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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 000-55599

Hines Global Income Trust, Inc.

(Exact name of registrant as specified in its charter)


Maryland		80-0947092
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

845 Texas Avenue
Suite 3300
Houston	Texas	77002-1656
(Address of principal executive offices)		(Zip code)

(888) 220-6121

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 1, 2026, approximately 29.7 million shares of the registrant’s Class AX common stock, 82,466 shares of the registrant’s Class JX common stock, 26.1 million shares of the registrant’s Class T common stock, 40.0 million shares of the registrant’s Class S common stock, 40.0 million shares of the registrant’s Class D common stock and 177.2 million shares of the registrant’s Class I common stock were outstanding.

TABLE OF CONTENTS


PART I – FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (Unaudited):
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	2
	Condensed Consolidated Statements of Equity	3
	Condensed Consolidated Statements of Cash Flows	4
	Notes to the Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	47
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 3.	Defaults Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	53

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

HINES GLOBAL INCOME TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	March 31, 2026		December 31, 2025
	(in thousands, except per share amounts)
ASSETS
Investment property, net	$	4,867,204	$	4,928,448

Investments in real estate-related securities	174,624		172,127
Cash and cash equivalents	180,143		172,148
Restricted cash	6,128		9,637
Derivative instruments	33,852		28,773
Tenant and other receivables, net	113,166		93,477
Intangible lease assets, net	383,807		408,529
Financing lease right-of-use asset, net	15,314		15,348
Deferred leasing costs, net	82,471		89,971
Deferred financing costs, net	5,501		6,274


Other assets	65,424		67,856

Total assets	$	5,927,634	$	5,992,588
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued expenses	$	139,568	$	123,713
Due to affiliates	54,518		81,503
Intangible lease liabilities, net	79,700		82,557
Other liabilities	82,252		90,341
Financing lease liability	17,536		17,523
Financing obligations	1,443,681		1,231,287

Distributions payable	15,484		14,943

Notes payable, net	2,046,818		2,372,045

Total liabilities	3,879,557		4,013,912

Commitments and contingencies (Note 12)	—		—

Equity:
Stockholders’ equity:
Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none issued or outstanding as of March 31, 2026 and December 31, 2025	—		—
Common shares, $0.001 par value per share (Note 7)	304		296
Additional paid-in capital	2,972,032		2,885,443
Accumulated distributions in excess of earnings	(935,451)		(929,266)

Accumulated other comprehensive income (loss)	11,192		22,203
Total stockholders’ equity	2,048,077		1,978,676
Noncontrolling interests	—		—
Total equity	2,048,077		1,978,676
Total liabilities and equity	$	5,927,634	$	5,992,588

See notes to the condensed consolidated financial statements.

Table of Contents

HINES GLOBAL INCOME TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)


	Three Months Ended March 31,
	2026		2025
	(in thousands, except per share amounts)
Revenues:
Rental revenue	$	125,653	$	90,653
Other revenue	7,191		2,946
Total revenues	132,844		93,599
Expenses:
Property operating expenses	51,225		36,587


Depreciation and amortization	55,164		33,712

Asset management fees	11,041		8,771

Performance participation allocation	6,101		—
General and administrative expenses	1,879		1,949
Total expenses	125,410		81,019

Other income (expenses):

Gain (loss) on derivative instruments	8,311		(878)
Gain (loss) on investments in real estate-related securities	2,058		(2,457)
Gain (loss) on sale of real estate	63,690		151,242
Foreign currency gains (losses)	3,026		7,337
Interest expense	(52,605)		(33,204)
Other income and expenses	8,038		5,466
Income (loss) before benefit (provision) for income taxes	39,952		140,086
Benefit (provision) for income taxes	(174)		(1,494)
Provision for income taxes related to sale of real estate	—		(23,333)
Net income (loss)	39,778		115,259
Net (income) loss attributable to noncontrolling interests	(3)		(3)
Net income (loss) attributable to common stockholders	$	39,775	$	115,256
Basic and diluted income (loss) per common share	$	0.13	$	0.42
Weighted average number of common shares outstanding	305,206		272,472











Comprehensive income (loss):
Net income (loss)	$	39,778	$	115,259
Other comprehensive income (loss):
Foreign currency translation adjustment	(11,011)		15,135
Comprehensive income (loss)	$	28,767	$	130,394
Comprehensive (income) loss attributable to noncontrolling interests	(3)		(3)
Comprehensive income (loss) attributable to common stockholders	$	28,764	$	130,391

See notes to the condensed consolidated financial statements.

Table of Contents

HINES GLOBAL INCOME TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(UNAUDITED)

(In thousands)


Hines Global Income Trust, Inc. Stockholders
	Common Shares			Additional Paid-in Capital		Accumulated Distributions in Excess of Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity		Noncontrolling Interests
	Shares	Amount
Balance as of January 1, 2026	298,025	$	296	$	2,885,443	$	(929,266)	$	22,203	$	1,978,676	$	—
Issuance of common shares	16,556	16		162,887		—		—		162,903		—

Distributions declared	—	—		—		(45,960)		—		(45,960)		(3)
Redemption of common shares	(6,184)	(8)		(72,772)		—		—		(72,780)		—
Selling commissions, dealer manager fees and distribution and stockholder servicing fees	—	—		(1,964)		—		—		(1,964)		—
Offering costs	—	—		(1,562)		—		—		(1,562)		—
Net income (loss)	—	—		—		39,775		—		39,775		3
Foreign currency translation adjustment	—	—		—		—		(11,011)		(11,011)		—

Balance as of March 31, 2026	308,397	$	304	$	2,972,032	$	(935,451)	$	11,192	$	2,048,077	$	—


Hines Global Income Trust, Inc. Stockholders
	Common Shares			Additional Paid-in Capital		Accumulated Distributions in Excess of Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity		Noncontrolling Interests
	Shares	Amount
Balance as of January 1, 2025	268,769	$	266	$	2,609,433	$	(776,566)	$	(17,994)	$	1,815,139	$	—
Issuance of common shares	10,529	11		112,088		—		—		112,099		—

Distributions declared	—	—		—		(40,738)		—		(40,738)		(3)
Redemption of common shares	(5,067)	(6)		(61,514)		—		—		(61,520)		—
Selling commissions, dealer manager fees and distribution and stockholder servicing fees	—	—		(1,221)		—		—		(1,221)		—
Offering costs	—	—		(2,385)		—		—		(2,385)		—
Net income (loss)	—	—		—		115,256		—		115,256		3
Foreign currency translation adjustment	—	—		—		—		11,290		11,290		—
Foreign currency translation adjustment reclassified into earnings	—	—		—		—		3,845		3,845		—
Balance as of March 31, 2025	274,231	$	271	$	2,656,401	$	(702,048)	$	(2,859)	$	1,951,765	$	—

See notes to the condensed consolidated financial statements.

Table of Contents

HINES GLOBAL INCOME TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended March 31,
	2026		2025
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	39,778	$	115,259
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	58,651		36,369

Gain on sale of real estate	(63,690)		(151,242)
Foreign currency (gains) losses	(3,026)		(7,337)
(Gain) loss on derivative instruments	(8,311)		878
(Gain) loss on investments in real estate-related securities	(2,058)		2,457
Changes in assets and liabilities:
Change in other assets	1,187		(793)
Change in tenant and other receivables	(9,915)		(2,233)
Change in deferred leasing costs	(6,473)		(25,556)

Change in accounts payable and accrued expenses	2,030		41,468
Change in other liabilities	(6,771)		(1,421)
Change in due to affiliates	(26,275)		1,245
Net cash from (used in) operating activities	(24,873)		9,094
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in acquired properties and lease intangibles	(73,656)		(72,372)
Capital expenditures at operating properties	(17,414)		(12,989)

Proceeds from sale of real estate	145,916		200,802
Purchases of real estate-related securities	(10,385)		(28,191)
Proceeds from settlement of real estate-related securities	9,946		23,029




Proceeds from settlement of interest rate contracts	5,402		6,658
Payments related to interest rate contracts	(3,281)		(10,512)

Net cash from (used in) investing activities	56,528		106,425
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares	138,127		90,319

Redemption of common shares	(46,036)		(57,770)
Payment of offering costs	(2,113)		(2,188)

Payment of selling commissions, dealer manager fees and distribution and stockholder servicing fees	(2,196)		(2,336)
Distributions paid to stockholders and noncontrolling interests	(20,833)		(18,692)
Proceeds from financing obligations	213,180		160,374
Payments on financing obligations	(954)		(483)
Proceeds from notes payable	57,803		742,813
Payments on notes payable	(362,455)		(923,150)


Change in security deposit liability	251		1,352
Deferred financing costs paid	(879)		(17,249)

Net cash from (used in) financing activities	(26,105)		(27,010)
Effect of exchange rate changes on cash, restricted cash and cash equivalents	(1,064)		4,512
Net change in cash, restricted cash and cash equivalents	4,486		93,021
Cash, restricted cash and cash equivalents, beginning of period	181,785		141,196
Cash, restricted cash and cash equivalents, end of period	$	186,271	$	234,217

See notes to the condensed consolidated financial statements.

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HINES GLOBAL INCOME TRUST, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three Months Ended March 31, 2026 and 2025

1. ORGANIZATION

The accompanying interim unaudited condensed consolidated financial information has been prepared according to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) the financial position of Hines Global Income Trust, Inc. as of March 31, 2026 and December 31, 2025, and the results of operations, the changes in stockholders’ equity and cash flows for the three months ended March 31, 2026 and 2025 have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations. For further information, refer to the financial statements and footnotes included in Hines Global Income Trust, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025.

Hines Global Income Trust, Inc. (the “Company” or “Hines Global”), is a Maryland corporation formed to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally, and to a lesser extent, invest in real-estate related securities. The Company is sponsored by Hines Interests Limited Partnership (“Hines”), a fully integrated global real estate investment and management firm that has acquired, developed, owned, operated and sold real estate for over 68 years. The Company is managed by HGIT Advisors LP (the “Advisor”), an affiliate of Hines. The Company conducts substantially all of its operations through HGIT Properties, LP (the “Operating Partnership”). An affiliate of the Advisor, Hines Global REIT II Associates LP, owns less than a 1% limited partner interest in the Operating Partnership as of March 31, 2026 and the Advisor also owns the special limited partnership interest in the Operating Partnership. The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2015.

Hines Global raises capital for its investments through continuous public offerings of its common stock (the “Public Offerings”). Hines Global commenced its initial public offering of up to $2.5 billion in shares of its common stock in August 2014 and launched its most recent public offering, its fourth public offering of up to $2.5 billion in shares of common stock, on February 4, 2025. It intends to conduct a continuous offering that will not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. In order to execute this strategy in compliance with federal securities laws, Hines Global intends to file new registration statements to replace existing registration statements, such that there will not be any lag from one offering to the next. As of March 31, 2026, Hines Global had received aggregate gross offering proceeds of approximately $4.2 billion from the sale of 404.7 million shares through the Public Offerings, including shares issued pursuant to its distribution reinvestment plan. As of March 31, 2026, the Company owned direct real estate investments in 54 properties totaling 24.7 million square feet that were 95% leased.

In addition to its Public Offerings, Hines Global, through its Operating Partnership, has a program to raise up to $3.0 billion of capital through private placement offerings exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by selling beneficial interests in specific Delaware statutory trusts holding real properties (the “DST Program”). As of March 31, 2026, Hines Global held twelve properties through the DST Program and has raised net offering proceeds of $1.4 billion through the DST Program. See “Note 4 — DST Program” for additional information.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The Company’s condensed consolidated financial statements have been prepared in accordance with GAAP. The preparation of the condensed consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its assumptions and estimates on an ongoing basis. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Additionally, application of the Company’s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. Actual results may differ from these estimates under different assumptions or conditions.

Basis of Presentation

The condensed consolidated financial statements of the Company include the accounts of Hines Global and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation.

