Hines

KYCO: Know Your Company

Reveal Profile

12 January 2026

1) Overview of the Company

Hines Interests Limited Partnership is a privately held global real estate investment manager founded in 1957 and headquartered in Houston, Texas. As of June 2025, the firm manages $91.8 billion in assets under management encompassing both global Hines organization and registered investment advisor assets, with operations spanning 30 countries and employing approximately 4,600-5,000 professionals worldwide. The company operates as a vertically integrated platform providing investment management, development, acquisitions, dispositions, property management, and conceptual construction services across diverse property types including office, residential, industrial, retail, mixed-use developments, and alternative sectors.

Hines’ investment strategy focuses on high-quality properties across the risk spectrum, employing a “buy, build, and manage to core” approach through research-driven portfolio construction and vertically integrated value creation. The firm’s diverse suite of investment vehicles includes open-ended and closed-ended funds targeting core, core-plus, and opportunistic strategies across major global markets. Current active funds encompass $97.8 billion in total equity as of June 2025, including flagship vehicles such as Hines U.S. Property Partners, Hines European Core Fund, Hines Asia Property Partners, and Hines Global Income Trust.

The company is led by co-CEOs Jeffrey C. Hines (Chairman and Co-CEO) and Laura Hines-Pierce (Co-CEO), maintaining its family-controlled structure while pursuing institutional-scale operations. Recent leadership enhancements include the September 2025 appointments of John J. Jones as Managing Partner, General Counsel, and Chief Compliance Officer, Simon Okunev as Senior Managing Director and Global Head of Technology, and Jason Lorenz as Senior Managing Director, Head of HR Technology, Operations, and Employee Experience. Additionally, effective January 2025, the firm restructured its real estate services division under Steve Luthman’s global leadership to capitalize on market dynamics and enhance investment opportunity identification.

Hines maintains a substantial development pipeline with 156 developments currently underway worldwide and has historically developed, redeveloped, or acquired 1,857 properties totaling over 636 million square feet. The firm’s current property and asset management portfolio includes 832 properties representing over 288 million square feet, while providing third-party property management services for 420 properties covering 106.3 million square feet as of June 2025. The company’s global footprint spans major financial centers including regional offices in New York, Chicago, Atlanta, Los Angeles, London, Hong Kong, and operations across Europe, Asia Pacific, and the Americas.

2) History

Gerald D. Hines founded the company in 1957 as a one-man operation in Houston, Texas, initially operating from a modest office near downtown with a background in mechanical engineering. The firm began with small-scale real estate development, focusing on industrial warehouses and office buildings, capitalizing on Houston’s postwar economic boom driven by oil and industry. By the early 1960s, Hines had completed 12 mid-century modern office projects along Richmond Avenue, establishing a foundation in commercial real estate development.

The 1960s marked significant expansion as the company undertook nearly 100 projects by 1967, primarily office-warehouse combinations and standalone office structures. A transformational milestone occurred in 1970 with the opening of The Galleria, the landmark shopping center that catalyzed Houston’s Uptown district development. Following this success, Hines completed One Shell Plaza in 1971, marking the firm’s first major skyscraper and the tallest building in Texas at the time. This period established the company’s reputation for combining architectural innovation with commercial success.

International expansion began in 1976 with the completion of Les Terrasses in Montreal, developed in collaboration with the Paris-based Louis Dreyfus Property Group. The late 1970s saw continued growth with projects like Two Post Oak Central among 30 other developments in 1979. In 1980, Hines acquired its first Manhattan property, followed by Seattle tower development in 1981 as Jeffrey Hines began taking on greater responsibility within the firm.

The 1980s brought leadership transition as Jeff Hines became firm president in 1990, facilitating accelerated national expansion. The company moved its headquarters to the Galleria-area tower in 1983, while continuing to develop notable projects including the tallest Southeast building in 1984 and 53rd at Third, Johnson and Burgee’s “Lipstick Building” in 1986. By 1987, the firm celebrated 30 years with 373 completed projects, demonstrating sustained growth momentum.

European expansion accelerated in the 1990s starting with operations in 1995, leading to significant projects including the Main Tower in Frankfurt (1997), EDF Tower construction in Paris (1998), and Frank Gehry’s DZ Bank headquarters in Berlin (1999). Notable domestic achievements during this period included the completion of Five Hundred Boylston in Boston (1988) and Franklin Square in Washington D.C. (1989). The decade culminated with the launch of the firm’s first fund in the mid-1990s, transitioning toward institutional investment management services.

