The perpetual-life REIT honored every redemption request during the quarter while its real estate remained carried modestly below historical cost.

July 6, 2026

JLL Income Property Trust reported that its net asset value held largely steady through June, with per-share values across its publicly offered classes clustered between roughly $11.26 and $11.29 at month-end and total company NAV of approximately $2.31 billion across all share classes.

Portfolio Valuation

The daily NAV REIT valued its real estate investments at about $3.51 billion, against roughly $1.26 billion of debt, with net other assets rounding out the equity figure. The portfolio was carried about 2.3 percent below historical cost as of June 30, and the trust assumed no enterprise value premium in the calculation.

The fair value of its mortgage notes and other debt was estimated at roughly $68.7 million below carrying value. Had the trust marked that debt to fair value within its NAV methodology, per-share value would have been about $0.25 higher.

The valuation rests on the following weighted-average assumptions:

• Exit capitalization rate near 5.7 percent
• Discount rate of about 7.3 percent
• Annual market rent growth of roughly 3.0 percent
• Holding period of about ten years

Sensitivity disclosures indicate that a 25-basis-point rise in the discount rate would trim real estate value by about 1.9 percent, a comparable increase in the exit cap rate by about 2.6 percent, and a 25-basis-point reduction in assumed rent growth by about 1.6 percent.

Capital Raising and Offering Status

The trust brought in approximately $184.5 million during the quarter ended June 30, lifting cumulative proceeds since 2012 to roughly $7.30 billion. Its Fourth Extended Public Offering, which commenced in June 2025, authorizes up to $1.5 billion in shares — $1.2 billion through the primary offering and $300 million through the distribution reinvestment plan.

Sales under the current offering remain early, with primary proceeds of about $90.4 million and reinvestment-plan proceeds of about $91.2 million to date, leaving well over $1 billion in primary capacity available. The fundraising extends a period of active balance-sheet management for the trust, which recently closed a $1 billion syndicated credit facility and continued deploying into healthcare real estate with its Boston-area medical outpatient acquisition.

Redemptions and Distributions

The trust repurchased 6,155,419 shares for approximately $69.3 million during the quarter and satisfied all redemption requests in full — a datapoint the non-traded REIT market watches closely, given the redemption gating that pressured parts of the sector in recent years. Repurchases for the September quarter are capped at roughly $115.5 million, equal to 5 percent of prior-quarter-end NAV.

Shares generally remain ineligible for repurchase for one year after purchase, except upon death or disability, with reinvestment-plan shares exempt from that holding period. The board declared a June gross distribution of $0.0525 per share to holders of record as of June 23; the modest one-day dip in daily NAV around that date reflected the accrual of that distribution rather than any change in portfolio value.

Suitability Update

The trust also updated its suitability terms for California residents, who may not invest more than 10 percent of their net worth in its shares. That concentration limit does not apply to reinvestment-plan purchases or to accredited investors as defined under Regulation D.