Home Alts News JLL Income Property Trust Increases Quarterly Dividend

JLL Income Property Trust Increases Quarterly Dividend

The board of Jones Lang LaSalle Income Property Trust, a daily net asset value real estate investment trust, has declared a dividend for the first quarter of 2023 of $0.145 per share, a 3.6% increase from the prior quarter’s $0.14 per share.

This represents the eighth dividend increase since the REIT’s inception in 2012 and will be the 45th consecutive dividend paid to its stockholders.

The dividend will be paid around March 31, 2023 to stockholders of record as of March 24, 2023. On an annualized basis, this gross dividend is equivalent to $0.58 per share and represents a yield of approximately 4.1% on a NAV per share of $14.13 as of Feb. 28, 2023.

The company noted that all stockholders will receive $0.145 per share less applicable share class specific fees, and the annualized yield will differ based on the share class.

“We are pleased to provide continued growth in the current yield to our stockholders through our eighth dividend increase in over 10 years,” Allan Swaringen, president and chief executive officer of JLL Income Property Trust, said. “We had strong annualized performance of 10% in 2022, of which 3.9% consisted of current income. As our stockholders and their advisors look to combat the current inflationary environment, dividend growth is how we deliver the inflation hedging benefits of core real estate.”

As of Sept. 30, 2022, JLL Income Property Trust owned interests in a total of 136 properties and more than 4,000 single-family rental houses located in 26 states. As of Dec. 31, 2022, the total company NAV across all share classes was approximately $3.5 billion.

As The DI Wire previously reported, JLL recently provided an update on the status of its quarterly share redemptions and monthly net asset value per share for its classes of common stock, as of Feb. 28, 2023.

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