Investments in Real Estate-Related Securities

The Company holds investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. The Company has elected to classify these investments as trading securities and carry such investments at fair value. These assets are valued on a recurring basis. The Company earns interest and dividend income monthly related to these securities, which is recorded in other income and expenses in the Company’s condensed consolidated statements of operations and comprehensive income (loss). The table below presents the effects of the changes in fair value of the Company’s real estate-related securities in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and 2025 (in thousands):


	Gain (Loss) on Investments in Real Estate-Related Securities
	Three Months Ended March 31,
	2026		2025
Unrealized gain (loss)	$	1,109	$	(2,293)
Realized gain (loss)	949		(164)
Total gain (loss) on real estate-related securities	$	2,058	$	(2,457)

Tenant and Other Receivables

Tenant and other receivables consists primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent, and are carried at cost. As of March 31, 2026 and December 31, 2025, the Company had receivables related to base rents and tenant reimbursements of $13.4 million and $9.2 million, respectively. As of March 31, 2026 and December 31, 2025, the Company had other receivables balances of $25.3 million and $9.9 million, respectively. Further, the balance of other receivables as of March 31, 2026, included a $12.9 million VAT receivable related to the purchase of the third building at Tortona in March 2026.

Straight-line rent receivables were $74.5 million and $69.5 million as of March 31, 2026 and December 31, 2025, respectively. Straight-line rent receivable consists of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements and is included in tenant and other receivables in the accompanying condensed consolidated balance sheets. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. The uncollectible portion of the portfolio is recorded as an adjustment to rental revenues.

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Other Assets

Other assets included the following (in thousands):


	March 31, 2026		December 31, 2025


Prepaid insurance	$	1,709	$	1,267
Prepaid property taxes	7,194		3,477

Deferred tax assets (1)	26,252		25,318
Operating lease right-of-use assets, net	26,558		27,030
Other	3,711		10,764		(2)
Other assets	$	65,424	$	67,856

(1)Includes the effects of a valuation allowance of $18.4 million and $18.0 million as of March 31, 2026 and December 31, 2025, respectively.

(2)Included $6.0 million related to a deposit on the forward purchase of a third building at the Tortona Logistics property, which was acquired in March 2026.

Lessee Accounting

The Company has ground lease agreements in which it is the lessee for land at certain of its investment properties. As of March 31, 2026, three of such agreements were accounted for as operating leases and one such agreement was accounted for as a financing lease. As of March 31, 2026, the weighted average remaining lease term of the Company’s operating leases and financing leases was 121 years and 116 years, respectively.

The Company’s estimate of the amount of the right-of-use assets and lease liabilities recorded in the Company’s condensed balance sheets included assumptions for the discount rate, which is based on the incremental borrowing rate of the lease contract. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a term similar to the lease. Since the terms of the ground leases are much longer than those of a typical borrowing, the Company derived the incremental borrowing rate at the inception of each lease as the spread in a current financing quote for the property. If a current financing quote was not available, the Company referenced the borrowing rate on its revolving credit facility, plus the applicable base rate corresponding to the longest term available in the base rate market. The Company has assumed weighted average incremental borrowing rates of 6.1% for its operating leases and 3.4% for its financing lease.

The table below provide additional information regarding the Company’s ground leases:


	March 31, 2026		December 31, 2025
Operating lease right-of-use assets, net of accumulated amortization (1)	$	26,558	$	27,030
Operating lease liabilities (2)	$	20,606	$	20,903

Financing lease right-of-use assets, net of accumulated amortization (3)	$	15,314	$	15,348
Financing lease liabilities (4)	$	17,536	$	17,523

(1)Recorded to other assets in the Company’s condensed consolidated balance sheets

(2)Recorded to other liabilities in the Company’s condensed consolidated balance sheets

(3)Recorded to financing lease right-of-use asset, net, in the Company’s condensed consolidated balance sheets

(4)Recorded to financing lease liability in the Company’s condensed consolidated balance sheets

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The following table details the costs associated with the Company’s operating and financing leases (in thousands):


	Three months ended March 31,
	2026		2025
Operating lease costs (1)	$	679	$	170
Financing lease costs
Amortization of financing lease assets (1)	$	33	$	33
Interest expense on lease liabilities (2)	147		147
Total lease costs	$	859	$	350

(1) Recorded to property operating expenses in the Company’s condensed consolidated statements of operations and comprehensive income

(2) Recorded to interest expense in the Company’s condensed consolidated statements of operations and comprehensive income

The tables below provide additional information regarding the Company’s lease liabilities for the period from April 1, 2026 through December 31, 2026 and for each of the years ending December 31, 2027 through December 31, 2031 and for the period thereafter (in thousands):


	Lease Payments
	Operating Leases		Financing Leases
April 1, 2026 through December 31, 2026	$	853	$	405
2027	1,232		540
2028	1,232		540
2029	1,235		540
2030	1,236		540
2031	1,236		540
Thereafter	140,635		68,192
Total	$	147,659	$	71,297

Ground Lease Liability	$	20,606	$	17,536
Undiscounted Excess Amount	$	127,053	$	53,761

New Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires public entities to provide additional disclosures in the notes to the financial statements of certain expense categories which are included in expense line items disclosed on the face of the income statement. Specifically, an entity should provide disclosures in a tabular format for each line item on the income statement which contains any of the following expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and/or depreciation, depletion, and amortization. ASU 2024-03 also requires an entity to disclose total selling expenses. ASU 2024-03 may be adopted on a prospective or retrospective basis. The standard will be effective for annual periods beginning after December 31, 2027. The Company is evaluating the impact that the adoption of the new standard will have on our consolidated financial statements and footnotes.

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3. INVESTMENT PROPERTY

Investment property consisted of the following amounts as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Buildings and improvements (1)	$	4,223,485	$	4,250,871
Less: accumulated depreciation	(371,281)		(356,308)
Buildings and improvements, net	3,852,204		3,894,563
Land	1,015,000		1,033,885
Investment property, net	$	4,867,204	$	4,928,448

(1)Included in buildings and improvements was approximately $78.1 million and $86.5 million of construction-in-progress as of March 31, 2026 and December 31, 2025, respectively, primarily related to the Company’s development projects at two of its central European industrial properties, as well as its redevelopment project at Madrid Airport Complex.

Recent Acquisitions of Investment Property

During the three months ended March 31, 2026, the Company acquired the third building at Tortona Logistics for an aggregate net purchase price of €50.8 million (approximately $61.1 million, assuming a rate of $1.17 per EUR as of the acquisition date) exclusive of transaction costs and working capital reserves. The net purchase price for this acquisition was allocated as follows (in thousands):


Property Name	Acquisition Date	Building and Improvements		Land		In-place Lease Intangibles		Out-of-Market Lease Intangibles, Net		Total
Tortona Logistics - Asset 3	3/17/2026	$	49,183	$	6,830	$	5,075	$	—	$	61,088

Recent Dispositions of Investment Property

During the three months ended March 31, 2026, the Company sold Briargate for a contract price of $150.7 million, exclusive of transaction costs and closing prorations. The Company acquired Briargate in September 2019 for a contract purchase price of $93.2 million. The purchaser is not affiliated with the Company or its affiliates.

As of March 31, 2026, the cost basis and accumulated amortization related to lease intangibles are as follows (in thousands):


	Lease Intangibles
	In-Place Leases		Out-of-Market Lease Assets		Out-of-Market Lease Liabilities

Cost	$	566,292	$	27,851	$	(104,516)
Less: accumulated amortization	(198,511)		(11,825)		24,816
Net	$	367,781	$	16,026	$	(79,700)

As of December 31, 2025, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands):


	Lease Intangibles
	In-Place Leases		Out-of-Market Lease Assets		Out-of-Market Lease Liabilities

Cost	$	584,204	$	28,474	$	(107,964)
Less: accumulated amortization	(192,540)		(11,609)		25,407
Net	$	391,664	$	16,865	$	(82,557)

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Amortization expense of in-place leases was $25.4 million and $13.4 million for the three months ended March 31, 2026 and 2025, respectively, which was recorded to depreciation and amortization on the condensed consolidated statements of operations and comprehensive income (loss). Net amortization of out-of-market leases resulted in an increase to rental revenue of $1.6 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively.

Anticipated amortization of the Company’s in-place leases and out-of-market leases, net for the period from April 1, 2026 through December 31, 2026 and for each of the years ending December 31, 2027 through December 31, 2031 are as follows (in thousands):


	In-Place Lease		Out-of-Market Leases, Net
April 1, 2026 through December 31, 2026	$	55,537	$	(4,073)
2027	$	62,379	$	(4,817)
2028	$	54,303	$	(4,383)
2029	$	40,224	$	(4,423)
2030	$	33,463	$	(3,982)
2031	$	25,734	$	(3,855)

Commercial Leases

The Company’s commercial leases are generally for terms of 15 years or less and may include multiple options to extend the lease term upon tenant election. The Company’s leases typically do not include an option to purchase. Generally, the Company does not expect the value of its real estate assets to be impacted materially at the end of any individual lease term, as the Company is typically able to re-lease the space and real estate assets tend to hold their value over a long period of time. Tenant terminations prior to the lease end date occasionally result in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of the Company’s leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of the Company’s leases provide for separate billings for variable rent, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Total billings related to expense reimbursements from tenants for the three months ended March 31, 2026 and 2025 were $17.6 million and $12.4 million, respectively, which are included in rental revenue on the condensed consolidated statements of operations and comprehensive income (loss).

The Company has entered into non-cancelable lease agreements with tenants for space. As of March 31, 2026, the approximate fixed future minimum rentals for the period from April 1, 2026 through December 31, 2026, for each of the years ending December 31, 2027 through 2031 and thereafter related to the Company’s commercial properties are as follows (in thousands):


	Fixed Future Minimum Rentals
April 1, 2026 through December 31, 2026	$	205,550
2027	272,828
2028	254,553
2029	217,042
2030	188,459
2031	160,996
Thereafter	739,673
Total	$	2,039,101

During the three months ended March 31, 2026 and 2025, the Company did not earn more than 10% of its revenue from any individual tenant.

The Company also enters into leases with tenants at its student housing properties, multifamily properties and self-storage properties. These leases generally have terms less than one year and do not contain options to extend, terminate or purchase, escalation clauses, or other such terms, which are common in the Company’s commercial leases.

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4. DST PROGRAM

In September 2022, the Company, through the Operating Partnership, launched the DST Program to raise capital through private placement offerings by selling beneficial interests in specific Delaware statutory trusts (each, a “DST”) holding real properties. Under the DST Program, each private placement could offer interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (each, a “DST Property” and collectively, the “DST Properties”). DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are or will be leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis of up to twenty years pursuant to a master lease agreement. These master lease agreements are fully guaranteed by the Operating Partnership. As compensation for the master lease guarantee, the Operating Partnership will retain a fair market value purchase option giving it 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 (“OP Units”). As the Company retains the fair market value purchase option, which, if exercised, would allow the Company to acquire the real property owned by the DST, the proceeds from each private placement offering under the DST program are accounted for as a financing obligation on the condensed consolidated balance sheets.

Under the master lease, a wholly owned indirect subsidiary of the Operating Partnership is responsible for subleasing the property to occupying customers and all underlying costs associated with operating the property, and is responsible for paying rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes) the sale of beneficial interests in the DST Properties is being accounted for as a failed sales-leaseback transaction and as a result, the DST Properties are included in the Company’s consolidated financial statements, with the master lease rent payments accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as a reduction of the outstanding principal balance of the financing obligation. Upon the determination that it is probable that the Company will exercise the fair market value purchase option, the Company will recognize additional interest expense or interest income to the financing obligation to account for the difference between the fair value of the property and the outstanding liabilities. At that time, the Company will remeasure the fair value of these properties at each balance sheet date and adjust the non-cash interest expense recognized over the remaining term of the master lease for any changes in fair value. If the Company elects to repurchase the property prior to the maturity date of the master lease, the Company will record the difference between the repurchase amount and the financial obligation as additional non-cash interest expense in the period of repurchase. For financial reporting purposes, the rental revenues and rental expenses associated with the underlying property of each master lease are included in the respective line items on the Company’s condensed consolidated statements of operations and comprehensive income (loss). 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. The master lease agreements are triple-net leases, pursuant to which the Master Tenant will pay the stated rent and will be responsible for paying leasing costs, operating expenses, real estate taxes, special assessments, sales and use taxes, utilities, insurance and repairs for maintenance related to the DST Property.

As of March 31, 2026, the Company held twelve properties through the DST Program. The Company raised net offering proceeds of $1.4 billion from inception of the program in September 2022 through March 31, 2026.

