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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (September) Tj ET Q q 0 0 0 rg BT 95.42 718.25 Td (1, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.92 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 130.24 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 136.17 718.25 Td (ransaction Price Distribution Reinvestment Plan and Shar) Tj ET Q q 0 0 0 rg BT 392.37 718.25 Td (e Redemption Pr) Tj ET Q q 0 0 0 rg BT 464.40 718.25 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 694.25 Td (Per the terms of the distribution reinvestment plan of Hines Global Income ) Tj ET Q q 0 0 0 rg BT 373.97 694.25 Td (T) Tj ET Q q 0 0 0 rg BT 379.73 694.25 Td (rust, Inc. \(the Company\), distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (issued to participants in the plan will be reinvested in additional shares of the class of the Company) Tj ET Q q 0 0 0 rg BT 449.69 682.25 Td (s common stock to which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (such distributions relate at a price equal to the transaction price applicable to such class of common shares on the date the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (shares are issued. In addition, subject to the limitations of and restrictions on the Company) Tj ET Q q 0 0 0 rg BT 417.48 658.25 Td (s share redemption program, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (subject to funds being available as described in the program, shares redeemed under the Company) Tj ET Q q 0 0 0 rg BT 444.65 646.25 Td (s share redemption program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (will be redeemed at a price equal to the transaction price applicable to such class of common shares at the time the shares are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (redeemed; provided, that, shares that have not been outstanding for at least one year will be redeemed at 95% of the transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (price \(unless such 5% holding discount is waived under the limited circumstances described in the Company) Tj ET Q q 0 0 0 rg BT 486.90 610.25 Td (s share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 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3 M 515.25 524.75 m 561.25 524.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.95 529.43 Td (Class ) Tj ET Q q 0 0 0 rg BT 197.14 529.43 Td (T) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.30 529.43 Td (Class S) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.45 529.43 Td (Class D) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 529.43 Td (Class I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 529.43 Td (Class ) Tj ET Q q 0 0 0 rg BT 393.16 529.43 Td (AX) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.25 529.43 Td (Class ) Tj ET Q q 0 0 0 rg BT 443.44 529.43 Td (TX) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.55 529.43 Td (Class IX) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.95 529.43 Td (Class JX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 514.42 Td (T) Tj ET Q q 0 0 0 rg BT 57.51 514.42 Td (ransaction Price \(per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 504.42 Td (share\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.75 504.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.90 504.42 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.75 504.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.90 504.42 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.75 504.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.90 504.42 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.75 504.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.90 504.42 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.75 504.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 504.42 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 504.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.90 504.42 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.75 504.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.90 504.42 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.75 504.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 504.42 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 476.25 Td (The transaction price for each of the Company's share classes is equal to such class) Tj ET Q q 0 0 0 rg BT 407.02 476.25 Td (s net asset value \("NA) Tj ET Q q 0 0 0 rg BT 494.79 476.25 Td (V"\) per share as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 464.25 Td (July31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 464.25 Td (. ) Tj ET Q q 0 0 0 rg BT 119.32 464.25 Td (The NA) Tj ET Q q 0 0 0 rg BT 150.52 464.25 Td (V) Tj ET Q q 0 0 0 rg BT 157.56 464.25 Td ( per share as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.59 464.25 Td (July31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.76 464.25 Td ( is the same for each of the Company's share classes. ) Tj ET Q q 0 0 0 rg BT 490.11 464.25 Td (A) Tj ET Q q 0 0 0 rg BT 496.78 464.25 Td ( description of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (the calculation of the NA) Tj ET Q q 0 0 0 rg BT 149.29 452.25 Td (V) Tj ET Q q 0 0 0 rg BT 156.33 452.25 Td ( per share is set forth below) Tj ET Q q 0 0 0 rg BT 266.20 452.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (July31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.34 428.25 Td ( NA) Tj ET Q q 0 0 0 rg BT 120.99 428.25 Td (V) Tj ET Q q 0 0 0 rg BT 128.04 428.25 Td ( Per) Tj ET Q q 0 0 0 rg BT 145.34 428.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 168.22 428.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 404.25 Td (The Company's board of directors has appointed a valuation committee comprised of independent directors, which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (refer to herein as the valuation committee, to be responsible for the oversight of the valuation process. ) Tj ET Q q 0 0 0 rg BT 462.52 392.25 Td (The valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (committee has adopted a valuation policy) Tj ET Q q 0 0 0 rg BT 215.19 380.25 Td (, as approved by the Company's board of directors, and as amended from time to time, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (that contains a comprehensive set of methodologies to be used in connection with the calculation of the Company's NA) Tj ET Q q 0 0 0 rg BT 525.45 368.25 Td (V) Tj ET Q q 0 0 0 rg BT 532.49 368.25 Td ( which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (is more fully described below) Tj ET Q q 0 0 0 rg BT 167.71 356.25 Td (. ) Tj ET Q q 0 0 0 rg BT 172.53 356.25 Td (The Company's most recent NA) Tj ET Q q 0 0 0 rg BT 299.68 356.25 Td (V) Tj ET Q q 0 0 0 rg BT 306.72 356.25 Td ( per share for each share class, which is updated as of the last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (calendar day of each month, is posted on the Company's website at https://www) Tj ET Q q 0 0 0 rg BT 368.64 344.25 Td (.hinessecurities.com/current-of) Tj ET Q q 0 0 0 rg BT 492.30 344.25 Td (ferings/hgit/ and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (is also available on the Company's toll-free information line at \(888\) 220-6121. Please see the Company's valuation policy) Tj ET Q q 0 0 0 rg BT 538.45 332.