Company Quick10K Filing
Hines Global Income Trust
Price-0.00 EPS-0
Shares69 P/E0
MCap-0 P/FCF-0
Net Debt645 EBIT-18
TEV645 TEV/EBIT-36
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-13
10-Q 2020-06-30 Filed 2020-08-14
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10-K 2019-12-31 Filed 2020-03-30
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10-Q 2019-06-30 Filed 2019-08-14
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8-K 2020-11-13
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8-K 2018-07-17
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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

HGIT 10Q Quarterly Report

Part I - Financial Information
Item 1. 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
EX-31.1 hgitexhibit3119302020.htm
EX-31.2 hgitexhibit3129302020.htm
EX-32.1 hgitexhibit3219302020.htm

Hines Global Income Trust Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.41.10.80.50.2-0.12014201620182020
Assets, Equity
0.10.10.0-0.0-0.1-0.12014201620182020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32014201620182020
Ops, Inv, Fin

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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 September 30, 2020
or
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)
Maryland80-0947092
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2800 Post Oak Boulevard 
Suite 5000 
HoustonTexas77056-6118
(Address of principal executive offices)(Zip code)

(888220-6121
(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 filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging 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 November 1, 2020, approximately 19.3 million shares of the registrant’s Class AX common stock, 18.8 million shares of the registrant’s Class TX common stock, 0.1 million shares of the registrant’s Class IX common stock, 39.4 million shares of the registrant’s Class T common stock, 10.1 million shares of the registrant’s Class D common stock and 14.8 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): 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Table of Contents
PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

HINES GLOBAL INCOME TRUST, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 September 30, 2020December 31, 2019
(in thousands, except per share amounts)
ASSETS  
Investment property, net$1,403,538 $1,254,304 
Investments in real estate-related securities39,680 36,491 
Cash and cash equivalents74,213 45,875 
Restricted cash18,320 10,563 
Derivative instruments310 163 
Tenant and other receivables, net15,326 14,160 
Intangible lease assets, net103,546 98,537 
Right-of-use asset, net4,261 37,606 
Deferred leasing costs, net16,154 18,418 
Deferred financing costs, net1,708 2,311 
Other assets11,425 5,129 
Assets held for sale 49,988 
Total assets$1,688,481 $1,573,545 
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued expenses$31,858 $29,838 
Due to affiliates36,540 42,782 
Intangible lease liabilities, net22,044 19,633 
Operating lease liability1,554 1,583 
Other liabilities18,605 21,428 
Derivative instruments 1,079 
Distributions payable4,665 3,837 
Note payable to affiliate 75,000 
Notes payable, net747,972 752,131 
Liabilities associated with assets held for sale 34,713 
Total liabilities863,238 982,024 
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 September 30, 2020 and December 31, 2019
  
