JLL Income Property Trust, Inc.
Sponsored by LaSalle/JLL. REIT structure focused on private real estate.
REITPrivate Real Estate
- Net assets
- $1.31B
source
Quarterly report (Form 10-Q) · filed 2026-05-07 · period 2026-03-31
Stockholders equity
“{'end': '2026-03-31', 'val': 1306173000, 'accn': '0001314152-26-000084', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-07', 'frame': 'CY2026Q1I', 'unit': 'USD'}”
Method Direct: structured XBRL tag
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $11.26
source
Prospectus supplement (Form 424B3) · filed 2026-07-02 · period 2026-06-30
424B3 per-class NAV table (JLL family; first class column, classes within $0.03 in sampled filings)
“NAV per share (3) $ 11.26 $ 11.27 $ 11.29 $ 11.27 $ 11.27 ______________ (1) Private Shares represent the collective total for Class D, Class I, ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2026-06-30 - Net flows, last qtr
- -3.9% qtr ended 2026-03-31
- Distribution coverage (FFO, GAAP proxy)
- 197% period ended 2026-03-31
- Leverage in use
- 32% debt / equity 0.97x
- Total return, 12m
- +3.4% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Mortgage collateral taken (foreclosure / deed in lieu / REO): om our existing portfolio or from newly acquired properties sourced from third parties. (2026-03-31)
Mortgage collateral taken (foreclosure / deed in lieu / REO): om our existing portfolio or from newly acquired properties sourced from third parties. Each DST Property will be leased back by a wholly owned subsidiary of our operating partnership on a long-term basis for up to ten years pursuant to a master lease agreeme
Why it matters and what changed
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1314152/000131415226000084/jllipt-20260331.htm | collateral taken
Net flows deteriorated to $-51.3M from $-73.0M (period ended 2026-03-31).
Net flows deteriorated to $-51.3M from $-73.0M (period ended 2026-03-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)
Why it matters and what changed
The fund is shrinking: money going out exceeds money coming in. Persistent negative net flows change the fund's behavior (what it can buy, what it must sell) even before any gate is near.
$-73.0M -> $-51.3M (up 29.8% vs prior period); trailing 4-period average $-63.0M; same period prior year $48.6M; breach persisted 4 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: gross_share_sales + drip_reinvestment - shares_redeemed_dollars
Credit facility new or amended: 4 occurrence(s), 2021-05-24 to 2026-03-12
Most recent (2026-03-12): (the “Company ,” “we,” “us,” or “our”), as Borrower, entered into an amended credit agreement providing for a $1 billion revolving line of credit and unsecured term loan (collectively, the “Amended Credit Facility”) with a syndicate of ten lenders led by JPMorgan Chase Bank, N.A. as Administrative Agent, JPMorgan Chase Bank, N.A., Bank of America, N.A., Capital One, National Association, PNC Capital Markets LLC and Wells Fargo Securities, LLC as Co-Syndication Agents and BofA Securities, Inc., Capital One, National Association, JPMorgan Chase Bank, N.A., PNC Capital Markets LLC and Wells Fargo
Why it matters and what changed
Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 4 of these in the covered window; the cadence itself is part of the signal.
4 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.
Source: https://www.sec.gov/Archives/edgar/data/1314152/000131415226000025/jllip-20260312.htm | Item 2.03
Mortgage collateral taken (foreclosure / deed in lieu / REO): and the cost of operating and insuring acquired properties, with the possibility that insurance may not be available,... (2025-12-31)
Mortgage collateral taken (foreclosure / deed in lieu / REO): and the cost of operating and insuring acquired properties, with the possibility that insurance may not be available, or on terms we find acceptable, for some properties in the future. Legislation that requires specific performance levels for building operat
Why it matters and what changed
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1314152/000131415226000030/jllipt-20251231.htm | collateral taken
Net flows deteriorated to $-73.0M from $-56.1M (period ended 2025-12-31).
Net flows deteriorated to $-73.0M from $-56.1M (period ended 2025-12-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)
Why it matters and what changed
The fund is shrinking: money going out exceeds money coming in. Persistent negative net flows change the fund's behavior (what it can buy, what it must sell) even before any gate is near.