The 2000s reinforced Hines’ dual commitment to sustainability and global growth. In 2003, the company completed 717 Texas, the first LEED Platinum certified skyscraper in Texas. International projects expanded with Torre del Angel completion in Mexico City (2000), Diagonal Mar Centre opening in Barcelona (2001), and major developments across Europe and Asia. The 2009 initial public offering of Hines Global REIT marked a significant capital markets milestone, while the firm received industry recognition including Gerald D. Hines receiving the ULI Prize for Visionary Urban Development in 2002.

Recent decades have seen continued innovation and expansion under evolving leadership. In 2022, Jeffrey Hines’ daughter Laura Hines-Pierce became co-CEO alongside her father, representing the next generation of family leadership. The company has maintained its commitment to architectural excellence while adapting to changing market demands, including expansion into new sectors like industrial and residential development. Today, Hines operates as a global real estate investment manager with presence in 30 countries, having evolved from its origins as a local Houston developer into an international real estate powerhouse while maintaining its family-controlled structure and commitment to quality.

3) Key Executives

Jeffrey C. Hines serves as Chairman and Co-Chief Executive Officer, leading the firm alongside his daughter Laura in shaping overall strategy and managing key risks. He became president in 1990 and has driven the company’s global expansion and transformation into a leading investment management business, overseeing growth from $10 billion to $91.8 billion in assets under management as of June 2025. He earned a Bachelor of Arts in Economics from Williams College and a Master of Business Administration from Harvard Business School, and serves on multiple boards including Rice University’s Baker Institute for Public Policy and MD Anderson Cancer Center’s Board of Visitors.

Laura Hines-Pierce serves as Co-Chief Executive Officer, working alongside her father Jeffrey to shape firm strategy and manage key risks since her promotion to co-CEO in February 2022. She joined Hines in 2012 and previously served as the firm’s transformation officer and Senior Managing Director in the Office of the CEO since 2020, where she helped build the investment management platform that launched three flagship funds with $4.8 billion in equity capacity. She earned a Bachelor of Arts in Economics and Art History from Duke University and a Master of Business Administration from Harvard University, and has been recognized as one of PERE’s “Women of Influence” in 2022.

David L. Steinbach serves as Managing Partner and Global Chief Investment Officer, responsible for directing the firm’s global investment strategy and capital allocation across all 31 countries and product types since joining Hines in 1999. He is a member of the firm’s Management, Executive, and Investment Committees and has been instrumental in transforming the company into a global investment manager, growing the platform to over $48.5 billion in AUM under his leadership. He earned both a Bachelor of Business Administration and Master of Business Administration from Texas A&M University and serves on the Executive Board of Fast Company.

John J. Jones serves as Managing Partner, General Counsel and Chief Compliance Officer, having joined the firm in September 2025 after over 17 years at Cantor Fitzgerald where he served as Executive Managing Director and General Counsel, Financial Services, Americas. He brings more than three decades of legal experience across investment management, real estate, and financial services, with a strong focus on corporate governance and strategic transactions. He holds a Bachelor of Science in Applied Economics and Business Management from Cornell University and earned his Juris Doctor from Boston University School of Law, graduating summa cum laude.

Keith H. Montgomery serves as Managing Partner and Global Chief Financial Officer, responsible for Hines’ operating business, balance sheet activities, and debt financing since joining the firm in 1997. He is a member of the firm’s Management, Executive, and Investment Committees and previously served as Senior Vice President and Corporate Controller overseeing the worldwide controllership function. He earned a Bachelor of Business Administration in Accounting from Texas A&M University and has led comprehensive efforts to optimize the firm’s balance sheet through equity investment funds and major debt private placements.

Steve Luthman serves as Managing Partner and Global Head of Real Estate, leading the strategic direction and optimization of the company’s real estate assets globally since joining Hines in 2005. He oversees development, construction management, asset management, acquisitions, dispositions, and property operations across the globe, and is a member of the firm’s Management, Executive, and Investment Committees. He earned a Bachelor of Arts in Economics from the University of California and a Master of Business Administration from the University of Michigan’s Ross School of Business, and serves on the Board of Directors for the Big Shoulders Fund.

