Filed Pursuant to Rule 424(b)(3)
Registration No. 333-251136
HINES GLOBAL INCOME TRUST, INC.
SUPPLEMENT NO. 13, DATED MARCH 17, 2022
TO THE PROSPECTUS, DATED JUNE 2, 2021
This prospectus supplement (this “Supplement”) is part of and should be read in conjunction with the prospectus of Hines Global Income Trust, Inc., dated June 2, 2021 (the “Prospectus”), as supplemented by Supplement No. 1, dated June 16, 2021, Supplement No. 2, dated July 16, 2021, Supplement No. 3, dated August 17, 2021, Supplement No. 4, dated August 18, 2021, Supplement No. 5, dated August 26, 2021, Supplement No. 6, dated September 16, 2021, Supplement No. 7, dated October 15, 2021, Supplement No. 8, dated November 15, 2021, Supplement No. 9, dated November 15, 2021, Supplement No. 10, dated December 17, 2021, Supplement No. 11, dated January 14, 2022 and Supplement No. 12, dated February 11, 2022. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.
The purposes of this Supplement are as follows:
A.to provide an update on the status of our current public offering;
B.to update the offering price and transaction price for each class of our common stock for subscriptions to be accepted as of April 1, 2022;
C.to disclose the calculation of our February 28, 2022 net asset value (“NAV”) per share, as determined in accordance with our valuation procedures, for each of our share classes;
D.to provide an update regarding distributions declared; and
E.to update disclosure in the “Experts” section of the Prospectus.
A.Status of Our Offering
We launched this offering on June 2, 2021. As of March 17, 2022, we have received gross proceeds of approximately $603.1 million from the sale of 57.0 million shares of our common stock through our current public offering, including proceeds from our distribution reinvestment plan. As of March 17, 2022, approximately $1.42 billion of our common shares remained available for sale pursuant to our current public offering in any combination of Class T Shares, Class S Shares, Class D Shares, and Class I Shares, exclusive of approximately $475.6 million of shares available under our distribution reinvestment plan. This is our third public offering, and as of March 17, 2022, we have received aggregate gross proceeds of approximately $1.9 billion from the sale of shares of our common stock through our public offerings, including proceeds from our distribution reinvestment plan.
B.April 1, 2022 Offering Price and Transaction Price
The transaction price for each share class of our common stock for subscriptions to be accepted as of April 1, 2022 (and repurchases as of March 31, 2022) is as follows:
| | | | | | | | | | | |
| Offering Price(1) | | Transaction Price(1) |
| (per share) | | (per share) |
| Class T | $ | 11.24 | | | $ | 10.85 | |
| Class S | $ | 11.24 | | | $ | 10.85 | |
| Class D | $ | 10.85 | | | $ | 10.85 | |
| Class I | $ | 10.85 | | | $ | 10.85 | |
(1)Prices presented are rounded to the nearest cent. Actual transactions are based on prices rounded to four decimals.
The transaction price for each of our share classes is equal to such class’s NAV per share as of February 28, 2022. The NAV per share as of February 28, 2022 is the same for each of our share classes. A calculation of the NAV per share is set
forth below. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees.
C.February 28, 2022 NAV Per Share
Our board of directors has appointed a valuation committee comprised of independent directors, which we refer to herein as the valuation committee, to be responsible for the oversight of the valuation process. The valuation committee has adopted a valuation policy, as approved by our board of directors, and as amended from time to time, that contains a comprehensive set of methodologies to be used in connection with the calculation of our NAV. Our most recent NAV per share for each share class, which is updated as of the last calendar day of each month, is posted on our website at hinesglobalincometrust.com and is also available on our toll-free information line at (888) 220-6121. Please see "Valuation Policy and Procedures" in our Prospectus for a more detailed description of our valuation procedures, including important disclosure regarding interim real property valuations provided by our Advisor and reviewed by Altus Group U.S. Inc., or Altus, the independent valuation advisor we have engaged to prepare appraisal reviews and carry out a review of the calculation of the NAV for the Company. All parties engaged by us in the calculation of our NAV, including our Advisor, are subject to the oversight of our valuation committee. Generally, all of our real properties are appraised once each calendar year by third party appraisal firms in accordance with our valuation guidelines and such appraisals are reviewed by Altus. Altus reviewed the calculation of the new NAV per share of our common stock as of February 28, 2022, as set forth, and concurred with the calculation of the new NAV per share. Throughout the Prospectus, all references to Altus as the "independent valuation firm" are hereby superseded and replaced with "independent valuation advisor."