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5. DEBT FINANCING

As of March 31, 2026 and December 31, 2025, the Company had approximately $2.1 billion and $2.4 billion of debt outstanding, respectively, with a weighted average years to maturity of 2.4 years and 2.6 years, respectively, and a weighted average interest rate of 3.80% and 4.03%, respectively. The following table describes the Company’s debt outstanding at March 31, 2026 and December 31, 2025 (in thousands, except interest rates):


Description	Maturity Date	Maximum Capacity in Functional Currency		Weighted Average Effective Interest Rate as of March 31, 2026		Principal Outstanding at March 31, 2026		Principal Outstanding at December 31, 2025
Fixed Rate Loans

Seller-financed debt	7/1/2034	N/A		1.55%		$	6,245	$	6,373
Private placement note issuances	7/2029-9/2032	N/A		5.16%		414,726		419,024
Total fixed rate loans						$	420,971	$	425,397
Variable Rate Loans
Floating rate secured mortgage debt	6/2026-11/2030	N/A		3.38%	(1)	$	911,099	$	871,272
JPMorgan Chase Credit Facility - Revolver	3/10/2028	$	650,000	5.27%		29,000		391,000
JPMorgan Chase Credit Facility - Term Loan(s)	3/10/2028	$	700,000	3.50%	(2)	700,000		700,000
Total variable rate loans						$	1,640,099	$	1,962,272
Total Notes Payable						$	2,061,070	$	2,387,669
Total Principal Outstanding						$	2,061,070	$	2,387,669

Unamortized financing fees (3)						(14,252)		(15,624)
Total						$	2,046,818	$	2,372,045

(1)As of March 31, 2026, the effective interest rates on our floating rate mortgage debt ranged from 1.75% to 5.58%. The amount of principal outstanding as of March 31, 2026 includes $819.8 million that has been effectively fixed for the full term of the facilities by effective interest rate cap agreements or interest rate swap agreements as economic hedges against the variability of future interest rates on the borrowing.

(2)As of March 31, 2026, the effective interest rates related to these loans were effectively capped as a result of the Company entering into interest rate cap agreements as economic hedges against the variability of the future interest rate on the borrowings.

(3)Deferred financing costs consist of direct costs incurred in obtaining debt financing. These costs are presented as a direct reduction from the related debt liability for permanent mortgages and presented as an asset for revolving credit arrangements. In total, deferred financing costs had a carrying value of $19.8 million and $21.9 million as of March 31, 2026 and December 31, 2025, respectively. These costs are amortized into interest expense on a straight-line basis, which approximates the effective interest method, over the terms of the obligations. Amortization of deferred financing costs were $2.7 million and $1.3 million for the three months ended March 31, 2026 and 2025, respectively, which is recorded to interest expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

Financial Covenants

The Company’s mortgage agreements and other loan documents for the debt described in the table above contain customary events of default, with corresponding grace periods, including payment defaults, bankruptcy-related defaults, and customary covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instances of noncompliance with financial covenants on any of its loans as of March 31, 2026 or the date of this report.

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Principal Payments on Debt

The Company is required to make the following principal payments on its outstanding notes payable for the period from April 1, 2026 through December 31, 2026, for each of the years ending December 31, 2027 through December 31, 2030 and for the period thereafter (in thousands).


	Payments Due by Year
	April 1, 2026 through December 31, 2026		2027		2028		2029		2030		Thereafter
Principal payments	$	139,760	$	451,390	$	806,257	$	275,526	$	304,022	$	84,115

6. DERIVATIVE INSTRUMENTS

The Company has entered into several interest rate swap or cap contracts in connection with certain of its secured mortgage loans and its Revolving Credit Facility in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowings. These contracts effectively fix or cap the interest rates on each of the loans to which they relate. The Company has not designated any of these derivatives as hedges for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its condensed consolidated balance sheets the fair value amount recorded for its derivative instruments.

The Company has also entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange rates related to certain cash flows of some of its international investments. These forward contracts fixed the currency exchange rates on each of the investments to which they related. The Company did not designate any of these contracts as fair value or cash flow hedges for accounting purposes.

The table below provides additional information regarding the Company's derivative instruments as well as their location and fair value on our condensed consolidated balance sheets (in thousands, except number of contracts):


				Fair Value
				Derivative Instruments
Type	Number of Contracts	Notional Amount		Assets		Liabilities
As of March 31, 2026


Interest rate contracts	24	$	1,519,803	$	33,852	$	—

Total derivative instruments	24	$	1,519,803	$	33,852	$	—

As of December 31, 2025


Interest rate contracts	24	$	1,536,123	$	28,773	$	—

Total derivative instruments	24	$	1,536,123	$	28,773	$	—

The table below presents the effects of the changes in fair value of the Company’s derivative instruments in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and 2025 (in thousands):


	Gain (Loss) on Derivative Instruments
	Three months ended March 31,
	2026		2025
Derivatives not designated as hedging instruments:


Interest rate contracts	$	8,311	$	(878)

Total gain (loss) on derivatives	$	8,311	$	(878)

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7. STOCKHOLDERS’ EQUITY

Public Offering

The Company raises capital for its investments primarily through its continuous Public Offerings. In connection with the launch of the Company’s second public offering, on November 30, 2017, the Company (i) redesignated its issued and outstanding Class A shares of common stock, Class T shares of common stock, Class I shares of common stock and Class J shares of common stock as “Class AX shares,” “Class TX shares,” “Class IX shares” and “Class JX shares,” (collectively, the “IPO Shares”) respectively, and (ii) reclassified the authorized but unissued portion of its common stock into four additional classes of shares of common stock: “Class T shares,” “Class S shares,” “Class D shares,” and “Class I shares.” The Company began offering its shares of common stock in its continuous public offerings beginning in its third public offering in any combination of Class T shares, Class S shares, Class D shares and Class I shares. All shares of the Company’s common stock have the same voting rights and rights upon liquidation, although distributions received by the Company’s stockholders are expected to differ due to the distribution and stockholder servicing fees payable with respect to the applicable share classes, which reduce distributions.

The Company complies with the FASB ASC 480 “Distinguishing Liabilities from Equity” which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value. When shares are tendered for redemption and approved by the board of directors, the Company will reclassify such obligations from equity to an accrued liability based upon their respective settlement values and redeem those shares in the subsequent month pursuant to the Company’s current share redemption program. The Company’s board of directors may amend or suspend the share redemption program at any time without stockholder approval. Additionally, the board of directors has complete discretion to determine whether the Company has sufficient funds to satisfy redemption requests.

Common Stock

As of March 31, 2026 and December 31, 2025, the Company had the following classes of shares of common stock authorized, issued and outstanding (in thousands):


	March 31, 2026			December 31, 2025
	Shares Authorized	Shares Issued and Outstanding		Shares Authorized	Shares Issued and Outstanding
Class AX common stock, $0.001 par value per share	40,000	29,975		40,000	30,486
Class TX common stock, $0.001 par value per share	40,000	—	(1)	40,000	—
Class IX common stock, $0.001 par value per share	10,000	—	(1)	10,000	—
Class JX common stock, $0.001 par value per share	10,000	82		10,000	82
Class T common stock, $0.001 par value per share	350,000	27,481		350,000	30,124
Class S common stock, $0.001 par value per share	350,000	39,231		350,000	37,501
Class D common stock, $0.001 par value per share	350,000	39,863		350,000	38,994
Class I common stock, $0.001 par value per share	350,000	171,765		350,000	160,838

(1)All remaining Class TX and IX shares previously issued and outstanding have been converted to Class AX and JX shares, respectively, in accordance with the Company’s charter.

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The tables below provide information regarding the issuances and redemptions of each class of the Company’s common stock during the three months ended March 31, 2026 and 2025 (in thousands).


	Class AX			Class JX	Class T			Class S			Class D			Class I			Total
	Shares	Amount			Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balance as of January 1, 2026	30,486	$	30		82	$	—	30,124	$	31	37,501	$	39	38,994	$	37	160,838	$	159	298,025	$	296
Issuance of common shares	111	—			1	—		92	—		2,301	2		1,400	1		12,651	13		16,556	16


Conversion of common shares (1)	—	—			—	—		(1,822)	(2)		—	—		—	—		1,822	2		—	—
Redemption of common shares	(622)	(1)			(1)	—		(913)	(1)		(571)	(1)		(531)	(1)		(3,546)	(4)		(6,184)	(8)





Balance as of March 31, 2026	29,975	$	29		82	$	—	27,481	$	28	39,231	$	40	39,863	$	37	171,765	$	170	308,397	$	304


	Class AX			Class JX			Class T			Class S			Class D			Class I			Total
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balance as of January 1, 2025	32,341	$	32	79	$	—	40,550	$	41	31,676	$	33	36,249	$	34	127,874	$	126	268,769	$	266
Issuance of common shares	140	—		1	—		896	1		753	1		1,141	1		7,598	8		10,529	11
Conversion of common shares (1)	—	—		—	—		(2,939)	(3)		—	—		—	—		2,939	3		—	—
Redemption of common shares	(599)	(1)		—	—		(1,123)	(1)		—	—		(779)	(1)		(2,566)	(3)		(5,067)	(6)
Balance as of March 31, 2025	31,882	$	31	80	$	—	37,384	$	38	32,429	$	34	36,611	$	34	135,845	$	134	274,231	$	271

(1)The Company will cease paying distribution and stockholder servicing fees with respect to certain share classes when the total of such fees reach certain thresholds. Once these respective thresholds are reached, Class T, S and D shares are converted into Class I shares.

Distributions

With the authorization of the Company’s board of directors, the Company declared distributions monthly from January 2023 through May 2026 at a gross distribution rate of $0.05208 per month for each share class (represents an annualized rate of $0.625 per share per year if this rate is declared for an entire year), less any applicable distribution and stockholder servicing fees.

Distributions will be made on all classes of the Company’s common stock at the same time. All distributions were paid in cash or reinvested in shares of the Company’s common stock for those participating in the Company’s distribution reinvestment plan and have been paid or issued, respectively, on the first business day following the completion of the month to which they relate. Distributions reinvested pursuant to the Company’s distribution reinvestment plan were reinvested in shares of the same class as the shares on which the distributions were made. Some or all of the cash distributions may be paid from sources other than cash flows from operations.

The following table outlines the Company’s total distributions declared to stockholders for each of the quarters ended during 2026 and 2025, including the breakout between the distributions declared in cash and those reinvested pursuant to the Company’s distribution reinvestment plan (in thousands).


	Stockholders
Distributions for the Three Months Ended	Cash Distributions		Distributions Reinvested		Total Declared
2026



March 31, 2026	20,965		24,995		45,960
Total	$	20,965	$	24,995	$	45,960
2025
December 31, 2025	$	20,575	$	23,774	$	44,349
September 30, 2025	19,986		23,084		43,070
June 30, 2025	19,354		22,480		41,834
March 31, 2025	18,874		21,864		40,738
Total	$	78,789	$	91,202	$	169,991

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The table below outlines the net distributions declared for each class of shares for the three months ended March 31, 2026 and 2025, respectively. The net distributions presented below are representative of the gross distribution rate declared by the Company’s board of directors, less any applicable ongoing distribution and stockholder servicing fees, which is more fully described in Note 8 — Related Party Transactions.


	Three Months Ended March 31,
	2026		2025
Distributions declared per Class AX share, net	$	0.16	$	0.16
Distributions declared per Class JX share, net	$	0.16	$	0.16
Distributions declared per Class T share, net	$	0.13	$	0.13
Distributions declared per Class S share, net	$	0.13	$	0.13
Distributions declared per Class D share, net	$	0.15	$	0.15
Distributions declared per Class I share, net	$	0.16	$	0.16

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8. RELATED PARTY TRANSACTIONS

The table below outlines fees and expense reimbursements incurred that are payable by the Company to the Advisor and Hines Private Wealth Solutions LLC. (the "Dealer Manager"), Hines and its affiliates for the periods indicated below (in thousands):


	Incurred
	Three Months Ended March 31,				Unpaid as of
Type and Recipient	2026		2025			March 31, 2026			December 31, 2025
Selling Commissions- Dealer Manager (1)	$	435	$	443		$	—		$	2
Dealer Manager Fee- Dealer Manager (1)	16		33			—			1
Distribution & Stockholder Servicing Fees- Dealer Manager (1)	1,513		745			49,405			49,633
Organization and Offering Costs- the Advisor	1,562		2,385			665			1,216

Asset Management Fees- the Advisor (2)	11,041		8,771			3,393			4,264
Other- the Advisor (3)	1,206		1,713			2,346			2,369
Performance Participation Allocation- the Advisor (4)	6,101		—			6,101			24,795

Property Management Fees- Hines and its affiliates	2,596		2,064			1,071			685
Development and Construction Management Fees- Hines and its affiliates (5)	101		734			391			330
Leasing Fees- Hines and its affiliates (6)	411		1,110			1,422			1,458

Expense Reimbursement- Hines and its affiliates (with respect to management and operations of the Company's properties) (7)	5,530		4,382			(10,276)		(8)	(3,250)		(8)
Total	$	30,512	$	22,380		$	54,518		$	81,503

(1)Some or all of these fees may be reallowed to participating broker dealers rather than being retained by the Dealer Manager.

