Hines Global: 38% of payouts from nonoperating cash
The presentation says distributions exceeded earnings and 38% of six-month 2026 distributions used cash flows from sources other than operating activities.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Hines Global Income Trust, Inc. (HGIT) reported that stockholders at its September 29, 2026 annual meeting elected all seven director nominees to one-year terms ending at the 2027 annual meeting and ratified Deloitte & Touche as the independent registered public accounting firm for fiscal 2026. Chief Operating Officer Omar Thowfeek's presentation put gross asset value at $6.886 billion as of August 31, 2026, up approximately 33% from $5.182 billion as of August 31, 2025. It listed 56 investments, net asset value of $3.35 billion and a 30% leverage ratio.
The portfolio was 94% leased based on June 30, 2026 data. The presentation said distributions exceeded earnings. For the six months ended June 30, 2026, 53% of declared distributions were funded with proceeds from shares issued under the distribution reinvestment plan and 38% with cash flows from sources other than operating activities; the remaining balance came from operating activities. It stated that distributions from sources other than operating activities leave less funds available for property acquisitions and may reduce stockholders' overall return.
0 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointDistributions exceeded earnings; 38% of six-month declarations were funded by cash flows from sources other than operating activities.
Filing Explained
The presentation says all distributions for 2025 were return of capital, reducing cost basis and potentially affecting tax when shares are sold.
This 8-K furnishes Hines Global Income Trust’s annual-meeting presentation, which says the company has satisfied all eligible redemption requests since inception but that its board may amend or suspend the program, so future access to redemptions is not assured.
The presentation says
8-K Event Classification
3 items: 5.07, 7.01, 9.01
3 items
Item 5.07
Submission of Matters to a Vote of Security Holders
Governance
Results of a shareholder vote on proposals at an annual or special meeting.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Gross asset value: $6.886 billion
Gross asset value increase: Approximately 33%
Net asset value: $3.35 billion
+5 more
8 metrics
Gross asset value
$6.886 billion
As of August 31, 2026
Gross asset value increase
Approximately 33%
Over the 12 months ended August 31, 2026
Net asset value
$3.35 billion
As of August 31, 2026
Leverage ratio
30%
As of August 31, 2026
Leased
94%
Based on data as of June 30, 2026
Investments
56
As of August 31, 2026
Distributions funded by DRP share issuance proceeds
53%
Six months ended June 30, 2026
Distributions funded by cash flows from sources other than operating activities
38%
Six months ended June 30, 2026
Key Terms
Gross Asset Value, net asset value, distribution reinvestment plan, return of capital, +1 more
5 terms
Gross Asset Value financial
"Gross Asset Value1"
Gross asset value is the total market value of all a company’s or fund’s assets before any debts, reserves, fees or other deductions are taken out. Investors care because it shows the raw size and composition of what is owned—like the full contents of a suitcase before removing baggage fees—helping assess scale, growth and the starting point for calculating net value per share.
net asset value financial
"net asset value (“NAV”) per share"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
distribution reinvestment plan financial
"distribution reinvestment plan (“DRP”)"
An automatic program that uses cash distributions—such as dividends or other payouts—from a stock or fund to buy additional shares of the same security instead of handing out cash to the investor. Think of it like using store credit you’d otherwise pocket to buy more items: it makes your holding grow over time without you having to manually reinvest, which can compound returns, reduce transaction costs and change the timing of taxable income.
return of capital financial
"a portion of Hines Global's distribution represents a return of capital"
Return of capital is when an investor receives money from their investment that is not considered profit or earnings but rather a portion of the original amount they invested. It’s similar to getting back part of your initial savings rather than gains from it. This matters because it can affect how much money an investor still has in the investment and may have tax implications.
implied cap rate financial
"Sold $312M at a 5.4% implied cap rate"
The implied cap rate is a way to estimate how much income a property is expected to generate relative to its current value. Think of it like a return on investment, similar to how a savings account offers interest; a higher rate suggests a potentially better income yield. Investors use this measure to compare different properties and gauge whether a property is priced fairly based on its expected income.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Who did HGIT stockholders elect as directors in 2026?
