Jones Lang LaSalle Income Property Trust, a publicly registered non-traded daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), has filed a registration statement for up to $3 billion in shares of common stock, consisting of $2.7 billion of shares in the primary offering and $300 million in distribution reinvestment plan shares.
JLL Income Property Trust plans to use the net proceeds from the offering to grow and further diversity its portfolio, repay debt, and fund its share repurchase plan. The REIT’s advisor is LaSalle Investment Management Inc., a subsidiary of real estate and investment firm Jones Lang LaSalle Incorporated (NYSE: JLL).
The company will offer four share classes: Class A, Class M, Class A-I and Class M-I shares. The price per share for each class will equal the daily net asset value per share plus applicable commissions and fees.
As of June 29th, Class A shares were priced at $12.14 each; Class M shares were priced at $11.81; Class A-I shares were priced at $12.00; and Class M-I shares were priced at $11.82.
Class A shares include a 3 percent maximum selling commission and an annual 0.85 percent dealer manager fee paid to LaSalle Investment Management Distributors, the dealer manager.
Class A-I shares include a 1.5 percent maximum selling commission and a 0.30 percent dealer manager fee.
Class M shares have no selling commission and a 0.30 percent dealer manager fee.
Class M-I shares have no selling commission or dealer manager fee.
The minimum initial investment for Class A and Class M shares is $10,000, and the minimum initial investment for Class A-I and Class M-I shares is $1 million. Class A and Class A-I shares are available through brokerage and transactional-based accounts, while Class M and Class M-I shares are available through fee-based programs and other methods.
Jones Lang LaSalle Income Property Trust owns and manages a $2.6 billion portfolio of 69 office, retail, industrial and apartment properties located primarily in the United States. Since 2012, the company has raised a total of approximately $1.6 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.