your NAV is to office, 17% is the figure to use.

One footnote does not match the 10-K. Slide 3 says that for 2025 the fund paid 54% of its distributions through reinvested shares and 32% "using cash flows from sources other than operating activities." The sources-of-distributions table in the FY2025 10-K gives a different split: 32% from cash flows from operating activities and 14% from other sources (54% through the DRP). For the first half of 2026 the slide and the 10-Q agree: 53% DRP, 38% other sources, 9% operations. We use the 10-K figures on this page; the slide was furnished, not filed.

The annual meeting reached a decision, which not every non-traded REIT has managed this year. All seven directors were re-elected for one-year terms, with between 85,991,223 and 87,831,473 votes for, between 1,172,928 and 2,728,743 against, and 66,655,849 broker non-votes. Deloitte & Touche was ratified with 152,348,948 shares for. Compare the six funds in our quorum census that could not seat their boards. The slides also repeat that HGIT has "Satisfied 100% of eligible redemption requests since inception", with a footnote that the board may amend or suspend the program without a stockholder vote.

Update — August 2026: the Q2 10-Q, and a half-year where distributions ran at three times earnings

Hines Global Income Trust filed its Form 10-Q for the quarter ended June 30, 2026 on August 14, 2026 (SEC CIK 1585101, accession 0001628280-26-057031). We have read it and the figures below replace anything older on this page.

The fund is growing fast at the top line. Total revenues were $129,807,000 in Q2 2026 against $101,150,000 a year earlier, up 28.3%. For the first half: $262,651,000 against $194,749,000. Rental revenue alone went from $96,603,000 to $123,978,000 in the quarter.

Earnings did not follow. Total expenses rose to $123,134,000 from $94,830,000, and the quarter ended in a net loss of $8,889,000 attributable to stockholders, after a $39,775,000 net income in Q1. Two fee lines sit inside that: asset management fees of $13,425,000 in the quarter (up from $9,058,000) and a performance participation allocation of $5,673,000 (down from $12,700,000).

The number that matters most for an income investor is the coverage. Distributions declared were $45,960,000 in Q1 and $47,232,000 in Q2 — $93,192,000 across the half. Net income for the same half was $39,775,000 minus $8,889,000 = $30,886,000. That is coverage of about 33% on GAAP net income, and even that is flattered by a $61,877,000 gain on the sale of real estate in the half. GAAP net income is not the industry's preferred coverage metric and a REIT with heavy depreciation will always look worse on it than on FFO, which the 10-Q also reports: $55,247,000 for the half, about 59% of the distributions declared (our arithmetic). The filing's own sources-of-distributions table puts cash flow from operating activities at 48% of Q2 distributions and 9% of the half's, after 0% in Q1.

Flows are still positive, which separates this fund from its stressed peers. In the first half the fund issued $301,554,000 of shares ($162,903,000 in Q1 and $138,651,000 in Q2) and redeemed $138,549,000 ($72,780,000 and $65,769,000). That is a net inflow of about $163 million, and it is the reason the redemption programme has not had to gate. Share count went from 298,025,000 at January 1 to 315,356,000 at June 30.

One balance-sheet movement is worth flagging plainly. Between December 31, 2025 and June 30, 2026, notes payable, net fell from $2,372,045,000 to $2,040,726,000 — down $331 million — while financing obligations rose from $1,231,287,000 to $1,430,289,000, up $199 million. Total liabilities fell from $4,013,912,000 to $3,878,552,000 and total assets rose from $5,992,588,000 to $6,140,556,000. The 10-Q explains the movement: in the half the fund made $404.6 million in payments on notes payable, mainly on its JPMorgan credit facility, and received $415.3 million of net proceeds from DST-program financing obligations. Financing obligations rose by less than those proceeds; in the same half the fund issued $207,111,000 of OP units for DST interests (see below). "Financing obligations" is where the DST sale-leaseback accounting lands, so an investor comparing headline "notes payable" year on year should know the other line moved the other way.

A new item appears on the equity statement: an issuance of Operating Partnership Units of $207,111,000 in Q2, which the cash-flow disclosures label "Issuance of OP Units for DST interests", with balance-sheet noncontrolling interests going from nil to $203,564,000. Before Q2 2026 that balance-sheet line was nil; noncontrolling interests had appeared only as small income-statement amounts ($298,000 of net income in 2025).

Share classes outstanding, per the cover of the 10-Q: 185.3 million Class I, 41.4 million Class S, 39.6 million Class D, 23.8 million Class T, plus 29.2 million legacy Class AX and 83,255 Class JX shares. Class I is roughly 58% of the register.

Why this review exists: the industrial-heavy entry in the NAV REIT cluster

CrowdfundedWealth's 2026 non-traded NAV REIT cluster sorts these vehicles by the questions that matter most when rates spike and investors want out: did the redemption window stay open, is the distribution actually earned, and what is the fund made of? On the strong, non-gated end sit JLL Income Property Trust (4.0) and Nuveen Global Cities REIT (3.9). On the cautionary, gated end sit Blackstone's BREIT (3.0) and Starwood's SREIT (2.0) — joined by a constrained-liquidity tier that includes RREEF Property Trust (3.1), a daily-NAV REIT gated every month since 2022, and Cantor Fitzgerald Income Trust (2.3), which rationed redemptions to about 17% in early 2026. The cluster's only credit (debt) REIT, FS Credit REIT, sits at 3.6.

