Hines Global Income Trust (OTCMKTS: HGIT) is a non-traded real estate investment trust that owns and operates a diversified portfolio of income-producing commercial and residential properties across the United States and internationally. Revenue comes primarily from rental income, which totaled $409.5 million for the year ended December 31, 2025, up 22% from $336.5 million in FY2024. Total revenues reached $425.2 million for FY2025. The portfolio spans office, industrial, and multifamily residential assets, plus student housing properties in the United Kingdom and Ireland. HGIT is externally managed by HGIT Advisors LP, an affiliate of Hines, under an advisory agreement that includes asset management fees calculated on aggregate real estate valuation and a 12.5% annual performance participation allocation on total returns above a 5% annual hurdle. The trust raises capital through public offerings and a distribution reinvestment plan, through which $91.2 million of the $170.0 million in total distributions declared for FY2025 were reinvested in shares. CEO Jeffrey C. Hines serves as Chairman of the Board as of the 10-K filing dated March 30, 2026.
- Revenue model
- Rental revenue is the primary income stream, totaling $409.5 million (96% of total revenues) for the year ended December 31, 2025, with other revenue of $15.7 million. The trust also earns interest and dividend income from real estate-related securities and unsold interests in properties held through its Delaware Statutory Trust (DST) Program. The external advisor earns asset management fees based on aggregate NAV and a 12.5% performance participation allocation on total returns exceeding a 5% annual hurdle.
- Products and services
- Office properties: 2,452,076 leasable square feet across domestic assets (Salt Lake City, Washington D.C., Torrance CA, San Diego CA, Chicago IL, Houston TX, Durham NC) and one international asset in London (Worship Square, acquired November 2025), 94% leased as of the filing period. Industrial properties including Bassett Technology Park (Santa Clara CA), 6000 Schertz Parkway (Schertz TX), and 900 Patrol Road. Multifamily residential including EMME (199 units, $2,929/month average effective rent), Diridon West (249 units, $3,191/month), Duboce Apartments (87 units, $4,172/month), E2 Apartments (352 units, $3,376/month), Runway (420 units, $4,387/month), and Left Bank (451 units, $2,735/month), all as of December 31, 2025. Student housing including Montrose Student Residences (210 beds, EUR 338/week), The Queen's Court Student Residences (395 beds, GBP 251/week), and Glasgow West End (606 beds, GBP 294/week), as of December 31, 2025. DST Program for structured real estate co-investment.
- Customers and end markets
- Office tenants in major U.S. markets and London. Industrial tenants in technology and logistics corridors. Multifamily residential renters in urban U.S. markets. Student housing residents in the United Kingdom and Ireland. Retail investors accessing the trust through non-traded public offerings and a distribution reinvestment plan.
- Value-chain role
- Property owner and operator, externally managed by HGIT Advisors LP (a Hines affiliate). The trust acquires, holds, and leases real estate assets. Capital is raised through public offerings and a distribution reinvestment plan. Debt financing is arranged through credit facilities with JPMorgan Chase Bank, N.A. as administrative agent.
- Geographic exposure
- United States (primary): office and industrial properties in Utah, Washington D.C., California, Illinois, Texas, and North Carolina; multifamily residential in U.S. urban markets. United Kingdom: office (London), student housing (Scotland). Ireland: student housing. As of December 31, 2025.