Stockholders elected Jeffrey C. Hines, David L. Steinbach, Laura Hines-Pierce, John O. Niemann, Jr., Dougal A. Cameron, Ruth J. Simmons and Diane S. Paddison. Each was elected to a one-year term ending at the 2027 annual meeting.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | |||||
__________________________________
(Exact name of registrant as specified in its charter)
Commission file number: 000-55599
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| (Address of principal executive offices) | (Zip code) | |||||||
( | ||||||||
| (Registrant’s telephone number, including area code) | ||||||||
| Not Applicable | ||||||||
| Former name or former address, if changed since last report | ||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.07 Submission of Matters to a Vote of Security Holders.
On September 29, 2026, the Company held its annual meeting of stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders (1) elected each of the seven nominees listed below to serve as directors for a one year term ending on the date of the 2027 annual meeting of stockholders, provided that each director will continue in office until their successor has been duly elected and qualifies, or until the earlier of their death, removal, resignation or retirement, and (2) ratified the selection of Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu Limited, and their respective affiliates (collectively “Deloitte & Touche”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026.
The voting results for each of the seven persons nominated to serve as directors are as follows:
| For | Against | Authority Withheld or Abstained from Voting | |||||||||
| Jeffrey C. Hines | 87,831,473 | 1,172,928 | 4,205,181 | ||||||||
| David L. Steinbach | 87,475,291 | 1,212,299 | 4,521,992 | ||||||||
| Laura Hines-Pierce | 87,643,743 | 1,344,379 | 4,221,460 | ||||||||
| John O. Niemann, Jr. | 86,228,861 | 2,447,903 | 4,532,818 | ||||||||
| Dougal A. Cameron | 86,037,791 | 2,519,782 | 4,652,009 | ||||||||
| Ruth J. Simmons | 85,991,223 | 2,728,743 | 4,489,616 | ||||||||
| Diane S. Paddison | 86,242,162 | 2,483,945 | 4,483,475 | ||||||||
In addition to the voting described above, there were 66,655,849 broker non-votes with respect to the election of the seven persons nominated to serve as directors. Broker non-votes are counted as present and entitled to vote for purposes of determining a quorum. A broker non-vote occurs when a broker holding shares of the Company’s common stock for a beneficial owner is present at the meeting, in person or by proxy, and entitled to vote, but does not vote on a particular proposal because the broker does not have discretionary voting power with respect to that item and has not received voting instructions from the beneficial owner. A broker non-vote is not an indication of how the beneficial owner would have voted; it simply means that the beneficial owner did not instruct the broker as to how to vote his or her shares.
With respect to the proposal to ratify the selection of Deloitte & Touche as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026, stockholders holding 152,348,948 shares voted in favor of the proposal, stockholders holding 1,569,980 shares voted against the proposal and stockholders holding 5,946,503 shares abstained from voting on the proposal. There were no broker non-votes with respect to this proposal because the brokers had discretionary voting power with respect to this proposal.
Item 7.01 Regulation FD Disclosure.