Ray Lawler serves as Managing Partner and Head of Americas, leading real estate initiatives across development, acquisition, financing, marketing, and operations in the United States, Brazil, Canada, Mexico, Panama, and Costa Rica. He joined Hines in 2007 and previously served as CEO of the Asia Pacific business from 2019 to 2024, where he grew the regional portfolio to nearly $8 billion in assets under management. He is a former United States Marine Corps Captain and naval aviator, earned a Bachelor of Arts in Marine Biology from Boston University and a Master of Business Administration from Harvard Business School.

Adam Hines serves as Chief of Staff in the Office of the CEO, working closely with co-CEOs Jeff Hines and Laura Hines-Pierce on high-level strategic priorities including client engagement strategies and positioning the firm for future growth. He joined the firm in 2017 focusing on residential acquisitions and helped form the European living team, later serving as Investment Management Growth Officer where he was instrumental in creating Hines Private Wealth Solutions. He earned a Bachelor of Arts in Economics from Williams College and dual master’s degrees from Northwestern University, including an MBA from Kellogg School of Management and a Master of Science in Design Innovation.

Chris Rector serves as Senior Managing Director and Chief Operating Officer for Real Estate Americas, leading teams across real estate operations, new business development, and platform growth since joining Hines in 2015. He oversees asset management, management services, single-family lot development, self-storage, and logistics platform activities across Brazil, Canada, Mexico, Central America, and the United States. He earned a Bachelor of Business Administration from Stephen F. Austin State University and a Master of Business Administration from Rice University with a focus on Real Estate.

Alfonso Munk serves as Managing Partner and Co-Head of Investment Management, responsible for developing investment and fund strategies that align with Hines’ global investment approach since joining the firm in 2019. He brings more than 20 years of diverse experience in real estate investing activities throughout the U.S., Europe, and Latin America, having previously held leadership roles at PGIM Real Estate and Morgan Stanley’s real estate investing group. He holds a Bachelor of Science in Business and Hospitality Administration from Cornell University and a Master of Business Administration from the Wharton School of the University of Pennsylvania with concentrations in finance and real estate.

4) Ownership

Hines Interests Limited Partnership operates as a privately held, family-controlled global real estate investment firm, maintaining its core ownership structure since its founding in 1957. The company is 100% owned by founder Gerald D. Hines’ family, with current ownership concentrated between Gerald D. Hines (who passed away in 2020) and his son Jeffrey C. Hines, who serves as Chairman and Co-Chief Executive Officer. This family ownership structure has remained consistent throughout the firm’s 68-year operating history, with no external private equity backing or institutional ownership stakes in the parent entity.

The firm’s organizational structure includes Hines Interests Limited Partnership as the primary entity, supplemented by various affiliates designed to enhance risk management, regulatory compliance, succession planning, financing, and tax planning. While the parent partnership maintains exclusive family control, individual firm officers and employees may acquire equity interests in specific investments for which they are responsible or on which they work, creating aligned incentive structures across the organization without diluting family control of the core business.

A significant ownership development occurred in February 2022 when Jeffrey Hines’ daughter Laura Hines-Pierce was promoted to Co-Chief Executive Officer alongside her father, representing the third generation of family leadership and ensuring continuity of the family-controlled structure. This transition reflects the firm’s commitment to maintaining family stewardship while professionalizing operations for institutional-scale growth, with Laura Hines-Pierce having joined the firm in 2012 and previously serving as transformation officer and Senior Managing Director in the Office of the CEO since 2020.

The company’s subsidiary structure includes multiple investment vehicles and regional entities that facilitate global operations while maintaining central family control. Through Hines Global Income Trust, Inc., which operates as a Maryland corporation formed in 2013, the firm provides public, non-listed REIT investment opportunities sponsored by Hines Interests Limited Partnership. Additionally, the firm operates Hines Private Wealth Solutions LLC as its broker-dealer affiliate, which has raised over $12.0 billion since its inception in 2003 as of June 2025, demonstrating the family’s strategy of expanding capital access while retaining ownership control.

Recent organizational changes have strengthened the family ownership model through strategic leadership appointments and restructuring initiatives. In July 2024, the firm announced restructuring of its real estate services division to complement its investment management platform, with leadership changes effective January 2025 that maintain family oversight while enhancing operational efficiency. The firm has sponsored 65 strategic investment vehicles since 1993, with 36 currently active as of June 2025, representing $97.8 billion in total equity while preserving the family’s controlling interest in the sponsoring entity.

