Filed Pursuant to Rule 424(b)(3)

Registration No. 333-222533

JONES LANG LASALLE INCOME PROPERTY TRUST, INC.

SUPPLEMENT NO. 5 DATED JULY 2, 2021

TO THE PROSPECTUS DATED APRIL 5, 2021

This supplement No. 5 is part of the prospectus of Jones Lang LaSalle Income Property Trust, Inc. and should be read in conjunction with the prospectus. Terms used in this supplement No. 5 and not otherwise defined herein have the same meanings as set forth in our prospectus and any supplements thereto. The purpose of this supplement is to disclose:

•the components of NAV as of June 30, 2021;

•the status of our offering;

•the status of our share repurchase plan;

•the acquisition of Louisville Airport Distribution Center; and

•the recent share pricing information.

Components of NAV

The following table provides a breakdown of the major components of our NAV as of June 30, 2021:

	June 30, 2021
Component of NAV	Class A Shares		Class M Shares		Class A-I Shares		Class M-I Shares		Class D Shares		Total
Real estate investments (1)	$	1,515,634,000	$	574,048,000	$	157,089,000	$	648,087,000	$	122,903,000	$	3,017,761,000
Debt	(489,575,000)		(185,427,000)		(50,742,000)		(209,343,000)		(39,700,000)		(974,787,000)
Other assets and liabilities, net	93,283,000		35,331,000		9,668,000		39,888,000		7,565,000		185,735,000
Estimated enterprise value premium	None assumed		None assumed		None assumed		None assumed		None assumed		None assumed
NAV	$	1,119,342,000	$	423,952,000	$	116,015,000	$	478,632,000	$	90,768,000	$	2,228,709,000
Number of outstanding shares	92,740,817		35,056,224		9,584,831		39,559,492		7,513,281
NAV per share	$	12.07	$	12.09	$	12.10	$	12.10	$	12.08

(1)    The value of our real estate investments was greater than the historical cost by approximately 5.4% as of June 30, 2021.

The following are key assumptions (shown on a weighted-average basis) that are used in the discounted cash flow models to estimate the value of our real estate investments as of June 30, 2021:

	Apartment		Industrial		Office		Retail		Other (1)		Total Company
Exit capitalization rate	4.91	%	5.28	%	5.68	%	5.50	%	6.25	%	5.30	%
Discount rate/internal rate of return (IRR)	6.12		5.91		6.46		6.37		7.80		6.20
Annual market rent growth rate	3.13		3.04		2.78		2.53		3.07		2.90
Holding period (years)	10.00		10.00		10.00		10.00		22.26		10.14

(1)    Other includes Chicago and South Beach parking garages. South Beach Parking Garage is subject to a ground lease and the appraisal incorporates discounted cash flows over its remaining lease term and therefore does not utilize an exit capitalization rate.

While we believe our assumptions are reasonable, a change in these assumptions would impact the calculation of the value of our real estate investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following impacts on our real estate investment value as of June 30, 2021:

Input
Discount Rate - weighted average	0.25% increase	(2.0)	%
Exit Capitalization Rate - weighted average	0.25% increase	(3.0)	%
Annual market rent growth rate - weighted average	0.25% decrease	(1.6)	%

The fair value of our mortgage notes and other debt payable was estimated to be approximately $33,688,582 higher than the carrying values at June 30, 2021. The NAV per share would have decreased by $0.18 at June 30, 2021 if the Company were to have included the fair value of its mortgage notes and other debt payable in its methodology to determine NAV.

Status of the Offering

We commenced our Second Extended Public Offering of up to $3,000,000,000 in shares of common stock on July 6, 2018, of which $2,700,000,000 in shares can be issued pursuant to our primary offering and $300,000,000 in shares can be issued pursuant to our distribution reinvestment plan.

As of June 30, 2021, we have received aggregate gross proceeds of approximately $909,636,000 including $422,710,000 from the sale of 34,562,697 Class A shares, $68,526,000 from the sale of 5,664,653 Class M shares, $3,541,000 from the sale of 288,129 class A-I shares, and $414,859,000 from the sale of 33,173,471 Class M-I shares pursuant to our primary offering. There were $1,790,364,000 in shares of our common stock in our primary offering available for sale. As of June 30, 2021, we have received approximately $165,860,000 pursuant to our distribution reinvestment plan, including $98,347,000 from the sale of 8,229,853 Class A shares, $34,314,000 from the sale of 2,863,069 Class M shares, $10,291,000 from the sale of 857,384 Class A-I shares and $22,908,000 from the sale of 1,917,536 Class M-I shares. There were $134,140,000 in shares of our common stock available for sale pursuant to our distribution reinvestment plan.

