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Corporate overview

Hines is a privately owned global real estate investment, development, and property manager with $91.8bn1 in AUM. Since its inception in 1957, the firm has grown to more than 4,600 professionals in 30 countries.

The firm employs various strategies to pursue acquisition and development opportunities, and its diverse suite of investment vehicles covers a wide range of property types, geographies, and risk profiles.

Hines is distinguished in the market by its local expertise and relationships, proprietary research methodologies, holistic stewardship-based investment approach, and pioneering sustainability commitments, including achieving operational efficiency by 2040. Hines is one of the largest and most respected real estate organizations in the world.

Please visit www.hines.com for more information.

¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2025.

INDUSTRIAL: US industrial demand continued its slide into the third quarter of 2025 with trailing annual absorption of 64m SF. This was the lowest such absorption figure since 11Q1, per CoStar. While construction activity has moderated over the past year, there remained a substantial gap between supply and demand. Vacancies reached 7.5% in Q3 2025, a 20 bp increase from Q2 2025 and 100 bps above year-ago levels. CoStar pegged rent growth at 1.2% y/y but indicated a slight decline on a q/q basis. Warehouse deals comprised about 24% of the total US transaction volume over the past four quarters, well above the 16% market share that it captured during the pre-COVID 2017-19 period. (CoStar; Hines Research, Q3 2025)

OFFICE: Office fundamentals showed some life in Q3 2025 with a quarterly net absorption figure of 15m SF, the best quarterly demand gain since the start of COVID. The quarterly gains were driven by solid demand increases in New York (4.9m SF of quarterly net absorption), Dallas (2.6m SF), Phoenix (780k SF) and San Francisco (330k SF). However, vacancies remained near an all-time high and rent growth was tepid at just 0.7% y/y. Enthusiasm for office development appears to have waned as just 66m SF remained in the construction pipeline nationally. Office liquidity took a big step forward in Q3 2025 with $17 billion in quarterly trades per RCA data. This brought the trailing four-quarter tally to $71 billion, a 23% increase over the prior four-quarter period. (CoStar; RCA; Hines Research, Q3 2025)

RESIDENTIAL: The national apartment recovery remained on track through Q3 2025 per data from CoStar. Demand was robust with 367,000 units absorbed over the previous four quarters, including 92,000 units in the third quarter alone. This latter figure was far in excess of quarterly starts, which, at 45,000 units, ran at roughly half the rate of absorption. The market continued to work through a significant amount of pipeline, however, with the result that deliveries outpaced absorption, the fifteenth time this has happened in the past 16 quarters. The bulk of this cycle’s deliveries appear to be behind us as the volume of units under construction has fallen by half over the past three years. (CoStar, Q3 2025) Apartment liquidity advanced in the third quarter with a trailing four-quarter volume of $145 billion per RCA, a 13% increase over the prior four-quarter period.

RETAIL: Momentum has seeped out of the retail market. While demand losses in Q3 2025 added up to a modest 3.4m SF nationally, it was a significant reversal from the 42m SF average gain that the market booked from 2022-2024. Likewise, rent growth subsided, with Q3 2025’s 2.0% y/y gain down 120 bps from year-ago levels. These dynamics were similar across retail subtypes, with malls, power centers and neighborhood centers all exhibiting demand losses and slowing rent growth in the third quarter. Retail liquidity continued to recover in the third quarter with $13 billion in quarterly volume and $62 billion in trailing four-quarter volume, a 15% increase over the prior four-quarter period. (CoStar, Q3 2025)

Investment principles & strategy

Hines’ investment philosophy is to focus on high-quality properties and maximize value creation, which translates into more consistent investment performance for investors over the long term while mitigating short-term downside risks.

Hines applies this philosophy to properties in all real estate sectors— mixed-use, residential, retail, industrial, office, and niche properties— across the risk spectrum and around the world.

Investment activity at Hines is identified at the local level and approved by the Investment Committee, which provides pattern recognition across geographies and product types, market intelligence, strategic foresight, and risk assessment. This differentiated approach – including a vertically integrated structure that promotes deep local knowledge, proven investment management capabilities, and extensive subject matter expertise – is key to delivering returns for investors. Hines believes that the integration of these critical real estate investment functions within one organization provides a competitive advantage that will directly benefit the investment.

Strategic corporate development

Hines’ corporate development strategy is to grow organically. Since its inception in 1957, Hines has grown to $91.8bn1 in AUM and more than 4,600 employees globally. Hines is a vertically integrated real estate investment manager with significant development and property management capabilities, paired with a long history of understanding how sustainability and innovation intersect the built environment.

1 Includes both the global Hines organization and RIA AUM as of 30 June 2025.

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This marketing communication is for informational purposes only and is intended solely for the use of professional and other qualified investors and is not for general public distribution. The information contained herein was up to date at the time of production and is subject to change. This information does not constitute an offer to subscribe for securities, units or other participation rights. It is not intended to be a recommendation or investment advice. This document is not directed at or intended for any person (or entity) who is a citizen or resident of (or located or established in) any jurisdiction where its use would be contrary to applicable law or regulation or would subject the issuing companies or products to any registration or licensing requirements.