5) Financial Position

Hines Interests Limited Partnership demonstrates substantial financial scale as a privately held firm, with assets under management growing from $94.6 billion as of June 2023 to $91.8 billion as of June 2025, encompassing both global Hines organization and registered investment advisor assets. The firm’s financial position reflects significant operational expansion, with total sponsored strategic investment vehicles increasing to 65 funds since 1993, of which 36 remain currently active as of June 2025, representing $97.8 billion in total equity across diverse property types and risk profiles.

Capital deployment activity indicates robust financial capacity, with the firm’s flagship Hines Global Income Trust achieving gross asset value growth from $3.99 billion in December 2023 to over $6 billion by December 2025 through strategic acquisitions totaling over $350 million in the Midwest and $292 million internationally. The trust maintains conservative leverage at 31-33% with 82% fixed or capped-rate debt financing, providing financial stability and dry powder for opportunistic investments. Portfolio occupancy rates of 95-96% across 832 properties totaling over 288 million square feet demonstrate strong operational performance and income generation capacity.

Development pipeline indicators suggest significant financial commitments, with 156 developments currently underway worldwide and historical involvement in 1,857 properties exceeding 636 million square feet since founding. The firm’s property and asset management portfolio generates recurring revenue streams through third-party services covering 420 properties and 106.3 million square feet as of June 2025. Recent major transactions include $428 million for mixed-use assets in Los Angeles and international expansion into Italy with the $144 million Tortona Logistics acquisition, demonstrating access to substantial capital for growth initiatives.

Credit facilities provide additional financial flexibility, with Hines Global Income Trust maintaining a $1.35 billion credit agreement dated March 2025 featuring $650 million revolving loan capacity and $700 million term loan facility, expandable to $1.75 billion under certain conditions. The weighted average interest rate of 3.74% and average maturity of 2.4 years on outstanding debt of $1.36 billion as of August 2023 reflects favorable financing terms and proactive debt management. Private wealth platform growth demonstrates capital raising capability, with Hines Private Wealth Solutions generating over $12.0 billion since 2003 inception and completing multiple Delaware Statutory Trust offerings, including $124.7 million HREX Multifamily III DST in 2024.

Financial health indicators include headcount stability with 4,600-5,000 employees across 30 countries, suggesting sustainable operational capacity amid market volatility. The firm’s credit profile shows improvement from stressed conditions in 2023, with default probability declining from 0.197 in May 2023 to 0.081 by November 2025, though the B credit rating reflects ongoing financial pressure from commercial real estate sector challenges. Geographic diversification across North America, Europe, and Asia provides revenue stability, while sector allocation weighted toward industrial and living properties (approximately two-thirds of portfolio value) aligns with current market demand trends and demographic shifts supporting rental preferences over homeownership.

6) Market Position

Hines Interests Limited Partnership maintains a dominant position in the global real estate investment management sector, ranking 18th among global real estate managers and operating as one of the largest privately held real estate firms worldwide. The firm manages $91.8 billion in assets under management as of June 2025, with operations spanning 30 countries and 440 cities, demonstrating significant market penetration across major global real estate markets. This extensive geographic footprint encompasses over 175 cities in the United States alone, supported by four regional business units that enable strategic market coverage across diverse risk profiles and property types.

The competitive landscape positions Hines among industry leaders including Brookfield Asset Management, Blackstone Real Estate, Prologis, and Tishman Speyer, with the firm ranking ahead of many peers in key performance metrics. Customer satisfaction data shows Hines achieving 96% overall satisfaction compared to competitors’ average of 92%, with maintenance satisfaction at 95% versus the industry average of 91%. The firm has earned recognition as a Kingsley Elite 5 winner, identifying it as one of the top five commercial real estate companies in the office sector for customer experience excellence. Additionally, Hines received recognition from U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the real estate category, with a 91% employee survey response rate indicating strong engagement and belonging.

Hines’ market differentiation centers on its vertically integrated platform combining investment management, development, property management, and conceptual construction services across the complete real estate lifecycle. The firm’s proprietary research capabilities through Hines Research provide competitive intelligence, with analysis covering 534 global real estate markets and supporting strategic investment decisions across property cycles. This research-driven approach has enabled Hines to identify that over 66% of global markets are in some phase of the “Buy” cycle as of 2025, representing the highest level in eight years according to the firm’s proprietary market cycle analysis.