Hines Global Income Trust lands at 3.2, and it is one of the harder vehicles in the set to score, because its strengths and weaknesses are unusually sharp. Its portfolio — roughly 60% industrial, only about 10% office — is arguably the best-composed in the cluster, exactly the mix that protected funds during the office collapse that hammered office-heavy peers. Its redemption record is clean: it genuinely never gated. But its distribution is among the most poorly covered in the set — zero coverage from operations in Q1 2026 and 9% across the first half, even with Q2 at 48% — and the sponsor it leans on for credibility has a documented history of disappointing retail investors in its prior non-traded REITs.

This review is built from primary SEC EDGAR filings under CIK 1585101 — the FY2025 10-K (filed March 2026), the Q1 2026 10-Q (period ended March 31, 2026), and the May 2026 424B3 NAV supplement — cross-checked against the sponsor's prior-fund SEC history and contemporaneous reporting.

Scale and structure: a $3 billion fund mid-way through its fourth offering

HGIT is a mid-sized entry in the cluster — neither a giant like BREIT nor a niche vehicle. As of September 30, 2026 it carried a total NAV of about $3.358 billion across roughly 342.0 million shares and OP units ($3.346 billion and 340.5 million at August 31), against total assets of about $6.14 billion (June 30, 2026). It is a Maryland corporation that commenced its initial public offering in August 2014 and has run four successive continuous offerings since; across all four, it has raised aggregate gross proceeds of about $4.5 billion as of October 16, 2026, including distribution-reinvestment proceeds. Its current (fourth) offering launched February 4, 2025 and, as of October 16, 2026, had raised about $892.1 million from 90.7 million shares (about $859.9 million from 87.4 million at September 16), with roughly $1.3 billion of shares still available plus about $353.5 million under the distribution reinvestment plan.

That capital-raising posture is relevant to two of the conclusions in this review. It explains part of why the redemption window has stayed comfortably open — a fund taking in fresh subscriptions has cash to fund repurchases — and it is also the mechanism behind the distribution-coverage problem, because "offering proceeds" is one of the explicit non-operating sources the fund has drawn on to pay distributions. A perpetual-life NAV REIT in active fundraising mode is, by design, continuously recycling capital; the forensic question is whether that recycling is funding growth or merely funding the distribution. For HGIT in early 2026, the SEC tables point uncomfortably toward the latter.

The portfolio: 60% industrial, about 10% office — the cluster's best mix

Start with HGIT's strongest argument. As of September 30, 2026, it owned interests in 59 real properties totaling 27.0 million square feet, 94% leased (56 and 26.2 million at August 31). The table below is the December 31, 2025 list from the 10-K: the 8-K of October 16, 2026 says the 59 reflect seven acquisitions and four dispositions since June 30 (the October 6 8-K covers the September 29 and 30 purchases). By leasable square footage, the breakdown is the most defensive in the cluster:

The takeaway is simple but important: the property-value downturn of 2022-2024 was overwhelmingly an office story (work-from-home demand destruction, refinancing distress, cratering appraisals). A NAV REIT's exposure to that downturn was largely a function of how much office it held. HGIT holds only about 10% office — versus the office concentrations that drove down other diversified vehicles — and roughly 60% industrial, the asset class that did best through the period. That mix is the single biggest reason HGIT's NAV markdown (about 13% off peak) was milder than SREIT's (Class I down about 26% since December 2022). Portfolio Quality scores 4.0.

What has changed since June 30. The July purchase of 405 Colorado, a 205,803-square-foot office building in Austin, 100% leased, for about $151.0 million (8-K of July 13, 2026), is a reminder that the fund still buys office when it likes the price; the two newest purchases, 99 West Paces in Atlanta ($237.8 million) and the Bishop Arts Portfolio in Dallas ($170.5 million), are residential and mixed-use. The sales were three industrial properties in the United Kingdom (£77.9 million, about $105.2 million) and Eastgate Park (€50.3 million gross, of which €13.6 million was the net sale price after closing costs and paying off the mortgage and a shareholder loan). The sponsor's by-value mix at August 31 (industrial 30%, residential/living 28%, retail 19%, office 17%, other 6%) is in the October update above.

Geographically, the fund is about 71% US and 29% international, with international assets in Central Europe (about 7.5 million sq ft of logistics in the Netherlands, Poland, the Czech Republic, Italy and Spain) and in the United Kingdom and Ireland (UK logistics, London office, Leeds and Bracknell retail, Dublin and Reading student housing, Glasgow residential). That international sleeve adds diversification but also foreign-currency exposure — the 10-K explicitly notes that NAV (and therefore the Advisor's performance fee) can move on currency fluctuations alone, independent of property performance.

