Press Release

JLL Income Property Trust Declares 31st Consecutive Quarterly Dividend

August 13, 2019 — Chicago

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), announced that on August 8, 2019 its Board of Directors approved a gross dividend for the third quarter of 2019 of $0.175 per share, which includes a one-time, special dividend of $0.04 per share and a regular dividend of $0.135 per share. The $0.04 per share special dividend allows the company to reduce certain state income taxes due from the capital gains on the sale of 111 Sutter Street. JLL Income Property Trust has declared thirty-one consecutive quarterly dividends to its stockholders beginning with the first quarter 2012.

The dividend is payable on or around November 1, 2019 to stockholders of record as of September 27, 2019. On an annualized basis, the regular portion of the gross dividend is equivalent to $0.54 per share and represents a yield of approximately 4.4 percent on a NAV per share of $12.21 as of August 7, 2019. All stockholders will receive $0.175 per share less applicable share class-specific fees and the annualized yield will differ based on the share class.

“In keeping with our late-cycle de-risking portfolio strategy,” noted Allan Swaringen, President and CEO of JLL Income Property Trust, “the 111 Sutter sale earlier this year was strategic in terms of underweighting our portfolio allocation to higher beta markets and property types – in this case, San Francisco multi-tenant office properties.”

The sale generated a $120 million taxable gain that was fully sheltered from federal taxation at the company level and should result in dividends paid throughout 2019 to be characterized as long-term capital gain, a reduced tax rate as compared to ordinary income tax rates for most stockholders. Certain states also assess REITs income taxes.

Swaringen added, “through the special dividend, totaling approximately $6 million, along with other tax mitigation efforts, the company saved over $2 million from our initial state tax estimates. In these situations, which are fairly unique, we would rather pay cash to our stockholders in the form of special dividends than have the company incur taxes.”

A second-quarter dividend of $0.135 per share, less applicable share class-specific fees, was paid according to the table below on August 1, 2019 to stockholders of record as of June 27, 2019.

M-I Share1A-I Share2M Share3A Share4
Q2 Quarterly Gross Dividend per Share$0.13500$0.13500$0.13500$0.13500
Less: Dealer Manager Fee per Share -($0.00847)($0.00857)($0.02286)
Q1 Quarterly Net Dividend per Share$0.13500$0.12653$0.12643$0.11214
NAV per Share as of June 30, 2019$12.18$12.19$12.18$12.16
Annualized Net Dividend Yield Based
on NAV as of June 30, 2019

  1. A dealer manager fee equal to 1/365th of 0.30% of NAV is allocated to Class A-I stockholders daily and reduces the quarterly dividend paid.
  2. A dealer manager fee equal to 1/365th of 0.30% of NAV is allocated to Class M stockholders daily and reduces the quarterly dividend paid.
  3. A dealer manager fee equal to 1/365th of 0.85% of NAV is allocated to Class A stockholders daily and reduces the quarterly dividend paid.

About JLL Income Property Trust, Inc., Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX)

JLL Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages over US $89 billion of assets in private and public real estate property and debt investments as of Q4 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit, and LinkedIn.

Forward Looking Statements

This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.