Technology infrastructure represents a significant competitive advantage, with Hines investing in a comprehensive digital ecosystem launched across eight buildings in five cities including Chicago, Denver, Houston, Salt Lake City, and Toronto. This platform integrates building operations, amenities, services, and automation through a unified mobile application, providing real-time occupancy data, employee satisfaction surveys, and ESG metrics to clients and investors. The technology implementation demonstrates tenant retention improvements of 20% and generates 12% higher tenant demand for diversified amenities according to research cited by the firm.

Sector specialization positions Hines as a market leader in several key areas, particularly in timber construction through its T3 (Timber, Transit, Technology) portfolio comprising 26 projects, making it the largest timber developer globally. The firm’s industrial and logistics platform has completed over 76 acquisitions representing close to $6.3 billion in investments, with 96 development projects in various completion phases as of 2022. In the data center sector, Hines has over 1.9 million square feet of completed developments and management assignments, plus 1.8 million square feet currently under development, positioning it strategically for the powered land opportunity driven by AI and cloud computing demands.

Client base diversification includes over 300 institutional investors, 700+ high-net-worth individuals, and 170,000+ retail investors across active and completed vehicles, demonstrating broad market appeal. The firm’s private wealth platform, Hines Private Wealth Solutions, has raised over $12.0 billion since 2003, providing access to institutional-quality real estate investments for qualified individual investors. Strategic partnerships with major institutional investors, including pension funds and sovereign wealth funds, provide stable capital sources for large-scale project development and portfolio expansion.

7) Legal Claims and Actions

Hines Private Wealth Solutions LLC, a broker-dealer subsidiary of Hines Interests Limited Partnership, was censured and fined $10,000 by FINRA on November 5, 2013, for failing to maintain required minimum net capital while conducting a securities business. The subsidiary acted as a dealer manager and effected securities transactions while net capital deficient due to underestimating sales-related expenses by $1.53 million, which caused the firm to understate its payables and minimum net capital requirement. This enforcement action was resolved through an Acceptance, Waiver & Consent (AWC) agreement, with the fine paid on November 21, 2013.

In February 2019, Hines Real Estate Holdings Limited Partnership, a subsidiary of Hines Interests Limited Partnership, was named as a defendant in a personal injury lawsuit filed by Alice Achee-Sharp in the U.S. District Court for the District of Kansas. The case, classified as “Personal Injury: Other” under federal diversity jurisdiction, involved jury demands by both parties, with Hines Real Estate Holdings Limited Partnership filing its answer to the complaint on April 4, 2019. The ultimate resolution and outcome of this personal injury matter are not specified in available court records.

In September 2018, Hines Real Estate Holdings Limited Partnership was named as a defendant in a civil contract dispute case, Southstar Capital Group, I, LLC et al v. 1662 Multifamily LLC et al, filed in the U.S. District Court for the Middle District of Florida. The nature of the suit was classified as “Contract: Other” with the cause of action citing federal jurisdiction under 28 U.S.C. § 1452, which typically involves removal of cases from state to federal court in bankruptcy-related matters. Court docket entries indicate procedural motions, bankruptcy record filings, and judicial reassignments occurred during the litigation process, though the final disposition is not specified in available records.

FINRA’s BrokerCheck system indicates that Hines Private Wealth Solutions LLC has additional disclosures beyond the 2013 net capital violation, though specific details of these matters are referenced only in detailed reports not included in the summary disclosure. These disclosures may encompass customer complaints, arbitrations, regulatory actions, employment terminations, bankruptcy filings, and certain civil or criminal proceedings involving the firm or its control affiliates, as required under federal securities regulations.

8) Recent Media

In February 2023, media outlets reported that Hines Interests Limited Partnership was exiting its Russian real estate business, a portfolio valued at approximately $2.3 billion, in response to the invasion of Ukraine. The firm, which had been active in Russia for three decades, stated the exit was a complex process undertaken in coordination with investors and partners while ensuring compliance with sanctions and regulatory approvals. By December 2024, reports indicated that the sale of the firm’s Russian assets to Kama Capital was in progress, and the #LeaveRussia project, maintained by the KSE Institute, listed Hines’ exit as “completed”.