The tenant base is reasonably diversified by industry, though with a logical tilt toward HGIT's industrial concentration: by leased square footage, the largest exposure is about 28% to transportation and warehousing (the warehouse and logistics tenants that fill the industrial book) about 17% to retail-trade tenants and about 11% to online/catalog retail, with the remainder spread across other industries. That is a sensible profile — the heaviest concentration is in exactly the sector (logistics) with the strongest secular demand — but it does mean the fund's income is meaningfully levered to the health of goods movement and distribution, which is itself sensitive to consumer spending and supply-chain volumes. The portfolio's 94% leased rate as of September 30, 2026 (the same as a month earlier) indicates the demand has held up well so far.

The redemption record: it genuinely never gated

This is HGIT's second clear strength, and it is real, not marketing. Under its share redemption program, HGIT caps repurchases at 2% of aggregate NAV monthly and 5% quarterly — the same standard caps as the rest of the cluster. The forensic test is whether requests ever exceeded those caps and forced pro-ration. The SEC Item 5 tables answer it directly.

The filings state plainly that the redeemed totals represent "all of the share repurchase requests received for the same period" — meaning every request was honored. HGIT did not pro-rate, did not cut its cap, did not suspend. The Q2 10-Q table reads the same way for April to June 2026: 7,102,394 shares redeemed, “which represents all of the share repurchase requests received for the same period.” Two details sit beside it. Shares held for less than a year are redeemed at 95% of the transaction price, and the 10-Q's cash-flow schedule shows $22,825,000 of shares tendered for redemption in the half. The MD&A says the fund “redeemed $115.7 million in shares” in the half, while the equity statement shows $138,549,000; the difference, $22.8 million, matches the tendered amount (our reading, not stated in the filing). No month in 2026 is shown as prorated, and July and August repurchases will appear in the Q3 10-Q around mid-November. That puts it in the company of JLLIPT, Nuveen, and AIREIT — and squarely opposite BREIT (15 months of pro-ration) and SREIT (which slashed its cap and suspended most redemptions).

One honest caveat: HGIT relaunched a fresh public offering in February 2025, and a fund actively raising new capital has incoming cash that makes funding redemptions easier. The clean record is genuine, but it is partly a function of being in capital-raising mode rather than purely a function of portfolio liquidity. Redemption Discipline scores 4.5.

The distribution: frozen since 2019, and 0% covered by operations in Q1 2026 (48% in Q2)

This is the forensic centerpiece, and the main reason the rating is 3.2 rather than higher. HGIT's distribution looks reasonable on the surface — a gross rate of $0.625 per share annually, about a 6.4% Class I yield on a $9.82 NAV (September 30, 2026). But two facts beneath the surface are concerning.

First, the rate has been frozen at $0.625 per share since January 2019 — over seven years without an increase. The Q1 2026 10-Q states the annualized rate "has remained at $0.625 per share since January 2019." Through a period of significant inflation, a flat nominal distribution is a real-terms decline in income.

Second — and far more important — the coverage has collapsed. The SEC "Sources of Distributions" tables tell the story bluntly:

Read the Q1 2026 row carefully. In the first quarter of 2026, zero percent of HGIT's distribution was funded by cash flow from operations. 54% was satisfied by stockholders reinvesting their own distributions back into new shares (the DRP), and 46% came from "cash flows from other sources" — which the 10-Q says may include proceeds from the sale of assets or financing cash flows such as debt. The second quarter reversed much of that: operating cash flow covered 48% of Q2 distributions and nothing came from other sources, but across the first half the operating share was still only 9%. A distribution funded by new investor capital and borrowing, rather than by the income the properties actually generate, is precisely the pattern that erodes NAV over time and that prudent investors should treat as a red flag.

The 10-K is candid about this risk: "We have not generated and we may continue to be unable to generate sufficient cash flow from operations to fully fund distributions paid," and "We have not placed a cap on the amount of distributions that may be paid from any of these sources." The Q1 2026 figure is the worst single data point in this review. Distribution Quality scores 2.0.

The sponsor's September 29 slides add two lines worth knowing. Their footnote says “Distributions have exceeded earnings,” and that for the year ended December 31, 2025 “100% of Hines Global's distributions were characterized as a ROC,” meaning return of capital for tax purposes: not taxed when received, but it lowers your cost basis, so it is deferred tax rather than free income. The September 2026 gross distribution was again $0.052 per share, so nothing about the payout itself has changed.

A note on how to read this, because it is easy to over- or under-react. The DRP portion (54%) is not "return of capital" in the damaging sense — those investors chose to reinvest, so no cash actually left the fund, and the obligation was met by issuing new shares at NAV. The genuinely concerning slice is the 46% from "other sources." When a fund pays cash distributions out of borrowings and fresh offering proceeds rather than out of property income, two things happen over time: the fund's per-share equity is diluted (new capital coming in is partly recycled straight back out as distributions to existing holders), and the gap between the headline yield and the earned yield widens. A 6.4% advertised distribution that was 0% covered by operations in Q1 2026 (9% across the first half) is not a 6.4% return on the underlying real estate — it is a 6.4% cash payout, part of which is the investor's (or a new investor's) own capital handed back. That is the distinction the marketing yield obscures and the SEC table reveals, and it is why this dimension, not the portfolio, caps HGIT's overall score.