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (incorporated by reference into this Current Report on Form 8-K as Exhibit 99.1, for a more detailed description of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 308.25 Td (s valuation procedures, including important disclosure regarding interim real property valuations provided by its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (Advisor and reviewed by ) Tj ET Q q 0 0 0 rg BT 152.25 296.25 Td (Altus Group U.S., Inc., or ) Tj ET Q q 0 0 0 rg BT 257.81 296.25 Td (Altus, the independent valuation firm the Company has engaged to assist in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (the determination of the Company's NA) Tj ET Q q 0 0 0 rg BT 208.04 284.25 Td (V) Tj ET Q q 0 0 0 rg BT 215.08 284.25 Td ( per share and to provide the Company with a conclusion with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (reasonableness of its NA) Tj ET Q q 0 0 0 rg BT 147.91 272.25 Td (V) Tj ET Q q 0 0 0 rg BT 154.95 272.25 Td ( per share for each class of shares of the Company's common stock. ) Tj ET Q q 0 0 0 rg BT 427.23 272.25 Td (All parties engaged by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (Company in the calculation of its NA) Tj ET Q q 0 0 0 rg BT 198.18 260.25 Td (V) Tj ET Q q 0 0 0 rg BT 204.11 260.25 Td (, including its ) Tj ET Q q 0 0 0 rg BT 260.78 260.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 292.61 260.25 Td (, are subject to the oversight of the Company's valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (committee. Generally) Tj ET Q q 0 0 0 rg BT 135.48 248.25 Td (, all of the Company's real properties are appraised once each calendar year by third party appraisal firms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (in accordance with the Company's valuation guidelines and such appraisals are reviewed by ) Tj ET Q q 0 0 0 rg BT 418.68 236.25 Td (Altus. ) Tj ET Q q 0 0 0 rg BT 447.30 236.25 Td (Altus concluded that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (new NA) Tj ET Q q 0 0 0 rg BT 81.81 224.25 Td (V) Tj ET Q q 0 0 0 rg BT 88.86 224.25 Td ( per share of the Company's common stock as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.61 224.25 Td (July31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.78 224.25 Td ( set forth below is reasonable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 200.25 Td (The table below sets forth the calculation of the Company's NA) Tj ET Q q 0 0 0 rg BT 325.22 200.25 Td (V) Tj ET Q q 0 0 0 rg BT 332.26 200.25 Td ( per share of each class of shares of its common stock as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 188.25 Td (July31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 188.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.94 188.25 Td (June30, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.77 188.25 Td ( \(the NA) Tj ET Q q 0 0 0 rg BT 223.47 188.25 Td (V) Tj ET Q q 0 0 0 rg BT 230.51 188.25 Td ( per share is the same for each class of shares of the Company's common stock\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 136.75 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 136.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 136.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 136.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 136.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 136.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 136.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 136.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 110.75 226.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 110.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 110.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 110.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 110.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 110.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 110.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 110.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 82.75 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 82.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 82.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 82.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 82.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 82.75 68.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 82.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 82.75 68.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 164.75 m 344 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 164.75 m 348 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 164.75 m 416 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 164.75 m 490 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 164.75 m 494 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 164.75 m 562 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 136.75 m 344 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 136.75 m 416 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 136.75 m 490 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 136.75 m 562 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 136.75 m 344 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 136.75 m 416 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 136.75 m 490 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 136.75 m 562 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 95.75 m 344 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 95.75 m 416 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 95.75 m 490 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 95.75 m 562 95.