Performance

Past performance does not guarantee future results.

*Does not assume payment of the full upfront 3.5% sales charge at initial subscription for Class S and T Shares.

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. Broker-dealers may not offer all share classes. Total returns would be lower if calculated assuming that distributions were not reinvested.

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. As return information is calculated based on NAV, return information presented will be impacted should the assumptions on which NAV was determined prove to be incorrect. Hines Global had approximately $89.0 million in net income for the six months ended June 30, 2025.

⁹The 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 stockholder 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.

¹⁰As 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.

¹¹For the six months ended June 30, 2025 and the year ended December 31, 2024, Hines Global funded 54% and 53%, respectively, of distributions declared for those periods using proceeds from the issuance of shares pursuant to our distribution reinvestment plan, and funded 25% and 12%, respectively, using cash flows from sources other than operating activities, which may include cash flows from investing activities, such as proceeds from the sale of assets or cash flows from financing activities, such as proceeds from debt financings. The remaining balance of the distributions declared during those periods were funded with cash flows from operating activities. See footnote 8 for more information.

¹²The 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 August 1, 2025.

¹³The 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% of NAV per year for Class T Shares, 0.85% of NAV per year for Class S Shares and 0.25% of NAV per year for Class D Shares. Class I Shares are sold without a distribution and stockholder servicing fee. For Class S shares, offering price and distribution rate assume a full 3.5% up front load. Please check with your broker-dealer to see the terms that apply to you.

¹⁴The 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.