8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported) March 21, 2024

JLL Income Property Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	000-51948		20-1432284
(State or other jurisdiction of incorporation)	(Commission File Number)		(IRS employer Identification No.)
333 West Wacker Drive, Chicago, IL		60606
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code: (312) 897-4000
N/A
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 - Regulation FD Disclosure.

On March 21, 2024, JLL Income Property Trust issued a press release announcing that it originated a $48 million senior, secured floating rate first mortgage loan secured by an institutional-quality apartment community in Charleston, South Carolina. The loan has an initial three-year term and earns an interest rate of 3.85% above the Secured Overnight Financing Rate.

The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in this Current Report is furnished pursuant to Item 7 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This information will not be deemed an admission as to the materiality of any information contained herein that is required to be disclosed solely by Regulation FD.

Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press release issued by JLL Income Property Trust on March 21, 2024 announcing that it originated a $48 million floating rate first mortgage.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

JLL INCOME PROPERTY TRUST, INC.
By:	/s/ Gregory A. Falk
	Name: Gregory A. Falk
	Title: Chief Financial Officer and Treasurer

Date: March 22, 2024

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release issued by JLL Income Property Trust on March 21, 2024 announcing that it originated a $48 million floating rate first mortgage.

EX-99.1

Exhibit 99.1

JLL Income Property Trust

Closes Senior Secured Real Estate Loan on

Charleston Apartment Community

Investments in attractive private debt sector now surpass $100 million

Chicago (March 21, 2024) – JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $7 billion in portfolio equity and debt investments, announced today that it originated a $48 million senior, secured floating rate first mortgage loan on an institutional-quality apartment community in Charleston, South Carolina. The loan has an initial three-year term, earns an interest rate of 3.85% above SOFR – the Secured Overnight Financing Rate – with a SOFR floor of 4%, and is projected to deliver a yield of approximately 8 to 9%.

With this most recent loan, JLL Income Property Trust has now surpassed $100 million in its senior secured floating rate first mortgage portfolio. In a market environment where traditional real estate debt sources are facing balance sheet and legacy portfolio challenges that have resulted in significantly curtailed lending, JLL Income Property Trust has capitalized by originating real estate loans that complement and further diversify its core, multi-sector property portfolio while also potentially enhancing investment performance.

“With continued disruption in the traditional real estate lending markets, we see tremendous opportunities to make accretive loans on attractive properties that add value to our diversified real estate portfolio,” said Allan Swaringen, President, and CEO of JLL Income Property Trust. “This Charleston investment is expected to provide JLL Income Property Trust with durable cash flows, downside protection through a senior position to the equity investment in the property, and added diversification to our portfolio of core equity and debt investments.”

Swaringen continued, “This investment brings our senior secured first mortgage loan portfolio to more than $100 million. Over time we intend to invest a meaningful allocation toward this private debt sector to capitalize on this higher interest rate environment to the benefit of our stockholders.”

The property is a 358-unit apartment community spread across 13 three-story residential buildings. The property is located in North Charleston, two miles from Charleston International Airport and seven miles from United States Joint Airforce Charleston, the largest employer in the region. Ongoing development in the market includes a $1 billion medical campus for Roper St. Francis Healthcare located one mile west of the property that is expected to bring more than 2,000 jobs to the area. Other major employers in the area include Boeing, the Medical University of South Carolina, Trident Health System and the Charleston County School District, among others.

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

###

About JLL Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX)

JLL Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, 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. For more information, visit www.jllipt.com.

About LaSalle Investment Management

LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $89 billion of assets in private and public real estate property and debt investments as of Q4 2023. 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 http://www.lasalle.com.

Valuations, Forward Looking Statements and Future Results

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.

Contacts:

Alissa Schachter

LaSalle Investment Management

Telephone:+1 312 228 2048

Email:alissa.schachter@lasalle.com

Doug Allen

Dukas Linden Public Relations

Telephone: +1 646 722 6530

Email: JLLIPT@DLPR.com

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