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.55 168.48 Td (July 31, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.45 168.48 Td (June 30, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.60 155.43 Td (Gr) Tj ET Q q 0 0 0 rg BT 290.73 155.43 Td (oss) Tj ET Q q 0 0 0 rg BT 305.64 155.43 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.40 141.43 Td (Per) Tj ET Q q 0 0 0 rg BT 375.30 141.43 Td ( Shar) Tj ET Q q 0 0 0 rg BT 398.18 141.43 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.60 155.43 Td (Gr) Tj ET Q q 0 0 0 rg BT 436.73 155.43 Td (oss) Tj ET Q q 0 0 0 rg BT 451.64 155.43 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.40 141.43 Td (Per) Tj ET Q q 0 0 0 rg BT 521.30 141.43 Td ( Shar) Tj ET Q q 0 0 0 rg BT 544.18 141.43 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.05 141.43 Td (\(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.05 141.43 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 128.32 Td (Real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.50 127.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 127.32 Td (1,187,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.50 127.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 127.32 Td (18.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 127.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 127.32 Td (1,190,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 127.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 127.32 Td (19.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 115.32 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 114.32 Td (105,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 114.32 Td (1.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 114.32 Td (69,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 114.32 Td (1.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 101.32 Td (Debt and other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.30 100.47 Td (\(637,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 100.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.30 100.47 Td (\(9.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 100.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 100.47 Td (\(644,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 100.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 100.47 Td (\(10.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 100.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 87.32 Td (NA) Tj ET Q q 0 0 0 rg BT 69.30 87.32 Td (V) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.50 86.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 86.32 Td (655,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.50 86.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 86.32 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 86.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 86.32 Td (615,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 86.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 86.32 Td (10.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 74.32 Td (Shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 73.32 Td (64,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 73.32 Td (60,708) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (Hines Global) Tj ET Q q 0 0 0 rg BT 127.83 742.10 Td (s consolidated balance sheet as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 742.10 Td (July31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.17 742.10 Td (includes a liability of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.87 742.10 Td ($17.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.76 742.10 Td ( related to distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (and stockholder servicing fees payable to Hines Securities, Inc., \(the "Dealer Manager"\) in future periods with respect to shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (of its common stock. ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 135.88 725.03 8.43 -9.09 re f /GS0 gs q 0 0 0 rg BT 135.88 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.20 718.10 Td (T) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.31 718.10 Td (he NA) Tj ET Q q 0 0 0 rg BT 169.40 718.10 Td (V) Tj ET Q q 0 0 0 rg BT 176.44 718.10 Td ( per share as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.47 718.10 Td (July31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.64 718.10 Td (does not include any liability for distribution and stockholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (servicing fees that may become payable after) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.47 706.10 Td (July31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.64 706.10 Td (, since these fees may not ultimately be paid in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (circumstances, including if Hines Global was liquidated or if there was a listing of its common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 670.10 Td (The valuations of the Company's real properties as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.91 670.10 Td (July31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.08 670.10 Td (were reviewed by ) Tj ET Q q 0 0 0 rg BT 417.60 670.10 Td (Altus in accordance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (Company's valuation procedures. Certain key assumptions that were used in the discounted cash flow analysis, which were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (determined by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 187.06 646.10 Td ( II ) Tj ET Q q 0 0 0 rg BT 198.17 646.10 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 247.35 646.10 Td (, the Company's ) Tj ET Q q 0 0 0 rg BT 313.59 646.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 345.41 646.10 Td (, and reviewed by ) Tj ET Q q 0 0 0 rg BT 418.45 646.10 Td (Altus, are set forth in the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (table based on weighted-averages by property type. However) Tj ET Q q 0 0 0 rg BT 296.51 634.10 Td (, the table below excludes assumptions related to properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (acquired in the past 12 months since the acquisition cost of these properties will serve as their value for a period of up to one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (year following their acquisition, in accordance with our valuation policy) Tj ET Q q 0 0 0 rg BT 338.21 610.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 576.