JLL Income Property Trust, a daily net asset value real estate investment trust, has increased the size of its board and appointed two new directors: Allan Swaringen and Douglas Lindgren, effective as of August 10, 2022. The board is now comprised of four affiliated directors and six independent directors.
Swaringen, who has more than 35 years of real estate experience, has served as the REIT’s president and chief executive officer since its launch in 2012. He has been with LaSalle Investment Management, the REIT’s advisor, since 1998.
“Allan’s vision, innovation and leadership of JLL Income Property Trust revolutionized the NAV REIT industry ten years ago and have positioned LaSalle at the forefront of offering institutionally managed real estate solutions to private clients,” said Kristy Heuberger, co-head of the Americas for LaSalle Investment Management and JLL Income Property Trust board member.
Lindgren has more than 30 years of wealth management, product development and private equity experience, having served as head of alternative investments for both U.S. Trust and UBS, and as CEO, North America of Carne Group.
During his time at UBS, Lindgren was responsible for a range of strategic initiatives, including manager selection, along with developing the wealth management division’s offering of traditional and alternative investment funds, comprising more than $300 billion in assets under management. He has taught courses on alternative investments as an adjunct professor at Columbia Business School and has served as an independent trustee for American Beacon Funds. Lindgren holds a master’s degree in business administration from Columbia University.
“Expanding the board and the addition of Allan and Doug is reflective of our commitment to add exceptional industry knowledge, experience and vision to its ranks,” said Lynn Thurber, director and chairman. “Given JLL Income Property Trust’s growth over the past few years, it is imperative that the board’s composition reflects this momentum and is well-positioned for the challenges and opportunities ahead of us…”
Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $6.8 billion portfolio of residential, industrial, office and grocery-anchored retail properties. Since the beginning of 2012, the REIT raised a total of approximately $4.1 million through its ongoing public and various private offerings, as well as its distribution reinvestment plan. The REIT raised approximately $418.6 million during the second quarter 2022. As of June 30, 2022, the total company NAV across all share classes was approximately $3.4 billion.