The cyclical context matters too. HGIT's weighted-average interest rate climbed from about 1.83% at year-end 2021 to about 4.03% at year-end 2025 as the debt repriced — a direct hit to net operating cash flow that the frozen $0.625 distribution did not adjust for. The roughly $777 million that comes due in 2028 (about $1.17 billion at year-end 2025) is HGIT's own slice of the broader $4 trillion CRE debt maturity wall repricing the whole asset class. If rates ease and the 2028 refinancing lands favorably, coverage could recover; if they do not, the math points toward either a distribution cut or continued NAV erosion. Either way, the seven-year-flat payout funded increasingly from non-operating sources is the issue an investor in this fund is really underwriting.

NAV: down about 13% from peak, cushioned by the portfolio mix

HGIT's NAV per share — the same for every share class — was $9.82 at September 30, 2026 (filed October 16; $9.83 at both August 31 and July 31), after $9.78 at June 30, $9.80 at March 31 and $9.82 at year-end 2025, against a peak of $11.29 at June 30, 2022, a drawdown of roughly 13%. That is a genuine markdown, but it is milder than the steepest declines in the cluster, and the reason is the portfolio: a fund that is about 60% industrial and only about 10% office simply had far less to mark down than an office-heavy peer when cap rates expanded.

The valuation assumptions disclosed in the October 16, 2026 filing (September 30 NAV) are internally consistent with a recovering-but-cautious market: a weighted-average exit capitalization rate of about 5.93% (unchanged from August) and a weighted-average discount rate (IRR) of about 7.41% (7.38% a month earlier), with office carried at the highest cap rate (about 6.96%) and residential and industrial at the lowest (about 5.55% and 5.66%). Properties are appraised at least annually by third-party firms, with calculations reviewed by independent valuation advisor Altus Group — a reasonable governance structure, though, as with every NAV REIT, the NAV is an estimate based on appraisals, not a market-cleared price. Notably, HGIT's total return exceeded the 5% hurdle in 2025, so the Advisor earned its performance participation that year (it did not in 2024). Performance / NAV Resilience scores 3.0.

The supplement's sensitivity table is a useful guide to how fragile or robust that NAV is. A 0.25% increase in the weighted-average exit cap rate would cut property values by about 2.70%, and a 0.25% increase in the discount rate by about 1.79% (September 30 figures) — meaning a modest adverse move in market pricing would more than erase the cushion between today's NAV and where it would need to be to keep the distribution covered. Conversely, a 0.25% compression in cap rates (the bull case if rates ease) would add about 2.81% to property values. The takeaway: HGIT's NAV is not on a knife's edge, but it is sensitive enough that the 2028 refinancing environment and the direction of cap rates over the next two years will largely determine whether NAV recovers toward its old peak or drifts lower.

International exposure: diversification with a currency catch

About 29% of HGIT's portfolio is international: Central European logistics (the Netherlands, Poland, the Czech Republic, Italy and Spain) plus the United Kingdom and Ireland — UK logistics, London office (Worship Square), Leeds and Bracknell retail, Dublin and Reading student housing, and Glasgow residential. That geographic spread is a genuine diversifier: European real estate cycles do not move in lockstep with US ones, and student housing in particular is a defensive, demand-resilient niche. For an investor who wants institutional global exposure rather than a US-only book, it is a feature most of the cluster lacks.

The catch is foreign-currency risk, and it cuts two ways. HGIT uses foreign-currency forward contracts as economic hedges, but hedging is never perfect, and the 10-K is explicit that NAV — and therefore the Advisor's performance fee — can move on exchange-rate swings independent of how the underlying buildings perform. A weakening pound or euro against the dollar would drag reported NAV even if the European assets were performing well operationally, and vice versa. It is a second-order risk, not a primary one, but it is a real reason HGIT's NAV carries a source of volatility that a purely domestic peer like AIREIT does not.

Leverage: moderate, with a 2028 maturity wall to watch

HGIT carries moderate leverage. As of September 30, 2026 the portfolio was about 33% levered on a loan-to-value basis (30% at August 31 and 36% at December 31, 2025) — well inside the charter limit of 300% of net assets (roughly 75% of cost). Notes payable net was about $2.04 billion as of June 30, 2026 (down from about $2.37 billion at year-end 2025), and the financing is conservatively structured against rate risk: about 97% of total debt is fixed or hedged as of June 30, 2026 (up from 82% at year-end 2025), at a weighted-average interest rate of about 3.78% (4.03% at year-end 2025). Total principal was $2,053.8 million at June 30 with a weighted average of 2.2 years to maturity; the $650 million revolver on the JPMorgan facility was undrawn (it carried $391 million at year-end), the $700 million term loan was outstanding, and $59.1 million of variable-rate debt was unhedged.