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.75 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.75 576.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.75 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.75 576.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.75 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.75 576.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.75 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.75 576.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.75 576.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 547.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.75 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.75 547.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.75 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.75 547.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.75 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.75 547.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.75 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.75 547.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.75 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.75 547.60 71.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.75 576.6 m 308.75 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.75 576.6 m 365.75 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.75 576.6 m 422.75 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.75 576.6 m 486.75 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.75 576.6 m 561.75 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.75 576.6 m 308.75 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.75 576.6 m 365.75 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.75 576.6 m 422.75 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.75 576.6 m 486.75 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.75 576.6 m 561.75 576.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.70 581.28 Td (Office) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.85 581.28 Td (Industrial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.45 581.28 Td (Retail) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.45 590.33 Td (Residential/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.85 580.33 Td (Living) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.30 591.28 Td (W) Tj ET Q q 0 0 0 rg BT 513.75 591.28 Td (eighted-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.45 581.28 Td (A) Tj ET Q q 0 0 0 rg BT 502.93 581.28 Td (verageBasis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 566.27 Td (Capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.30 567.22 Td (5.55%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.80 567.22 Td (5.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.80 567.22 Td (6.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 567.22 Td (5.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 567.22 Td (5.82%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 552.27 Td (Discount rate / internal rate of return \(IRR\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.30 552.72 Td (6.06%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.80 552.72 Td (6.66%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.80 552.72 Td (6.97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 552.72 Td (6.91%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 552.72 Td (6.53%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 537.27 Td (A) Tj ET Q q 0 0 0 rg BT 59.73 537.27 Td (verage holding period \(years\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 537.72 Td (8.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 537.72 Td (7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 537.72 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 538.22 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.50 537.72 Td (9.2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.10 Td (A) Tj ET Q q 0 0 0 rg BT 78.67 509.10 Td ( change in the rates used would impact the calculation of the value of the Company's real properties. For example, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (assuming all other factors remain constant, the changes listed below would result in the following ef) Tj ET Q q 0 0 0 rg BT 450.33 497.10 Td (fects on the value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (Company's real properties:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 451.60 94.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.25 451.60 5.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.25 451.60 66.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.25 451.60 5.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 451.60 62.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.25 451.60 5.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.25 451.60 62.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.25 451.60 5.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.25 451.60 62.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 451.60 5.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.25 451.60 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.25 451.60 5.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.25 451.60 76.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 404.60 94.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 143.25 404.60 5.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.25 404.60 66.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.25 404.60 5.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.25 404.60 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.25 404.60 5.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.25 404.60 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.25 404.60 5.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.25 404.60 62.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 404.60 5.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.25 404.60 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.25 404.60 5.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.25 404.60 76.00 -23.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 451.6 m 143.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.25 451.6 m 214.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 451.6 m 281.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.25 451.6 m 348.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.25 451.6 m 415.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.25 451.6 m 480.