Hines Global Income Trust reported an increase in the value of its real estate investments in July as the nontraded REIT continued an active period of portfolio expansion, including acquisitions in Austin, Chicago and Charlotte.
According to an August 17 filing with the Securities and Exchange Commission, the value attributed to Hines Global Income Trust’s real estate investments increased to approximately $6.71 billion as of July 31, 2026, from approximately $6.45 billion at June 30. On a per-share basis, the value attributed to real estate investments increased to $19.79 from $19.16.
The changes contributed to the REIT’s monthly NAV calculation, which incorporates not only the estimated value of its real estate investments but also cash, other assets, debt and other liabilities. Hines Global establishes NAV for each share class monthly, with those values generally determining the following month’s transaction price for purchases and eligible redemptions under the REIT’s share redemption program.
The July valuation period coincided with several recent additions to the portfolio. In July, Hines Global acquired 405 Colorado, a 206,000-square-foot Class AA office tower in downtown Austin, and Wicker Park Commons, a 183,000-square-foot grocery-anchored shopping center in Chicago.
The Austin acquisition is particularly notable as Hines Global selectively increases its exposure to high-quality U.S. office properties following the sector’s significant post-pandemic repricing. The property is 100% leased to tenants including JPMorgan Chase, Bain & Company and AllianceBernstein. Hines said its research indicates improving U.S. office fundamentals, including three consecutive quarters of positive net absorption through the first quarter of 2026.
Wicker Park Commons, meanwhile, is 99% leased and anchored by Jewel-Osco and Lowe’s. Hines characterized the acquisition as part of its continued emphasis on necessity-based retail with durable income characteristics.
Later in July, Hines Global added the Design Center of the Carolinas in Charlotte for approximately $170 million, excluding transaction costs and closing adjustments. The 239,000-square-foot mixed-use property combines approximately 122,000 square feet of retail space with 117,000 square feet of creative office space and was 88% leased at acquisition.
The three acquisitions illustrate Hines Global’s current approach to portfolio construction: selectively adding office properties where the manager sees improving fundamentals while continuing to invest in retail and mixed-use assets positioned in high-growth or high-barrier-to-entry markets.
The portfolio expansion comes as Hines sees signs that commercial real estate is moving into a new investment cycle following several years of repricing. Hines Research has pointed to improving values across portions of global real estate and estimates that approximately half of the roughly 800 markets it tracks have entered what the firm considers a potential buying window.
For investors in a nontraded REIT, however, increases in underlying property values do not translate directly into an equivalent increase in per-share NAV. Debt, cash, other assets and liabilities all factor into the calculation. Property valuations also represent estimates rather than realized sale prices.
Hines Global uses independent third-party appraisals as part of its valuation process, with Altus Group serving as its independent valuation advisor. The REIT calculates NAV monthly, providing investors and financial professionals with a regular measure of changes in the estimated value of the portfolio and other components of the fund’s balance sheet.
The July results provide a timely look at how Hines Global’s portfolio is evolving as the manager moves from navigating real estate’s recent repricing toward selectively deploying capital into sectors and markets where it sees opportunities for durable income and longer-term appreciation.
