JLL Income Property Trust Navigates Q2 2025 with Diverse Share Classes

TL;DR

**JLL Income Property Trust's Q2 2025 filing shows a complex capital structure, suggesting a cautious but stable outlook for investors.**

AI Summary

JLL Income Property Trust, Inc. reported its Q2 2025 results, with the filing dated August 7, 2025, for the period ending June 30, 2025. The company's financial performance for the six months ended June 30, 2025, and June 30, 2024, indicates a focus on real estate investment trusts. While specific revenue and net income figures are not explicitly detailed in the provided snippet, the filing outlines various share classes including Class A, Class M, Class AI, Class MI, and Class D shares, indicating a diversified capital structure. The company also reported its status as a primary beneficiary of a Variable Interest Entity as of June 30, 2025, and December 31, 2024. Strategic outlook involves managing these diverse share classes and maintaining its position within the real estate sector. Key risks, though not detailed, typically involve market fluctuations in real estate and interest rate changes. The company's business address is 333 West Wacker Drive, Chicago, IL 60606.

Why It Matters

This filing provides a snapshot of JLL Income Property Trust's capital structure and operational status, crucial for investors assessing its stability and growth potential in the competitive REIT market. The existence of multiple share classes (A, M, AI, MI, D) suggests different investment profiles and liquidity options, impacting various investor segments. For employees, the company's continued operation as a primary beneficiary of a Variable Interest Entity indicates ongoing business activities. Customers and the broader market are affected by the company's real estate holdings and investment strategies, which contribute to market stability and development.

Risk Assessment

Risk Level: medium — The risk level is medium due to the inherent volatility of the real estate market and the complexity introduced by multiple share classes (Class A, Class M, Class AI, Class MI, Class D shares). While the filing doesn't detail specific financial risks, the nature of REITs exposes investors to interest rate fluctuations and property value changes. The company's role as a primary beneficiary of a Variable Interest Entity also adds a layer of structural complexity that could impact risk assessment.

Analyst Insight

Investors should scrutinize the full 10-Q for detailed financial performance, including revenue and net income, to understand the profitability and stability of JLL Income Property Trust. Pay close attention to the specific rights and obligations associated with each share class (Class A, Class M, Class AI, Class MI, Class D) to determine the most suitable investment vehicle for their risk tolerance and return expectations.

Key Numbers

• 2025-06-30 — Conformed Period of Report (End date of the reporting period for the 10-Q)
• 2025-08-07 — Filed As Of Date (Date the 10-Q was filed with the SEC)
• 69 — Public Document Count (Number of public documents in the filing)
• 1934 Act — SEC Act (Governing act for the 10-Q filing)
• 000-51948 — SEC File Number (Unique identifier for the company's SEC filings)
• 251194895 — Film Number (Internal SEC film number for the filing)
• 1231 — Fiscal Year End (The company's fiscal year ends on December 31st)
• 312-897-4000 — Business Phone (Contact number for the company)
• 2011-11-14 — Date of Name Change (Date of name change from Jones Lang LaSalle Income Property Trust, Inc.)
• 2005-01-11 — Date of Name Change (Date of name change from EXCELSIOR LASALLE PROPERTY FUND INC)

Key Players & Entities

• JLL Income Property Trust, Inc. (company) — filer of the 10-Q
• SEC (regulator) — recipient of the 10-Q filing
• Jones Lang LaSalle Income Property Trust, Inc. (company) — former company name
• EXCELSIOR LASALLE PROPERTY FUND INC (company) — former company name
• 333 West Wacker Drive (location) — business address
• Chicago (location) — city of business address
• IL (location) — state of business address
• 60606 (location) — zip code of business address
• Maryland (location) — state of incorporation
• 0001314152 (identifier) — Central Index Key (CIK)

FAQ

Industry Context

JLL Income Property Trust, Inc. operates within the Real Estate Investment Trusts (REITs) sector, specifically focusing on income-generating properties. The REIT industry is sensitive to interest rate movements, real estate market cycles, and economic conditions. Companies in this sector typically aim to provide stable income streams to investors through rental income and property appreciation.

Regulatory Implications

As a publicly traded REIT, JLL Income Property Trust, Inc. is subject to SEC regulations, including the timely filing of reports like this 10-Q. Compliance with these regulations is crucial for maintaining investor confidence and market access. The company's status as a primary beneficiary of a Variable Interest Entity also implies specific accounting and disclosure requirements.

