Hines Global Income Trust, Inc. (HGIT)

Price$5.50Cached quoteAs of 2026-09-05 01:37 UTC

AI: Undervalued

Price checkHGIT is an OTC-quoted, non-exchange-listed REIT trading far below its latest reported NAV.

Hines Global Income Trust, Inc. is quoted on OTC Markets as HGIT, while its SEC filing says no securities are registered on a national exchange under Section 12(b). The observable OTC quote sits about 44% below the company’s July-end NAV. That gap supports an Undervalued verdict, but the quote shows essentially no normal trading volume, so the discount may reflect severe illiquidity rather than a bargain investors can readily realize.

Big picturePortfolio growth is strong, but operating cash still does not comfortably support distributions.

For the first half of 2026, revenue rose 35% to $262.7 million, largely from acquisitions, while net income fell to $30.3 million from $89.0 million. Funds from operations, or FFO—a REIT measure that removes real-estate depreciation and some gains—rose to $55.2 million. Yet operating cash flow was only $8.5 million, and just 9% of distributions came from operating cash; 53% was reinvested in shares and 38% came from other sources.

Business strengthDiversification, liquidity, and hedged debt help, although near-term refinancing remains a meaningful risk.

At June 30, HGIT held $284.0 million of cash and about $2.1 billion of debt, down from $2.4 billion at year-end. About 97% of debt was fixed-rate or effectively capped, limiting immediate rate shocks, and the revolving facility had no borrowings against $650 million of stated capacity. Still, average debt maturity was only 2.2 years. Same-store revenue rose 2% in the first half, while same-store property income after operating expenses rose just 1%, showing modest organic growth.

What could change the storyThe outcome depends on property values, refinancing costs, distribution coverage, and disciplined share issuance.

Bull case: recent acquisitions lift rental cash flow, refinancing gets cheaper, and property capitalization rates—market yields used to value real estate—fall. Management’s sensitivity analysis says a 0.25-point cap-rate decline would raise weighted property values about 2.85%. Bear case: cap rates rise 0.25 point, cutting values about 2.69%, refinancing stays expensive, and distributions remain underfunded by operations. First-half share issuance exceeded redemptions, so continued capital raising and distribution reinvestment can dilute existing holders unless NAV and cash flow grow proportionately.

AI: News

Second-quarter filingThe August filing showed acquisition-led revenue growth, higher FFO, but weak operating cash coverage.

On August 14, 2026, HGIT filed its second-quarter Form 10-Q. First-half revenue increased 35% year over year and FFO rose to $55.2 million, but net income dropped to $30.3 million and operating cash flow was only $8.5 million. The filing also said 38% of distributions were funded from sources other than operating cash, underscoring that headline income growth has not yet translated into durable distribution coverage.

Charlotte acquisition closesHGIT added a stabilized Charlotte mixed-use property, extending its recent acquisition program.

On July 20, 2026, HGIT acquired Design Center of the Carolinas in Charlotte for about $170 million before transaction costs and closing prorations. The roughly 239,000-square-foot property was 88% leased and combines retail with workspace uses. The purchase adds another stabilized asset to the portfolio, but it also increases the importance of converting new acquisitions into stronger recurring cash flow rather than relying heavily on external financing.

Austin and Chicago buysThe trust bought Austin office and Chicago retail assets with high reported leasing levels.

A July 13, 2026 SEC filing disclosed two recent U.S. acquisitions. HGIT bought Wicker Park Commons in Chicago for about $70 million; the approximately 183,000-square-foot retail property was 95% leased. It also bought 405 Colorado in Austin for about $151 million; the roughly 206,000-square-foot office property was 100% leased. The deals show selective office exposure alongside necessity-oriented retail and continued use of new capital for growth.

September NAV updateThe latest monthly NAV update showed a modest increase in stated portfolio value.

On August 17, 2026, HGIT filed its September 1 transaction-price update using July 31 net asset value, or NAV. Total NAV increased to about $3.33 billion from about $3.29 billion at June 30, while shares and operating-partnership units outstanding also increased. NAV is the estimated value of assets minus liabilities; for this non-exchange-listed REIT it is more informative than the thin OTC quote, though it remains model-based rather than a liquid market price.

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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$15.7M	$12.5M	$10.3M	$7.7M	$4.1M	$3.2M	$2.1M	$1.1M	$59.7M	$24.3M	$9.4M	$94,000
Gross profit	$263.7M	$214.3M	$190.2M	$160.3M	—	—	—	—	—	—	—	—
Gross margin	1,675.42%	1,721.21%	1,841.47%	2,085.27%	—	—	—	—	—	—	—	—
Operating expenses	$402.2M	$309.7M	$294.2M	$276.2M	$203.5M	$138.2M	$106.7M	$70.9M	$67.7M	$32.6M	$13.7M	$1.4M
Operating income	−$386.5M	−$297.2M	−$283.9M	−$268.5M	−$199.5M	−$135.0M	−$104.6M	−$69.9M	−$8.0M	−$8.2M	−$4.2M	−$1.3M
Operating margin	−2,455.81%	−2,387.13%	−2,749.09%	−3,494.16%	−4,891.05%	−4,183.63%	−4,930.22%	−6,572.72%	−13.43%	−33.87%	−45.10%	−1,391.49%
EBITDA	−$223.0M	−$164.2M	−$153.5M	−$143.9M	−$111.4M	−$66.3M	−$58.4M	−$37.4M	$21.7M	$7.1M	−$37,000	−$1.3M
EBITDA margin	−1,416.94%	−1,318.47%	−1,486.80%	−1,872.82%	−2,730.68%	−2,054.28%	−2,752.33%	−3,517.40%	36.28%	29.27%	−0.39%	−1,339.36%
Net income	$17.3M	−$47.2M	−$38.6M	−$48.1M	−$39.2M	$101.5M	−$19.6M	−$892,000	−$17.2M	−$11.4M	−$5.7M	−$1.1M
Net profit margin	109.87%	−378.69%	−373.78%	−625.86%	−960.42%	3,147.55%	−922.25%	−83.91%	−28.80%	−46.63%	−60.04%	−1,213.83%
Basic EPSper basic share	$0.06	-$0.18	-$0.15	-$0.23	-$0.31	$1.06	-$0.31	-$0.02	-$0.48	-$0.62	-$1.06	-$14.63
Diluted EPSper diluted share	$0.06	-$0.18	-$0.15	-$0.23	-$0.31	$1.06	-$0.31	-$0.02	-$0.48	-$0.62	-$1.06	-$14.63

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 4 reported holders of HGIT
Holder	Shares held
Niemann John O. Jr.	62.2K
Cameron Dougal A	46.57K
SIMMONS RUTH J	39.02K
DETERING PADDISON DIANE S	15.62K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Hines Global Income Trust, Inc. (HGIT)

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