$-56.1M -> $-73.0M (down 30.0% vs prior period); trailing 4-period average $-38.0M; same period prior year $-42.2M; breach persisted 3 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: gross_share_sales + drip_reinvestment - shares_redeemed_dollars
incorporated herein by reference. (2025-10-07)
incorporated herein by reference. Item 8.01 Other Events. Share Repurchase Plan Effective October 7, 2025, the Company amended and restated its share repurchase plan (the “Share Repurchase Plan”) to incorporate the New Share Classes and to remove the “per stockholder allocation” repurchase mechanism. The foregoing description of the Share Repurchase Plan does not purport to be complete and is qua
Why it matters and what changed
The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1314152/000131415225000164/jllip-20251002.htm | Item 8.01
Partnership”) and LaSalle Investment Management, Inc. (2025-10-07)
Partnership”) and LaSalle Investment Management, Inc. (the “Advisor”) entered into the Fifth Amended and Restated Advisory Agreement (the “Advisory Agreement”) to reflect (i) the designation of the New Share Classes, (ii) renamed classes of the Company’s common stock and the Operating Partnership’s partnership units (“OP Units”); and (iii) other administrative updates. The advisory fee payable to the Advisor pursuant to the Advisory Agreement remains the same, but the Advisor has agreed to the fee waiver as disclosed below in
Why it matters and what changed
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1314152/000131415225000164/jllip-20251002.htm | Item 1.01
Articles of Amendment On October 2, 2025, the Company filed Articles of Amendment (the “Articles of Amendment”) to its charter with the Maryland State Department of Assessments... (2025-10-02)
Articles of Amendment On October 2, 2025, the Company filed Articles of Amendment (the “Articles of Amendment”) to its charter with the Maryland State Department of Assessments and Taxation (“SDAT”) to (i) rename the Company’s Class D common stock to Class N common stock; and (ii) increase the total number of the Company’s authorized shares of capital stock to 2,050,000,000 and the number of the Company’s authorized shares of common stock, $0.01 par value per share, to 2,000,000,000. Articles Supplementary On October 2, 2025, immediately following the filing of the Articles of Amendment, the C
Why it matters and what changed
Governance documents changed. Usually technical; occasionally it moves a shareholder protection, so the specific provision is worth a read.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1314152/000131415225000164/jllip-20251002.htm | Item 5.03
Net flows deteriorated to $-56.1M from $-71.7M (period ended 2025-09-30).
Net flows deteriorated to $-56.1M from $-71.7M (period ended 2025-09-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)
Why it matters and what changed
The fund is shrinking: money going out exceeds money coming in. Persistent negative net flows change the fund's behavior (what it can buy, what it must sell) even before any gate is near.
$-71.7M -> $-56.1M (up 21.7% vs prior period); trailing 4-period average $-30.3M; same period prior year $-42.2M; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: gross_share_sales + drip_reinvestment - shares_redeemed_dollars
The fund leaned harder on leverage: 31% -> 38% of its allowed leverage in use in one period (period ended 2025-09-30).
The fund leaned harder on leverage: 31% -> 38% of its allowed leverage in use in one period (period ended 2025-09-30). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)
Why it matters and what changed
The fund leaned meaningfully harder on its leverage in a single period. Even far from the ceiling, the direction and speed of travel matter; creep compounds quietly.
69.19 -> 62.22 (down 10.1% vs prior period); trailing 4-period average 70.10; same period prior year 70.27; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: derived: (ceiling 300.0% of net assets - leverage 113.3%, denominator = equity incl. NCI 1,947,945,000) / ceiling * 100
Historical findings (51)
NAV per share ($11.40) is 1.2% below its trailing four-observation average ($11.54) as of 2025-03-31.
NAV per share ($11.46) is 1.9% below its trailing four-observation average ($11.69) as of 2024-12-31.
Net flows deteriorated to $-42.2M from $-42.2M (period ended 2024-12-31).
NAV per share ($11.57) is 3.1% below its trailing four-observation average ($11.94) as of 2024-09-30.
Net flows deteriorated to $-42.2M from $-84.6M (period ended 2024-09-30).
FFO covered only 48% of distributions in the period ended 2024-09-30; the gap was funded from capital or gains.
NAV per share fell 2.5% from $12.01 to $11.71 (2024-06-30).
NAV per share ($11.71) is 5.0% below its trailing four-observation average ($12.32) as of 2024-06-30.
Net flows deteriorated to $-84.6M from $-98.3M (period ended 2024-06-30).
New share sales fell 87% versus the same period last year ($172.4M -> $21.7M, period ended 2024-03-31).
NAV per share fell 3.8% from $12.48 to $12.01 (2024-03-31).
NAV per share ($12.01) is 5.6% below its trailing four-observation average ($12.72) as of 2024-03-31.
Net flows deteriorated to $-98.3M from $-370.1M (period ended 2024-03-31).
NAV per share fell 4.7% from $13.09 to $12.48 (2023-12-31).