We are structured as an institutionally managed, daily valued perpetual-life REIT. This means that, subject to regulatory approval of our filing for additional offerings, we plan to sell shares of our common stock on a continuous basis and for an indefinite period of time. We will endeavor to take all reasonable actions to avoid interruptions in the continuous offering of our shares of common stock. There can be no assurance, however, that we will not need to suspend our continuous offering. The offering must be registered in every state in which we offer or sell shares. Generally, such registrations are for a period of one year. Thus, we may have to stop selling shares in any state in which our registration is not renewed or otherwise extended annually. We reserve the right to terminate this offering at any time and to extend our offering term to the extent permissible under applicable law.

Since the beginning of 2012, we raised a total of approximately $2,963,123,000 through our ongoing public and various private offerings, as well as our distribution reinvestment plan. We raised a total of approximately $171,327,000 during the quarter ending June 30, 2021.  As of June 30, 2021, our total Company NAV across all share classes was approximately $2,228,709,000.

Share Repurchase Plan Status

During the quarter ended June 30, 2021, we redeemed 3,134,052 shares for a total of approximately $37,342,000 pursuant to our share repurchase plan. Shares are not eligible for repurchase for the first year after purchase except upon death or disability of the stockholder. Shares issued pursuant to our distribution reinvestment plan are not subject to the one-year holding period. Eligible share repurchases during the period from July 1, 2021 through September 30, 2021 are limited to approximately $111,435,000 which is 5% of the NAV of all classes of shares as of the last business day of the previous calendar quarter.

Acquisition

On June 24, 2021, we acquired Louisville Airport Distribution Center, a nearly 284,000-square-foot, newly constructed Class A industrial property located in the Southside/Airport industrial submarket of Louisville. The purchase price was $32.1 million.

Recent Share Pricing Information

Below is the daily NAV per share, as determined in accordance with our valuation guidelines, for each business day from June 1 to June 30, 2021, for each of our classes of common stock:

Date	NAV per Share
	Class A		Class M		Class A-I		Class M-I		Class D (1)
June 1, 2021	$	11.93	$	11.96	$	11.97	$	11.97	$	11.95
June 2, 2021	$	11.93	$	11.96	$	11.97	$	11.97	$	11.95
June 3, 2021	$	11.93	$	11.96	$	11.97	$	11.97	$	11.96
June 4, 2021	$	11.96	$	11.99	$	12.00	$	12.00	$	11.99
June 7, 2021	$	11.96	$	11.99	$	12.00	$	12.01	$	11.99
June 8, 2021	$	11.96	$	12.00	$	12.01	$	12.01	$	11.99
June 9, 2021	$	11.96	$	12.00	$	12.01	$	12.01	$	11.99
June 10, 2021	$	11.96	$	12.00	$	12.01	$	12.01	$	11.99
June 11, 2021	$	11.98	$	12.02	$	12.03	$	12.03	$	12.01
June 14, 2021	$	11.98	$	12.02	$	12.03	$	12.03	$	12.01
June 15, 2021	$	11.98	$	12.02	$	12.03	$	12.03	$	12.01
June 16, 2021	$	12.01	$	12.05	$	12.06	$	12.06	$	12.04
June 17, 2021	$	12.02	$	12.05	$	12.06	$	12.06	$	12.05
June 18, 2021	$	12.02	$	12.06	$	12.07	$	12.07	$	12.05
June 21, 2021	$	12.02	$	12.06	$	12.07	$	12.07	$	12.05
June 22, 2021	$	12.07	$	12.10	$	12.11	$	12.12	$	12.09
June 23, 2021	$	12.08	$	12.11	$	12.12	$	12.13	$	12.11
June 24, 2021	$	12.08	$	12.12	$	12.13	$	12.13	$	12.11
June 25, 2021 (2)	$	12.00	$	12.02	$	12.03	$	12.03	$	12.01
June 28, 2021	$	12.00	$	12.02	$	12.03	$	12.03	$	12.01
June 29, 2021	$	12.02	$	12.04	$	12.05	$	12.05	$	12.03
June 30, 2021	$	12.07	$	12.09	$	12.10	$	12.10	$	12.08

(1)     Shares of Class D common stock are currently being offered pursuant to a private placement offering.

(2)     On May 10, 2021, our board of directors approved a gross dividend for the second quarter of 2021 of $0.135 per share to stockholders of record as of June 24, 2021. The decrease in share price on June 25, 2021 reflects the accrual of this cash distribution.

Purchases and repurchases of shares of our common stock will be made based on the appropriate day’s applicable per share NAV. On each business day, our NAV per share for each public offered share class, is posted on our website, www.JLLIPT.com, and made available on our toll-free, automated telephone line, (855) 652-0277.