Omar Thowfeek, Hines Global Income Trust Inc.'s (the “Company”) Chief Operating Officer, made a presentation at the Company’s annual meeting of stockholders on September 29, 2026. The Company is making such presentation available to stockholders by furnishing the presentation as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Item 7.01 of this Current Report on Form 8-K, including the exhibit hereto, is furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18. The information in this Item 7.01 of this Current Report on Form 8-K, including the exhibit furnished herewith, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description | ||||
| 99.1 | 2026 Stockholder Meeting Presentation | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
Statements in this Current Report on Form 8-K, and the exhibit furnished herewith, including but not limited to intentions, beliefs, expectations or projections relating to items such as the timing of payment of distributions and the Company’s strategic priorities are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Such statements are based on current expectations and assumptions with respect to, among other things, future economic, competitive and market conditions and future business decisions that may prove incorrect or inaccurate. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the risks described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company’s other filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on any forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Hines Global Income Trust, Inc. | |||||||||||||||||
| September 29, 2026 | By: | /s/ A. Gordon Findlay | |||||||||||||||
Name: A. Gordon Findlay | |||||||||||||||||
Title: Chief Accounting Officer, Treasurer and Secretary | |||||||||||||||||
Hines Global Income Trust 2 0 2 6 A N N U A L M E E T I N G O F S T O C K H O L D E R S O M A R T H O W F E E K , C H I E F O P E R A T I N G O F F I C E R
2 H I N E S | C O N F I D E N T I A L & P R O P R I E T A R Y 2026 ANNUAL MEETING OF STOCKHOLDERS Portfolio Snapshot Past performance cannot guarantee future results. Diversification does not guarantee a profit or eliminate the risk of loss. 1. As of August 31, 2026. Property values were determined based on the estimated value of each real estate investment, which are consistent with the values used to determine the net asset value (“NAV”) per share of Hines Global Income Trust, Inc. (“Hines Global”) on that date. Hines Global’s portfolio includes, from time to time, certain properties that are part of Hines Global’s DST Program. See Hines Global’s prospectus for more information. 2. The percentage leased and square footage are based on data as of June 30, 2026. 3. “Other” property type includes a self-storage portfolio, data center, call center, medical office, media production studios and mixed-use properties as of August 31, 2026. United States 72% International 28% Investment Locations1 Industrial 30% Residential/Living 28% Retail 19% Office 17% Other 6% Property Types1,3 $6.89B Gross Asset Value1 56 Investments1 $5.23B Gross Asset Value (ex DST) 1 30% Leverage Ratio1 $3.35B Net Asset Value1 94% Leased2
H I N E S | C O N F I D E N T I A L & P R O P R I E T A R Y 3 2026 ANNUAL MEETING OF STOCKHOLDERS Performance Update1 (as of August 31, 2026) Diversification across strategic product types and geographies Investing worldwide for diversification, income and growth Income-driven vehicle with total return upside potential through value generation at the property levelClass I Share Tax Equivalent Distribution Rate4 Class I Share Current Gross Annualized Distribution Rate3 6.36% 10.09% Class I Share Inception-To- Date Total Return2 6.89% 6.50% Class I Share 1-Year Total Return2 1. Data as of August 31, 2026. Past performance does not guarantee future results. Diversification does not guarantee a profit or eliminate the risk of loss. 2. The inception date for Class I, Class D, Class S and Class T shares is December 6, 2017. Total return for Class I shares assumes reinvestment of distributions. Class I shares and Class D shares are sold without an up-front sales load. Class T shares and Class S shares are subject to the maximum up-front selling commission and dealer manager fees, which total 3.5% for both share classes. The 1-year total returns for Class D, S, S (with sales load), T and T (with sales load) are 6.62%, 5.99%, 2.23%, 5.83%, and 2.08%, respectively. Please go to www.hinesglobalincometrust.com/performance for the 3-year, 5-year, and inception-to-date (“ITD”) returns of Hines Global’s other share classes. Individual stockholder returns will vary. The total returns shown reflect the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any distributions per share declared during the period. The total returns shown are calculated assuming reinvestment of distributions pursuant to Hines Global’s distribution reinvestment plan (“DRP”), are derived from unaudited financial information, and are net of all Hines Global expenses, including general and administrative expenses, transaction related expenses, management fees, the performance participation allocation, and share class specific fees, but exclude the impact of early redemption deductions on the redemption of shares that have been outstanding for less than one year. Total returns would be lower if calculated assuming that distributions were not reinvested. The returns have been prepared using unaudited data and valuations of the underlying investments in Hines Global’s portfolio, which are estimates of fair value and form the basis for Hines Global’s NAV per share. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. Returns are non-inclusive of any potential tax implications. 