(2)Under the Advisory Agreement (prior to the March 2025 amendment to the Advisory Agreement described below), the asset management fee payable to the Advisor was calculated as 0.0625% per month of a) the most recently determined value of the Company’s real estate investments at the end of each month and b) the aggregate proceeds received by the Company or its affiliate for selling interests in properties in the DST Program at the end of each month. Further, the monthly asset management fee was not permitted to exceed an amount equal to 1/12th of 1.25% of (a) the Company’s NAV at the end of each applicable month and (b) the aggregate proceeds received by the Company or its subsidiary for selling interests in properties in the DST Program. On March 24, 2025, the Company, the Operating Partnership and the Advisor amended the Advisory Agreement to clarify how asset management fees are calculated. As amended, the asset management fees will be calculated as 0.0625% per month of the most recently determined value of the Company’s real estate investments at the end of each month. As was the case prior to the amendment of the Advisory Agreement, the monthly asset management fee cannot exceed an amount equal to 1/12th of 1.25% of (a) the Company’s NAV at the end of each applicable month and (b) the aggregate proceeds received by the Company or its subsidiary for selling interests in properties in the DST Program. Additionally, the asset management fee can be paid, at the Advisor’s election, in cash, Class I shares or Class I OP units of the Operating Partnership.

(3)Includes amounts the Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-related expenses. These amounts are generally reimbursed to the Advisor during the month following the period in which they are incurred.

(4)Through its ownership of the special limited partner interest in the Operating Partnership, the Advisor is entitled to an annual performance participation allocation of 12.5% of the Operating Partnership’s total return. Total return is defined as distributions paid or accrued plus the change in net asset value of the Company’s shares of common stock for the applicable period. This performance participation allocation is subject to the Company earning a 5% total return annually (as defined above), after considering the effect of any losses carried forward from the prior period (as defined in the Operating Partnership’s agreement of limited partnership (the “Operating Partnership Agreement”). The performance participation allocation accrues monthly and is payable after the completion of each calendar year.

(5)Development and construction management fees are included in the total project costs of the respective properties and are capitalized in construction in progress, which is included in investment property, net, on the Company’s condensed consolidated balance sheets.

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(6)Leasing fees are capitalized in deferred leasing costs, net, on the Company’s condensed consolidated balance sheets and amortized over the life of the lease.

(7)Includes amounts with respect to the management and operation of the Company’s properties, such as allocated rent paid to affiliates of our Advisor, equipment, utilities, insurance, travel and entertainment. These amounts are generally reimbursed to Hines and its affiliates during the month following the period in which they are incurred. Reimbursement of third party costs are not included in the incurred amounts.

(8)As of March 31, 2026 and December 31, 2025, the balance included $8.4 million and $8.1 million, respectively, in receivables related to rents collected by the Hines-affiliated property managers at the UK Portfolio Properties, which were being held in the property manager controlled bank accounts. As of March 31, 2026, the balance also includes $7.3 million of distributions related to our DST program which were received in April 2026.

DST Program Fees

In connection with the DST Program described in Note 4 – DST Program, Hines Real Estate Exchange LLC (“HREX”), a wholly-owned subsidiary of the Operating Partnership, entered into a dealer manager agreement with the Dealer Manager, pursuant to which the Dealer Manager agreed to conduct the private placement. As compensation for conducting these private placements, 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. In addition, with respect to Class S DST interests, HREX will pay the Dealer Manager ongoing fees in amounts up to 0.25% of the equity investment per year. All of these fees are funded by the private investors in the DST Program at the time of their investment or through deductions from distributions paid to such investors. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. These fees totaled $7.9 million for the three months ended March 31, 2026, and $5.9 million for the three months ended March 31, 2025.

9. FAIR VALUE MEASUREMENTS

Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Financial Instruments Measured on a Recurring Basis

As described in Note 6—Derivative Instruments, the Company entered into several interest rate contracts as hedges against the variability of future interest rates on its variable interest rate borrowings. The valuation of these derivative instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. In adjusting the fair values of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However, as of March 31, 2026 and 2025, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its derivatives. As a result, the Company has determined its derivative valuations are classified in Level 2 of the fair value hierarchy.

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Additionally, as described in Note 6—Derivative Instruments, the Company has entered into foreign currency forward contracts as hedges against the variability of foreign exchange rates. The valuation of these forward contracts is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including currency exchange rate curves and implied volatility. The Company has determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy, as they are based on observable inputs but are not traded in active markets.


	Basis of Fair Value Measurements
As of	Description	Fair Value of Assets		Quoted Prices In Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2026	Investments in real estate-related securities	$	174,624	$	174,624	$	—	$	—
December 31, 2025	Investments in real estate-related securities	$	172,127	$	172,127	$	—	$	—

Financial Instruments Fair Value Disclosures

The Company’s notes payable had book values of $2.1 billion and $2.4 billion as of March 31, 2026 and December 31, 2025, respectively. The Company believes the fair values of its notes payable approximate the book values. Management has utilized available market information such as interest rate and spread assumptions of notes payable with similar terms and remaining maturities, to estimate the amounts required to be disclosed. Although the Company has determined that the majority of the inputs used to value its notes payable fall within Level 2 of the fair value hierarchy, the credit quality adjustments associated with its fair value of notes payable utilize Level 3 inputs. However, the Company has assessed the significance of the impact of the credit quality adjustments on the overall valuations of the fair market value of its notes payable and has determined they are not significant. Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable. The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or short-term maturities.

10. REPORTABLE SEGMENTS

As described previously, the Company invests the net proceeds from its public offerings into its portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally. The Company’s business consists of owning, operating, acquiring, developing, investing in, and disposing of real estate assets and all of the Company’s consolidated revenues and property expenses are from these real estate properties.

Management evaluates the operating performance of each of its real estate properties at an individual investment level and considers each investment to be an operating segment. The Company has aggregated its operating segments into five reportable segments: office investments, industrial investments, residential/living investments, retail investments, and other investments. The Company considers the operating activities and economic characteristics of the properties to determine how to aggregate its reportable segments. The Company believes that revenues in excess of property operating expenses is the key performance metric that captures the unique operating characteristics of each segment to enable its chief operating decision maker to assess performance and allocate resources. The Company’s chief operating decision maker (“CODM”) is a group consisting of its Chief Investment Officer and Chief Operating Officer.

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The tables below provide additional information related to each of the Company’s segments (in thousands) and a reconciliation to the Company’s net income (loss), as applicable. “Corporate-Level Accounts” includes amounts incurred by the corporate-level entities which are not allocated to any of the reportable segments.


	Three Months Ended March 31,
	2026		2025
Revenues
Office investments	$	24,980	$	21,384
Industrial investments	34,975		23,986
Residential/Living investments	39,642		29,623
Retail investments	25,269		9,394
Other investments	7,978		9,212

Total revenues	$	132,844	$	93,599

For the three months ended March 31, 2026 and 2025, the Company’s total revenues were attributable to the following countries:


	Three Months Ended March 31,
	2026		2025
Total revenues
United States	74	%	78	%
The Netherlands	9	%	9	%
United Kingdom	11	%	7	%
Poland	2	%	2	%
Italy	1	%	2	%
Czech Republic	1	%	1	%
Ireland	1	%	1	%

Spain	1	%	—	%	*

* Amount is less than 1%

The CODM is regularly provided Property operating expenses, as disclosed in the Company’s consolidated statements of operations and comprehensive income (loss), for review in evaluating the expenses of Company’s operating segments. Property operating expenses include the ongoing costs of maintaining our properties. These essential, routine expenses are necessary to ensure the property remains functional and in good condition. Examples of property operating expenses include property taxes, property management fees, insurance, utilities, repairs and maintenance, legal and professional fees, salaries and wages of property management personnel, advertising costs and other miscellaneous services and costs.

For the three months ended March 31, 2026 and 2025, the Company’s property revenues in excess of property operating expenses by segment were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenues in excess of property operating expenses
Office investments	$	16,775	$	14,269
Industrial investments	22,958		14,834
Residential/Living investments	21,596		15,893
Retail investments	15,202		5,738
Other investments	5,088		6,278

Total revenues in excess of property operating expenses	$	81,619	$	57,012

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As of March 31, 2026 and December 31, 2025, the Company’s total assets by segment were as follows (in thousands):


	March 31, 2026		December 31, 2025
Assets
Office investments	$	958,317	$	963,858
Industrial investments	1,628,863		1,575,273
Residential/Living investments	1,702,859		1,715,405
Retail investments	949,167		1,043,724
Other investments	408,198		409,265
Corporate-level accounts	280,230		285,063
Total assets	$	5,927,634	$	5,992,588

As of March 31, 2026 and December 31, 2025, the Company’s total assets were attributable to the following countries:


	March 31, 2026		December 31, 2025
Total assets
United States	73	%	74	%
United Kingdom	12	%	12	%
The Netherlands	7	%	7	%
Italy	3	%	2	%
Spain	2	%	2	%
Poland	1	%	1	%
Czech Republic	1	%	1	%
Ireland	1	%	1	%

For the three months ended March 31, 2026 and 2025 the Company’s reconciliation of the Company’s property revenue in excess of property operating expenses is as follows (in thousands):


	Three months ended March 31,
	2026		2025
Reconciliation to revenues in excess of property operating expenses
Net income (loss)	$	39,778	$	115,259
Depreciation and amortization	55,164		33,712

Asset management fees	11,041		8,771

Performance participation allocation	6,101		—
General and administrative expenses	1,879		1,949


(Gain) loss on derivative instruments	(8,311)		878
(Gain) loss on investments in real estate-related securities	(2,058)		2,457
(Gain) loss on sale of real estate	(63,690)		(151,242)
Foreign currency (gains) losses	(3,026)		(7,337)
Interest expense	52,605		33,204
Other income and expenses	(8,038)		(5,466)
(Benefit) provision for income taxes	174		1,494
Provision for income taxes related to sale of real estate	—		23,333
Total revenues in excess of property operating expenses	$	81,619	$	57,012

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11. SUPPLEMENTAL CASH FLOW DISCLOSURES

Supplemental cash flow disclosures for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$	55,044	$	34,058
Cash paid for income taxes	$	1,268	$	766

Supplemental Schedule of Non-Cash Investing and Financing Activities
Distributions declared and unpaid	$	15,484	$	13,680
Distributions reinvested	$	24,593	$	21,730
Shares tendered for redemption	$	26,743	$	20,564

Non-cash net liabilities (assets) assumed	$	—	$	135

Offering costs payable to the Advisor	$	1,562	$	2,385
Distribution and stockholder servicing fees payable to the Dealer Manager	$	1,513	$	744

Accrued capital additions	$	2,687	$	7,763

12. COMMITMENTS AND CONTINGENCIES

The Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements.

13. SUBSEQUENT EVENTS

Wicker Park

In April 2026, the Company entered into a purchase and sale agreement to purchase Wicker Park Commons, a retail property located in Chicago, Illinois. The contract purchase price for Wicker Park Commons is expected to be approximately $70.0 million, exclusive of transaction costs and closing prorations. The Company expects the closing of this acquisition to occur in May 2026, subject to a number of closing conditions. However, the Company can provide no assurance that this acquisition will close on the expected timeline or at all. The seller is not affiliated with the Company or its affiliates.

DST Program

In April 2026, the Company issued 21.1 million OP Units in connection with the exercise by the Operating Partnership of its fair market value purchase option to acquire the beneficial interests in 200 Park Place and EMME, two of the properties that had been held through the DST Program.

*****

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto included in Item 1 in this Quarterly Report on Form 10-Q. The following discussion should also be read in conjunction with our audited consolidated financial statements and the notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as amended. Such statements include statements concerning future financial performance and distributions, future debt and financing levels, acquisitions and investment objectives, payments to HGIT Advisors LP (the “Advisor”), and its affiliates and other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto as well as all other statements that are not historical statements. These statements are only predictions. We caution that forward-looking statements are not guarantees. Actual events or our investments and results of operations could differ materially from those expressed or implied in forward-looking statements. Forward-looking statements are typically identified by the use of terms such as “may,” “should,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,” “potential” or the negative of such terms and other comparable terminology.