What the September 30 NAV table adds. The 8-K of October 16, 2026 lists real estate investments of $7,292,581,000, other assets of $448,585,000 and “debt and other liabilities” of $4,382,679,000, which leaves a NAV of $3,358,487,000. Liabilities were therefore about 1.30 times NAV (our arithmetic), against $4,014,381,000 and about 1.20 times at August 31. In September debt and other liabilities rose $368.3 million while NAV rose $12.7 million (our arithmetic), and the fund reports 33% leverage on property values, up from 30%. The two measures are not the same thing: the 33% is a loan-to-value ratio on the properties, while the NAV table's line is all debt and other liabilities, and the 8-K does not break it down. It does mean the cushion between property values and what is owed ahead of the shareholders is thinner than a month earlier, in a fund whose payout is already largely funded from sources other than operations.

The thing to watch is the maturity ladder. The June 30, 2026 10-Q's principal-payment schedule shows a clear concentration in 2028:

A roughly $777 million maturity in 2028 is the leverage risk to monitor: refinancing that volume into whatever rate environment exists then will shape future income and NAV. The sponsor's September 29 slide lists “No significant near-term debt maturities”; read that next to the schedule above, which shows $139.3 million due in the rest of 2026 and $436.2 million in 2027 as well. On top of the notes payable, HGIT carries about $1.43 billion of "financing obligations" (June 30, 2026) tied to its DST Section 1031 exchange program (discussed below). Leverage scores 3.5: moderate today, with a real 2028 question mark.

The DST program: a second capital engine — and a second layer of complexity

One feature that sets HGIT apart from most of the cluster is the scale of its DST (Delaware Statutory Trust) program, a Section 1031 like-kind-exchange vehicle. The mechanics: HGIT's operating partnership places real properties into Delaware statutory trusts and sells beneficial interests in those trusts to third-party investors who are completing 1031 exchanges (deferring capital-gains tax by rolling sale proceeds from one property into another). An indirect subsidiary then leases those properties back under a long-term master lease, and the operating partnership typically retains an option to reacquire the interests later in exchange for operating-partnership units.

The numbers are significant. As of June 30, 2026, HGIT held ten properties through the DST program and had raised net offering proceeds of $1.7 billion through it (about $1.2 billion at December 31, 2025; the sponsor's September 29 slides say $1.9 billion since inception) — a meaningful second capital engine alongside its public share offerings. On the balance sheet, this shows up as "financing obligations" of about $1.43 billion as of June 30, 2026 (up from about $1.23 billion at year-end 2025), because the sale-leaseback structure is accounted for as financing rather than a true sale.

This is genuinely additive for a fund — 1031 exchange demand is a deep, tax-motivated source of capital that does not compete directly with the retail share offering — but it deserves a forensic flag for two reasons. First, it adds a large, distinct liability layer that an investor scanning only the share-class NAV calculation can miss: the roughly $1.43 billion of DST financing obligations sits alongside the roughly $2.04 billion of notes payable. Second, it introduces reacquisition obligations and master-lease economics that make the balance sheet more complex to read than a plain equity REIT's. The DST program is a strength of the platform, but it is part of why HGIT's total liability stack (about $3.88 billion as of June 30, 2026 against roughly $6.14 billion of total assets) is larger than its headline 33% property-level leverage (September 30, 2026) suggests.

HREX 9: the DST that HGIT sourced

An 8-K furnished on October 20, 2026 (accession 0001628280-26-066416, Item 7.01) reports that Hines Interests Limited Partnership issued a press release announcing the successful completion of the HREX 9 DST, a $591 million DST offering. The 8-K 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.” The filing is furnished, not filed, and says nothing about a sale price per property, what HGIT received or how HGIT accounts for it.

What the other documents add, and no more:

• HGIT's own 10-Q already lists both buildings. The Q2 10-Q's residential table shows Gables Station (Miami, acquired August 2022, 612,992 square feet, 99% leased) and Left Bank (Chicago, November 2025, 345,320 square feet, 97% leased), each footnoted as held through the DST Program as of June 30, 2026.
• $591 million versus $618.4 million is one offering, not two. The Form D that HREX 9, DST filed on December 15, 2025 (accession 0002100016-25-000001) showed a total offering amount of $618,397,358 and nothing yet sold. The amended Form D filed October 15, 2026 (accession 0002100016-26-000001) shows $590,648,975 offered and sold, nothing remaining and 550 investors, with a $250,000 minimum. The $618.4 million was the planned size; the $591 million in the 8-K is the rounded amount actually sold.
• Who is paid. According to the Q2 10-Q, Hines Real Estate Exchange LLC (HREX), a wholly owned subsidiary of HGIT's operating partnership, pays the dealer manager up to 5.0% in selling commissions, 1.0% in dealer manager fees and 1.25% in offering and organization fees on DST interests sold, funded by the DST investors; the Form D names Hines Private Wealth Solutions LLC among the sales-compensation recipients.

How to read it: HGIT is the sourcing pipeline for a sponsor-run product sold to 1031-exchange investors, which is the DST program described above doing what it was built to do. For an HGIT shareholder the questions the filings leave open are the ones that matter, namely the price at which the buildings moved, what HGIT kept in cash, fees or continuing obligations, and how the $1.43 billion of financing obligations (June 30) changes. The Q3 10-Q, due around mid-November, is the first place those could appear. For someone considering HREX 9 itself, the Form D shows nothing remaining to sell, so this is context for understanding HGIT, not an offer.

