Hines' HREX 9 Reports $590.6 Million Sold, Largest Among Nine Identified HREX Offerings

HREX 9, DST, a Delaware statutory trust sponsored through Hines Real Estate Exchange, LLC, reported $590,648,975 sold to 550 investors in a Form D/A filed October 15, 2026 (accession 0002100016-26-000001). The amendment revises the offering amount to equal the amount sold and reports nothing remaining. The date of first sale is December 17, 2025, two days after its original notice.

That makes HREX 9 the largest of the nine HREX offerings AltStreet identified on EDGAR: 2.4 times the next-largest, HREX 6, DST, and larger than any two earlier offerings combined.

What the filings show

The December 15, 2025 notice (accession 0002100016-25-000001) stated an original offering amount of $618,397,358 with no sales. The amendment lowers the offering amount to $590,648,975, the amount sold, or 95.5% of the original stated amount. Every earlier HREX offering's later notice did the same: HREX 5 through HREX 8 each reported sales of 95% to 97% of their original stated amounts and set the offering amount equal to the amount sold. The notices do not state when the last sale occurred.

The minimum investment is $250,000; reported sales average about $1,073,900 per reported investor. The offering relied on Rule 506(b). Item 15 carries an estimate of $30,919,868 in sales commissions and Item 16 an estimate of $13,913,941 of proceeds paid to related persons, described as dealer manager fees and organization and offering expenses that may accrue to related persons. Both estimates are unchanged from the December notice, where they equaled 5.0% and 2.25% of the original stated amount; set against the $590.6 million reported sold they would be 5.2% and 2.4%, an arithmetic comparison, not a measure of what investors paid.

• —Offering amount: $618,397,358 (December 2025 notice) revised to $590,648,975 (October 2026)
• —Reported sold: $590,648,975 to 550 investors; $0 remaining
• —Date of first sale: December 17, 2025; amendment signed October 14, 2026
• —Estimates: sales commissions $30,919,868; proceeds to related persons $13,913,941

Background

The notices name Hines Real Estate Exchange, LLC, HREX 9 Depositor, LLC, HREX 9 DST Manager, LLC and Jeffrey Hines as related persons. A Delaware statutory trust of this kind sells fractional beneficial interests in real estate, commonly to investors completing a Section 1031 like-kind exchange; the Form D does not identify the trust's properties.

Hines said in a June 9, 2026 press release, filed with a Hines Global Income Trust Form 8-K, that it had completed more than $1.1 billion across eight DST offerings since launching the HREX platform in 2022. The eight earlier HREX offerings AltStreet identified on EDGAR report $1,164,509,854 in sales, consistent with that figure.

The pattern in AltStreet's data

With HREX 9, the nine identified HREX offerings report $1,755,158,829 in sales. HREX 9 alone equals 50.7% of the eight earlier offerings combined. The investor counts are per offering and cannot be added into a count of unique investors.

Why it matters

For advisers and private-wealth readers following DST programs used in 1031 exchanges, HREX 9 marks a step change in the size of a single Hines offering. A notice reporting $0 remaining does not by itself establish when the offering closed or whether interests remain available; that is a question for the sponsor. The fee figures on the notice are estimates set when the offering began; the private placement memorandum, not the Form D, governs what investors paid.

The notice does not show whether HREX 9's properties, leverage or projected distributions differ from earlier offerings.

What the filings do not show

The Form D does not identify the properties, their purchase prices, any loan on them, the projected distribution rate or the master lease terms. It reports estimated fees, not the fees actually paid, and it does not state the date of the last sale. AltStreet has not reviewed the trust's private placement memorandum.