The forward-looking statements included in this Quarterly Report on Form 10-Q are based on our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, the availability of future financing and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Any of the assumptions underlying forward-looking statements could prove to be inaccurate. To the extent that our assumptions differ from actual results, our ability to meet such forward-looking statements, including our ability to generate positive cash flow from operations, pay distributions to our shareholders and maintain the value of any real estate investments and real estate-related investments in which we may hold an interest in the future, may be significantly hindered.

The following are some of the risks and uncertainties, which could cause actual results to differ materially from those presented in certain forward-looking statements:



—			Risks associated with adverse changes in general economic or local market conditions, including the impact of tariffs, inflation, higher interest rates, a shutdown of the U.S. federal government, and the conflicts in Ukraine and the Middle East, which may adversely affect the markets in which we and our tenants operate;

—			Whether we will be successful in raising substantial additional capital, and whether we will have the opportunity to invest offering and distribution reinvestment plan proceeds to acquire properties or other investments rather than using such proceeds to redeem shares or for other purposes, and if proceeds are available for investment, our ability to make such investments in a timely manner and at appropriate amounts that provide acceptable returns;

—			Competition for tenants and real estate investment opportunities, including competition with other programs sponsored by or affiliated with Hines Interests Limited Partnership (“Hines”);

—			Our reliance on our Advisor, Hines and affiliates of Hines for our day-to-day operations and the selection of real estate investments, and our Advisor’s ability to attract and retain high-quality personnel who can provide service at a level acceptable to us;

—			Our ability to complete acquisitions of properties under contract;

—			Risks associated with conflicts of interests that result from our relationship with our Advisor and Hines, as well as conflicts of interests certain of our officers and directors face relating to the positions they hold with other entities;

—			The potential need to fund tenant improvements, lease-up costs or other capital expenditures, as well as increases in property expenses and costs of compliance with environmental matters or discovery of previously undetected environmentally hazardous or other undetected adverse conditions at our properties;

—			The availability and timing of distributions we may pay is uncertain and cannot be assured;

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—			Our distributions have been paid using cash flows from financing activities, including proceeds from our public offerings, as well as cash from the waiver of fees by our Advisor, and some or all of the distributions we pay in the future may be paid from similar sources or sources such as cash advances by our Advisor, cash resulting from a waiver or deferral of fees, borrowings and/or proceeds from our public offerings. When we pay distributions from sources other than our cash flow from operations, we will have less funds available for the acquisition of properties, and your overall return may be reduced;

—			Risks associated with debt, our ability to secure financing and our ability to comply with covenants in our debt agreements;

—			Catastrophic events, such as hurricanes, earthquakes, fires, tornadoes and terrorist attacks; and our ability to secure adequate insurance at reasonable and appropriate rates;

—			The failure of any bank in which we deposit our funds could reduce the amount of cash we have available to pay distributions and make additional investments;

—			Changes in governmental, tax, real estate and zoning laws and regulations and the related costs of compliance and increases in our administrative operating expenses, including expenses associated with operating as a public company;

—			International investment risks, including the burden of complying with a wide variety of foreign laws and the uncertainty of such laws, the tax treatment of transaction structures, political and economic instability, foreign currency fluctuations, and inflation and governmental measures to curb inflation may adversely affect our operations and our ability to make distributions;

—			The lack of liquidity associated with our assets; and

—			Our ability to continue to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.

These risks are more fully discussed in, and all forward-looking statements should be read in light of, all of the risk factors under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

You are cautioned not to place undue reliance on any forward-looking statements included in this Quarterly Report on Form 10-Q. All forward-looking statements are made as of the date of this Quarterly Report on Form 10-Q and the risk that actual results will differ materially from the expectations expressed in this Quarterly Report on Form 10-Q may increase with the passage of time. In light of the significant uncertainties inherent in the forward-looking statements included in this Quarterly Report on Form 10-Q, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this Quarterly Report on Form 10-Q will be achieved. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. Each forward-looking statement speaks only as of the date of the particular statement, and we do not undertake to update any forward-looking statement.

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Overview

Hines Global Income Trust, Inc. (the “Company” or “Hines Global”) is a Maryland corporation formed to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments located throughout the United States and internationally. Hines Global is sponsored by Hines, a fully integrated global real estate investment and management firm that has acquired, developed, owned, operated and sold real estate for over 68 years. The Company elected to be taxed as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2015.

We raise capital for our investments through continuous public offerings of our common stock (collectively, the “Public Offerings”). We commenced our initial public offering of up to $2.5 billion in shares of our common stock in August 2014 and launched our most recent public offering, our fourth public offering of up to $2.5 billion in shares of common stock, on February 4, 2025. It is our intention to conduct a continuous offering that will not have a predetermined duration, subject to continued compliance with the rules and regulations of the SEC and applicable state laws. In order to execute this strategy in compliance with federal securities laws, we intend to file new registration statements to replace existing registration statements, such that there will not be any lag from one offering to the next. As of March 31, 2026, we had received aggregate gross offering proceeds of $4.2 billion from the sale of 404.7 million shares through our Public Offerings, including shares issued pursuant to our distribution reinvestment plan.

In addition to our Public Offerings, through our Operating Partnership, we have a program to raise up to $3.0 billion of capital through private placement offerings exempt from registration under the Securities Act by selling beneficial interests in specific Delaware statutory trusts holding real properties (the “DST Program”). As of March 31, 2026, we held twelve properties through the DST Program, and have raised net offering proceeds of $1.4 billion through the DST Program offerings.

Summary of 2026 Activities

Presented below are highlights of our activities during the three months ended March 31, 2026:

Capital Raising and Performance

•We raised $162.8 million of gross proceeds from the sale of common stock through our public offerings, including shares issued pursuant to our distribution reinvestment plan. Additionally, we raised net offering proceeds of $213.2 million through the DST program.

•We declared distributions of $46.0 million. Our gross annualized distribution rate has remained at $0.625 per share since January 2019.

•We redeemed $46.0 million in shares of our common stock pursuant to our share redemption program.

•Recent years have been characterized by challenging macroeconomic conditions and elevated interest rates. Despite this environment, Hines Global maintained its stable annualized distribution rate of $0.625 and had a year-to-date total return of 1.39% for Class I shares for the three months ended March 31, 2026, and 6.46% for the year ended December 31, 2025. Total return is calculated as the change in our NAV per share during the respective period, assuming any distributions are reinvested in accordance with our distribution reinvestment plan. Management believes total return is a useful measure of the overall investment performance of our shares. Refer to “Performance Summary of Share Classes” below for a more comprehensive summary of the performance of all our share classes.

Investments and Financing Activities

•On February 17, 2026, we sold Briargate for a contract sales price of $150.7 million exclusive of transaction costs and closing prorations. We acquired Briargate in September 2019 for a contract purchase price of $93.2 million. We recognized a gain on sale of this asset of $63.7 million, which was recorded in gain on sale of real estate on the consolidated statements of operations and comprehensive income (loss).

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•During the three months ended March 31, 2026, we acquired the third building at Tortona Logistics for an aggregate net purchase price of €50.8 million (approximately $61.1 million, assuming a rate of $1.17 per EUR as of the acquisition date) exclusive of transaction costs and working capital reserves. See Note 3—Investment Property for additional information regarding this acquisition.

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Our Real Estate Portfolio

We intend to continue to meet our primary investment objectives by investing in a portfolio of quality commercial real estate properties and other real estate investments that relate to properties that are generally diversified by property type, geographic area, lease expirations and tenant industries. As of March 31, 2026, we owned interests in 54 real estate investments consisting of 24.7 million square feet of leasable space that was 95% leased. The following chart depicts the percentage of our portfolio’s investment types based on the estimated value of each real estate investment as of March 31, 2026 (“Estimated Values”), which are consistent with the values used to determine our NAV per share on that date.

The following chart depicts the location of our real estate investments as of March 31, 2026. Approximately 69% of our portfolio is located throughout the United States and approximately 31% is located internationally, based on the Estimated Values.

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The following table provides additional information regarding each of our properties, including DST properties, and is presented as of March 31, 2026 except as described in the footnotes below.


Property	Location	Date Acquired	Leasable Square Feet		Percent Leased
Office Investments
Domestic Office
Cottonwood Corporate Center	Salt Lake City, Utah	7/2016	486,120		94	%
1015 Half Street	Washington D.C.	5/2021	403,514		82	%
Waypoint	Torrance, California	12/2021	146,478		92	%
Liberty Station	San Diego, California	1/2022	187,230		96	%
1315 N. North Branch	Chicago, Illinois	2/2022	108,267		85	%
200 Park Place (1)	Houston, Texas	7/2022	206,943		100	%
IBM 500 Campus	Durham, North Carolina	12/2023	773,885		100	%
Total Domestic Office			2,312,437		94	%

International Office
Worship Square	London, United Kingdom	11/2025	139,639		97	%
Total International Office			139,639		97	%
Total Office			2,452,076		94	%

Industrial Investments
Domestic Industrial
Bassett Technology Park	Santa Clara, California	8/2020	422,591		95	%
6000 Schertz	Schertz, Texas	12/2020	1,262,294		100	%
900 Patrol Road	Jeffersonville, Indiana	5/2021	1,015,740		100	%
I-70 Logistics Center	Columbus, Ohio	8/2023	697,829		100	%
Upton Crossing	Wilmington, Massachusetts	5/2025	214,680		100	%
Georgia International Trade Center (1)	Rincon, Georgia	5/2025	2,234,636		100	%
I-85 Logistics Center	Piedmont, South Carolina	5/2025	408,240		100	%
Total Domestic Industrial			6,256,010		100	%

Central Europe Industrial
Fresh Park Venlo	Venlo, Netherlands	10/2018	3,395,962		93	%
ABC Westland	The Hague, Netherlands	5/2019	1,776,528		96	%
Gdańsk PL II	Gdańsk, Poland	9/2019	346,996		100	%
Łódź Urban Logistics	Łódź, Poland	9/2019	387,672		100	%
Madrid Airport Complex	Madrid, Spain	6/2020	—	(2)	—	%	(2)
Eastgate Park	Prague, Czech Republic	10/2021	420,888		99	%
Tortona Logistics	Tortona, Italy	12/2024	1,713,518		84	%
Total Central Europe Industrial			8,041,564		93	%

U.K. Industrial
Charles Tyrwhitt DC	Milton Keynes, United Kingdom	11/2019	145,452		100	%
DSG Bristol	Bristol, United Kingdom	11/2019	269,089		100	%
Wakefield Logistics	Wakefield, United Kingdom	7/2020	207,115		100	%
5100 Cross Point	Coventry, United Kingdom	12/2020	146,652		100	%
Central City Coventry	Coventry, United Kingdom	3/2022	399,124		100	%
Total U.K. Industrial			1,167,432		100	%
Total Industrial			15,465,006		96	%

Residential/Living Investments
Domestic Residential/Living

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Property	Location	Date Acquired	Leasable Square Feet	Percent Leased
The Alloy (1)	College Park, Maryland	11/2019	230,362	97	%
The Emerson (1)	Centreville, Virginia	1/2020	328,341	95	%
Center Place	Providence, Rhode Island	12/2021	242,261	91	%
Gables Station (1)	Miami, Florida	8/2022	612,992	97	%
EMME (1)	Chicago, Illinois	6/2023	134,908	100	%
Diridon West (1)	San Jose, California	1/2024	197,774	96	%
Duboce Apartments	San Francisco, California	9/2024	70,511	96	%
E2 Apartments (1)	Evanston, Illinois	12/2024	304,041	97	%
Runway - Living (3)	Los Angeles, California	9/2025	384,621	93	%
Left Bank (1)	Chicago, Illinois	11/2025	345,320	97	%
Total Domestic Residential/Living			2,851,131	96	%

International Residential/Living
Montrose Student Residences	Dublin, Ireland	3/2017	51,649	100	%
Queen’s Court Student Residences	Reading, United Kingdom	10/2017	105,895	96	%
Glasgow West End	Glasgow, United Kingdom	9/2019	232,428	97	%
Total International Residential/Living			389,972	97	%
Total Residential/Living			3,241,103	96	%

Retail Investments
Domestic Retail
Rookwood (1)	Cincinnati, Ohio	1/2017	594,407	97	%
Waverly Place	Cary, North Carolina	6/2022	207,799	91	%
Montrose Collective (1)	Houston, Texas	7/2025	189,212	97	%
Runway - Retail (3)	Los Angeles, California	9/2025	255,277	88	%
Clay Terrace	Carmel, Indiana	12/2025	493,423	96	%
Total Domestic Retail			1,740,118	95	%

International Retail
Junction 27	Leeds, United Kingdom	3/2025	131,136	100	%
The Peel Centre	Bracknell, United Kingdom	6/2025	168,342	88	%
Total International Retail			299,478	93	%
Total Retail			2,039,596	95	%

Other Investments(4)
5301 Patrick Henry	Santa Clara, California	2/2021	129,199	100	%
Bradley Business Center	Chicago, Illinois	11/2021	468,162	88	%
WGN Studios	Chicago, Illinois	11/2021	131,515	100	%
Burbank Media Studios (1)	Burbank, California	2/2022	85,285	100	%
NE Walker Road (5)	Hillsboro, Oregon	4/2022	212,363	—	%
Nashville Self Storage Portfolio (6)	Nashville, Tennessee	7/2022	354,537	84	%
Sutter Medical Plaza	Sacramento, California	10/2024	143,210	100	%
Total Other			1,524,271	79	%

Total for All Investments			24,722,052	95	%

(1)Held through our DST Program as of March 31, 2026. See Item 1. “Note 4 — DST Program” for additional information.

