Press Release

JLL Income Property Trust Declares Consecutive Quarterly Dividends for 12 Years

November 13, 2023
JLL Income Property Trust Announces Q4 2022 and Full-Year Earnings Call

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ:ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $7 billion in portfolio equity and debt investment assets, announced that on November 7, 2023, its Board of Directors declared a dividend for the fourth quarter of 2023 of $0.145 per share. This will be the 48th consecutive dividend paid to its stockholders.

The dividend is payable on or around December 28, 2023 to stockholders of record as of December 22, 2023. On an annualized basis, this gross dividend is equivalent to $0.58 per share and represents a yield of approximately 4.4% on a NAV per share of $13.05 as of November 6, 2023. All stockholders will receive $0.145 per share less applicable share class specific fees and the annualized yield will differ based on the share class.

“As we mark our 48th consecutive quarterly dividend, we’re proud that JLL Income Property Trust continues to be a reliable source of distributions for our stockholders,” said JLL Income Property Trust President and CEO Allan Swaringen. “We believe the consistency and growth of these dividends demonstrates the benefit of investing in core real estate to grow cash flows over time, even during an uncertain market environment.”

During this 12-year period JLL Income Property Trust increased its dividend eight times at an annualized growth rate of 3.7%. That dividend growth has been underpinned by a growing, diversified and low-leveraged core portfolio that includes private equity and private credit investments. Valued today at approximately $7 billion, JLL Income Property Trust’s portfolio now includes:

  • More than 14.1 million square feet of industrial properties
  • Nearly 4 million square feet of grocery-anchored shopping centers
  • Nearly 1.4 million square feet of healthcare-oriented investments
  • Over 10,600 apartment and single family rental units

Since inception, JLL Income Property Trust has achieved annualized net-of-fee returns of approximately 7.02% on its lowest fee share class while also delivering low volatility as measured by a 3.58% standard deviation.

A third quarter dividend of $0.145 per share, less applicable share class specific fees, was paid according to the table below on September 27, 2023 to stockholders of record as of September 22, 2023. Any future dividends will be approved at the discretion of the Board of Directors.

M-I Share

A-I Share1

M Share2

A Share3

Q2 Quarterly Gross Dividend per Share

$0.14500

$0.14500

$0.14500

$0.14500

Less: Dealer Manager Fee per Share

-

($0.00769)

($0.00923)

($0.02493)

Q2 Quarterly Net Dividend per Share

$0.14500

$0.13731

$0.13577

$0.12007

NAV per Share as of September 30, 2023

$13.10

$13.12

$13.10

$13.08

Annualized Net Dividend Yield Based on NAV as of September 30, 2023

4.4%

4.2%

4.1%

3.7%
  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.

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.