JLL Income Property Trust Increases Quarterly Dividend, Extends Offering
The board of JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), an institutionally-managed, daily valued, perpetual life real estate investment trust, declared a dividend for the third quarter 2016 of $0.125 per share, a 4.2 percent increase from the prior quarter’s $0.12 per share.
The increased dividend is payable on Nov. 1, 2016 to stockholders of record on Sept. 29, 2016. The dividend represents an annualized rate of $0.50 per share, marks the nineteenth consecutive quarterly dividend payment, and the fourth dividend increase since the first quarter of 2012.
“We are pleased to once again enhance the current return to our stockholders through this increased dividend and demonstrate our ongoing commitment to providing attractive, risk-adjusted returns,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “Our operating performance continues to be strong, and we are confident that we can continue to add value to our portfolio.”
The annualized gross dividend of $0.50 per share represents a current yield of approximately 4.4 percent before applicable share class specific fees on JLL Income Property Trust’s NAV per share of $11.27 as of Aug. 10, 2016. All stockholders will receive a third quarter dividend of $0.125 per share less applicable share class specific fees.
In other Income Property Trust news, the board also unanimously approved extending the current offering for a term of one year which ends on January 15, 2018.
Jones Lang LaSalle Income Property Trust owns and manages a portfolio of office, retail, industrial and apartment properties located primarily in the United States. Since 2012, the company has raised a total of approximately $1.2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan. As of June 30, 2016, it owned interests in 62 properties, of which 61 are located in the U.S. and one is located in Canada.
