Hines Global Income Trust, Inc.
| Initial Offering Date | 2014-08-20 |
| Anticipated Offering Close Date | |
| Most Recent Price per Share | ($9.84 D, $0.00 E, $9.84 I, $10.20 S, $10.20 T) |
| Reinvestment Price | ($9.84 D, $0.00 E, $9.84 I, $9.84 S, $9.84 T) |
| Selling Commission | (0.00% I, 0.00% E, 0.00% D, 3.50% S, 3.00% T) |
| Dealer Manager Fee | (0.00% I, 0.00% D, 0.00% E, 0.00% S, 0.50% T) |
| Stockholder Servicing Fee | (0.25% D, 0.00% E, 0.00% I, 0.85% S, 1.00% T) |
| Cash to Total Assets Ratio | 8% |
| Asset Type | Multifamily |
| Number of investments | 49 Properties |
| Square Feet / Units / rooms / Acres | 23.2 Million Square Feet |
| Percent Leased | 96% |
| Weighted-Average Lease Term Remaining | Not Applicable |
| LifeStage | Operational |
| Investment Style | Core |
| Weighted-Average Shares Outstanding | 280,481,000 |
Operating Performance
The REIT's recent 12-month average return on assets is below the median ROA for all NTRs for the previous four quarters. At its current cost of debt and level of borrowing, its use of debt is contributing to increased returns for shareholders.
Financing Outlook
The REIT's interest coverage ratio is below the 2.0X benchmark but the REIT does not have over 20% of debt maturing within two years or at unhedged variable rates. The REIT does not face an immediate need to refinance a significant portion of its debt, but may need to increase earnings to provide lenders with sufficient interest coverage.
Cumulative MFFO Payout
Cumulative MFFO since inception exceeds the cumulative cash distributions to common shareholders, indicating the REIT has fully funded cash distributions from its real estate operations. At the current distribution rate and level of modified funds from operations, trends suggest the distributions can be maintained.