The performance of the firm’s flagship non-traded REIT, Hines Global Income Trust (HGIT), has been a focus of media coverage. The REIT’s gross asset value surpassed $5 billion in August 2025 and $6 billion by December 2025, following acquisitions in the industrial, retail, and living sectors. For instance, in January 2025, HGIT announced $292 million in acquisitions, including an industrial property in Italy and a multifamily asset in Illinois. In May 2025, HGIT acquired three East Coast industrial assets for $309 million. Despite this growth, multiple investor-focused law firms, including KlaymanToskes and Soreide Law Group, announced in May and October 2025 that they were investigating potential investor claims related to a decline in HGIT’s net asset value (NAV). The NAV per share reportedly dropped from a high of $11.29 in June 2022 to $9.80 by August 2025, spurring concerns about the suitability of recommendations and risk disclosures made to investors. Furthermore, another law firm announced in May 2025 an investigation into potential lawsuits related to Hines Global Access Partners I LP, a private placement fund, for similar concerns about risk and high fees.

Significant strategic transactions received media attention, including the April 2025 sale of a portfolio of 11 master-planned communities in Texas to an affiliate of Starwood Capital Group for approximately $800 million. In another major transaction from September 2025, HGIT acquired Runway Playa Vista, a 14-acre mixed-use residential and retail district in Los Angeles, from Invesco Real Estate for $428.1 million. For context on the firm’s management of non-traded funds, its first vehicle, Hines REIT, finalized its liquidation plan in 2016-2018; this process included the settlement of a class-action lawsuit for approximately $3.3 million in March 2018, which had alleged breach of fiduciary duty in connection with the liquidation.

Executive and organizational changes were reported throughout 2024 and 2025. In December 2024, Alex Knapp, Chief Investment Officer for Europe, resigned from the HGIT board of directors, a decision the company stated was voluntary and not due to any disagreement. In August 2025, Hines announced the hiring of senior executives from Carlyle and Brookfield to lead its private wealth and institutional capital raising efforts in Asia and the Americas, signaling a focus on accelerated growth. In September 2025, the firm made several key appointments, including a new Managing Partner, General Counsel, and Chief Compliance Officer from Cantor Fitzgerald; a new Global Head of Technology from Tishman Speyer; and a new Head of HR Technology, Operations, and Employee Experience from Citadel. In January 2026, reports indicated a senior managing director in Europe would be leaving the firm after 16 years as part of a regional leadership reshuffle.

The firm and its subsidiaries have been named in several lawsuits. In February 2025, an employment discrimination lawsuit, Maher v. Hines Interests Limited Partnership et al, was filed in the U.S. District Court for the Southern District of New York. In a separate employment discrimination case filed in 2021, Ibanez v. Hines Interests Limited Partnership, a judge in January 2024 dismissed the claims as time-barred but granted the plaintiff leave to amend her complaint. In September 2023, the Georgia Court of Appeals reversed a lower court’s decision in HINES INTERESTS LIMITED PARTNERSHIP et al v. WRIGHT, a case brought by an individual who was forcibly removed from a building managed by Hines in 2019, dismissing the complaint based on Georgia’s “two-dismissal rule”. The company also published a notice on its websites warning stakeholders of impersonation attempts using the firm’s name and branding on digital platforms and advising caution with unsolicited communications.

9) Strengths

Exceptional Industry Recognition for Sustainability Excellence

Hines Interests Limited Partnership has demonstrated sustained leadership in environmental stewardship, earning its 18th ENERGY STAR Sustained Excellence Award in 2024 from the U.S. Environmental Protection Agency and Department of Energy. This recognition represents the program’s highest honor, exclusively awarded to organizations achieving Partner of the Year status consecutively while exceeding previous year achievements. The firm’s ENERGY STAR portfolio comprises 188 facilities spanning over 87.2 million square feet with an average performance rating of 81, demonstrating 31% greater energy efficiency than the national average. Additionally, Hines received the prestigious Global ESG Firm of the Year Award from PERE for the second time in 2024, recognizing outstanding innovation in sustainability.

Global Sector Leadership in GRESB Sustainability Rankings

The firm’s commitment to environmental excellence is validated through exceptional Global Real Estate Sustainability Benchmark (GRESB) performance, with four flagship funds, one separate account, and three direct investments earning the highest rating of five out of five stars in 2024. Five of Hines’ European discretionary funds achieved recognition as global sector leaders, with all flagship funds now maintaining 4-or 5-star GRESB ratings. Notable achievements include Hines European Core Fund scoring 93/100 as a global sector leader for the eighth consecutive year, and Hines European Value Fund 2 achieving a perfect 100/100 score for the second consecutive year.