Common shares, $0.001 par value per share (Note 6)
99 83 
Additional paid-in capital896,686 735,545 
Accumulated distributions in excess of earnings(78,207)(146,830)
Accumulated other comprehensive income (loss)6,665 2,723 
Total stockholders’ equity825,243 591,521 
Noncontrolling interests  
Total equity825,243 591,521 
Total liabilities and equity$1,688,481 $1,573,545 
See notes to the condensed consolidated financial statements.
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Table of Contents
HINES GLOBAL INCOME TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(in thousands, except per share amounts)
Revenues:
Rental revenue$29,199 $24,699 $89,319 $69,167 
Other revenue620 809 2,159 1,633 
Total revenues29,819 25,508 91,478 70,800 
Expenses:  
Property operating expenses8,566 6,450 23,779 17,155 
Real property taxes3,691 2,751 10,662 8,047 
Property management fees1,185 887 3,734 2,531 
Depreciation and amortization15,190 9,696 45,876 28,765 
Acquisition related expenses78 83 369 100 
Asset management fees2,974 2,177 8,512 5,465 
Performance participation allocation 1,053  3,650 
General and administrative expenses1,046 972 3,370 2,767 
Total expenses32,730 24,069 96,302 68,480 
Other income (expenses):
Gain (loss) on derivative instruments(867)(97)7,602 (1,284)
Gain (loss) on investments in real estate-related securities866 1,199 (3,736)2,527 
Gain on sale of real estate39  130,140  
Foreign currency gains (losses)283 (1,186)(862)(1,522)
Interest expense(5,455)(4,257)(15,850)(12,772)
Interest and other income440 624 1,152 993 
Income (loss) before benefit (provision) for income taxes(7,605)(2,278)113,622 (9,738)
Benefit (provision) for income taxes594 505 2,432 516 
Provision for income taxes related to sale of real estate  (7,773) 
Net income (loss)(7,011)(1,773)108,281 (9,222)
Net (income) loss attributable to noncontrolling interests(3)(3)(10)(10)
Net income (loss) attributable to common stockholders$(7,014)$(1,776)$108,271 $(9,232)
Basic and diluted income (loss) per common share$(0.07)$(0.03)$1.15 $(0.16)
Weighted average number of common shares outstanding97,520 68,913 93,769 57,732 
Comprehensive income (loss):
Net income (loss)$(7,011)$(1,773)$108,281 $(9,222)
Other comprehensive income (loss):
Foreign currency translation adjustment14,072 (9,265)3,942 (9,194)
Comprehensive income (loss)$7,061 $(11,038)$112,223 $(18,416)
Comprehensive (income) loss attributable to noncontrolling interests(3)(3)(10)(10)
Comprehensive income (loss) attributable to common stockholders$7,058 $(11,041)$112,213 $(18,426)

See notes to the condensed consolidated financial statements.
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Table of Contents
HINES GLOBAL INCOME TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
(In thousands)
Hines Global Income Trust, Inc. Stockholders
 Common SharesAdditional Paid-in CapitalAccumulated Distributions in Excess of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ EquityNoncontrolling Interests
SharesAmount
Balance as of January 1, 202081,847 $83 $735,545 $(146,830)$2,723 $591,521 $ 
Issuance of common shares10,735 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, 202092,118 $95 $835,226 $(117,482)$(12,890)$704,949 $ 
Issuance of common shares4,822 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, 202095,903 $97 $868,235 $(57,398)$(7,407)$803,527 $ 
Issuance of common shares3,827 3 37,684 — — 37,687 — 
Distributions declared— — — (13,795)— (13,795)(3)
Redemption of common shares(837)(1)(7,246)— — (7,247)— 
Selling commissions, dealer manager fees and distribution and stockholder servicing fees— — (1,032)— — (1,032)— 
Offering costs— — (955)— — (955)— 
Net income (loss)— — — (7,014)— (7,014)3 
Foreign currency translation adjustment— — — — 14,072 14,072 — 
Balance as of September 30, 202098,893 $99 $896,686 $(78,207)$6,665 $825,243 $ 
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Table of Contents
Hines Global Income Trust, Inc. Stockholders
 Common SharesAdditional Paid-in CapitalAccumulated Distributions in Excess of EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders’ Equity Noncontrolling Interests
SharesAmount
Balance as of January 1, 201943,584 $44 $371,274 $(91,711)$(874)$278,733 $ 
Issuance of common shares6,109 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— — — — (2,020)(2,020)— 
Balance as of March 31, 201949,331 $51 $424,540 $(102,417)$(2,894)$319,280 $ 
Issuance of common shares11,785 11 121,908 — — 121,919 — 
Distributions declared— — — (8,062)— (8,062)(4)
Redemption of common shares(402) (3,111)— — (3,111)— 
Selling commissions, dealer manager fees and distribution and stockholder servicing fees— — (8,511)— — (8,511)— 
Offering costs— — (1,048)— — (1,048)— 
Net income (loss)— — — (3,454)— (3,454)4 
Foreign currency translation adjustment— — — — 2,091 2,091 — 
Balance as of June 30, 201960,714 $62 $533,778 $(113,933)$(803)$419,104 $ 
Issuance of common shares12,064 11 124,687 — — 124,698 — 
Distributions declared— — — (9,708)— (9,708)(3)
Redemption of common shares(282)(1)(3,480)