Hines Capital Advisors LLC (the "Advisor") is a Delaware limited liability company and an indirect subsidiary of Hines Interests Limited Partnership (collectively, with certain affiliates, referred to herein as "Hines”). Hines is a vertically integrated global real estate investment and management firm and, with its predecessor, has been investing in real estate and providing real estate-related services such as acquisition, development, financing, property management, leasing, and disposition services for over 60 years. Hines provides investment management services to numerous investors and partners including pension plans, domestic and foreign institutional investors, high net worth individuals and retail investors. The Advisor is owned and controlled by Hines Interests Limited Partnership. Additional information about the ownership is also available on the SEC’s website at: www.adviserinfo.sec.gov. The Advisor provides investment advice regarding real estate assets to the Hines U.S. Property Partners, L.P., a Delaware limited partnership (“HUSPP”). Hines USPP GP LP, a Delaware limited partnership, serves as the general partner (“HUSPP General Partner”) of the Fund. HUSPP is organized as a perpetual life, open-ended, commingled private fund to invest directly or indirectly in high-quality core and core-plus real estate assets located predominantly in the United States. In addition, the Advisor provides investment advice regarding real estate assets to the Hines U.S. Property Recovery Fund, L.P., a Delaware limited partnership which includes a series of parallel investment vehicles (collectively “HUSPR” or the “Recovery Fund”). Hines USPRF GP LP, a Delaware limited partnership serves as the general partner (the “HUSPR General Partner”) of the Recovery Fund. HUSPR is organized as a closed-end commingled private fund to invest directly or indirectly on real estate related assets with focus on tactical investment opportunities arising from three distinct themes: (i) broken developments, (ii) distressed sellers and sectors, and (iii) credit-driven asset opportunities. HUSPP and HUSPR are together referred to as the “Fund(s) or the “Client(s)”. In addition, references to the term General Partner apply to both Funds. Hines also intends to raise, sponsor, manage, otherwise provide discretionary investment management and/or advisory services to, or source investments for other funds, clients, accounts or other investments vehicle (other than the Funds or any of its subsidiaries, each, an “Other Hines Account”), some of which may have investment objectives similar to or that overlap with those of the Fund and/or engage in transactions in the same type of investments as the Funds or in different investments of the same issuers in which the Funds invests. Funds’ Governing Documents The advice provided by the Advisor to the Funds is tailored to meet the investment objectives and restrictions of the Funds, not to the investors (“Investor” or “Limited Partner”) in the Funds. The advice provided will be in accordance with the investment objectives, strategies and restrictions described in the Funds’ respective Private Placement Memoranda (“PPM”), Limited Partnership Agreement (“Partnership Agreement”), or other governing agreements (collectively referred to as “Fund Governing Documents”). Investors and other recipients of this Brochure should be aware that while this Brochure includes information about the Funds, as necessary or appropriate, this Brochure should

not be considered to represent a complete discussion of the features, risks or conflicts associated with each Fund. More complete information about each Fund is included in the Fund Governing Documents. In no event should this Brochure be considered to be an offer of interests in the Funds or any Other Hines Account or relied upon in any determination to invest in the Funds or any Other Hines Account. It is also not an offer of, or agreement to provide, advisory services directly to any recipient of the Brochure. Rather, this Brochure is designed to provide information about the Advisor for the purpose of compliance with the Advisor's obligations under the Advisers Act. Accordingly, the Brochure responds to relevant regulatory requirements under the Advisers Act, which may differ from the information provided in the Funds’ Governing Documents. To the extent that there is any conflict between discussions herein and similar or related discussions in any Fund Governing Document, the relevant governing document shall prevail. Capitalized terms used but not defined herein have the same meaning as in the applicable Fund Governing Document. Redemption Rights HUSPP is an open-ended fund with a perpetual term. Subject to certain restrictions in the Partnership Agreement, HUSPP Limited Partners will have the option to redeem units on a quarterly basis. After the second anniversary of the date on which a Limited Partner was initially issued units in HUSPP (or such earlier date as determined by the General Partner in its sole discretion), such Limited Partner may elect, upon at least 90 days’ prior written notice to the HUSPP General Partner in a form acceptable to the HUSPP General Partner, to have some or all of such units redeemed. Outstanding redemption requests with respect to redeemable units will be accommodated as liquid assets permit at the end of each calendar quarter. A HUSPP Limited Partner may sell, assign, or transfer its Units or unfunded Commitments to any other eligible Investor with the prior written consent of the HUSPP General Partner. Further information regarding withdrawal rights are described in the HUSPP Governing Documents. Investments in Real Estate-Related Securities HUSPP, may enter into an agreement with one or more third party investment advisers (each a “Sub- Adviser”) to manage HUSPP’s investments in real estate-related equity or debt securities consistent with HUSPP’s investment strategy. In its capacity as a fiduciary to HUSPP, a Sub-Adviser will provide services related to the acquisition, management and disposition of real estate-related securities investments in accordance with the HUSPP’s investment guidelines. In addition to providing services to HUSPP, a Sub- Adviser also provides services to Hines. Please see Item 10 below for further discussion of potential conflicts regarding service providers shared between or among the Advisor, Hines, and the Funds. Sub- Advisers for the Funds are specified in Part 1, Section 7.B.1 of Form ADV, publicly available at: www.adviserinfo.sec.gov. In the event HUSPP does not enter into an agreement with a Sub-Adviser, the Advisor will arrange HUSPP’s investments in real estate-related equity or debt securities consistent with HUSPP’s investment strategy. Regulatory Assets Under Management As of December 31, 2022, the Advisor managed approximately $2,851,331,817 in regulatory assets under management.