The table below sets forth the calculation of our NAV per share of each class of shares of our common stock as of February 28, 2022 and January 31, 2022 (the NAV per share is the same for each class of shares of our common stock):
| | | | | | | | | | | | | | | | | | | | | | | |
| February 28, 2022 | | January 31, 2022 |
| Gross Amount | | Per Share | | Gross Amount | | Per Share |
| (in thousands) | | | (in thousands) | |
| Real estate investments | $ | 2,970,519 | | | $ | 17.43 | | | $ | 2,870,601 | | | $ | 17.72 | |
| Other assets | 225,612 | | | 1.32 | | | 225,201 | | | 1.39 | |
| Debt and other liabilities | (1,346,817) | | | (7.90) | | | (1,342,837) | | | (8.29) | |
| | | | | | | |
| NAV | $ | 1,849,314 | | | $ | 10.85 | | | $ | 1,752,965 | | | $ | 10.82 | |
| Shares outstanding | 170,385 | | | | | 162,039 | | | |
Our consolidated balance sheet as of February 28, 2022 includes a liability of $41.2 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 February 28, 2022 does not include any liability for distribution and stockholder servicing fees that may become payable after February 28, 2022, since these fees may not ultimately be paid in certain circumstances, including if Hines Global was liquidated or if there was a listing of our common stock.
The valuations of our real properties as of February 28, 2022 were reviewed by Altus in accordance with our valuation procedures. Certain key assumptions that were used in the discounted cash flow analysis, which were determined by our Advisor and reviewed by Altus, are set forth in the following table based on weighted-averages by property type. However, the table below excludes assumptions related to properties acquired in the past 12 months since the acquisition cost of these properties will serve as their value for a period of up to one year following their acquisition, in accordance with our valuation policy.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Office | | Industrial | | Retail | | Residential/Living | | Other | | Weighted-Average Basis |
| Capitalization rate | | 6.50% | | 5.36% | | 6.68% | | 5.08% | | 5.36% | | 5.54% |
| Discount rate / internal rate of return (“IRR”) | | 6.74% | | 5.50% | | 7.42% | | 6.12% | | 6.52% | | 6.04% |
| | | | | | | | | | | | |
| Average holding period (years) | | 7.0 | | 9.7 | | 10.0 | | 10.0 | | 11.0 | | 9.7 |
A change in the rates used would impact the calculation of the value of our real properties. For example, assuming all other factors remain constant, the changes listed below would result in the following effects on the value of our real properties:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Input | | Hypothetical
Change | | Office | | Industrial | | Retail | | Residential/Living | | Other | | Weighted-Average Values |
| Capitalization rate (weighted-average) | | 0.25% decrease | | 3.31% | | 3.42% | | 2.17% | | 3.25% | | 3.08% | | 3.19% |
| | 0.25% increase | | (3.07)% | | (3.19)% | | (2.30)% | | (3.27)% | | (2.81)% | | (3.08)% |
| Discount rate (weighted-average) | | 0.25% decrease | | 1.54% | | 1.94% | | 1.78% | | 1.86% | | 2.15% | | 1.88% |
| | 0.25% increase | | (1.51)% | | (1.98)% | | (2.04)% | | (2.09)% | | (2.09)% | | (1.99)% |
D.Distributions Declared
With the authorization of our board of directors, we declared monthly distributions for the month of March 2022 for each class of our common stock at the following rates (as rounded to the nearest three decimal places):
| | | | | | | | | | | |
| March 2022 | Gross Distribution | Distribution and Stockholder Servicing Fee | Net Distribution |
| | | |
| Class T Shares | $ | 0.052 | | $ | 0.009 | | $ | 0.043 | |
| Class S Shares | $ | 0.052 | | $ | 0.008 | | $ | 0.044 | |
| Class D Shares | $ | 0.052 | | $ | 0.002 | | $ | 0.050 | |
| Class I Shares | $ | 0.052 | | $ | — | | $ | 0.052 | |
| Class AX Shares | $ | 0.052 | | $ | — | | $ | 0.052 | |
| Class TX Shares | $ | 0.052 | | $ | 0.009 | | $ | 0.043 | |
| Class IX Shares | $ | 0.052 | | $ | 0.002 | | $ | 0.050 | |
The net distributions for each class of shares of our common stock (which represents the gross distributions less the distribution and stockholder servicing fee for each applicable class of shares of common stock) will be payable to stockholders of record as of the last business day of February 2022, and will be paid on the first business day of April 2022. These distributions will be paid in cash or reinvested in shares of our common stock for stockholders participating in our distribution reinvestment plan. Distributions reinvested pursuant to our distribution reinvestment plan will be reinvested in shares of the same class of shares as the shares on which the distributions are being made. Some or all of the cash distributions may be paid from sources other than cash flows from operations.
E.Update to Experts
The following updates the “Experts” disclosure on page 180 of the Prospectus:
The statements included in this Supplement under Section C, “February 28, 2022 NAV Per Share,” relating to the role of Altus as the independent valuation advisor, have been reviewed by Altus and are included in this Supplement given the authority of Altus as an expert in real estate valuations.
