# EDGAR Filing Document

**Accession Number:** 0001585101
**File Stem:** 0001585101-23-000004
**Filing Date:** 2023-1
**Character Count:** 12538
**Document Hash:** fa8fada9a2c67f4d127c0832ac0d94a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001585101-23-000004.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001585101-23-000004

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HINES GLOBAL INCOME TRUST, INC.
- **CENTRAL INDEX KEY:** 0001585101
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 800947092
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-251136
- **FILM NUMBER:** 23532040

**BUSINESS ADDRESS:**
- **STREET 1:** 845 TEXAS AVENUE
- **STREET 2:** SUITE 3300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 888-220-6121

**MAIL ADDRESS:**
- **STREET 1:** 845 TEXAS AVENUE
- **STREET 2:** SUITE 3300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HINES GLOBAL REIT II, INC.
- **DATE OF NAME CHANGE:** 20130826

**Filed Pursuant to Rule 424(b)(3)**

**Registration No. 333-251136**

**HINES GLOBAL INCOME TRUST, INC.**

**SUPPLEMENT NO. 13, DATED JANUARY 17, 2023**

**TO THE PROSPECTUS, DATED APRIL 18, 2022**

This prospectus supplement (this "Supplement") is part of and should be read in conjunction with the prospectus of Hines Global Income Trust, Inc., dated April 18, 2022 (the "Prospectus"), as supplemented by Supplement No.1, dated May 16, 2022, Supplement No. 2, dated May 17, 2022, Supplement No. 3, dated June 15, 2022, Supplement No. 4 dated July 15, 2022, Supplement No. 5 dated August 15, 2022, Supplement No. 6 dated August 17, 2022, Supplement No. 7 dated September 16, 2022, Supplement No. 8 dated September 20, 2022, Supplement No. 9 dated October 17, 2022, Supplement No. 10 dated November 14, 2022, Supplement No. 11 dated November 15, 2022, and Supplement No. 12 dated December 15, 2022. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.to provide an update on the status of our current public offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.to update the offering price and transaction price for each class of our common stock for subscriptions to be accepted as of February 1, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.to disclose the calculation of our December 31, 2022 net asset value ("NAV") per share, as determined in accordance with our valuation procedures, for each of our share classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.to provide an update regarding distributions declared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.to provide an update regarding the name of our Transfer Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.to update disclosure in the "Experts" section of the Prospectus.

**A.Status of Our Offering**

We launched this offering on June 2, 2021. As of January 17, 2023, we have received gross proceeds of approximately $1.5 billion from the sale of 135.2 million shares of our common stock through our current public offering, including proceeds from our distribution reinvestment plan. As of January 17, 2023, approximately $589.6 million of our common shares remained available for sale pursuant to our current public offering in any combination of Class T Shares, Class S Shares, Class D Shares, and Class I Shares, exclusive of approximately $428.9 million of shares available under our distribution reinvestment plan. This is our third public offering, and as of January 17, 2023, we have received aggregate gross proceeds of approximately $2.9 billion from the sale of shares of our common stock through our public offerings, including proceeds from our distribution reinvestment plan.

**B.February 1, 2023 Offering Price and Transaction Price**

The transaction price for each share class of our common stock for subscriptions to be accepted as of February 1, 2023 (and repurchases as of January 31, 2023) is as follows:

---

| | | |
|:---|:---|:---|
| | **Offering Price**<sup>(1)</sup><br>**(per share)** | **Transaction Price**<sup>(1)</sup><br>**(per share)** |
| Class T | $11.28 | $10.89 |
| Class S | $11.28 | $10.89 |
| Class D | $10.89 | $10.89 |
| Class I | $10.89 | $10.89 |

---

(1)Prices presented are rounded to the nearest cent. Actual transactions are based on prices rounded to four decimals.

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The transaction price for each of our share classes is equal to such class's NAV per share as of December 31, 2022. The NAV per share as of December 31, 2022 is the same for each of our share classes. A calculation of the NAV per share is set forth below. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees.

**C.December 31, 2022 NAV Per Share**

Our board of directors has appointed a valuation committee comprised of independent directors, which we refer to herein as the valuation committee, to be responsible for the oversight of the valuation process. The valuation committee has adopted a valuation policy, as approved by our board of directors, and as amended from time to time, that contains a comprehensive set of methodologies to be used in connection with the calculation of our NAV. Our most recent NAV per share for each share class, which is updated as of the last calendar day of each month, is posted on our website at *hinesglobalincometrust.com* and is also available on our toll-free information line at (888) 220-6121. Please see "Valuation Policy and Procedures" in our Prospectus for a more detailed description of our valuation procedures, including important disclosure regarding interim real property valuations provided by our Advisor and reviewed by Altus Group U.S. Inc., or Altus, the independent valuation advisor we have engaged to prepare appraisal reviews and carry out a review of the calculation of the NAV for the Company. All parties engaged by us in the calculation of our NAV, including our Advisor, are subject to the oversight of our valuation committee. Generally, all of our real properties are appraised once each calendar year by third party appraisal firms in accordance with our valuation guidelines and such appraisals are reviewed by Altus. Altus reviewed the calculation of the new NAV per share of our common stock as of December 31, 2022, as set forth, and concurred with the calculation of the new NAV per share. Additionally, although not required by our valuation policy, our valuation committee and our board of directors have approved the NAV per share as of December 31, 2022, as calculated by us and our Advisor.