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.25 451.6 m 561.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 451.6 m 281.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.25 451.6 m 348.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.25 451.6 m 415.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.25 451.6 m 480.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.25 451.6 m 561.25 451.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.75 456.28 Td (Input) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.75 466.28 Td (Hypothetical) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.85 456.28 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.20 456.28 Td (Office) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.85 456.28 Td (Industrial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.45 456.28 Td (Retail) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.95 465.33 Td (Residential/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.35 455.33 Td (Living) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.30 466.28 Td (W) Tj ET Q q 0 0 0 rg BT 510.75 466.28 Td (eighted-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.70 456.28 Td (A) Tj ET Q q 0 0 0 rg BT 497.18 456.28 Td (verage) Tj ET Q q 0 0 0 rg BT 527.81 456.28 Td (V) Tj ET Q q 0 0 0 rg BT 534.12 456.28 Td (alues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.75 442.17 Td (Capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.75 432.17 Td (\(weighted-average\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.30 442.72 Td (0.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 432.72 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.80 437.72 Td (3.54%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.80 437.72 Td (3.69%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.80 437.72 Td (2.27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.30 437.72 Td (3.61%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.80 437.72 Td (3.27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.30 419.17 Td (0.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.85 409.17 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 414.22 Td (\(3.22\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.50 414.22 Td (\(3.37\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.50 414.22 Td (\(2.10\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 414.22 Td (\(3.37\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 414.22 Td (\(3.00\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.75 396.17 Td (Discount rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.75 386.17 Td (\(weighted-average\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.30 396.17 Td (0.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 386.17 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.80 391.22 Td (1.80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.80 391.22 Td (1.43%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.80 391.22 Td (1.84%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.30 391.22 Td (1.89%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.80 391.22 Td (1.80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.30 373.17 Td (0.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.85 363.17 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 368.22 Td (\(1.76\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.50 368.22 Td (\(1.40\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.50 368.22 Td (\(1.80\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 368.22 Td (\(1.85\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 368.22 Td (\(1.76\)%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (August 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.57 742.25 Td ( Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 718.25 Td (The board of directors of the Company has authorized the Company to declare distributions for the month of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.56 718.25 Td (August ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 706.25 Td (. Distributions for each class of the Company) Tj ET Q q 0 0 0 rg BT 255.85 706.25 Td (s common stock will be as follows \(as rounded to the nearest three decimal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (places\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 649.75 242.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.25 649.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.25 649.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.25 649.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 619.75 242.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.25 619.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.25 619.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.25 619.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 589.75 242.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.25 589.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.25 589.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.25 589.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 559.75 242.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.25 559.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.25 559.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.25 559.75 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 649.75 m 291.25 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.25 649.75 m 381.25 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.25 649.75 m 471.25 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.25 649.75 m 561.25 649.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 654.43 Td (August 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.95 654.43 Td (Gr) Tj ET Q q 0 0 0 rg BT 308.08 654.43 Td (oss Distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.30 674.43 Td (Distribution and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.00 664.43 Td (Stockholder) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.00 654.43 Td (Servicing Fee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.85 654.43 Td (Net Distribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 639.42 Td (Class ) Tj ET Q q 0 0 0 rg BT 75.83 639.42 Td (T) Tj ET Q q 0 0 0 rg BT 81.76 639.42 Td ( Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.75 639.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.90 639.42 Td (0.052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 639.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.90 639.42 Td (0.008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.75 639.