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Hines Global Income Trust

Financials

Price	-0.00	EPS	-0
Shares	69	P/E	0
MCap	-0	P/FCF	-0
Net Debt	645	EBIT	-18
TEV	645	TEV/EBIT	-36
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-06-30	Filed 2020-08-14
10-Q	2020-03-31	Filed 2020-05-15
10-K	2019-12-31	Filed 2020-03-30
10-Q	2019-09-30	Filed 2019-11-13
10-Q	2019-06-30	Filed 2019-08-14
10-Q	2019-03-31	Filed 2019-05-14
10-K	2018-12-31	Filed 2019-03-29
10-Q	2018-09-30	Filed 2018-11-14
10-Q	2018-06-30	Filed 2018-08-14
10-Q	2018-03-31	Filed 2018-05-11
10-K	2017-12-31	Filed 2018-03-29
10-Q	2017-09-30	Filed 2017-11-09
10-Q	2017-06-30	Filed 2017-08-14
10-Q	2017-03-31	Filed 2017-05-15
10-K	2016-12-31	Filed 2017-03-27
10-Q	2016-09-30	Filed 2016-11-09
10-Q	2016-06-30	Filed 2016-08-12
10-Q	2016-03-31	Filed 2016-05-10
10-K	2015-12-31	Filed 2016-03-24
10-Q	2015-09-30	Filed 2015-11-09
10-Q	2015-06-30	Filed 2015-08-13
10-Q	2015-03-31	Filed 2015-05-13
10-K	2014-12-31	Filed 2015-03-25
10-Q	2014-09-30	Filed 2014-11-10

Reports

8-K	2020-09-09	Shareholder Vote, Regulation FD, Exhibits
8-K	2020-08-31	Regulation FD, Other Events, Exhibits
8-K	2020-08-17	Other Events, Exhibits
8-K	2020-07-17	Other Events, Exhibits
8-K	2020-07-06	Regulation FD, Other Events, Exhibits
8-K	2020-06-22
8-K	2020-06-16
8-K	2020-05-14
8-K	2020-04-29
8-K	2020-04-21
8-K	2020-04-20
8-K	2020-04-16
8-K	2020-03-19
8-K	2020-03-17
8-K	2020-02-19
8-K	2020-02-13
8-K	2020-01-29
8-K	2020-01-27
8-K	2020-01-16
8-K	2019-12-18
8-K	2019-12-17
8-K	2019-12-11
8-K	2019-12-11
8-K	2019-11-21
8-K	2019-11-14
8-K	2019-11-14
8-K	2019-10-17
8-K	2019-09-30
8-K	2019-09-26
8-K	2019-09-25
8-K	2019-09-24
8-K	2019-09-19
8-K	2019-09-16
8-K	2019-08-16
8-K	2019-07-17
8-K	2019-06-14
8-K	2019-05-23
8-K	2019-05-16
8-K	2019-05-06
8-K	2019-04-29
8-K	2019-04-15
8-K	2019-04-12
8-K	2019-03-15
8-K	2019-02-14
8-K	2019-01-16
8-K	2018-12-31
8-K	2018-12-18
8-K	2018-12-14
8-K	2018-12-13
8-K	2018-11-15
8-K	2018-11-08
8-K	2018-10-17
8-K	2018-10-03
8-K	2018-10-01
8-K	2018-10-01
8-K	2018-09-20
8-K	2018-09-14
8-K	2018-09-04
8-K	2018-08-17
8-K	2018-08-16
8-K	2018-08-01
8-K	2018-07-27
8-K	2018-07-17
8-K	2018-07-09
8-K	2018-06-15
8-K	2018-06-01
8-K	2018-05-15
8-K	2018-05-01
8-K	2018-04-16
8-K	2018-04-02
8-K	2018-03-30
8-K	2018-03-06
8-K	2018-03-01
8-K	2018-02-01
8-K	2018-01-02

Hines Global Income Trust Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

hgit-20200630

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 000-55599

Hines Global Income Trust, Inc.