Comprehensive Technology Innovation Platform

Hines has invested significantly in digital ecosystem development to enhance workplace connectivity and operational efficiency across its global portfolio. The firm’s digital platform launched across eight buildings in five cities integrates building operations, amenities, services, and automation through a unified mobile application providing real-time occupancy data, employee satisfaction surveys, and ESG metrics. Research demonstrates this technology implementation generates 20% improvement in tenant retention and 12% higher tenant demand for diversified amenities. The company has also partnered with SWAPP to deploy AI-based interior planning technology that reduces development planning time by 85%, completing processes in days rather than weeks.

Market-Leading Timber Construction Portfolio

Hines operates as the world’s largest timber developer with 26 T3 (Timber, Transit, Technology) projects, positioning the firm at the forefront of sustainable building innovation. This timber portfolio utilizes rapidly renewable, sustainably sourced materials that are cleaner to construct and help sequester carbon from the atmosphere. The firm’s timber construction expertise represents a significant competitive advantage in sustainable development, demonstrating commitment to innovative building methods that reduce environmental impact while maintaining architectural quality and structural integrity.

Comprehensive Vertically Integrated Platform

The firm’s fully integrated platform provides competitive advantages through seamless coordination across development, construction management, asset management, acquisitions, dispositions, and property operations. This vertical integration enables Hines to maintain quality control throughout the real estate lifecycle while reducing reliance on external contractors and service providers. The company’s Conceptual Construction Group has demonstrated measurable value creation, achieving cost reductions of up to 22% on projects through disciplined cost management, value engineering, and strategic contractor negotiations during volatile market conditions.

Strong Financial Performance and Employee Satisfaction

Hines has achieved superior customer satisfaction metrics, earning 96% overall satisfaction compared to the industry average of 92%, with maintenance satisfaction at 95% versus the industry average of 91%. The firm earned recognition as a Kingsley Elite 5 winner, identifying it among the top five commercial real estate companies in the office sector for customer experience excellence. Employee engagement demonstrates exceptional organizational strength, with a 91% response rate on the 2023 Global Employee Survey indicating strong employee belonging and empowerment. U.S. News & World Report recognized Hines as one of the 2024-2025 Best Companies to Work For in the real estate category, reflecting the firm’s commitment to fostering supportive, inclusive, and growth-oriented workplace culture.

Proprietary Research and Market Intelligence Capabilities

Hines Research provides sophisticated market analysis covering 534 global real estate markets, supporting strategic investment decisions across property cycles and enabling competitive positioning. The firm’s proprietary research identified that over 66% of global markets are in some phase of the “Buy” cycle as of 2025, representing the highest level in eight years according to internal market cycle analysis. This research-driven approach enhances investment decision-making through advanced pricing models, macroeconomic analysis, and cycle timing expertise that differentiates Hines from competitors relying on external research providers.

Fast Company Recognition for Innovation Leadership

Hines earned placement in Fast Company’s prestigious World’s Most Innovative Companies list for 2024, ranking in the top five of the Urban Development and Real Estate category for achievements in innovation, sustainability, and environmental stewardship. Recognition was based on pioneering accomplishments including the net-zero carbon commitment targeting 42% operational carbon reduction by 2030, development of 555 Greenwich Street as New York City’s greenest building with full electrification and geothermal systems, expansion of the market-leading timber portfolio, and launch of EXP by Hines innovation group focused on venture-based incubation and sustainability commercialization.

10) Potential Risk Areas for Further Diligence

NAV Performance and Investor Litigation Risk

Hines Global Income Trust (HGIT), the firm’s flagship non-traded REIT, has experienced significant net asset value decline from $11.29 per share in June 2022 to $9.80 by August 2025, prompting multiple law firms to announce investigations into potential investor claims. KlaymanToskes and Soreide Law Group initiated investigations in May and October 2025 regarding potential lawsuits related to NAV deterioration and concerns about suitability of recommendations and risk disclosures made to investors. The White Law Group announced a separate investigation in May 2025 regarding Hines Global Access Partners I LP, a private placement fund, for similar concerns about risk and high fees. This pattern of investor relations challenges could indicate underlying performance issues requiring further examination.

Conflicts of Interest and Fee Structure Complexity

Hines operates multiple investment vehicles with substantial conflicts of interest, as the firm competes with its own affiliates for tenants and investment opportunities, with some affiliates receiving priority on certain opportunities. The company pays substantial fees to Hines affiliates for day-to-day operations and investment selection services, creating potential misalignment with investor interests. HGIT’s complex fee structure includes distribution and stockholder servicing fees ranging from 0.25% to 1.0% annually depending on share class, plus upfront selling commissions and dealer manager fees up to 3.5%. The firm’s distributions have consistently exceeded earnings, with 54% and 53% of distributions funded through share issuance proceeds rather than operating cash flows for the nine months ended September 2025 and year ended December 2024, respectively.