Share classes: four current, plus a tail of legacy classes

HGIT's capital structure carries the residue of four successive public offerings since 2014, which matters for anyone reading the filings. The four classes currently offered are Class T, Class S, Class D, and Class I, all of which now share an identical NAV per share ($9.82 as of September 30, 2026). They differ only in distribution channel and fee load: Class I (no servicing fee, no upfront load) is the institutional and RIA class; Class D (0.25% servicing fee) is the fee-based-advisory class; and Class T and Class S carry the heavier upfront loads (up to 3.5%) and annual servicing fees (1.0% and 0.85%) typical of commission-based brokerage sales.

Beyond those, the filings still list legacy classes — Class AX, Class JX, and historically Class TX and Class IX — holdovers from earlier offerings (in November 2017 the company redesignated its original Class A, T, I, and J shares as the "X" classes). As of August 1, 2026 there were about 29.2 million Class AX shares and only 83,255 Class JX shares outstanding, with no TX or IX shares remaining. These legacy classes receive the same $0.052 monthly gross distribution but are not part of the current offering. The practical point for a prospective investor: ignore the X-class noise and focus on Class I (or Class D through a fee-based advisor) as the cost-efficient way to own the fund.

The industrial thesis — HGIT's real differentiator

It is worth dwelling on why HGIT's roughly 60% industrial weighting is the analytically important fact about this fund. Across 2022-2024, the non-traded NAV REIT category took its damage almost entirely through two channels: rising cap rates marking down property values broadly, and a specific, severe repricing of office. Funds that were diversified-but-office-heavy absorbed both. Funds concentrated in industrial and residential absorbed mainly the first, and even that was muted because industrial fundamentals (rent growth driven by e-commerce, supply-chain reshoring, and constrained new supply) stayed strong enough to offset much of the cap-rate pressure.

HGIT sits structurally close to the better-positioned end of that spectrum. Its roughly 14.9 million square feet of industrial (about 60% of the portfolio) plus about 3.2 million square feet of residential (about 13%) means the large majority of its book is in the two asset classes that held up best, while office — at about 2.45 million square feet, roughly 10% — is small enough that the office repricing could not dominate its NAV the way it dominated office-concentrated peers'. The valuation table in the September 16, 2026 filing (August 31 NAV) confirms the market's differentiated view: office carries the highest exit cap rate in the portfolio (about 6.96%) and the highest discount rate (about 8.24%), while residential and industrial carry the lowest (cap rates of about 5.51% and 5.67%). In plain terms, the market is pricing HGIT's small office slice cautiously and its large industrial/residential core favorably — which is exactly why HGIT's NAV markdown (about 13%) was on the milder side of the cluster. This is the fund's genuine edge, and it is the reason Portfolio Quality is the highest-scoring dimension in this review.

Fees: heavy and conventional

HGIT's fee load is in line with the more expensive vehicles in the cluster, not the cheaper ones.

The 12.5%-over-5% performance structure is the same as BREIT, Brookfield REIT, and AIREIT, and noticeably less investor-friendly than FS Credit REIT's 10%-over-6.5%. The lower the hurdle and the higher the carry, the more the manager keeps — and 5% is a low bar to clear. The 10-K also flags an inherent conflict: because the performance fee is based partly on changes in NAV, the Advisor can earn a larger allocation even when NAV rises purely on foreign-currency swings rather than property performance. Class I (the institutional/RIA class with no servicing fee) is the cleanest way to own it; Class T and Class S carry both an upfront load up to 3.5% and an annual servicing drag. Fee Structure scores 2.5.

A servicing-fee liability the NAV does not deduct. The consolidated balance sheet at September 30, 2026 carries a $49.1 million liability for distribution and stockholder servicing fees payable to the dealer manager, Hines Private Wealth Solutions LLC, in future periods ($49.5 million at August 31). The 8-K states that the NAV per share includes no liability for servicing fees that may become payable after September 30, because the fees may not ultimately be paid in some circumstances, including a liquidation or a listing. For Class T, S and D holders, who pay those fees, the practical reading is that part of the cost of holding is accrued on the balance sheet but is not reflected in the $9.82 transaction price.

Sponsor: a real institution with a cautionary non-traded REIT track record

This is the most nuanced dimension. On one hand, Hines is a genuine global institution — founded by Gerald D. Hines in 1957, now led by his son Jeffrey C. Hines, with assets under management grown to about $91.7 billion as of December 31, 2025 and a decades-long pedigree in development and institutional real estate across dozens of countries. HGIT's leadership is changing at the top: Jeffrey C. Hines, CEO and Chairman, resigns from both roles and the board effective January 1, 2027, and Laura Hines-Pierce, a director and the sponsor's Co-CEO for more than five years, takes over as Chair and CEO (8-K, October 2, 2026). The filing reports no other officer change. On platform quality, Hines is among the most credible sponsors in the entire NAV REIT cluster.

