Quarterly Update
Q1 2018

Offering Summary

$ 2.5 B

Total Asset Value
(at fair value)1

$ 1.6 B

Net Asset Value (NAV)

68

Properties

11 M

Commercial Sq Ft

2,194

Apartment Units

706

Parking Stalls

94 %

Occupancy Rate

38 %

Company Leverage Ratio

6.1 YRS

Average Remaining Lease Term2

Returns Summary1

Class A Class A-I Class M Class M-I
Q1 RETURN (GROSS) 1.63% 1.63% 1.63% 1.63%
Q1 RETURN (NET) 1.30% 1.47% 1.55% 1.53%
1 YEAR RETURN (GROSS) 8.21% 8.21% 8.21% 8.21%
1 YEAR RETURN (NET) 7.17% 7.88% 7.90% 8.05%
SINCE INCEPTION RETURN (GROSS)2 7.47% 8.09% 7.47% 8.09%
SINCE INCEPTION RETURN (NET)2 6.45% 7.79% 7.12% 8.05%

Distributions Summary3

Class A Class A-I Class M Class M-I
Q1 DISTRIBUTION PER SHARE (NET) $0.10170 $0.12168 $0.12175 $0.12867
YTD DISTRIBUTION PER SHARE (NET) $0.10170 $0.12168 $0.12175 $0.12867
  1. Past performance is no guarantee of future results. Returns shown reflect the percent change in the NAV per share from the prior period, plus the amount of any distribution paid out in the period. All returns shown in the table are net of Company expenses and advisory fees and assume reinvestment of distributions. Net returns shown are net of applicable share class specific fees. Class A and A-I shares are available for brokerage accounts, subject to suitability requirements. Class M and M-I shares are available through fee-based programs, wrap accounts, registered investment advisors, and other institutional and fiduciary accounts, subject to suitability requirements. See Notes section on back page for share class specific fees. The returns have been prepared using unaudited data and valuations of the underlying investments in the Company’s portfolio, which are done by our independent valuation advisor. Valuations based upon unaudited or estimated reports from the underlying investments may be subject to later adjustments or revisions. The returns are net of all advisory fees (e.g. the fixed and performance advisory fee) and Company expenses (e.g. administration, organization, legal and accounting fees, and transaction expenses) and include capital gains and other earnings. Current performance may be higher or lower than the performance quoted herein. The investment return and principal value of an investment will fluctuate so that an investment may be worth more or less than its original cost. No representation or warranty is made as to the efficacy of any particular strategy or the actual returns that may be achieved.
  2. Class M and A shares went effective with the SEC on October 1, 2012 at an initial offering price of $10.00 per share. The inception date for Class M-I and A-I shares was July 1, 2014. Since inception returns are annualized.
  3. Fees and expenses reduce cash available for distribution. We may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or offering proceeds. To date, cash flow from operations has been sufficient to cover cumulative distributions. Year to date cumulative distributions have been funded 89% by funds from operations and 11% from the sale of assets and borrowings. Distribution payments are not guaranteed and may be modified at the Company’s discretion.
  4. NAV is reported based on the fair value of assets less liabilities. Our daily NAV can be found on our website at www.jllipt.com and our toll-free line, 855.652.0277.

Portfolio Diversification

By Property Type

*02% Other

Portfolio data represents fair value of properties as of 03/31/2018.

By Geographic Region
Bd Mapmap

Portfolio data represents fair value of properties as of 03/31/2018.

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.