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 639.42 Td (0.044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 624.42 Td (Class S Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.75 624.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.90 624.42 Td (0.052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 624.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.90 624.42 Td (0.008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.75 624.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 624.42 Td (0.044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 609.42 Td (Class D Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.75 609.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.90 609.42 Td (0.052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 609.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.90 609.42 Td (0.002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.75 609.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 609.42 Td (0.050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 594.42 Td (Class I Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.75 594.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.90 594.42 Td (0.052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 594.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.40 594.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.75 594.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 594.42 Td (0.052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 579.42 Td (Class ) Tj ET Q q 0 0 0 rg BT 75.64 579.42 Td (AX Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.75 579.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.90 579.42 Td (0.052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 579.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.40 579.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.75 579.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 579.42 Td (0.052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 564.42 Td (Class ) Tj ET Q q 0 0 0 rg BT 75.83 564.42 Td (TX Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.75 564.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.90 564.42 Td (0.052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 564.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.90 564.42 Td (0.008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.75 564.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 564.42 Td (0.044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 549.42 Td (Class IX Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.75 549.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.90 549.42 Td (0.052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.75 549.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.90 549.42 Td (0.002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.75 549.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 549.42 Td (0.050) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.25 Td (The net distributions for each class of shares of the Company) Tj ET Q q 0 0 0 rg BT 319.71 521.25 Td (s common stock \(which represents the gross distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (less the distribution and stockholder servicing fee for each applicable class of shares of common stock\) will be payable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (stockholders of record as of the close of business on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.01 497.25 Td (August31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.40 497.25 Td (, and will be paid on the first business day of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.04 497.25 Td (September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 485.25 Td (. ) Tj ET Q q 0 0 0 rg BT 74.32 485.25 Td (These distributions will be paid in cash or reinvested in shares of the Company) Tj ET Q q 0 0 0 rg BT 392.86 485.25 Td (s common stock for stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (participating in the Company) Tj ET Q q 0 0 0 rg BT 169.20 473.25 Td (s distribution reinvestment plan. Distributions reinvested pursuant to the Company) Tj ET Q q 0 0 0 rg BT 502.49 473.25 Td (s distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td (reinvestment plan will be reinvested in shares of the same class of shares as the shares on which the distributions are being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (made. Some or all of the cash distributions may be paid from sources other than cash flows from operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (Item 9.01 Financial Statements and Exhibits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (\(d\) Exhibits:) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52.5 379.0833984375 m 99.1650390625 379.0833984375 l s q 0 0 0 rg BT 52.50 380.42 Td (Exhibit No.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 379.0833984375 m 157.1552734375 379.0833984375 l s q 0 0 0 rg BT 110.50 380.42 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 366.32 Td (99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 366.32 Td (V) Tj ET Q q 0 0 0 rg BT 116.61 366.32 Td (aluation Policy and Procedures \(filed as Exhibit 99.1 to the Registrant's Current Report on Form 8-K on ) Tj ET Q q 0 0 0 rg BT 533.90 366.32 Td (April ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 356.32 Td (16, 2018, and incorporated by reference herein\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 341.32 Td (99.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 341.32 Td (Consent of Independent ) Tj ET Q q 0 0 0 rg BT 208.35 341.32 Td (V) Tj ET Q q 0 0 0 rg BT 214.46 341.32 Td (aluer) Tj ET Q q 0 0 0 rg BT 234.05 341.32 Td (, ) Tj ET Q q 0 0 0 rg BT 238.50 341.32 Td (Altus Group U.S. Inc.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 312.25 Td (This Current Report on Form 8-K contains forward-looking statements \(including, without limitation, statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (concerning the NA) Tj ET Q q 0 0 0 rg BT 124.29 300.25 Td (V) Tj ET Q q 0 0 0 rg BT 131.34 300.25 Td ( per share, assumptions made in determining the NA) Tj ET Q q 0 0 0 rg BT 340.28 300.25 Td (V) Tj ET Q q 0 0 0 rg BT 347.32 300.25 Td ( per share, future payments of cash distributions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (future reinvestments of cash distributions and future redemptions, and intentions, beliefs, expectations or projections relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (the timing and payment of distributions described herein\) that are based on the Company) Tj ET Q q 0 0 0 rg BT 408.02 276.25 Td (s current expectations, plans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (estimates, assumptions, and beliefs that involve numerous risks and uncertainties, including, without limitation, the Company) Tj ET Q q 0 0 0 rg BT 554.70 264.