(2)In January 2024, we commenced the redevelopment of the Madrid Airport Complex following the expiration of the tenant’s lease on December 31, 2023. The new project will consist of a three building, 700,000 square foot Class-A logistics park. The new park will be re-branded as Nexus Barajas and provide future tenants a superior last mile distribution location and is expected to be completed in the second quarter of 2026.

(3)Runway is a mixed-use property comprised of a residential/living property and a retail property.

(4)Includes properties that do not meet any of the other asset categories. As of March 31, 2026, these properties include a manufacturing research and design campus, a local TV network studio, a self-storage portfolio, and mixed-use facilities.

(5)The tenant’s lease expired on December 31, 2025 and the tenant vacated. The Company is currently evaluating options for the re-leasing of the property and/or sale.

(6)Nashville Self Storage Portfolio is comprised of five self storage properties located in greater Nashville, Tennessee.

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NAV and Distributions

We began determining our NAV per share on a monthly basis in January 2018. As noted in the chart below, the NAV increased between the beginning of 2018 and the end of 2019, but fell to a low of $9.71 as of April 30, 2020 driven primarily by the adverse impact on global commercial activity and volatility in financial markets caused by the Coronavirus pandemic, which affected the performance and value of our investment properties during that time. Further, despite a strong performance during 2021 and the first half of 2022, our NAV per share fell from its peak in June 2022, primarily as a result of higher interest rates and challenging macroeconomic conditions. Set forth below is additional historical information regarding our NAV per share since February 29, 2016 (the date as of which our board of directors first determined an NAV per share).

HGIT Distribution, NAV charts - 3-31-26_Page_1.jpg

1.Please see our Current Reports on Form 8-K for additional information concerning the NAV per share determined as of prior dates.

2.Our board of directors determined an NAV per share of $9.03 as of February 29, 2016. Prior thereto, $8.92 was considered to be the “net investment value” per share of our common stock, which was equal to the offering price per share of $10.00 in effect at that time, as arbitrarily determined by our board of directors, net of the applicable selling commissions, dealer manager fees and issuer costs.

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We declare distributions monthly with the authorization of our board of directors. Set forth below is information regarding our historical gross annualized distribution rate, excluding any applicable distribution and stockholder servicing fees, since October 1, 2014 (the date our board first authorized distributions to be declared). As illustrated in the chart below, our gross annualized distribution rate has remained at $0.625 per share since January 2019.

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1.With the authorization of our board of directors, we declared distributions as of daily record dates and paid them on a monthly basis through December 31, 2017. Beginning in January 2018, we began declaring, and intend to continue to declare, distributions as of monthly record dates and pay them on a monthly basis.

2.We have not generated and we may continue to be unable to generate sufficient cash flows from operations to fully fund distributions. Therefore, some or all of our distributions have been and may continue to be paid at least partially from other sources, such as proceeds from the sales of assets, proceeds from our debt financings, proceeds from our public offerings, cash advances by our Advisor and/or cash resulting from a waiver or deferral of fees. See “— Financial Condition, Liquidity and Capital Resources” for additional information concerning our distributions.

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Performance Summary

The tables presented below disclose the total returns for each of our share classes. The total returns shown reflect the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any distribution per share declared during the period. The total returns shown are calculated assuming reinvestment of distributions pursuant to our distribution reinvestment plan, are derived from unaudited financial information, and are net of all Hines Global expenses, including general and administrative expenses, transaction-related expenses, management fees, the performance participation allocation, and share class specific fees, but exclude the impact of early redemption deductions on the redemption of shares that have been outstanding for less than one year. Total returns may be lower for some periods if calculated assuming that distributions were not reinvested. The returns have been prepared using unaudited data and valuations of the underlying investments in our portfolio, which are estimates of fair value and form the basis for our NAV per share. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. Past performance is not a guarantee of future results. Actual returns realized by individual stockholders will vary.

The table below discloses the total returns for the classes of shares that are available for investment:


As of March 31, 2026
Shares Class (1)	YTD		1-Year		3-Year		5-Year		ITD
Class I Shares (2)	1.39	%	6.67	%	3.56	%	5.61	%	6.45	%
Class D Shares (2)	1.33	%	6.41	%	3.30	%	5.35	%	6.19	%
Class S Shares (No Sales Load) (3)	1.18	%	5.77	%	2.68	%	4.71	%	5.49	%
Class S Shares (With Sales Load) (4)	(2.40)	%	2.02	%	1.46	%	3.96	%	5.03	%
Class T Shares (No Sales Load) (3)	1.14	%	5.62	%	2.53	%	4.56	%	5.40	%
Class T Shares (With Sales Load) (4)	(2.43)	%	1.87	%	1.31	%	3.81	%	4.95	%

(1)The inception date for Class I, Class D, Class S and Class T Shares is December 6, 2017.

(2)Class I Shares and Class D Shares are sold without an upfront sales load.

(3)Class S Shares and Class T Shares listed as (No Sales Load) exclude up-front selling commissions and dealer manager fees.

(4)Class S Shares and Class T Shares listed as (With Sales Load) reflect the returns after the maximum up-front selling commission and dealer manager fees, which total 3.5% for both share classes.

The table below discloses the total returns for the classes of shares that were sold in the Initial Offering, but are no longer available for investment:

As of March 31, 2026

Shares Class (1)

YTD

1-Year

3-Year

5-Year

ITD

Class AX Shares (No Sales Load)

1.39

6.67

3.56

5.61

7.18

Class AX Shares (With Sales Load)

N/A

6.12

Class TX Shares (No Sales Load)

N/A

7.45

Class TX Shares (With Sales Load)

N/A

6.66

Class IX Shares (No Sales Load)

N/A

6.89

Class IX Shares (With Sales Load)

N/A

6.75

(1)The inception date for Class AX Shares, Class TX Shares, and Class IX Shares are October 1, 2014, September 1, 2015, and May 1, 2017, respectively. There were no Class TX Shares outstanding on and after June 30, 2023 and there were no Class IX Shares outstanding on and after September 30, 2023, as all previously issued and outstanding Class TX Shares and Class IX Shares had been redeemed or converted to Class AX Shares or Class JX Shares, respectively, as of those respective dates. The table above presents total returns for the Class TX Shares and Class IX Shares from inception through the date the last shares were converted to Class AX Shares and Class JX Shares, respectively. The total returns presented for Class AX Shares pertain to Class AX Shares that were originally issued as Class AX Shares when they were purchased.

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Critical Accounting Policies

Each of our critical accounting policies involve the use of estimates that require management to make assumptions that are subjective in nature. Management relies on its experience, collects historical and current market data, and analyzes these assumptions in order to arrive at what it believes to be reasonable estimates. In addition, application of these accounting policies involves the exercise of judgment regarding assumptions as to future uncertainties. Actual results could materially differ from these estimates. For a discussion of significant accounting policies, see Note 2—Summary of Significant Accounting Policies to the accompanying condensed consolidated financial statements. Also, a disclosure of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended December 31, 2025 under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” There have been no significant changes to our policies during 2026.

Financial Condition, Liquidity and Capital Resources

Our principal demands for funds are to make real estate investments, including investments in real estate-related securities and capital expenditures, for the payment of operating expenses and distributions, for the redemption of shares of our common stock pursuant to our share redemption program, and for the payment of principal and interest on any indebtedness we incur. Generally, we expect to meet operating cash needs from our cash flows from operating activities, and we expect to fund our investments and capital expenditures using proceeds from our public offerings, debt proceeds and proceeds from the sales of real estate investments.

Interest rates have been elevated in recent years. To reduce our exposure to continued higher interest rates, we use interest rate contracts on our variable-rate debt. Approximately 94% of our total debt outstanding as of March 31, 2026 has fixed interest rates or has been fixed through the use of interest rate caps. Additionally, we have moderated our use of leverage in recent periods compared to our historical averages to further limit our exposure to higher interest rates.

The following discussions provide additional details regarding our cash flows.

Cash Flows from Operating Activities

Our real estate properties generate cash flow in the form of rental revenues, which are used to pay leasing costs, property-level operating expenses, and interest payments. Additionally, we incur corporate level expenses such as general and administrative expenses, asset management fees, and the performance participation allocation.

Cash flows from operating activities for the three months ended March 31, 2026 decreased by $34.0 million compared to the same period in the prior year. We generally expect cash flows from operating activities to increase as we acquire properties and decrease as sell properties. However, the following factors also contributed to the decrease in the current period:

•We paid a performance participation allocation of $24.8 million was to our Advisor during the first quarter of 2026. There were no performance participation allocation payments made in Q1 2025.

•During the three months ended March 31, 2026, we made $10.5 million of additional payments of interest on our financing obligation in connection with our DST Program. We held twelve properties through the DST Program as of March 31, 2026, compared to seven properties as of March 31, 2025.

•During the three months ended March 31, 2026, cash payments for tenant inducements and leasing commissions were $6.7 million lower than the three months ended March 31, 2025.

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Cash Flows from Investing Activities

Net cash used in investing activities for the three months ended March 31, 2026 and 2025, were primarily due to the following:

Three months ended March 31, 2026

•Payments of $73.7 million, primarily related to the acquisition of the third building at Tortona Logistics.

•We received net proceeds of $145.9 million from the sale of the Promenade Shops at Briargate.

•Capital expenditures of approximately $17.4 million at our investment properties.

•Payments of $10.4 million to purchase real estate-related securities. We also received proceeds of $9.9 million from the sale of real estate-related securities.

•Payments of $3.3 million to enter into new interest rate contracts.

•We received payments of $5.4 million from counterparties in relation to our positions in interest rate contracts.

Three months ended March 31, 2025

•Payments of $72.4 million, primarily related to the acquisition of Junction 27 in March.

•We received net proceeds of $200.8 million from the sale Maintal Logistics.

•Capital expenditures of approximately $13.0 million at our investment properties.

•Payments of $28.2 million to purchase real estate-related securities. We also received proceeds of $23.0 million from the sale of real estate-related securities.

•Payments of $10.5 million to enter into new interest rate contracts.

•We received payments of $6.7 million from counterparties in relation to our positions in interest rate contracts.

Cash Flows from Financing Activities

Our Offerings

We raised gross proceeds of $138.1 million and $90.3 million from our public offerings during the three months ended March 31, 2026 and 2025, respectively, excluding proceeds from the distribution reinvestment plan. In addition, during the three months ended March 31, 2026 and 2025, we redeemed $46.0 million and $57.8 million in shares of our common stock pursuant to our share redemption program, respectively.

In addition to the investing activities described previously, we use proceeds from our Public Offerings to make certain payments to our Advisor, our Dealer Manager and Hines and its affiliates during the various phases of our organization and operation which include, without limitation, payments to our Dealer Manager for selling commissions, dealer manager fees, distribution and stockholder servicing fees and payments to our Advisor for reimbursement of organization and offering costs. During the three months ended March 31, 2026 and 2025, we made payments of $4.3 million and $4.5 million, respectively, for selling commissions, dealer manager fees, organization and offering costs and distribution and stockholder servicing fees related to our Public Offerings. The change in these fees is generally attributable to the amount of offering proceeds raised, but is also impacted by variations in the amount of each share class sold during the year.

