Press Release

JLL Income Property Trust Announces Tax Treatment of 2025 Distributions

January 29, 2026

Chicago (January 29, 2026) – JLL Income Property Trust, an institutionally managed, daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX; ZIPIBX; ZIPSAX; ZIPZAX; ZIPDBX) with approximately $7 billion in portfolio equity and debt investments, today announced the income tax treatment of its distributions paid in 2025. For the tax year ended December 31, 2025, 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 distributions,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “In addition to providing 9 distribution increases over our 13-year history, we also seek to maximize the tax efficiency of our distributions and deliver tax-advantaged distributions to our stockholders. We have placed careful focus on optimizing our REIT structure to provide the most benefit for our investors, and are proud that over the last 13 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, 2025:

Record Date	Payment Date	Net Distribution per share ¹	Capital Gain Income²		Return of Capital		Unrecaptured Section 1250 Gains
3/25/2025	3/28/2025	$0.13315	$0.10892	81.8%	$0.02423	18.2%	$0.06818
6/24/2025	6/27/2025	0.13271	0.10856	81.8%	0.02415	18.2%	0.06796
9/23/2025	9/26/2025	0.13289	0.10870	81.8%	0.02419	18.2%	0.06805
12/23/2025	12/29/2025	0.13272	0.10856	81.8%	0.02416	18.2%	0.06796
Total		$0.53147	$0.43474	81.8%	$0.09673	18.2%	$0.27215

Distributions per share are net of dealer manager fees of 0.85%.
Capital gains income include 62.6% 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, 2025:

Record Date	Payment Date	Net Distribution per share ¹	Capital Gain Income²		Return of Capital		Unrecaptured Section 1250 Gains
3/25/2025	3/28/2025	$0.14894	$0.12183	81.8%	$0.02711	18.2%	$0.07627
6/24/2025	6/27/2025	0.14887	0.12178	81.8%	0.02709	18.2%	0.07623
9/23/2025	9/26/2025	0.14885	0.12176	81.8%	0.02709	18.2%	0.07622
12/23/2025	12/29/2025	0.14877	0.12169	81.8%	0.02708	18.2%	0.07618
Total		$0.59543	$0.48706	81.8%	$0.10837	18.2%	$0.30490

Distributions per share are net of dealer manager fees of 0.30%.
Capital gains income include 62.6% 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, 2025:

Record Date	Payment Date	Net Distribution per share ¹	Capital Gain Income²		Return of Capital		Unrecaptured Section 1250 Gains
3/25/2025	3/28/2025	$0.14891	$0.12181	81.8%	$0.02710	18.2%	$0.07625
6/24/2025	6/27/2025	0.14850	0.12147	81.8%	0.02703	18.2%	0.07604
9/23/2025	9/26/2025	0.14894	0.12183	81.8%	0.02711	18.2%	0.07627
12/23/2025	12/29/2025	0.14890	0.12180	81.8%	0.02710	18.2%	0.07625
Total		$0.59525	$ 0.48691	81.8%	$0.10834	18.2%	$ 0.30481

Distributions per share are net of dealer manager fees of 0.30%.
Capital gains income include 62.6% 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, 2025:

Record Date	Payment Date	Net Distribution per share	Capital Gain Income¹		Return of Capital		Unrecaptured Section 1250 Gains
3/25/2025	3/28/2025	$0.15750	$0.12884	81.8%	$0.02867	18.2%	$0.08065
6/24/2025	6/27/2025	0.15750	0.12884	81.8%	0.02867	18.2%	0.08065
9/23/2025	9/26/2025	0.15750	0.12884	81.8%	0.02867	18.2%	0.08065
12/23/2025	12/29/2025	0.15750	0.12884	81.8%	0.02867	18.2%	0.08065
Total		$0.63000	$0.51534	81.8%	$0.11466	18.2%	$0.32260

Capital gains income include 62.6% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class I stockholders during the year ended December 31, 2025:

Record Date	Payment Date	Net Distribution per share	Capital Gain Income¹		Return of Capital		Unrecaptured Section 1250 Gains
12/23/2025	12/29/2025	$0.15750	$0.12884	81.8%	$0.02867	18.2%	$0.08065
Total		$0.15750	$0.12884	81.8%	$0.02867	18.2%	$0.08065

Capital gains income include 62.6% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class N stockholders during the year ended December 31, 2025:

Record Date	Payment Date	Net Distribution per share	Capital Gain Income¹		Return of Capital		Unrecaptured Section 1250 Gains
3/25/2025	3/28/2025	$0.15750	$0.12884	81.8%	$0.02867	18.2%	$0.08065
6/24/2025	6/27/2025	0.15750	0.12884	81.8%	0.02867	18.2%	0.08065
9/23/2025	9/26/2025	0.15750	0.12884	81.8%	0.02867	18.2%	0.08065
12/23/2025	12/29/2025	0.15750	0.12884	81.8%	0.02867	18.2%	0.08065
Total		$0.63000	$ 0.51534	81.8%	$0.11466	18.2%	$0.32260

Capital gains income include 62.6% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class S stockholders during the year ended December 31, 2025:

Record Date	Payment Date	Net Distribution per share ¹	Capital Gain Income²		Return of Capital		Unrecaptured Section 1250 Gains
12/23/2025	12/29/2025	$0.14651	$0.11985	81.8%	$0.02666	18.2%	$0.07502
Total		$0.14651	$0.11985	81.8%	$0.02666	18.2%	$0.07502

Distributions per share are net of dealer manager fees of 0.85%.
Capital gains income include 62.6% 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 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.

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, a subsidiary of JLL, is a globally integrated, diverse real estate investment manager. On a global basis, LaSalle manages US$88.5 billion of assets in private and public real estate equity and debt investments as of Q2 2025. LaSalle's client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a diverse 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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