CHICAGO, May 30, 2018 /PRNewswire/ -- JLL Income
Property Trust, an institutionally managed daily NAV REIT (NASDAQ:
ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), announced its operating results
for the first quarter of 2018.
"Our operating performance throughout 2017, and intensive asset
management into this year have positively impacted the investment
performance of our portfolio. We were also pleased to announce the
reduction in fees that will increase the net dividend yield for our
Class A and Class M-I stockholders," said Allan Swaringen, President and CEO of JLL Income
Property Trust. "As our program advances through its sixth year, we
remain focused on driving long-term investment performance for
stockholders."
First Quarter 2018 Highlights
- Increased total revenues to $42
million in the first quarter, up by approximately
$2 million or 6 percent over the
prior year.
- Achieved first quarter total net of fees returns of 1.3 percent
and 1.6 percent on our Class A and Class M shares, respectively,
delivering annualized total returns of 6.5 percent and 7.1 percent,
respectively since launching our initial public offering in
October 2012.
- Increased the first quarter dividend payment by 4 percent from
the prior distribution representing the fifth time JLL Income
Property Trust has raised its dividend since 2012. Paid quarterly
dividends for 25 consecutive quarters, with an average annual
increase of 5.4 percent.
- Approved a gross distribution for the second quarter of 2018 at
$0.13 per share, subject to class
specific fees. Effective April 1st,
dealer manager fees on Class A shares were reduced by 19 percent,
and dealer manager fees were completely eliminated on Class M-I
shares.
- Achieved a NAV of approximately $1.6
billion demonstrating steady growth, and the ability to
execute our strategic plan to position JLL Income Property Trust as
the market's leading daily NAV REIT.
Portfolio Highlights
- Invested approximately $6.8
million of capital improvements in our existing portfolio
geared towards maintaining our higher occupancies.
- Maintained high occupancy at 94 percent with occupancies by
segment at 96 percent for Apartment, 93 percent for Industrial, 92
percent for Office and 95 percent for Retail.
- Experienced robust leasing activity, with 70,000 square feet of
new and renewal leases completed during the quarter and almost
700,000 square feet leased over past 12 months. Our weighted
average lease duration at March 31st
was 6.1 years, in-line with the prior quarter.
- Decreased overall company leverage ratio from 39 percent at the
end of Q4 to 38 percent at the end of Q1 in line with our strategy
to maintain a low leverage ratio of somewhere between 30 and 50
percent.
- Disposed of Station Nine Apartments, a property that no longer
aligned with the fund's investment strategy, for $75 million, resulting in a GAAP accounting gain
of $29.7 million.
- Earned LEED Silver certification for Pioneer Tower, a 300,000
square foot office building in Portland,
Oregon which also recently earned the U.S. Environmental
Protection Agency's ENERGY STAR certification signifying that the
building performs in the top 25 percent of similar facilities
nationwide for energy efficiency.
About JLL Income Property Trust
Jones Lang LaSalle
Income Property Trust, Inc. is a daily NAV REIT that owns and
manages a diversified portfolio of high quality, income-producing
office, retail, industrial and apartment properties located
primarily in the United States.
JLL Income Property Trust expects to further diversify its real
estate portfolio over time, including on a global basis. For more
information, visit www.jllipt.com.
About LaSalle Investment Management
LaSalle Investment
Management, Inc., a member of the JLL group and advisor to JLL
Income Property Trust, is one of the world's leading global real
estate investment managers with nearly 700 employees in 17
countries worldwide and over $60
billion of assets under management of private and public
property equity and debt investments. LaSalle's diverse client base includes public
and private pension funds, insurance companies, governments,
endowments and private individuals from across the globe. For more
information, visit www.lasalle.com.
Forward Looking Statements
This press release may
contain forward-looking statements with respect to JLL Income
Property Trust. Forward-looking statements are statements that are
not descriptions of historical facts and include statements
regarding management's intentions, beliefs, expectations, plans or
predictions of the future. Because such statements include risks,
uncertainties and contingencies, actual results may differ
materially from those expressed or implied by such forward-looking
statements.
Contact: Matt
Schuler
Telephone: +1 312 897
4192
Email: matt.schuler@lasalle.com
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SOURCE JLL Income Property Trust