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JLL Income Property Trust NAV Continues to Decline, Redemptions Remain Within Limits

JLL Income Property Trust, a daily net asset value real estate investment trust, 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.

The company announced that it has redeemed 3,992,306 shares during the first quarter of 2023 through the end of February for a total of approximately $57.1 million. Eligible share repurchases during the first quarter are limited to approximately $175.1 million, or 5% of the NAV of all classes of shares, indicating that redemption requests should continue to remain within the REIT’s 5% quarterly limit.

The company also announced that on Feb. 28, 2023, they funded an additional investment to acquire single-family rental homes within the joint venture of which they are 95% owners. This additional funding includes 18 single-family homes throughout the U.S. totaling approximately $6.4 million.

The net asset value of Class A shares decreased from $14.24 each on Feb. 1, 2023, to $14.10 as of Feb. 28, 2023.

Class M shares decreased from $14.27 each to $14.13.

Class A-I shares decreased from $14.28 to $14.15.

Class M-I shares decreased from $14.27 to $14.13.

Class D shares decreased from $14.25 to $14.11.

Since the beginning of 2012, the REIT has raised a total of approximately $4.7 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan, including a total of approximately $164 million during the fourth quarter of 2022.

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.

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