NAV per share ($12.48) is 5.2% below its trailing four-observation average ($13.16) as of 2023-12-31.
Net outflow of 12.7% of NAV in the period ended 2023-12-31.
NAV per share ($13.09) is 4.0% below its trailing four-observation average ($13.64) as of 2023-09-30.
FFO covered only 80% of distributions in the period ended 2023-09-30; the gap was funded from capital or gains.
NAV per share fell 3.2% from $13.76 to $13.32 (2023-06-30).
NAV per share ($13.32) is 5.4% below its trailing four-observation average ($14.09) as of 2023-06-30.
FFO covered only 61% of distributions in the period ended 2023-06-30; the gap was funded from capital or gains.
NAV per share fell 4.2% from $14.37 to $13.76 (2023-03-31).
FFO was negative in the period ended 2023-03-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
Redemptions accelerated to $108.0M from $78.1M the prior period (period ended 2022-12-31).
NAV per share fell 3.6% from $14.90 to $14.37 (2022-12-31).
FFO covered only 21% of distributions in the period ended 2022-12-31; the gap was funded from capital or gains.
FFO covered only 30% of distributions in the period ended 2022-09-30; the gap was funded from capital or gains.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2022-08-09)
FFO covered only 18% of distributions in the period ended 2021-09-30; the gap was funded from capital or gains.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2021-07-26)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2021-03-11)
FFO covered only 57% of distributions in the period ended 2020-12-31; the gap was funded from capital or gains.
NAV per share ($11.56) is 2.3% below its trailing four-observation average ($11.83) as of 2020-09-30.
FFO covered only 43% of distributions in the period ended 2020-09-30; the gap was funded from capital or gains.
NAV per share fell 2.8% from $11.94 to $11.60 (2020-06-30).
FFO covered only 51% of distributions in the period ended 2020-06-30; the gap was funded from capital or gains.
Redemptions accelerated to $92.1M from $47.6M the prior period (period ended 2020-03-31).
NAV per share fell 2.3% from $12.22 to $11.94 (2020-03-31).
Redemptions accelerated to $47.6M from $25.1M the prior period (period ended 2019-12-31).
FFO covered only 53% of distributions in the period ended 2019-09-30; the gap was funded from capital or gains.
Proposal 2 put to shareholder vote: Amendment To Our Charter B. (2019-04-02)
FFO covered only 57% of distributions in the period ended 2018-12-31; the gap was funded from capital or gains.
Net flows deteriorated to $-6.9M from $-6.3M (period ended 2018-03-31).
Net flows deteriorated to $-6.3M from $-29.7M (period ended 2017-12-31).
Redemptions accelerated to $43.4M from $29.7M the prior period (period ended 2017-09-30).
Net flows deteriorated to $-29.7M from $-17.2M (period ended 2017-09-30).
Net flows deteriorated to $-17.2M from $-1.3M (period ended 2017-06-30).
FFO covered only 79% of distributions in the period ended 2016-09-30; the gap was funded from capital or gains.
Redemptions accelerated to $29.7M from $9.0M the prior period (period ended 2016-03-31).
FFO covered only 21% of distributions in the period ended 2015-12-31; the gap was funded from capital or gains.
FFO was negative in the period ended 2013-12-31; distributions were funded entirely from capital, asset sales, or borrowings, not operations.
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Coverage basis note
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
No structured portfolio-health series or position-change events have been captured for this fund.
Where exit demand met the cap.
