Hines Global Income Trust Announces September 30 NAV of $9.94
October 17, 2018 | James Sprow | Blue Vault
Hines Global Income Trust, Inc. announced on October 17 that the transaction price for each class of the Company’s common stock as of September 30, 2018, would be $9.94, which is the transaction price (i) at which distributions declared for October 2018 will be reinvested as of November 1, 2018 and (ii) applicable to redemptions completed pursuant to the Company’s share redemption program as of October 31, 2018.
The transaction price for each of the Company’s share classes is equal to such class’s net asset value (“NAV”) per share as of September 30, 2018. The NAV per share as of September 30, 2018 is the same for each of the Company’s share classes. The NAV per share as of August 31, 2018, was $9.91.
The gross amount of real estate investments increased to $808.94 million as of September 30, from $734.0 million as of August 31, 2018, or $19.69 per share compared to $18.16 per share as of August 31. Other assets increased to $2.39 per share compared to $1.13 per share. Debt and other liabilities increased to $12.14 per share as of September 30 compared to $9.38 per share as of August 31. The net result was the NAV increased from $9.91 per share as of August 31 to $9.94 per share as of September 30.
The Company has engaged Altus, the independent valuation firm, to assist in the determination of the Company’s NAV per share and to provide the Company with a conclusion with respect to the reasonableness of its NAV per share for each class of shares of the Company’s common stock. All parties engaged by the Company in the calculation of its NAV, including its Advisor, are subject to the oversight of the Company’s valuation committee. Generally, all of the Company’s real properties are appraised once each calendar year by third party appraisal firms in accordance with the Company’s valuation guidelines and such appraisals are reviewed by Altus. Altus concluded that the new NAV per share of the Company’s common stock as of September 30, 2018 is reasonable.
Source: SEC
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