On the other hand, the 10-K itself discloses — in its risk factors — that prior Hines-sponsored non-traded vehicles disappointed retail investors. An earlier Hines-sponsored REIT, Hines Real Estate Investment Trust ("Hines REIT"), sold shares from 2004 to 2009 at $10.00 to $10.66, then:

• Suspended its share redemption program in December 2009 (except for death/disability), reopening it for ordinary requests in April 2013;
• Cut its distribution rate in July 2010 and again in April 2013;
• Liquidated and dissolved in August 2018, paying $7.59 per share in liquidating and special distributions — on top of regular operating distributions of up to $5.49 per share paid between 2004 and 2016 (the amount varied with when an investor bought and whether they held through 2016).

The first Hines Global REIT began liquidating in July 2018 and completed it in October 2022, paying aggregate distributions of $15.14 per share to investors invested since its inception. None of this implicates HGIT's current management or strategy directly — and HGIT's portfolio mix is far better positioned than those vehicles were — but it is a documented pattern: when conditions turned, Hines REIT gated redemptions, cut payouts, and paid liquidating distributions well below its offering price. For an investor weighing HGIT's clean current redemption record, that history is the necessary counterweight. Sponsor Credibility scores 3.0 — institutional quality, discounted by prior-fund outcomes.

Governance and conflicts: what to read in the fine print

The valuation governance is reasonable by NAV-REIT standards. A valuation committee composed of independent directors oversees the process; all real properties are appraised at least annually by third-party appraisal firms; and Altus Group U.S. Inc., the independent valuation advisor, reviews the appraisals and concurs (or not) with the monthly NAV calculation. That is the same broad architecture used by the better-governed funds in the cluster, and it is a meaningful check on the Advisor's discretion — though, as always with non-traded REITs, the NAV is a model-and-appraisal output, not a price discovered in a market, and interim monthly NAVs between annual appraisals lean on the Advisor's own value estimates reviewed by Altus.

Two conflicts are worth naming because the filings name them. First, the performance participation is calculated partly on changes in NAV, and the 10-K explicitly warns the Advisor "may be entitled to a greater or lesser allocation even if the changes in NAV are due solely to foreign currency fluctuations" — meaning a 12.5% carry can be earned on currency moves rather than property performance, a non-trivial point given HGIT's roughly 29% international book. Second, Hines and its affiliates wear many hats: HGIT Advisors LP advises the fund, Hines Private Wealth Solutions LLC (formerly Hines Securities, Inc.) is the dealer manager, Hines or its affiliates manage leasing and operations at most properties (earning property-management and leasing fees), and on DST sales HGIT's own subsidiary, Hines Real Estate Exchange LLC, pays the Hines dealer manager up to 5.0% in selling commissions, 1.0% in dealer-manager fees and 1.25% in offering fees — a dense web of related-party arrangements all flowing to the same sponsor. The filings disclose a "2%/25% Limitation" on total operating expenses (capping them at the greater of 2% of average invested assets or 25% of net income) as one guardrail, but the layered fee relationships are the kind of thing a prospective investor should read in the related-party-transactions note rather than take on faith.

One reassuring data point on fee discipline: the Advisor waived 50% of the asset management fee on the DST program through December 31, 2024 — though it notably did not continue that waiver into 2025, which is one more small contributor to the operating-cash-flow squeeze behind the distribution-coverage decline.

Who HGIT is — and isn't — for

This is not a fund a retail investor can buy on an app, and it is not a fund built for liquidity or for an earned-income stream right now. It is a long-hold, advisor-sold, institutionally-managed real estate allocation whose case is the portfolio: a globally diversified, industrial-heavy, low-office book run by a sponsor with genuine development pedigree, available only with a multi-year time horizon and a tolerance for appraisal-based (not market-priced) NAV and limited liquidity. For an investor who already works with a financial advisor, wants institutional industrial real estate exposure, and treats the distribution as a bonus rather than the thesis, HGIT's portfolio quality and clean redemption record are real attractions.

It is the wrong fund for an investor who is buying the headline yield. A 6.4% distribution that was 0% covered by operations in Q1 2026 (9% across the first half) and has not risen since 2019 is not a reliable income engine — it is a payout being substantially funded by capital, and the advertised yield materially overstates what the underlying real estate is earning. Anyone whose primary goal is sustainable income should weigh JLLIPT (covered from operations) or FS Credit REIT (a credit structure with stronger coverage history) before HGIT.

How HGIT fits the NAV REIT spectrum

HGIT lands in the middle of the cluster. It is clearly stronger than the gated vehicles (BREIT, SREIT) on liquidity discipline and stronger than most on portfolio composition. What holds it below the leaders (JLLIPT, Nuveen) and below FS Credit REIT is the distribution: a payout frozen for seven years and funded 0% from operations in Q1 2026 and only 9% across the first half (48% in Q2), with the rest from reinvested capital, asset sales and financing, is the kind of structural strain that, left unaddressed, eventually forces either a cut or NAV erosion. It is the "great portfolio, watch the distribution" entry.