3. Distribution rate for Class I shares as of August 31, 2026. This distribution rate is calculated as a percentage of NAV and assumes the gross distribution rate declared in August 2026 is maintained for one year. The rate is calculated as the gross annualized distribution rate less annualized distribution and stockholder servicing fees payable, as applicable. The amount of distribution and stockholder servicing fees payable is expected to vary each month and the rate for a particular stockholder will vary. Class I shares are sold without a distribution and stockholder servicing fee. The availability and timing of distributions Hines Global may pay are uncertain and cannot be assured. Distributions have exceeded earnings. If Hines Global pays distributions from sources other than cash flow from operations, Hines Global will have less funds available for the acquisition of properties, and stockholders’ overall return may be reduced. For the year ended December 31, 2025 and the six months ended June 30, 2026, Hines Global funded 54% and 53%, respectively, of distributions declared for those periods using proceeds from the issuance of shares pursuant to its DRP, and funded 32% and 38%, respectively, using cash flows from sources other than operating activities, which may include cash flows from investing activities, such as proceeds from the sale of assets or cash flows from financing activities, such as proceeds from debt financings. The remaining balance of the distributions declared during those periods were funded with cash flows from operating activities. Distributions generally are automatically reinvested pursuant to Hines Global’s DRP unless an investor opts out. However, automatic reinvestment is not permitted in certain states or by certain broker dealers. See the prospectus for details. 4. The tax equivalent distribution rate measures what an investor would have to earn on a fully taxable investment to match the after-tax distribution generated when a portion of Hines Global's distribution represents a return of capital ("ROC"). ROC is that portion of a distribution that is not taxed in the current year, but instead reduces the cost basis for the shares. This means that rather than paying taxes on that portion of the distribution at the investor's ordinary tax rate for the current year, the investor pays taxes at the capital gains rate when the investor sells the shares. The tax benefit of ROC may be temporary and could result in the recognition of additional gain, or of a smaller tax loss, upon a later disposition of the shares. Assumes a 100% return of capital, 37% U.S. Federal tax bracket, and does not take into consideration the impact of state and local taxes. The portion of distributions characterized as a ROC will vary from year to year, such that the tax equivalent distribution rate may be closer to or the same as the net annualized distribution rate. For the year ended December 31, 2025, 100% of Hines Global's distributions were characterized as a ROC. Additionally, the rate does not reflect the impact of owning shares in a qualified account where 100% of distributions would be tax deferred. The tax equivalent distribution rate presented is a hypothetical illustration provided for informational purposes only. The actual tax equivalent distribution rate will vary by investor based on the investor's federal income tax rate and other factors. This is not intended as tax advice. Investors should consult their own tax advisors regarding their individualized tax equivalent distribution rate.
H I N E S | C O N F I D E N T I A L & P R O P R I E T A R Y 4 2026 ANNUAL MEETING OF STOCKHOLDERS Portfolio Update • Increased GAV by approximately 33% over the last twelve months 6 • Raised $1.9 billion of equity through DST Program since inception • Continue to review opportunities globally on a risk-adjusted basis • Satisfied 100% of eligible redemption requests since inception 1 • Consistently paid distributions to stockholders 2 • No significant near-term debt maturities • Executed 1.6M+ SF of new and renewal leasing 3 • Achieved positive same-store NOI change 4 • Maintained average mid-90% occupancy and 5.4 years WALT 3,5 • Sold $312M at a 5.4% implied cap rate with accretive reinvestment 8 • Leverage Hines’ integrated operating platform for mixed-use synergies • Delivered Madrid Logistics with initial leasing above underwriting Navigating Headwinds Resilient Portfolio Deploying Capital Adding Hines Alpha 7 Past performance cannot guarantee future results 1. The Hines Global board of directors may amend or suspend the Hines Global share redemption program without stockholder approval; stockholders may not be able to redeem their shares. The share redemption program is subject to additional terms and limitations 2. The timing and amount of distributions will be determined by Hines Global's board of directors, in its discretion, and may vary from time to time; distributions cannot be ensured 3. Over the last twelve months ended June 30, 2026 4. Same-store NOI change represents the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 5. Weighted Average Lease Term 6. Based on gross asset value (“GAV”) of $5.182B at August 31, 2025 and $6.886B at August 31, 2026 7. Hines Interests Limited Partnership (“Hines”) is the sponsor of Hines Global. "Alpha" is used to measure the ability of an investment manager to select and efficiently manage superior assets. Alpha is calculated as the difference in unlevered internal rate of return (“IRR”) over the hold period to the Hines asset and the benchmark unlevered IRR of the same market and property type over the exact same hold period. 8. Over the last twelve months ended August 31, 2026
