Hines Global Income Trust Lowers NAV per Share to $9.84 from $10.24
April 17, 2020
In an 8-K filing on April 16, 2020, Hines Global Income Trust, Inc. announced a new NAV per share for each class of its common stock as of March 31, 2020, at $9.84. The February 29, 2020, NAV per share was $10.24. The transaction price for each class of the Company’s common stock will be $9.84 as of March 31, 2020, which is the transaction price (i) at which distributions declared for April 2020 will be reinvested as of the first business day of May 2020 and (ii) applicable to redemptions completed pursuant to the Company’s share redemption program as of April 30, 2020.
In the announcement, the Company also stated:
“As previously disclosed, the Coronavirus (COVID-19) pandemic has had, and is expected to continue to have, an adverse impact on global commercial activity and has contributed to significant volatility in financial markets. While it is difficult to ascertain the long term impact it will have on commercial real estate markets and our investments, it presents material uncertainty and risk with respect to the current and future performance and value of our investments. Investments in real properties and real estate-related securities have not been immune to the impact of the pandemic, which was the primary cause of the decline in our NAV as of March 31, 2020 compared to the prior month’s NAV. However, we have invested in well leased, high-quality assets using modest leverage in markets positioned for value retention and resiliency and we believe our globally diversified fund is well-situated to weather this challenge.”
“Hines Global’s consolidated balance sheet as of March 31, 2020 includes a liability of $25.8 million related to distribution and stockholder servicing fees payable to Hines Securities, Inc. (the “Dealer Manager”) in future periods with respect to shares of its common stock. The NAV per share as of March 31, 2020 does not include any liability for distribution and stockholder servicing fees that may become payable after March 31, 2020, since these fees may not ultimately be paid in certain circumstances, including if Hines Global was liquidated or if there was a listing of its common stock.”
The valuations of the Company’s real properties as of March 31, 2020, were reviewed by Altus in accordance with the Company’s valuation procedures.
The Board of Directors of the Company has authorized the Company to declare distributions for the month of April 2020. The gross distribution rate will be $0.052 per share, which is subject to distribution and stockholder servicing fees for some share classes ($0.008 for Classes T, S, and TX and $0.002 for Classes D and IX). These monthly distribution rates are unchanged from those for March 2020.
Source: SEC