ProsCons

FAQ

Verdict

Hines Global Income Trust earns 3.2 out of 5 in this forensic SEC-primary-source review — a genuinely mixed verdict for a fund with one of the cluster's best portfolios and one of its weakest distributions. Its case rests on two real strengths: a property book that is roughly 60% industrial and only about 10% office (the composition that best survived the 2022-2024 office collapse, and the reason its NAV fell only about 13% from peak rather than a quarter or more), and a redemption record that is actually clean — every repurchase request satisfied in full through 2025 and the first half of 2026, with no gating, pro-ration, or suspension. Paired with moderate, well-hedged leverage and a sponsor of genuine institutional pedigree, that is a solid foundation.

The rating stops at 3.2, not higher, because the distribution is the fund's structural weak point and it is deteriorating. A payout frozen at $0.625 per share since January 2019 — a real-terms cut through an inflationary stretch — was funded with zero contribution from operations in Q1 2026 — 46% from other sources such as asset sales or debt and 54% from reinvested investor capital — and only 9% from operations across the first half, even with Q2 at 48%. That is the precise pattern that erodes NAV over time, and the sponsor's own history (Hines REIT suspended redemptions, cut distributions, and paid liquidating distributions well below its offering price) is the cautionary backdrop against which to read it. The heavy 12.5%-over-5% fee load and a roughly $777 million 2028 maturity round out the concerns.

The honest way to frame HGIT against its cluster peers is this: it is better than its rating might first suggest on the things most NAV REITs got wrong (it never gated, and it is not stuffed with distressed office), and worse than its marketing suggests on the one thing that matters most to an income investor (the distribution is not earned). Those two facts roughly cancel to a 3.2 — squarely mid-pack, ahead of the gated vehicles, behind the funds whose distributions are actually covered. The path to a higher score is narrow but clear: a recovery in operating cash flow that restores real distribution coverage, and a clean 2028 refinancing. The path to a lower score is equally clear: a prolonged coverage gap that eventually forces a cut, or NAV erosion as capital keeps flowing out faster than the properties earn it. An investor in HGIT is, in effect, betting on the former.

For an investor weighing it: HGIT offers a better-built portfolio and a cleaner liquidity record than most of its peers, but its distribution is being subsidized by capital rather than earned, and a flat seven-year payout funded from financing is not a sustainable income story without a recovery in operating cash flow. Read the FY2025 10-K, the Q1 2026 10-Q, and the latest 424B3 NAV supplement directly, and focus on the "Sources of Distributions" table — that single disclosure is the figure that actually matters here. Generic informational link only (hinesglobalincometrust.com). No affiliate. We take nothing from it.

Sources

Primary SEC EDGAR filings:

• Hines Global Income Trust — CIK 1585101 EDGAR filings index
• Annual Report on Form 10-K (FY2025)
• Quarterly Report on Form 10-Q (period ended March 31, 2026)
• Quarterly Report on Form 10-Q (period ended June 30, 2026)
• 424B3 Supplement No. 1 to the April 2026 Prospectus — April 30, 2026 NAV per share
• Form 8-K, September 16, 2026 — August 31, 2026 NAV per share and Castings Commerce Center (accession 0001628280-26-062301)
• 424B3 Supplement No. 8 to the April 2026 Prospectus — offering status at September 16, 2026
• Form 8-K, September 29, 2026 — annual meeting vote (Item 5.07) and stockholder presentation (Ex. 99.1) (accession 0001628280-26-063813)
• 424B3 Supplement No. 6 to the April 2026 Prospectus — July 31, 2026 NAV per share
• 424B3 Prospectus dated April 22, 2026 — sponsor and prior-program history
• 424B3 Supplement No. 4 to the April 2022 Prospectus — June 30, 2022 NAV per share ($11.29)
• Form 8-K, October 2, 2026 — leadership transition (accession 0001628280-26-064477)
• Form 8-K, October 6, 2026 — 99 West Paces, Bishop Arts Portfolio and Castings Commerce Center (accession 0001628280-26-065214)
• Form 8-K, October 16, 2026 — September 30, 2026 NAV per share, balance-sheet table and valuation assumptions (accession 0001628280-26-066113)
• 424B3 Supplement No. 9 to the April 2026 Prospectus — offering status at October 16, 2026 (accession 0001628280-26-066107)
• Form 8-K, October 20, 2026 — HREX 9 DST completion (accession 0001628280-26-066416)
• Form D/A, HREX 9, DST (CIK 2100016), October 15, 2026 (accession 0002100016-26-000001) and original Form D, December 15, 2025 (accession 0002100016-25-000001)
• Form 8-K, July 13, 2026 — Wicker Park and 405 Colorado acquisitions (accession 0001628280-26-047967)
• Form 8-K, July 21, 2026 — Design Center of the Carolinas acquisition (accession 0001628280-26-048955)
• Form 8-K, August 17, 2026 — July 31, 2026 NAV per share (accession 0001628280-26-057363)
• Hines REIT (earlier Hines-sponsored REIT) — CIK 1262959 / Hines Global REIT, now HGR Liquidating Trust — CIK 1453818 liquidation history

Secondary and analytical sources:

• Hines Global Income Trust — issuer site and performance disclosures (hinesglobalincometrust.com)
• AltsWire — HGIT monthly NAV reporting and corporate updates
• Nareit REIT Directory — Hines Global Income Trust profile
• Stanger / Alternatives Investor — non-traded NAV REIT distribution and channel data