JLL Income Property Trust Declares Ninth Dividend Increase
JLL Income Property Trust, a daily net asset value, non-traded real estate investment trust, announced a dividend increase for the second quarter of 2024 of $0.1575 per share, an 8.6% increase from the prior quarter’s $0.145 dividend per share.
The quarterly dividend is payable on or around June 27, 2024, to stockholders of record as of June 24. On an annualized basis, this gross distribution is equivalent to $0.63 per share and represents a yield of approximately 5.24% on the NAV per share of $12.02 for the M-I share class as of March 31.
This represents the ninth dividend increase since the REIT’s inception in 2012 and will be the 50th consecutive quarterly dividend paid to its stockholders.
“We are pleased to once again enhance the current return to our stockholders through our ninth dividend increase over our 11 and a half years of operating as the first daily valued perpetual NAV REIT,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “Providing continued growth in cash distributions paid to our stockholders has been a priority for us since our inception. With this dividend increase, we have established one of the best dividend track records among all NAV REITs.”
JLL Income Property Trust – which owns and manages residential, industrial, office, healthcare, and grocery-anchored retail properties located primarily in the United States – also reported a 96% average portfolio occupancy for 2021, 2022, and 2023; 17% total revenue growth for 2023; and 4% annual apartment rent growth and 5% annual single family rent growth in 2023.
“In a time period where core real estate valuations have declined due to rising interest rates – a frustrating consequence of the Fed’s 11 rate increases – the operating performance of our portfolio continues to improve,” said Swaringen.
March 2024 reporting by The DI Wire recently reported that the REIT originated a $48 million senior, secured floating rate first mortgage loan on an apartment community in Charleston, S.C., and acquired an apartment community in Sherwood, Ore., outside of Portland, for approximately $61 million.
“As an institutionally sponsored real estate fund, JLL Income Property Trust was designed to be an all-cycle investment for private clients and to provide a growing source of tax-efficient current income across a range of differing economic environments. In times of inflationary pressures such as these, core real estate has historically served as a reliable hedge against inflation and our 4.2% average annual dividend growth rate over nearly 12 years has delivered on that objective for our stockholders,” said Swaringen. “Financial advisers continue to look for investments for their clients that provide a growing source of income while also diversifying their portfolios beyond the traditional 60/40 equity and fixed income allocation model. Core real estate has become that alternative investment of choice.”
JLL Income Property Trust is an institutionally managed real estate investment trust with approximately $7 billion in portfolio equity and debt investment.
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