Business Overview: Hines Global Income Trust, Inc. (OTC: HGIT)

Executive Summary

Hines Global Income Trust, Inc. is a Maryland corporation formed in 2013 as a non-traded, perpetual-life real estate investment trust (REIT) that raises capital through public stock offerings and invests in commercial real estate in the U.S. and internationally. Unlike an exchange-listed REIT, HGIT's shares have no public trading market; redemptions are instead priced off the company's most recently determined net asset value (NAV) per share.

The trust has raised roughly $4.0 billion in gross offering proceeds through its public offerings, plus $1.2 billion net through a private DST (Delaware Statutory Trust) program, and at December 31, 2025 it owned interests in 55 properties totaling about 24.4 million square feet. It is externally managed by HGIT Advisors LP, an affiliate of global real estate firm Hines — giving the trust access to Hines' roughly 4,600 employees across 383 cities and 30 countries for sourcing and managing deals, but also meaning the trust itself has no employees of its own.

1. Core Business Model & How They Work

[ Investor Capital (Public Offerings + Private DST Program) ] ➡️ [ HGIT Advisors / Hines Sourcing ] ➡️ [ Commercial Property Acquisitions (US + Netherlands + UK) ] ➡️ [ Rental Income & Property Appreciation ] ➡️ [ Distributions to Shareholders, Priced off NAV ] ```

As a non-traded REIT, HGIT's economics are straightforward: raise capital from retail and institutional investors, deploy it into income-producing commercial real estate sourced and managed by its Hines-affiliated advisor, collect rent, and pay the advisor asset management fees plus a performance participation allocation. Because shares don't trade on an exchange, liquidity for investors comes through periodic share repurchases priced at NAV rather than market price discovery.

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## 2. Portfolio Composition

| Dimension | Breakdown | Why It Matters |
|---|---|---|
| **Property count / size** | 55 properties, ~24.4 million square feet | A meaningfully diversified portfolio by property count, reducing single-asset concentration risk. |
| **Geography (by pro rata value)** | 71% United States, 13% United Kingdom, 9% The Netherlands, ~7% other | Primarily U.S.-weighted with real but modest international diversification. |
| **Industry concentration (by leased sq. ft.)** | ~28% transportation & warehousing, 17% retail, 11% retail-online/catalog | A logistics/industrial tilt consistent with the broader post-2020 institutional shift toward warehouse and fulfillment real estate. |
| **Tenant concentration** | No tenant over 10% of 2025 rental revenue | Healthy tenant diversification limits exposure to any single lessee's credit risk. |

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## 3. External Manager Relationship

HGIT has **no employees**; **HGIT Advisors LP**, an affiliate of sponsor **Hines**, manages the business under an advisory agreement, for which the trust pays asset management fees and a performance participation allocation, plus expense reimbursements. Hines affiliates separately provide **property management and leasing services** for additional fees. Hines itself — controlled by Chairman and CEO **Jeffrey C. Hines** — is one of the largest privately held real estate firms globally, which the filing cites as an advantage in sourcing deal flow the trust could not access on its own.

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## 4. Competitive Landscape

HGIT competes with other **real estate companies, REITs, and institutional and foreign investors** for both properties to acquire and tenants to lease them to. Its differentiator is not a unique property type but the sourcing and execution capability of its external manager: Hines' scale (4,600 employees, 383 cities, 30 countries) gives HGIT access to deal flow and underwriting expertise that a smaller, self-managed REIT or private investor typically could not replicate.

Broad Deal-Sourcing Reach (via Hines network) │ HGIT ─────────────────────┤ (Hines-advised) │ │ Narrow Reach ───────────────┼─────────────── Broad Reach │ │──── Smaller, self-managed │ non-traded REITs Narrow Deal-Sourcing Reach

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## 5. Strategic Strengths & Risks

**Strengths**
- **Sponsor scale and sourcing**: Access to Hines' global platform gives HGIT deal-flow and underwriting advantages a smaller or self-managed vehicle would lack.
- **Diversified, logistics-tilted portfolio**: A 55-property, 24.4-million-square-foot portfolio with a meaningful transportation/warehousing weighting aligns with durable secular demand for logistics real estate.
- **No material tenant concentration**: No single tenant exceeding 10% of rental revenue reduces idiosyncratic lease-default risk.

**Risks**
- **External manager conflicts**: Fees paid to Hines-affiliated entities for advisory, property management, and leasing services create inherent potential conflicts between what benefits Hines and what benefits HGIT shareholders directly.
- **Illiquidity**: As a non-traded REIT, investors depend on periodic, NAV-priced share repurchases rather than an open market for liquidity — a real structural risk if repurchase demand is capped or suspended.
- **Leverage**: About $2.4 billion in outstanding indebtedness against the portfolio means refinancing conditions and interest rates materially affect returns to shareholders.

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## 6. Financial Overview

| Metric | Context |
|---|---|
| **~$4.0B raised (public) + $1.2B net (private DST)** | Demonstrates substantial capital-raising success for a non-traded vehicle. |
| **55 properties / 24.4M sq. ft.** | A scale portfolio diversified across markets and property uses. |
| **Outstanding debt: ~$2.4 billion** | A meaningful leverage layer that amplifies both returns and interest-rate sensitivity. |
| **No tenant >10% of rental revenue** | Reflects disciplined tenant diversification across the portfolio. |

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## 7. Summary Conclusion

Hines Global Income Trust offers retail and institutional investors access to a diversified, logistics-tilted global commercial real estate portfolio through the sourcing and management capability of one of the world's largest private real estate firms — an advantage a standalone, self-managed vehicle of similar size could not easily replicate. That advantage comes bundled with the structural trade-offs of the non-traded REIT format: external-manager fee layers, NAV-based rather than market-based liquidity, and meaningful leverage. The central forward risk is less about the underlying real estate and more about structure — sustained investor demand for share repurchases and continued favorable refinancing of its roughly $2.4 billion in debt will matter as much to shareholder outcomes as the performance of the 55 underlying properties themselves.