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (ability to maintain occupancy levels and lease rates at its properties, the Company) Tj ET Q q 0 0 0 rg BT 380.23 252.25 Td (s ability to repay or successfully refinance its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (debt obligations, the future operating performance of the Company) Tj ET Q q 0 0 0 rg BT 320.25 240.25 Td (s investments, the Company) Tj ET Q q 0 0 0 rg BT 435.80 240.25 Td (s ability to fund redemptions as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (requested, future economic, competitive and market conditions, future business decisions that may prove incorrect or inaccurate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (and those risks set forth in the Risk Factors section of the Company) Tj ET Q q 0 0 0 rg BT 331.67 216.25 Td (s ) Tj ET Q q 0 0 0 rg BT 337.51 216.25 Td (Annual Report on Form10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (December31, 2018, as amended or supplemented by the Company) Tj ET Q q 0 0 0 rg BT 320.26 204.25 Td (s other filings with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (Commission. ) Tj ET Q q 0 0 0 rg BT 104.51 192.25 Td (Although these forward-looking statements reflect management) Tj ET Q q 0 0 0 rg BT 362.49 192.25 Td (s belief as to future events, actual events or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 180.25 Td (s investments and results of operations could dif) Tj ET Q q 0 0 0 rg BT 284.01 180.25 Td (fer materially from those expressed or implied in these forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (looking statements. ) Tj ET Q q 0 0 0 rg BT 129.59 168.25 Td (T) Tj ET Q q 0 0 0 rg BT 135.00 168.25 Td (o the extent that the Company) Tj ET Q q 0 0 0 rg BT 258.03 168.25 Td (s assumptions dif) Tj ET Q q 0 0 0 rg BT 327.29 168.25 Td (fer from actual results, the Company) Tj ET Q q 0 0 0 rg BT 476.69 168.25 Td (s ability to meet such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (forward-looking statements may be significantly hindered. Stockholders are cautioned not to place undue reliance on any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (forward-looking statements. ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 276.05 718.25 Td (Act of 1934, the registrant has duly caused this report to be signed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (its behalf by the undersigned hereunto duly authorized.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 617.75 m 353.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 617.75 m 402.5 617.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 650.32 Td (Hines Global Income ) Tj ET Q q 0 0 0 rg BT 267.94 650.32 Td (T) Tj ET Q q 0 0 0 rg BT 273.78 650.32 Td (rust, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 622.32 Td (August 16, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 621.42 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 622.32 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 225.67 622.32 Td (A. Gordon Findlay) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 608.32 Td (Name: ) Tj ET Q q 0 0 0 rg BT 242.60 608.32 Td (A. Gordon Findlay) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 593.87 Td (T) Tj ET Q q 0 0 0 rg BT 219.76 593.87 Td (itle: Chief ) Tj ET Q q 0 0 0 rg BT 261.97 593.87 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 321.50 593.87 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 359.07 593.87 Td (T) Tj ET Q q 0 0 0 rg BT 364.83 593.87 Td (reasurer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 99.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.70 707.65 Td (CONSENT) Tj ET Q q 0 0 0 rg BT 262.86 707.65 Td ( OF) Tj ET Q q 0 0 0 rg BT 278.88 707.65 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 353.99 707.65 Td ( ) Tj ET Q q 0 0 0 rg BT 356.31 707.65 Td (V) Tj ET Q q 0 0 0 rg BT 362.24 707.65 Td (ALUER) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.45 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 672.45 Td (e hereby consent to the references to our name and the opinions we have delivered to Hines Global Income ) Tj ET Q q 0 0 0 rg BT 489.14 672.45 Td (T) Tj ET Q q 0 0 0 rg BT 494.89 672.45 Td (rust, Inc. and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.05 Td (description of our role in the valuation process of Hines Global Income ) Tj ET Q q 0 0 0 rg BT 337.52 658.05 Td (T) Tj ET Q q 0 0 0 rg BT 343.28 658.05 Td (rust, Inc., and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 511.47 658.05 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.65 Td (Company\) being included or incorporated by reference in the Registration Statement on Form S-3 \(No. 333-220046\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 Td (Hines Global Income ) Tj ET Q q 0 0 0 rg BT 137.85 629.25 Td (T) Tj ET Q q 0 0 0 rg BT 143.61 629.25 Td (rust, Inc., and the related Prospectus, by being filed on a Current Report on Form 8-K of Hines Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.85 Td (Income ) Tj ET Q q 0 0 0 rg BT 82.30 614.85 Td (T) Tj ET Q q 0 0 0 rg BT 88.06 614.85 Td (rust, Inc., on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.28 614.85 Td (August16, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.67 614.85 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.05 Td (In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.65 Td (7 of the Securities ) Tj ET Q q 0 0 0 rg BT 124.43 571.65 Td (Act of 1933.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 497.55 m 539.5 497.55 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 502.12 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 372.67 502.12 Td (Altus Group U.S., Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 489.12 Td (Altus Group U.S., Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 475.12 Td (August 16, 2019) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 15 0 obj <> /View <>>>>> endobj 16 0 obj <> /View <>>>>> endobj 17 0 obj <> endobj 18 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;