During the three months ended March 31, 2026 and 2025, we received net offering proceeds of $213.2 million and $160.4 million related to the DST Program, respectively. We held twelve properties through the DST Program as of March 31, 2026.

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Distributions

With the authorization of our board of directors, we declared distributions monthly from January 2019 through April 2026 at a gross distribution rate of $0.05208 per month ($0.625 annualized) for each share class less any applicable distribution and stockholder servicing fees. Distributions are made on all classes of the Company’s common stock at the same time. All distributions were or will be paid in cash or reinvested in shares of the Company’s common stock for those participating in our distribution reinvestment plan and have been or will be paid or issued, respectively, on the first business day following the completion of the month to which they relate. Distributions reinvested pursuant to our distribution reinvestment plan were or will be reinvested in shares of the same class as the shares on which the distributions are made. Some or all of the cash distributions may be paid from sources other than cash flows from operations, as described below.

Distributions paid to stockholders during the three months ended March 31, 2026 and 2025 were $45.4 million and $40.4 million, respectively, including those reinvested in shares pursuant to our distribution reinvestment plan. We have not generated and we may continue to be unable to generate sufficient cash flows from operations to fully fund distributions paid. Therefore, some or all of our distributions have been, and may continue to be, paid at least partially from other sources, such as proceeds from the issuance of shares pursuant to our distribution reinvestment plan, proceeds from the sales of assets and proceeds from our debt financings. We have not placed a cap on the amount of distributions that may be paid from any of these sources. For example, for the three months ended March 31, 2026 and March 31, 2025, we funded 46% and 24% of total distributions with cash flows from other sources, respectively, which 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.

The following table outlines our total distributions declared to stockholders for each of the three month periods ended March 31, 2026 and 2025, including the breakout between the distributions declared in cash and those reinvested pursuant to our distribution reinvestment plan (in thousands, except percentages).


	For the Three Months Ended March 31, 2026				For the Three Months Ended March 31, 2025
	Amount		Percentage		Amount		Percentage
Distributions
Paid in cash (1)	$	20,965	46	%	$	18,874	46	%
Reinvested in shares	24,995		54	%	21,864		54	%
Total	$	45,960	100	%	$	40,738	100	%
Sources of Distributions
Cash flows from operating activities	$	—	—	%	$	9,075	22	%
DRP (2)	24,995		54	%	21,864		54	%
Cash flows from other sources (3)	20,965		46	%	9,799		24	%
Total	$	45,960	100	%	$	40,738	100	%

(1)Includes distributions paid to noncontrolling interest holders, and is net of the ongoing distribution and stockholder servicing fees paid to the Dealer Manager with respect to Class T, Class S, Class D.

(2)Stockholders may elect to have their distributions reinvested in shares of our common stock through our distribution reinvestment plan (“DRP”).

(3)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.

Debt Financings

Our portfolio was approximately 31% leveraged as of March 31, 2026 (based on the most recent valuations of our real estate investments) with a weighted average interest rate of 3.80%, including the effect of interest rate hedges. Below is additional information regarding our loan activity for the three months ended March 31, 2026 and 2025.

Three months ended March 31, 2026

•We received proceeds from notes payable of $57.8 million, which is primarily related to a drawdown on our loan for the acquisition of the third building at Tortona Logistics.

•We made $362.5 million in payments on our JPMorgan Credit Facility and principal payments relating to our permanent mortgage financing.

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•We received net proceeds of $213.2 million from our financing obligations related to our DST program, as described more fully in Note 4 - DST Program. We made payments of $0.9 million related to those financing obligations.

Three months ended March 31, 2025

•We received proceeds from notes payable of $742.8 million, which is primarily due to our $740.0 million in draws on our JPMorgan Credit Facility related to the amendment of the facility. See Note 5—Debt Financing for more information the modification of the JPMorgan Credit Facility.

•We made payments on notes payable of $923.2 million, which included $903.7 million in payments on our JPMorgan Credit Facility, $16.2 million in payments related to the payoff of the mortgage related to Maintal Logistics as a result of the sale of the property, and principal payments relating to our permanent mortgage financing.

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Results of Operations

Three Months Ended March 31, 2026 compared to the Three Months Ended March 31, 2025

The table below includes information regarding changes in our results of operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, including explanations for significant changes and any significant or unusual activity. As described more completely below, most amounts increased in the current period as a result of significant additional investments in real estate. All amounts are in thousands, except for percentages:


	Three months ended March 31,				Change
	2026		2025		$		%
Revenues:
Rental revenue	$	125,653	$	90,653	$	35,000	39	%
Other revenue	7,191		2,946		4,245		144	%
Total revenues	132,844		93,599		39,245		42	%
Expenses:
Property operating expenses	51,225		36,587		14,638		40	%


Depreciation and amortization	55,164		33,712		21,452		64	%

Asset management fees	11,041		8,771		2,270		26	%
Performance participation allocation	6,101		—		6,101		N/A *

General and administrative expenses	1,879		1,949		(70)		(4)	%
Total expenses	125,410		81,019		44,391		55	%

Other income (expenses):
Gain (loss) on derivative instruments	8,311		(878)		9,189		(1,047)	%
Gain (loss) on investments in real estate-related securities	2,058		(2,457)		4,515		(184)	%
Gain (loss) on sale of real estate	63,690		151,242		(87,552)		(58)	%
Foreign currency gains (losses)	3,026		7,337		(4,311)		(59)	%
Interest expense	(52,605)		(33,204)		(19,401)		58	%
Other income and expenses	8,038		5,466		2,572		47	%
Income (loss) before benefit (provision) for income taxes	39,952		140,086		(100,134)		(71)	%
Benefit (provision) for income taxes	(174)		(1,494)		1,320		(88)	%
Provision for income taxes related to sale of real estate	—		(23,333)		23,333		(100)	%
Net income (loss)	$	39,778	$	115,259	$	(75,481)	(65)	%

*Not a meaningful percentage

Total revenues: The increase in total revenues is primarily the result of our significant acquisition activity. For example, from January 1, 2025 through March 31, 2026, we invested over $1.7 billion in 12 real estate investments. Please refer to our “Same-Store Analysis” below for additional discussion on the results of operations of our same-store properties.

Property operating expenses: The increase in property operating expenses is primarily due to our significant acquisition activity, as described above. Please refer to our “Same-Store Analysis” below for additional discussion on the results of operations of our same-store properties.

Depreciation and amortization: The increase in depreciation and amortization expense is primarily due to our acquisition activity, as described above, partially offset by decreased amortization of lease intangibles, as the original term of certain in-place leases across several of our properties has ended prior to the current period.

Asset management fees: Asset management fees are charged based on the aggregate valuation of our real estate investments, as most recently determined in connection with the determination of our NAV per share. The increase in these fees is primarily due to the additional real estate investments made in recent months.

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Performance participation allocation: Through its ownership of the special limited partner interest in the Operating Partnership, the Advisor is entitled to an annual performance participation allocation of 12.5% of the Operating Partnership’s total return, subject to investors earning a 5% total return annually. The performance participation allocation accrues monthly and is payable after the completion of each calendar year. The increase in the current period is due to total returns exceeding a 5% annualized return through March 31, 2026. Please see “— NAV and Distributions” above for additional information concerning the change in NAV per share.

Gain (loss) on derivative instruments: We enter into interest rate contracts in order to limit our exposure to rising interest rates on our variable interest rate borrowings as well as foreign currency forward contracts as economic hedges against the variability of foreign exchange rates. Gains and losses on such interest rate hedges primarily relate to the position of our interest rate contracts compared to the stabilizing interest rate curves during the periods, and include the effect of $6.0 million and $6.5 million in payments received from counterparties during the three months ended March 31, 2026 and 2025, respectively.

Gain (loss) on investments in real estate-related securities: We hold investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. These amounts include realized gains and losses related to securities sold during the year and unrealized gains and losses based on values determined on a recurring basis. Interest and dividend income associated with such investments are recorded to other income and expenses, as discussed below. The gains recorded during the three months ended March 31, 2026 were primarily due to REIT common equities, which continue to experience volatility due to surging U.S. equity markets and changing interest rate expectations.

Gain (loss) on sale of real estate: Related to the sale of Briargate in February 2026 and Maintal in March 2025, as described previously.

Interest expense: Interest expense increased primarily due to our financing obligations in connection with our DST Program and additional indebtedness outstanding during the period resulting from our significant acquisition activity, as described above. Interest expense recorded for the three months ended March 31, 2026 includes $21.0 million in interest expense related to our financing obligation in connection with our DST Program, compared to $10.5 million in the prior year. Additionally, interest expense for the three months ended March 31, 2026 and 2025 excludes $6.0 million and $6.5 million, respectively, earned in relation to payments from counterparties on effective interest rate contracts, which have been recorded to gain (loss) on derivative instruments.

Other income and expenses: Other income and expenses primarily relates to interest and dividend income associated with our investments in real estate-related securities, as well as dividend income received related to our unsold interests in the DST offerings. The increase is primarily due to the increase in dividends for unsold interests received with respect to our DST offerings in the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

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Same-Store Analysis

We evaluate our consolidated results of operations on a same-store basis, which allows us to analyze our property operating results excluding the effects of acquisitions and dispositions during the periods under comparison. Properties in our portfolio are considered same-store if they were owned and operated for the full periods presented. Same-store properties for the three months ended March 31, 2026 includes 44 properties and excludes Madrid Airport Complex, which was closed in January 2024 to begin a redevelopment project, as described more fully in "Overview—Our Real Estate Portfolio". The operating results of Madrid Airport Complex have been included in ‘redeveloped properties’ in the below tables.

The following table presents a comparison of revenues by reportable segment for the three months ended March 31, 2026 and 2025. In total, revenues increased by $39.2 million, resulting primarily from our recent acquisition activity, as described previously. See below for additional explanations regarding notable changes in same-store revenues. All amounts are in thousands, except for percentages.


	Three months ended March 31,				Change
	2026		2025		$			%
Revenues
Same-store properties
Office investments	$	20,522	$	21,384	$	(862)		(4)	%
Industrial investments	28,098		23,817		4,281		(1)	18	%
Residential/Living investments	30,577		29,624		953			3	%
Retail investments	6,401		6,208		193			3	%
Other investments	7,978		9,212		(1,234)		(2)	(13)	%
Total same-store properties	$	93,576	$	90,245	$	3,331		4	%
Recent acquisitions	36,619		—		36,619			N/A *
Disposed properties	1,830		3,354		(1,524)			(45)	%
Redeveloped properties	819		—		819			N/A *
Total revenues	$	132,844	$	93,599	$	39,245		42	%

*Not a meaningful percentage

(1)The increase is primarily due to an increase in rental revenues at ABC Westland following the addition of a new building in March 2025, as well as a improvements in occupancy and rental rates at both of our industrial properties in the Netherlands.

(2)The decrease is attributable to the expiration of a tenant’s lease in December 2025 at NE Walker Road. The property is currently vacant, but the Company is evaluating options for the re-leasing of the property and/or sale.

The following table presents a comparison of the property operating expenses of each reportable segment for the three months ended March 31, 2026 and 2025. Property operating expenses include the ongoing costs of maintaining our properties. These essential, routine expenses are necessary to ensure the property remains functional and in good condition. Examples of property operating expenses include property taxes, property management fees, insurance, utilities, repairs and maintenance, legal and professional fees, salaries and wages of property management personnel, advertising costs and other miscellaneous services and costs.

In total, property operating expenses increased as a result of our recent acquisition activity, as previously described. All amounts are in thousands, except for percentages.

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	Three months ended March 31,				Change
	2026		2025		$			%
Property operating expenses
Same-store properties
Office investments	$	6,789	$	7,116	$	(327)		(5)	%
Industrial investments	10,631		9,257		1,374		(1)	15	%
Residential/Living investments	13,192		13,729		(537)			(4)	%
Retail investments	2,471		2,495		(24)			(1)	%
Other investments	2,890		2,934		(44)			(1)	%
Total same-store properties	$	35,973	$	35,531	$	442		1	%
Recent acquisitions	14,655		—		14,655			N/A *
Disposed properties	512		963		(451)			(47)	%
Redeveloped properties	85		93		(8)			(9)	%
Total property operating expenses	$	51,225	$	36,587	$	14,638		40	%

*Not a meaningful percentage

(1)The increase is primarily attributable to increased property operating expenses at Fresh Park Venlo and ABC Westland as a result of increased occupancy following the additional building acquisition in March 2025.

