Performance

The total returns shown reflect the per­cent change in the NAV per share from the begin­ning of the peri­od, plus the amount of any dis­tri­b­u­tion per share declared dur­ing the peri­od. The total returns shown are cal­cu­lat­ed assum­ing rein­vest­ment of dis­tri­b­u­tions pur­suant to Hines Global’s DRP, are derived from unau­dit­ed finan­cial infor­ma­tion and are net of all Hines Glob­al expens­es, includ­ing gen­er­al and admin­is­tra­tive expens­es, trans­ac­tion relat­ed expens­es, man­age­ment fees, the per­for­mance par­tic­i­pa­tion allo­ca­tion, and share class spe­cif­ic fees, but exclude the impact of ear­ly redemp­tion deduc­tions on the redemp­tion of shares that have been out­stand­ing for less than one year. Past per­for­mance is his­tor­i­cal and not a guar­an­tee of future results.

The returns have been pre­pared using unau­dit­ed data and val­u­a­tions of the under­ly­ing invest­ments in Hines Global’s port­fo­lio, which are esti­mates of fair val­ue and form the basis for Hines Glob­al’s NAV per share. Val­u­a­tions based upon unau­dit­ed reports from the under­ly­ing invest­ments may be sub­ject to lat­er adjust­ments, may not cor­re­spond to real­ized val­ue and may not accu­rate­ly reflect the price at which assets could be liquidated.

⁷The incep­tion date for Class I, Class D, Class S and Class T Shares is Decem­ber 6, 2017. Since Hines Glob­al clos­es month­ly, an investor that sub­mit­ted a sub­scrip­tion agree­ment in the month of Decem­ber would not have been admit­ted as a share­hold­er until the pur­chase occurred on Jan­u­ary 1, 2018. Class I Shares and Class D Shares are sold with­out an upfront sales load. Class T Shares and Class S Shares list­ed as (With Sales Load) reflect the returns after the max­i­mum up-front sell­ing com­mis­sion and deal­er man­ag­er fees, which total 3.5% for both share class­es. Class T Shares and Class S Shares list­ed as (No Sales Load) exclude up-front sell­ing com­mis­sions and deal­er man­ag­er fees.

⁸As of Sep­tem­ber 30, 2019, returns are annu­al­ized uti­liz­ing a com­pound­ing method con­sis­tent with the IPA Prac­tice Guide­line 2018, as report­ed in the new­ly pub­lished IPA/​Stanger Mon­i­tor (ini­tial issuance in Q1 2019). Pre­vi­ous­ly, returns were annu­al­ized by mul­ti­ply­ing the total incep­tion to date (ITD) return (cal­cu­lat­ed as described above) by 12 months, divid­ed by the num­ber of months since the respec­tive incep­tion date for the applic­a­ble share class. The incep­tion dates for the Class AX Shares, Class TX Shares, and Class IX Shares are Octo­ber 1, 2014, Sep­tem­ber 1, 2015, and May 1, 2017, respec­tive­ly. Hines Glob­al is not offer­ing these shares in its cur­rent offer­ing, but such shares were issued in Hines Global’s ini­tial pub­lic offer­ing. The annu­al­ized total return with sales load was cal­cu­lat­ed assum­ing the max­i­mum up-front sell­ing com­mis­sions and deal­er man­ag­er fees, as well as the orga­ni­za­tion and offer­ing expens­es attrib­ut­able to Class AX Shares, Class TX Shares and Class IX Shares of 10.8%, 5.6% and 0.8%, respec­tive­ly (each as a per­cent­age of offer­ing price). There is no guar­an­tee that an invest­ment in the shares being offered in the fol­low-on offer­ing will result in sim­i­lar returns to those of pre­vi­ous­ly offered share classes.

⁹For the nine months ended September 30, 2020, and for the years ended December 31, 2019 and 2018, respectively, Hines Global funded 65%, 42% and 32% of total distributions with cash flows from other sources such as cash flows from investing activities, which may include proceeds from the sale of real estate and/or cash flows from financing activities, which may include offering proceeds.

¹⁰The offering prices per share are equal to the transaction price plus applicable up-front selling commissions and dealer manager fees, which reduce the amount available for investment. The offering prices presented above are effective for subscriptions for the classes of Hines Global’s common stock presently being offered that will be accepted as of December 1, 2020.

¹¹The distribution and stockholder servicing fees payable with respect to these shares will reduce the amount of funds available for distribution with respect to such shares (including all such shares issued pursuant to Hines Global’s DRP). Further, because the distribution and stockholder servicing fees payable with respect to Class T Shares and Class S Shares are higher than those payable with respect to Class D Shares distributions with respect to Class T Shares and Class S Shares will be lower than distributions with respect to Class D Shares. Distribution and stockholder servicing fees are 1.0% for both Class T and Class S Shares and 0.25% for Class D Shares. Class I Shares are sold without a distribution and stockholder servicing fee.

¹² The distribution and stockholder servicing fees payable with respect to these shares will reduce the amount of funds available for distribution with respect to such shares (including all such shares issued pursuant to Hines Global’s DRP). Further, because the distribution and stockholder servicing fees payable with respect to Class TX Shares is higher than those payable with respect to Class IX Shares, distributions with respect to Class TX Shares will be lower than distributions with respect to Class IX Shares. No distribution and stockholder servicing fees are payable with respect to Class AX Shares.