Stated cap: 5% of NAV/quarter. The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-31 | 1.3% | 100% | Not disclosed | filled |
| 2026-02-28 | 1.2% | 100% | Not disclosed | filled |
| 2026-01-31 | 1.2% | 100% | Not disclosed | filled |
| 2025-12-31 quarter | 4.1% | 100% | 82% | filled |
| 2025-09-30 | 1.0% | 100% | Not disclosed | filled |
| 2025-08-31 | 1.0% | 100% | Not disclosed | filled |
| 2025-07-31 | 1.7% | 100% | Not disclosed | filled |
| 2025-06-30 | 1.8% | 100% | Not disclosed | filled |
| 2025-05-31 | 1.1% | 100% | Not disclosed | filled |
| 2025-04-30 | 1.1% | 100% | Not disclosed | filled |
| 2025-03-31 | 1.2% | 100% | Not disclosed | filled |
| 2025-02-28 | 1.1% | 100% | Not disclosed | filled |
| 2025-01-31 | 1.6% | 100% | Not disclosed | filled |
| 2024-12-31 quarter | 3.9% | 100% | 77% | filled |
| 2024-09-30 | 1.2% | 100% | Not disclosed | filled |
| 2024-08-31 | 1.3% | 100% | Not disclosed | filled |
| 2024-07-31 | 1.1% | 100% | Not disclosed | filled |
| 2024-06-30 | 1.2% | 100% | Not disclosed | filled |
| 2024-05-31 | 1.6% | 100% | Not disclosed | filled |
| 2024-04-30 | 1.4% | 100% | Not disclosed | filled |
| 2024-03-31 | 1.9% | 100% | Not disclosed | filled |
| 2024-02-29 | 1.2% | 100% | Not disclosed | filled |
| 2024-01-31 | 1.0% | 100% | Not disclosed | filled |
| 2023-12-31 quarter | 3.8% | 100% | 76% | filled |
| 2023-09-30 | 1.1% | 100% | Not disclosed | filled |
| 2023-08-31 | 0.9% | 100% | Not disclosed | filled |
| 2023-07-31 | 0.6% | 100% | Not disclosed | filled |
| 2023-06-30 | Not disclosed | 100% | Not disclosed | filled |
| 2023-05-31 | Not disclosed | 100% | Not disclosed | filled |
| 2023-04-30 | Not disclosed | 100% | Not disclosed | filled |
| 2023-03-31 | Not disclosed | 100% | Not disclosed | filled |
| 2023-02-28 | Not disclosed | 100% | Not disclosed | filled |
| 2023-01-31 | Not disclosed | 100% | Not disclosed | filled |
| 2022-12-31 quarter | 3.0% | 100% | 60% | filled |
| 2022-09-30 | Not disclosed | 100% | Not disclosed | filled |
| 2022-08-31 | Not disclosed | 100% | Not disclosed | filled |
| 2022-07-31 quarter | Not disclosed | 100% | Not disclosed | filled |
| 2021-12-31 | 1.0% | 100% | 19% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Unconsolidated joint ventures: $111,382,000 as of 2026-03-31. This is carrying value, not debt added to the fund.
How to read these financing entries
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.25% of nav per year. source. As compensation for its services provided pursuant to the Advisory Agreement, our operating partnership pays LaSalle an advisory fee comprised of two separate components: (1) a fixed component equal to 1/365th of 1.25% of our operating partnership's NAV for each class of outstanding operating partnership units for each day, accrued daily and payable monthly in arrears, and (2) a performance component (10% of total return in excess of a 7% annual hurdle per class, tracked as a separate incentive-style component, not captured here).
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (3)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | As compensation for its services provided pursuant to the Advisory Agreement, our operating partnership pays LaSalle an advisory fee comprised of two separate components: (1) a fixed component equal to 1/365th of 1.25% of our operating partnership's NAV for each class of outstanding operating partnership units for each day, accrued daily and payable monthly in arrears, and (2) a performance component (10% of total return in excess of a 7% annual hurdle per class, tracked as a separate incentive-style component, not captured here). | 1.25 pct_annual_of_nav | Date not captured |
| leverage_ceiling | None | 300.0 pct_of_net_assets | Date not captured |
| repurchase_program_terms | Share Repurchase Plan: daily repurchase (not monthly like the FS/Blackstone-family REITs), one-year holding period, limited to 5% of aggregate Company NAV per quarter -- NO separate monthly sub-cap is stated, a genuinely different structure from the 2%/month-plus-5%/quarter convention shared by every other REIT in this table. Recent quarters have honored 100% of requests received (Q1 2026 and Q1 2025 both fully satisfied per the fund's own 10-Q). | 5.0 pct_of_aggregate_nav_per_quarter | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-07-02 | 424B3 | 0001314152-26-000129 |
| 2026-06-04 | 8-K | 0001314152-26-000105 |
| 2026-05-12 | 8-K | 0001314152-26-000093 |
| 2026-05-08 | 8-K | 0001314152-26-000091 |
| 2026-05-07 | 10-Q | 0001314152-26-000084 |
| 2026-04-22 | 8-K | 0001314152-26-000066 |
| 2026-04-02 | 8-K | 0001314152-26-000048 |
| 2026-04-02 | 424B3 | 0001314152-26-000046 |
| 2026-04-01 | DEF 14A | 0001314152-26-000039 |
| 2026-04-01 | 8-K | 0001628280-26-022826 |
| 2026-03-26 | 10-K | 0001314152-26-000030 |
| 2026-03-18 | 8-K | 0001314152-26-000025 |
| 2026-03-17 | 8-K | 0001314152-26-000022 |
| 2026-03-04 | 8-K | 0001314152-26-000020 |
| 2026-02-05 | 8-K | 0001314152-26-000016 |