The following table presents a comparison of revenues in excess of property operating expenses by reportable segment for the three months ended March 31, 2026 and 2025. Total revenues in excess of property operating expenses increased primarily as a result of our recent acquisition activity, as previously described. See above for additional explanations of notable changes in same-store revenues in excess of property operating expenses. All amounts below are in thousands, except for percentages.


	Three months ended March 31,				Change
	2026		2025		$			%
Revenues in excess of property operating expenses
Same-store properties
Office investments	$	13,733	$	14,268	$	(535)		(4)	%
Industrial investments	17,467		14,560		2,907		(1)	20	%
Residential/Living investments	17,385		15,895		1,490		(2)	9	%
Retail investments	3,930		3,713		217			6	%
Other investments	5,088		6,278		(1,190)		(1)	(19)	%
Total same-store properties	$	57,603	$	54,714	$	2,889		5	%
Recent acquisitions	21,964		—		21,964			N/A *
Disposed properties	1,318		2,391		(1,073)			(45)	%
Redeveloped properties	734		(93)		827			(889)	%
Total revenues in excess of property operating expenses	$	81,619	$	57,012	$	24,607		43	%

*Not a meaningful percentage

(1)Please refer to the tables above for further detail regarding these changes.

(2)The increase is primarily due to improved leasing activity and rental rates as well as a reduction in property tax expenses between the periods. Please refer to the tables above for further detail regarding these changes.

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Funds from Operations

We believe funds from operations (“FFO”) is a meaningful supplemental non-GAAP operating measure. FFO is a non-GAAP financial performance measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and is widely recognized by investors and analysts as one measure of operating performance of a real estate company. FFO excludes items such as real estate depreciation and amortization. Depreciation and amortization, as applied in accordance with GAAP, implicitly assumes that the value of real estate assets diminishes predictably over time and also assumes that such assets are adequately maintained and renovated as required in order to maintain their value. Since real estate values have historically risen or fallen with market conditions such as occupancy rates, rental rates, inflation, interest rates, the business cycle, unemployment and consumer spending, it is management’s view, and we believe the view of many industry investors and analysts, that the presentation of operating results for real estate companies using historical cost accounting alone is insufficient. In addition, FFO excludes gains and losses from the sale of real estate, impairment charges related to depreciable real estate assets and in-substance real estate equity investments and realized and unrealized gains and losses related to investments in real estate-related securities, which we believe provides management and investors with a helpful additional measure of the historical performance of our real estate portfolio, as it allows for comparisons, year to year, that reflect the impact on operations from trends in items such as occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs. A property will be evaluated for impairment if events or circumstances indicate that the carrying amount may not be recoverable (i.e. the carrying amount exceeds the total estimated undiscounted future cash flows from the property). Undiscounted future cash flows are based on anticipated operating performance, including estimated future net rental and lease revenues, net proceeds on the sale of the property, and certain other ancillary cash flows. While impairment charges are excluded from the calculation of FFO as described above, stockholders are cautioned that we may not recover any impairment charges.

FFO should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. In addition, FFO should not be considered as an alternative to net income (loss) or income (loss) from continuing operations as an indication of our performance or as an alternative to cash flows from operating activities as an indication of our liquidity, but rather should be reviewed in conjunction with these and other GAAP measurements. Further, FFO is not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs, including our ability to make distributions to our stockholders. Please see the limitations listed below associated with the use of FFO:

•Prior to January 1, 2018, FFO included costs related to our acquisitions, including acquisition fees payable to our Advisor. Although these amounts reduced net income for periods prior to January 1, 2018, we generally funded such costs with proceeds from our public offerings and/or acquisition-related indebtedness and did not consider these fees and expenses in the evaluation of our operating performance. We incurred acquisition fees and expenses of $23.3 million from inception through December 31, 2017. In January 2018, we adopted Accounting Standards Update (“ASU”) 2017-01 which clarified the definition of a business and added guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. We expect that all of our real estate transactions completed after that date will be accounted for using the asset acquisition guidance and, accordingly, the related acquisition-related expenses incurred will be capitalized and included in the allocated purchase price and will not be expensed. Prior to ASU 2017-01, real estate acquisitions were generally considered business combinations and the acquisition-related expenses and acquisition fees were treated as operating expenses under GAAP. Additionally, effective as of December 6, 2017, we no longer pay acquisition fees to our Advisor.

•We utilize the definition of FFO as set forth by NAREIT. Our FFO may not be comparable to amounts calculated by other REITs, if they use different approaches.

•Our business is subject to volatility in the real estate markets and general economic conditions, and adverse changes in those conditions could have a material adverse impact on our business, results of operations and FFO. Accordingly, the predictive nature of FFO is uncertain and past performance may not be indicative of future results.

Neither the SEC, NAREIT nor any regulatory body has passed judgment on the acceptability of the adjustments that we use to calculate FFO. In the future, the SEC, NAREIT or a regulatory body may decide to standardize the allowable adjustments across the non-listed REIT industry and we would have to adjust our calculation and characterization of FFO.

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The following section presents our calculation of FFO attributable to common stockholders and provides additional information related to our operations for the three months ended March 31, 2026 and 2025 and the period from inception through March 31, 2026 (in thousands, except per share amounts). As we are in the capital raising and acquisition phase of our operations, FFO may not be useful in comparing operations for the periods presented below. We expect revenues and expenses to increase in future periods as we raise additional offering proceeds and use them to make additional real estate investments.


	Three months ended March 31,				Period from July 31, 2013 (date of inception) through March 31, 2026
	2026		2025
Net income (loss)	$	39,778	$	115,259		$	(69,917)
Depreciation and amortization (1)	55,164		33,712			891,457
Impairment losses	—		—			3,873
Gain on sale of real estate	(63,690)		(151,242)			(389,646)
Taxes related to sale of real estate	—		23,333			33,969
(Gain) loss on securities (2)	(2,058)		2,457			(10,165)
Adjustments for noncontrolling interests (3)	—		—			117
Funds From Operations attributable to common stockholders	$	29,194	$	23,519		$	459,688
Basic and diluted income (loss) per common share	$	0.13	$	0.42		$	(0.59)
Funds From Operations attributable to common stockholders per common share	$	0.10	$	0.09		$	3.91
Weighted average shares outstanding	305,206		272,472			117,669

Notes to the table:

(1)Represents the depreciation and amortization of real estate assets. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that such depreciation and amortization may be of limited relevance in evaluating current operating performance and, as such, these items are excluded from our determination of FFO.

(2)Represents the realized and unrealized gains and losses related to investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. These securities are incidental to our operations. As such, these gains and losses were excluded from our determination of FFO, as defined by NAREIT, in the current period. Additionally, certain immaterial amounts have now been included in prior periods for comparative purposes.

(3)Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests’ share of the adjustments to convert our net loss to FFO.

Set forth below is additional information, which may be helpful in assessing our operating results:

•As of December 6, 2017, through its ownership of the special limited partner interest in the Operating Partnership, our Advisor is entitled to an annual performance participation allocation of 12.5% of the Operating Partnership’s total return subject to the Company earning a 5% total return annually, after considering the effect of any losses carried forward from the prior year. The performance participation allocation accrues monthly and is payable after the completion of each calendar year. We do not consider the performance participation allocation in evaluating our operating performance. For the three months ended March 31, 2026 and 2025 we incurred $6.1 million and $0 in performance participation allocation fees, respectively. Total performance participation allocation fees incurred were $88.4 million from inception through March 31, 2026. Refer to Note 8—Related Party Transactions for more information on the performance participation allocation.

•For the three months ended March 31, 2026, we recorded noncash adjustments primarily related to amortization of out-of-market lease intangibles, lease incentives and deferred financing costs, straight-line rent adjustments, deferred income taxes and payments related to our financing obligation in connection with our DST Program, which increased net income (loss) by $7.3 million. For the three months ended March 31, 2025, these adjustments increased net income (loss) by $1.6 million. Total of such adjustments from inception through March 31, 2026 amounted to a net increase to net income (loss) of $72.4 million.

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•We recorded noncash adjustments related to derivative instruments and foreign currencies, which reduced net income (loss) for the three months ended March 31, 2026 by approximately $5.3 million. These adjustments reduced net income (loss) for the three months ended March 31, 2025 by approximately $11,000. The total of such adjustments from inception through March 31, 2026 reduced net income (loss) by $56.1 million.

As noted previously, our cash flows from operations have been and may continue to be insufficient to fund distributions to stockholders. We may continue to choose to use proceeds from the issuance of shares pursuant to our distribution reinvestment plan, proceeds from the sales of assets and proceeds from our debt financings to fund distributions to our stockholders. For example, for the three months ended March 31, 2026 and 2025, we funded 46% and 24% of total distributions with cash flows from other sources, respectively, which 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. We have not placed a cap on the amount of distributions that may be paid from any of these sources.

From inception through March 31, 2026, we declared $865.2 million of distributions to our stockholders, compared to our total aggregate FFO of $459.7 million and our total aggregate net loss of $69.9 million for that period. For the three months ended March 31, 2026, we declared $46.0 million of distributions to our stockholders compared to our total aggregate FFO of $29.2 million. For the three months ended March 31, 2025, we declared $40.7 million of distributions to our stockholders compared to our total aggregate FFO of $23.5 million.

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Net Asset Value

Our board of directors has appointed a valuation committee comprised of independent directors, which we refer to herein as the valuation committee, to be responsible for the oversight of the valuation process. The valuation committee has adopted a valuation policy, as approved by our board of directors, and as amended from time to time, that contains a comprehensive set of methodologies to be used in connection with the calculation of our NAV. Our most recent NAV per share for each share class, which is updated as of the last calendar day of each month, is posted on our website at hinesglobalincometrust.com and is also available on our toll-free information line at (888) 220-6121. All parties engaged by us in the calculation of our NAV, including our Advisor, are subject to the oversight of our valuation committee. Generally, all of our real properties are appraised once each calendar year by third party appraisal firms in accordance with our valuation guidelines and such appraisals are reviewed by Altus Group U.S. Inc., or Altus, the independent valuation advisor we have engaged to prepare appraisal reviews and carry out a review of the calculation of the NAV for the Company. Altus reviewed the calculation of the new NAV per share of our common stock as of March 31, 2026, as set forth below.

The table below sets forth the calculation of our NAV per share of each class of shares of our common stock as of March 31, 2026 (the NAV per share is the same for each class of shares of our common stock):


	March 31, 2026
	Gross Amount
	(in thousands, except per share amount)
Investments in real estate	$	6,277,497
Investments in real estate-related securities	174,624
Cash, cash equivalents and restricted cash	186,271
Accounts receivable and other assets	97,768
DST financing obligation	(1,481,303)
Mortgage notes, term loans and revolving credit facilities	(2,065,327)
Accrued performance participation allocation	(6,101)
Payables and other liabilities	(159,705)
NAV	$	3,023,724
Shares outstanding	308,402
NAV per common share outstanding	$	9.80

The valuations of our real properties as of March 31, 2026 were reviewed by Altus in accordance with our valuation procedures. Certain key assumptions that were used in the discounted cash flow analysis, which were determined by our Advisor and reviewed by Altus, are set forth in the following table based on weighted-averages by property type. However, the table below excludes assumptions related to properties acquired in the past 12 months since the acquisition cost of these properties will serve as their value for a period of up to one year following their acquisition, in accordance with our valuation policy.


	Office	Industrial	Retail	Residential/Living	Other	Weighted-Average Basis
Capitalization rate	6.96%	5.52%	6.09%	5.49%	6.35%	5.83%
Discount rate / internal rate of return (“IRR”)	8.04%	6.99%	6.97%	7.24%	7.55%	7.27%

Average holding period (years)	8.8	8.5	10.0	9.6	6.3	8.8

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A change in the rates used would impact the calculation of the value of our real properties. For example, assuming all other factors remain constant, the changes listed below would result in the following effects on the value of our real properties:


Input	Hypothetical Change	Office	Industrial	Retail	Residential/Living	Other	Weighted-Average Values
Capitalization rate (weighted-average)	0.25% decrease	2.37%	3.19%	2.62%	2.84%	2.71%	2.87%
	0.25% increase	(2.12)%	(3.27)%	(2.41)%	(2.68)%	(2.07)%	(2.74)%
Discount rate (weighted-average)	0.25% decrease	1.95%	1.75%	1.90%	1.88%	2.09%	1.86%
	0.25% increase	(1.90)%	(1.73)%	(1.85)%	(1.82)%

HINES GLOBAL INCOME TRUST, INC. 10-Q