(Exact name of registrant as specified in its charter)


Maryland			80-0947092
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2800 Post Oak Boulevard
Suite 5000
Houston	Texas	77056-6118
(Address of principal executive offices)			(Zip code)

(888) 220-6121

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

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.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 1, 2020, approximately 18.7 million shares of the registrant’s Class AX common stock, 19.6 million shares of the registrant’s Class TX common stock, 0.1 million shares of the registrant’s Class IX common stock, 37.4 million shares of the registrant’s Class T common stock, 9.4 million shares of the registrant’s Class D common stock and 12.2 million shares of the registrant’s Class I common stock were outstanding.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1.

Condensed Consolidated Financial Statements (Unaudited):

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Condensed Consolidated Statements of Equity

Condensed Consolidated Statements of Cash Flows

Notes to the Condensed Consolidated Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

HINES GLOBAL INCOME TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	June 30, 2020		December 31, 2019
	(in thousands, except per share amounts)
ASSETS
Investment property, net	$	1,266,124	$	1,254,304

Investments in real estate-related securities	37,653		36,491
Cash and cash equivalents	71,558		45,875
Restricted cash	6,122		10,563
Derivative instruments	337		163
Tenant and other receivables, net	14,589		14,160
Intangible lease assets, net	81,923		98,537
Right-of-use asset, net	4,153		37,606
Deferred leasing costs, net	15,757		18,418
Deferred financing costs, net	1,909		2,311


Other assets	10,107		5,129
Assets held for sale	—		49,988
Total assets	$	1,510,232	$	1,573,545
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued expenses	$	28,319	$	29,838
Due to affiliates	37,596		42,782
Intangible lease liabilities, net	16,865		19,633
Operating lease liability	1,510		1,583
Other liabilities	12,519		21,428
Derivative instruments	—		1,079
Distributions payable	4,501		3,837
Note payable to affiliate	—		75,000
Notes payable, net	605,395		752,131
Liabilities associated with assets held for sale	—		34,713
Total liabilities	706,705		982,024

Commitments and contingencies (Note 11)	—		—

Equity:
Stockholders’ equity:
Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none issued or outstanding as of June 30, 2020 and December 31, 2019	—		—
Common shares, $0.001 par value per share (Note 6)	97		83
Additional paid-in capital	868,235		735,545
Accumulated distributions in excess of earnings	(57,398)		(146,830)

Accumulated other comprehensive income (loss)	(7,407)		2,723
Total stockholders’ equity	803,527		591,521
Noncontrolling interests	—		—
Total equity	803,527		591,521
Total liabilities and equity	$	1,510,232	$	1,573,545

See notes to the condensed consolidated financial statements.

Table of Contents

HINES GLOBAL INCOME TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three and Six Months Ended June 30, 2020 and 2019

(UNAUDITED)


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands, except per share amounts)
Revenues:
Rental revenue	$	27,001	$	23,018	$	60,120	$	44,468
Other revenue	813		536		1,539		823
Total revenues	27,814		23,554		61,659		45,291
Expenses:
Property operating expenses	7,139		5,170		15,213		10,706
Real property taxes	3,489		2,699		6,971		5,297
Property management fees	1,192		940		2,549		1,644
Depreciation and amortization	14,457		9,741		30,686		19,069
Acquisition related expenses	274		13		291		17
Asset management fees	2,747		1,801		5,538		3,288

Performance participation allocation	—		1,476		—		2,597
General and administrative expenses	1,286		948		2,324		1,795
Total expenses	30,584		22,788		63,572		44,413

Other income (expenses):

Gain (loss) on derivative instruments	1,514		(77)		8,470		(1,187)
Gain (loss) on investments in real estate-related securities	3,136		161		(4,601)		1,327
Gain on sale of real estate	80,457		—		130,101		—
Foreign currency gains (losses)	1,374		(267)		(1,145)		(336)
Interest expense	(4,463)		(4,317)		(10,395)		(8,514)
Interest and other income	159		244		710		372
Income (loss) before benefit (provision) for income taxes	79,407		(3,490)		121,227		(7,460)
Benefit (provision) for income taxes	1,906		40		1,838		11
Provision for income taxes related to sale of real estate	(7,773)		—		(7,773)		—
Net income (loss)	73,540		(3,450)		115,292		(7,449)
Net (income) loss attributable to noncontrolling interests	(4)		(4)		(7)		(7)
Net income (loss) attributable to common stockholders	$	73,536	$	(3,454)	$	115,285	$	(7,456)
Basic and diluted income (loss) per common share	$	0.77	$	(0.06)	$	1.23	$	(0.14)
Weighted average number of common shares outstanding	95,490		57,004		93,900		52,049











