Press Release

JLL Income Property Trust Increases Quarterly Dividend for Ninth Time

May 8, 2024 — Chicago

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $7 billion in portfolio equity and debt investments, announced that on May 7, 2024, its Board of Directors declared a dividend for the second quarter of 2024 of $0.1575 per share, an 8.6% increase from the prior quarter’s $0.145 dividend per share. This represents the ninth dividend increase since JLL Income Property Trust’s inception in 2012 and will be the 50th consecutive quarterly dividend paid to its stockholders.

The quarterly dividend is payable on or around June 27, 2024 to stockholders of record as of June 24, 2024. On an annualized basis, this gross distribution is equivalent to $0.63 per share and represents a yield of approximately 5.24% on the NAV per share of $12.02 for the M-I share class as of March 31, 2024. All stockholders will receive $0.1575 per share less applicable share class specific fees and the annualized yield will differ based on the share class.

“We are pleased to once again enhance the current return to our stockholders through our ninth dividend increase over our eleven and a half years of operating as the first daily valued perpetual NAV REIT,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “Providing continued growth in cash distributions paid to our stockholders has been a priority for us since our inception. With this dividend increase, we have established one of the best dividend track records among all NAV REITs.”

Swaringen noted, “In a time period where core real estate valuations have declined due to rising interest rates – a frustrating consequence of the Fed’s eleven rate increases – the operating performance of our portfolio continues to improve.”

Noteworthy portfolio metrics supporting this dividend increase across the JLL Income Property Trust portfolio are:

96% average portfolio occupancy for 2021, 2022 and 2023
17% total revenue growth for 2023
26% average rent increases in 2023 across 1.6 million square feet of new and renewal leases
14% average rent increases in 2024 across 600,000 square feet of new and renewal leases
4% annual apartment rent growth and 5% annual single family rent growth in 2023

“As an institutionally sponsored real estate fund, JLL Income Property Trust was designed to be an all-cycle investment for private clients and to provide a growing source of tax-efficient current income across a range of differing economic environments. In times of inflationary pressures such as these, core real estate has historically served as a reliable hedge against inflation and our 4.2% average annual dividend growth rate over nearly twelve years has delivered on that objective for our stockholders,” added Swaringen. “Financial advisors continue to look for investments for their clients that provide a growing source of income while also diversifying their portfolios beyond the traditional 60/40 equity and fixed income allocation model. Core real estate has become that alternative investment of choice.”

A first quarter 2024 dividend of $0.145 per share, less applicable share class specific fees, was paid according to the table below on March 28, 2024 to stockholders of record as of March 25, 2024. Any future dividends will be approved at the discretion of the Board of Directors.

	M-I Share	A-I Share¹	M Share²	A Share³
Q1 Quarterly Gross Dividend per Share	$0.145	$0.145	$0.145	$0.145
Less: Dealer Manager Fee per Share	-	$0.00831	$0.00848	$0.02290
Q1 Quarterly Net Dividend per Share	$0.14500	$0.13669	$0.13652	$0.12210
NAV per Share as of March 31, 2024	$12.02	$12.04	$12.03	$12.01
Annualized Net Dividend Yield Based on NAV as of March 31, 2024	4.8%	4.5%	4.5%	4.1%

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.
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.
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.

JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of private, core real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

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, Inc. a member of the JLL group and advisor to JLL Income Property Trust, is one of the world’s leading real estate investment managers with approximately $86.6 billion equity and debt investments under management (as of Q3 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. LaSalle is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.

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.

Summary of Risk Factors

You should read the prospectus carefully for a description of the risks associated with an investment in JLL Income Property Trust. Some of these risks include but are not limited to the following:

Since there is no public trading market for shares of our common stock, repurchases of shares by us after a one-year minimum holding period will likely be the only way to dispose of your shares. After a required one-year holding period, JLLIPT limits the amount of shares that may be repurchased under our repurchase plan to approximately 5% of our net asset value (NAV) per quarter and 20% of our NAV per annum. Because our assets will consist primarily of properties that generally cannot be readily liquidated, JLLIPT may not have sufficient liquid resources to satisfy repurchase requests. Further, our board of directors may modify or suspend our repurchase plan if it deems such action to be in the best interest of our stockholders. As a result, our shares have limited liquidity and at times may be illiquid.

The purchase and redemption price for shares of our common stock will be based on the NAV of each class of common stock and will not be based on any public trading market. Because valuation of properties is inherently subjective, our NAV may not accurately reflect the actual price at which our assets could be liquidated on any given day.
JLLIPT is dependent on our advisor to conduct our operations. JLLIPT will pay substantial fees to our advisor, which increases your risk of loss. JLLIPT has a history of operating losses and cannot assure you that JLLIPT will achieve profitability. Our advisor will face conflicts of interest as a result of, among other things, time constraints, allocation of investment opportunities, and the fact that the fees it will receive for services rendered to us will be based on our NAV, which it is responsible for calculating.

The amount of distributions JLLIPT makes is uncertain and there is no assurance that future distributions will be made. JLLIPT may pay distributions from sources other than cash f low from operations, including, without limitation, the sale of assets, borrowings, or offering proceeds. Our use of leverage increases the risk of your investment. If JLLIPT fails to maintain our status as a REIT, and no relief provisions apply, JLLIPT would be subject to serious adverse tax consequences that would cause a significant reduction in our cash available for distribution to our stockholders and potentially have a negative impact on our NAV.

While JLLIPT’s investment strategy is to invest in stabilized commercial real estate properties diversified by sector with a focus on providing current income to investors, an investment in JLLIPT is not an investment in fixed income. Fixed income has material differences from an investment in a non-traded REIT, including those related to vehicle structure, investment objectives and restrictions, risks, fluctuation of principal, safety, guarantees or insurance, fees and expenses, liquidity and tax treatment.

Investing in commercial real estate assets involves certain risks, including but not limited to: tenants’ inability to pay rent; increases in interest rates and lack of availability of financing; tenant turnover and vacancies; and changes in supply of or demand for similar properties in a given market.

You should carefully review the “Risk Factors” section of our prospectus for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This sales material must be read in conjunction with the prospectus in order to fully understand all the implications and risks of the offering of securities to which it relates. This sales material is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus.

Investors could lose all or a substantial amount of their investment. Alternative investments are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.

This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors or prospective investors, as applicable, receiving this material) and is intended solely for the use of the persons to whom it has been delivered.

Forward-Looking Statement Disclosure

This literature contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” and other similar terms, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks, uncertainties, and contingencies include, but are not limited to, the following: our ability to effectively raise capital in our offering; uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our investment strategy; and other risk factors as outlined in our prospectus and periodic reports filed with the Securities and Exchange Commission. Although JLLIPT believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. JLLIPT undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in our expectations.

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