In Millions
|
Hines REIT
|
Hines Global REIT
|
Total Assets
|
$3,150.016
|
$775.684
|
Total Liabilities
|
$1,887.872
|
$411.299
|
Equity Raised
|
$2,534.600
|
$531.800
|
Net Real Estate
|
$2,213.212
|
$449.029
|
Direct Debt
|
$1,521.544
|
$378.295
|
Leverage Ratio
|
68.7%
|
84.2%
|
Revenue
|
$334.471
|
$24.874
|
Net Income
|
($35.383)
|
($31.416)
|
FFO
|
$77.070
|
($12.629)
|
ModFFO[1]
|
$84.174
|
$4.141
|
Dividends
|
$122.348
|
$13,697
|
Yield ($10 share)
|
5.0%
|
7.0%
|
Hines Real Estate Investment Trust, Inc. (Hines REIT), closed its offering in January 2010. At December 31, 2010, the REIT had $3.15 billion of assets including $2.213 billion of real estate owned directly. Hines REIT realized $334.5 million total revenue and a $35.4 million net loss in 2010. The shareholder 5.0% dividend is only 63% covered by Funds from Operations and 68.7% by Modified Cash Flow as reported by the REIT.. Property operations in 2010 capitalized at a 6.0% rate suggest net real estate value of approximately $2.6 billion, about 18% higher than the book value of the real estate. This estimate would suggest a share value of approximately $7.84, about 22% lower than management's estimate of $10.08 per share as of December 31, 2010. On May 24, 2011, the Hines REIT board of directors established an estimated per-share value of Hines REIT's common stock of $7.78.
Hines Global REIT, Inc. (Hines Global), commenced its initial equity offering in August 2009. As of March 23, 2011, the company had raised $531.8 million of equity. As of December 31, 2010, Hines Global had $775.7 million of assets, including $449 million of net real estate, and $411.3 million of liabilities. The company reported a net loss of $31.4 million on $24.9 million of total revenues. The REIT used $12.6 million of Funds From Operations and generated $4.1 million of Modified FFO, compared with declaring $13.7 million in dividends.
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[1] As reported in the 10-K
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