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JLL Income Property Trust Increases and Extends $1 Billion Credit Facility

Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has secured a $1 billion credit facility.

Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has secured a $1 billion credit facility with a syndicate of nine real estate lenders.

The credit facility contains a $600 million revolving line of credit and a $400 million term loan with an accordion feature that can increase the facility up to a total of $1.3 billion.

“We appreciate the recognition by these nine major financial institutions of our investment strategy, the growth and quality of our portfolio, and our investment performance track record,” said Allan Swaringen, president and chief executive officer. “This expanded facility supports our growth ambitions and increases our financial flexibility.”

The facility has a three-year term, plus extension options and bears an interest rate based on adjusted term SOFR plus 0.10 percent, plus a spread ranging from 1.3 percent to 2.0 percent.

The nine lenders in the syndicate are led by JPMorgan Chase Bank as administrative agent, and includes Bank of America, Capital One, PNC Capital Markets, and Wells Fargo Securities, as co-syndication agents, joint lead arrangers and joint bookrunners. Other lenders participating in the facility include Fifth Third Bank, BMO Harris Bank, Key Bank, and The Bank of New York Mellon.

In other company news, JLL Income Property Trust recently purchased a 458,000-square-foot industrial property located in Atlanta for approximately $54 million. The REIT also reported its daily share valuations for the month of April.

Jones Lang LaSalle Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) oversees a $6.3 billion portfolio of 119 residential, industrial, office and grocery-anchored retail properties. Since the beginning of 2012, the REIT raised a total of approximately $3.7 million through its ongoing public and various private offerings, as well as its distribution reinvestment plan.

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