Historical REIT Liquidation and Settlement Patterns

Hines’ track record with public REITs shows concerning patterns, including the liquidation of Hines Global REIT in 2018 following board approval of a plan that resulted in aggregate distributions of $15.62-16.62 per share for initial investors. The liquidation process included a class-action lawsuit settlement for approximately $3.3 million in March 2018, which alleged breach of fiduciary duty in connection with the liquidation. The firm’s first non-traded REIT completed its liquidation through HGR Liquidating Trust by 2022, with final distributions reducing per-unit NAV to $0.04 by March 2022. These liquidation experiences raise questions about the firm’s ability to execute successful exit strategies for public investment vehicles.

Employment Discrimination and Workplace Culture Issues

Multiple employment discrimination lawsuits have been filed against Hines Interests Limited Partnership, including Maher v. Hines Interests Limited Partnership et al filed in February 2025 in the U.S. District Court for the Southern District of New York. In January 2024, a judge dismissed claims in Ibanez v. Hines Interests Limited Partnership as time-barred but granted the plaintiff leave to amend her complaint, indicating ongoing employment-related legal exposure. These cases suggest potential systemic workplace culture issues that could result in additional litigation and reputational damage, particularly given the firm’s large global workforce of 4,600-5,000 employees across 30 countries.

Cybersecurity and Digital Impersonation Vulnerabilities

Hines has identified instances of unauthorized use of the firm’s name and branding on digital platforms, including fraudulent websites, emails, and social media accounts misrepresenting the firm or its affiliates. The company has published notices warning stakeholders about impersonation attempts and advising caution with unsolicited communications, indicating ongoing cybersecurity threats that could compromise client relationships and firm reputation. Given the firm’s substantial digital ecosystem investment across eight buildings in five cities and extensive global operations, cybersecurity vulnerabilities present material operational and reputational risks requiring continuous monitoring and investment in protective measures.

Complex Global Regulatory Compliance and Geopolitical Risk

The firm’s operations across 30 countries expose it to diverse regulatory requirements and geopolitical risks, as evidenced by its forced exit from Russian real estate operations valued at approximately $2.3 billion following the invasion of Ukraine. International investment risks include compliance with foreign laws, tax treatment complexities, political and economic instability, foreign currency fluctuations, and inflation pressures that could adversely affect operations and distribution capacity. The firm’s substantial international portfolio allocation of approximately 31% creates ongoing exposure to regulatory changes, sanctions regimes, and cross-border transaction restrictions that could impact asset values and operational flexibility.

Key Person Dependency and Leadership Transition Risk

Hines operates as a family-controlled organization with significant dependency on the Hines family leadership, particularly co-CEOs Jeffrey C. Hines and Laura Hines-Pierce, who jointly shape firm strategy and manage key risks. The recent transition to co-CEO structure in February 2022 represents a significant leadership change as the firm moves to third-generation family control while maintaining institutional-scale operations. The departure of key executives, including Alex Knapp (Chief Investment Officer for Europe) resigning from the HGIT board in December 2024 and reports of a senior managing director leaving the European operation after 16 years, suggests potential leadership instability requiring succession planning evaluation.

Commercial Real Estate Market Cycle Exposure

The firm faces significant exposure to commercial real estate market cycles, particularly in the office sector where U.S. office loan maturities remain elevated with approximately $400 billion of loans coming due over the next five years. Hines Research acknowledges that office construction starts have decreased dramatically, with 50% declines in Asia and the U.S. and 76% decline in Europe from cyclical peaks, creating potential supply constraints but also refinancing pressures. The firm’s substantial development pipeline of 156 projects underway worldwide creates execution risk amid volatile construction costs, supply chain disruptions, and changing tenant demand patterns that could impact project feasibility and returns.

Standard Industry Considerations for Global Real Estate Firms

Large-scale global real estate operations face inherent risks including interest rate volatility, property market cyclicality, and tenant concentration that require ongoing monitoring across diverse geographic markets and property types. Real estate investment trusts and management firms are subject to evolving ESG regulations, building performance standards, and climate-related disclosure requirements that may necessitate significant capital expenditures and operational changes to maintain competitiveness and regulatory compliance.

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