Comprehensive income (loss):
Net income (loss)	$	73,540	$	(3,450)	$	115,292	$	(7,449)
Other comprehensive income (loss):
Foreign currency translation adjustment	5,483		2,091		(10,130)		71
Comprehensive income (loss)	$	79,023	$	(1,359)	$	105,162	$	(7,378)
Comprehensive (income) loss attributable to noncontrolling interests	(4)		(4)		(7)		(7)
Comprehensive income (loss) attributable to common stockholders	$	79,019	$	(1,363)	$	105,155	$	(7,385)

See notes to the condensed consolidated financial statements.

Table of Contents

HINES GLOBAL INCOME TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Six Months Ended June 30, 2020 and 2019

(UNAUDITED)

(In thousands)


Hines Global Income Trust, Inc. Stockholders
	Common Shares					Additional Paid-in Capital		Accumulated Distributions in Excess of Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity		Noncontrolling Interests
	Shares	Amount
Balance as of January 1, 2020	81,847	$	83	$	735,545	$	(146,830)	$	2,723	$	591,521	$	—
Issuance of common shares	10,735	12		112,179		—		—		112,191		—

Distributions declared	—	—		—		(12,401)		—		(12,401)		(3)
Redemption of common shares	(464)	—		(5,395)		—		—		(5,395)		—
Selling commissions, dealer manager fees and distribution and stockholder servicing fees	—	—		(6,240)		—		—		(6,240)		—
Offering costs	—	—		(863)		—		—		(863)		—
Net income (loss)	—	—		—		41,749		—		41,749		3
Foreign currency translation adjustment	—	—		—		—		(15,613)		(15,613)		—

Balance as of March 31, 2020	92,118	$	95	$	835,226	$	(117,482)	$	(12,890)	$	704,949	$	—
Issuance of common shares	4,822	3		49,404		—		—		49,407		—
Distributions declared	—	—		—		(13,452)		—		(13,452)		(4)
Redemption of common shares	(1,037)	(1)		(11,399)		—		—		(11,400)		—
Selling commissions, dealer manager fees and distribution and stockholder servicing fees	—	—		(4,009)		—		—		(4,009)		—
Offering costs	—	—		(987)		—		—		(987)		—
Net income (loss)	—	—		—		73,536		—		73,536		4
Foreign currency translation adjustment	—	—		—		—		2,323		2,323		—
Foreign currency translation adjustment reclassified into earnings	—	—		—		—		3,160		3,160		—
Balance as of June 30, 2020	95,903	$	97	$	868,235	$	(57,398)	$	(7,407)	$	803,527	$	—


Hines Global Income Trust, Inc. Stockholders
	Common Shares							Additional Paid-in Capital			Accumulated Distributions in Excess of Earnings			Accumulated Other Comprehensive Income (Loss)			Total Stockholders’ Equity	Noncontrolling Interests
	Shares	Amount
Balance as of January 1, 2019	43,584	$	44	$	371,274	$	(91,711)		$	(874)		$	278,733		$	—
Issuance of common shares	6,109	7		62,886		—			—			62,893			—

Distributions declared	—	—		—		(6,704)			—			(6,704)			(3)
Redemption of common shares	(362)	—		(4,014)		—			—			(4,014)			—
Selling commissions, dealer manager fees and distribution and stockholder servicing fees	—	—		(4,366)		—			—			(4,366)			—
Offering costs	—	—		(1,240)		—			—			(1,240)			—
Net income (loss)	—	—		—		(4,002)			—			(4,002)			3
Foreign currency translation adjustment	—	—		—		—			(

EX-10.1	ex101bishopscontractfo.htm
EX-31.1	hgitexhibit3116302020.htm
EX-31.2	hgitexhibit3126302020.htm
EX-32.1	hgitexhibit3216302020.htm

HGIT 10Q Quarterly Report

Hines Global Income Trust Earnings 2020-06-30