The table below sets forth the calculation of our NAV per share of each class of shares of our common stock as of December 31, 2022 and November 30, 2022 (the NAV per share is the same for each class of shares of our common stock):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **November 30, 2022** | **November 30, 2022** |
| | | **Per Share** | | **Per Share** |
| | **Gross Amount**<br>**(in thousands)** | **Per Share** | **Gross Amount**<br>**(in thousands)** | **Per Share** |
| Real estate investments | $3851588 | $15.37 | $3879769 | $15.75 |
| Other assets | 319067 | 1.27 | 330939 | 1.34 |
| Debt and other liabilities | (1442051) | (5.75) | (1471174) | (5.97) |
| NAV | $2728604 | $10.89 | $2739534 | $11.12 |
| Shares outstanding | 250583 |  | 246422 |  |

---

Our consolidated balance sheet as of December 31, 2022 includes a liability of $64.3 million related to distribution and stockholder servicing fees payable to Hines Securities, Inc. (the "Dealer Manager") in future periods with respect to shares of its common stock. The NAV per share as of December 31, 2022 does not include any liability for distribution and stockholder servicing fees that may become payable after December 31, 2022, since these fees may not ultimately be paid in certain circumstances, including if Hines Global was liquidated or if there was a listing of our common stock.

The valuations of our real properties as of December 31, 2022 were reviewed by Altus in accordance with our valuation procedures. Certain key assumptions that were used in the discounted cash flow analysis, which were determined by our Advisor and reviewed by Altus, are set forth in the following table based on weighted-averages by property type. However, the table below excludes assumptions related to any properties that were acquired in the past 12 months and are being carried at their purchase price. In accordance with our valuation policy, the acquisition cost of these properties may serve as their value for a period of up to one year following their acquisition.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Office** | **Industrial** | **Retail** | **Residential/Living** | **Other** | **Weighted-Average Basis** |
| Exit Capitalization rate | 6.12% | 5.06% | 6.52% | 5.14% | 5.81% | 5.48% |
| Discount rate / internal rate of return ("IRR") | 6.86% | 5.98% | 6.92% | 5.84% | 6.12% | 6.22% |
| Average holding period (years) | 7.4 | 9.8 | 10.0 | 10.0 | 9.9 | 9.4 |

---

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A change in the rates used would impact the calculation of the value of our real properties. For example, assuming all other factors remain constant, the changes listed below would result in the following effects on the value of our real properties:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Input** | **Hypothetical <br>Change** | **Office** | **Industrial** | **Retail** | **Residential/Living** | **Other** | **Weighted-Average Values** |
| Exit Capitalization rate<br>(weighted-average) | 0.25% decrease | 2.93% | 3.61% | 2.36% | 2.70% | 2.72% | 3.11% |
|  | 0.25% increase | (2.81)% | (3.68)% | (2.18)% | (3.47)% | (2.50)% | (3.24)% |
| Discount rate<br>(weighted-average) | 0.25% decrease | 1.95% | 2.01% | 1.91% | 1.50% | 2.09% | 1.90% |
|  | 0.25% increase | (2.02)% | (1.96)% | (1.86)% | (2.34)% | (2.02)% | (2.04)% |

---

**D.Distributions Declared**

With the authorization of our board of directors, we declared monthly distributions for the month of January 2023 for each class of our common stock at the following rates (as rounded to the nearest three decimal places):

---

| | | | |
|:---|:---|:---|:---|
| **January 2023** | **Gross Distribution** | **Distribution and Stockholder Servicing Fee** | **Net Distribution** |
| Class T Shares | $0.052 | $0.009 | $0.043 |
| Class S Shares | $0.052 | $0.008 | $0.044 |
| Class D Shares | $0.052 | $0.002 | $0.050 |
| Class I Shares | $0.052 | $— | $0.052 |
| Class AX / JX Shares | $0.052 | $— | $0.052 |
| Class TX Shares | $0.052 | $0.009 | $0.043 |
| Class IX Shares | $0.052 | $0.002 | $0.050 |

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The net distributions for each class of shares of our common stock (which represents the gross distributions less the distribution and stockholder servicing fee for each applicable class of shares of common stock) will be payable to stockholders of record as of the last business day of January 2023, and will be paid on the first business day of February 2023. These distributions will be paid in cash or reinvested in shares of our common stock for stockholders participating in our distribution reinvestment plan. Distributions reinvested pursuant to our distribution reinvestment plan will be reinvested in shares of the same class of shares as the shares on which the distributions are being made. Some or all of the cash distributions may be paid from sources other than cash flows from operations.

**E.Update Regarding the Name of Our Transfer Agent**

Our Transfer Agent, DST Systems, Inc., has changed its name to SS&C GIDS, Inc. Therefore, all reference to "DST Systems, Inc." throughout the Prospectus are hereby replaced by "SS&C GIDS, Inc."

**F.Update to Experts**

The following updates the "Experts" disclosure on page 184 of the Prospectus:

The statements included in this Supplement under Section C, "December 31, 2022 NAV Per Share," relating to the role of Altus as the independent valuation advisor, have been reviewed by Altus and are included in this Supplement given the authority of Altus as an expert in real estate valuations.

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