Press Release

JLL Income Property Trust Announces Tax Treatment of 2024 Distributions

January 29, 2025

JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $6.6 billion in portfolio equity and debt investments, today announced the income tax treatment of its dividends paid in 2024. For the tax year ended December 31, 2024, approximately 18 percent of the distributions paid will qualify as non-dividend distribution or return of capital (box 3 on Form 1099), and approximately 82 percent of distributions paid will qualify as tax-advantaged long-term capital gain (box 2a).

“Since JLL Income Property Trust’s inception in 2012, one of our primary objectives has been to be a source of durable and growing dividend distributions,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “In addition to providing 9 dividend increases over our 12-year history, we also seek to maximize the tax efficiency of our dividends and deliver tax-advantaged distributions to our stockholders. Due to our intensive focus on optimizing the benefits of our REIT structure for investors, over the last 12 years 100% of our distributions have been characterized as either return of capital or long-term capital gain.”

The table below summarizes the income tax treatment of distributions paid to Class A stockholders during the year ended December 31, 2024:

Record Date	Payment Date	Net Distribution per Share¹	Capital Gain Income²		Return of Capital		Unrecaptured Section 1250 Gains
3/25/2024	3/28/2024	$0.12210	$0.10000	81.9%	$0.02210	18.1%	$0.09190
6/24/2024	6/27/2024	0.13561	0.11106	81.9%	0.02455	18.1%	0.10207
9/23/2024	9/26/2024	0.13613	0.11149	81.9%	0.02464	18.1%	0.10246
12/23/2024	12/27/2024	0.13576	0.11119	81.9%	0.02457	18.1%	0.10218
Total		$0.52960	$0.43374	81.9%	$0.09586	18.1%	$0.39861

(1) Distributions per share are net of dealer manager fees of 0.85%.
(2) Distributions include 91.9% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class M stockholders during the year ended December 31, 2024:

Record Date	Payment Date	Net Distribution per Share¹	Capital Gain Income²		Return of Capital		Unrecaptured Section 1250 Gains
3/25/2024	3/28/2024	$0.13652	$0.11181	81.9%	$0.02471	18.1%	$0.10275
6/24/2024	6/27/2024	0.14941	0.12237	81.9%	0.02704	18.1%	0.11246
9/23/2024	9/26/2024	0.14951	0.12245	81.9%	0.02706	18.1%	0.11253
12/23/2024	12/27/2024	0.14924	0.12223	81.9%	0.02701	18.1%	0.11233
Total		$0.58468	$0.47885	81.9%	$0.10583	18.1%	$0.44007

(1) Distributions per share are net of dealer manager fees of 0.30% of NAV.
(2) Distributions include 91.9% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class A-I stockholders during the year ended December 31, 2024:

Record Date	Payment Date	Net Distribution per Share¹	Capital Gain Income²		Return of Capital		Unrecaptured Section 1250 Gains
3/25/2024	3/28/2024	$0.13669	$0.11195	81.9%	$0.02474	18.1%	$0.10288
6/24/2024	6/27/2024	0.15030	0.12310	81.9%	0.02720	18.1%	0.11312
9/23/2024	9/26/2024	0.15069	0.12342	81.9%	0.02727	18.1%	0.11342
12/23/2024	12/27/2024	0.15061	0.12335	81.9%	0.02726	18.1%	0.11336
Total		$0.58829	$0.48181	81.9%	$0.10648	18.1%	$0.44278

(1) Distributions per share are net of dealer manager fees of 0.30% of NAV.
(2) Distributions include 91.9% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class M-I stockholders during the year ended December 31, 2024:

Record Date	Payment Date	Net Distribution per Share	Capital Gain Income¹		Return of Capital		Unrecaptured Section 1250 Gains
3/25/2024	3/28/2024	$0.14500	$0.11876	81.9%	$0.02625	18.1%	$0.10914
6/24/2024	6/27/2024	0.15750	0.12899	81.9%	0.02851	18.1%	0.11854
9/23/2024	9/26/2024	0.15750	0.12899	81.9%	0.02851	18.1%	0.11854
12/23/2024	12/27/2024	0.15750	0.12899	81.9%	0.02851	18.1%	0.11854
Total		$0.61750	$0.50573	81.9%	$0.11177	18.1%	$0.46477

(1) Distributions include 91.9% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class D stockholders during the year ended December 31, 2024:

Record Date	Payment Date	Net Distribution per Share	Capital Gain Income¹		Return of Capital		Unrecaptured Section 1250 Gains
3/25/2024	3/28/2024	$0.14500	$0.11876	81.9%	$0.02625	18.1%	$0.10914
6/24/2024	6/27/2024	0.15750	0.12899	81.9%	0.02851	18.1%	0.11854
9/23/2024	9/26/2024	0.15750	0.12899	81.9%	0.02851	18.1%	0.11854
12/23/2024	12/27/2024	0.15750	0.12899	81.9%	0.02851	18.1%	0.11854
Total		$0.61750	$0.50573	81.9%	$0.11177	18.1%	$0.46477

(1) Distributions include 91.9% of Unrecaptured Section 1250 Gain.

The dollar amount reported on each investor's respective 1099-DIV will depend on the total amount of distributions received throughout the year which can be affected by the share class held and the length of time the shares were owned. This release is based on the preliminary results of work on the company's tax filings and may be subject to adjustment.

The income tax allocation for the distributions discussed above has been calculated using the best available information as of the date of the release. The company is releasing information at this time to aid those required to distribute Forms 1099 on the company's distributions. Tax treatment of distributions is dependent on a number of factors and there is no guarantee that future distributions will qualify as a non-dividend distribution, return of capital or long-term capital gain.

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

For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.

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 | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages $88.2 billion of assets in private and public real estate equity and debt investments as of Q3 2024. 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 www.lasalle.com, and LinkedIn.

Investing today. For tomorrow.
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 (JLLIPT). 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 flow 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 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 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 the 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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Important Notice