What Investors Should Do

1. Review the specific terms and fee structures associated with each share class (Class A, M, AI, MI, D).
2. Analyze the implications of the company's primary beneficiary status of a Variable Interest Entity.
3. Monitor real estate market trends and interest rate changes.

Key Dates

• 2025-06-30: Conformed Period of Report — Indicates the end of the reporting period for the Q2 2025 10-Q filing.
• 2025-08-07: Filed As Of Date — The date the 10-Q filing was submitted to the SEC.
• 2011-11-14: Name Change — The company changed its name from Jones Lang LaSalle Income Property Trust, Inc.
• 2005-01-11: Name Change — The company changed its name from EXCELSIOR LASALLE PROPERTY FUND INC.

Glossary

Variable Interest Entity Primary Beneficiary

A company is considered the primary beneficiary of a variable interest entity (VIE) if it has the power to direct the activities that most significantly impact the VIE's economic performance and has the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. (JLL Income Property Trust, Inc. reported its status as the primary beneficiary of a VIE as of June 30, 2025, and December 31, 2024, indicating consolidated financial reporting for these entities.)

Class A, Class M, Class AI, Class MI, Class D Shares

Different classes of shares offered by the company, likely with varying fees, distribution rates, or voting rights. (The company's capital structure is diversified across these share classes, impacting investor returns and the company's financial obligations.)

1934 Act

The Securities Exchange Act of 1934, which governs the secondary trading of securities and requires public companies to file periodic reports like the 10-Q. (This 10-Q filing is made in accordance with the requirements of the 1934 Act.)

SEC File Number

A unique identifier assigned by the SEC to a company's registration statements and periodic filings. (000-51948 is the SEC file number for JLL Income Property Trust, Inc.)

Film Number

An internal SEC numbering system used to track filings. (251194895 is the film number associated with this filing.)

SIC Code 6798

Standard Industrial Classification code for Real Estate Investment Trusts. (This code categorizes JLL Income Property Trust, Inc. within the real estate investment trust sector.)

Year-Over-Year Comparison

This 10-Q covers the period ending June 30, 2025. A direct comparison to the prior year's Q2 results (ending June 30, 2024) would require access to the prior year's 10-Q filing. However, the filing indicates the company's ongoing management of diverse share classes and its role as a primary beneficiary of a Variable Interest Entity, suggesting continuity in its operational and financial structure. Key risks, though not detailed here, are likely to remain consistent with market and interest rate sensitivities typical for REITs.

Key Financial Figures

• $0.01 — hares of the registrant's common stock, $0.01 par value, outstanding on August 6, 202
• $0 — d for sale, net (including from VIEs of $0 and $ 13,492 , respectively) 2,371 13,
• $12 — — ( 4,536 ) — — — ( 4,536 ) Net loss ($12 loss allocated to redeemable noncontrol
• $32 — ation 29,118 — 350 — — — 350 Net loss ($32 loss allocated to redeemable noncontrol
• $202 — ( 24,300 ) — — — ( 24,300 ) Net loss ($202 loss allocated to redeemable noncontrol
• $44 — ation 30,675 — 350 — — — 350 Net loss ($44 loss allocated to redeemable noncontrol

Filing Documents

• jllipt-20250630.htm (10-Q) — 2308KB
• exhibit3112q25.htm (EX-31.1) — 8KB
• exhibit3122q25.htm (EX-31.2) — 8KB
• exhibit3212q25.htm (EX-32.1) — 4KB
• exhibit3222q25.htm (EX-32.2) — 4KB
• jllipt-20250630_g1.jpg (GRAPHIC) — 60KB
• jllipt-20250630_g2.jpg (GRAPHIC) — 57KB
• jllipt-20250630_g3.jpg (GRAPHIC) — 55KB
• 0001314152-25-000123.txt ( ) — 11479KB
• jllipt-20250630.xsd (EX-101.SCH) — 68KB
• jllipt-20250630_cal.xml (EX-101.CAL) — 76KB
• jllipt-20250630_def.xml (EX-101.DEF) — 607KB
• jllipt-20250630_lab.xml (EX-101.LAB) — 787KB
• jllipt-20250630_pre.xml (EX-101.PRE) — 676KB
• jllipt-20250630_htm.xml (XML) — 1612KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets as of June 3 0 , 2025 (unaudited ) and December 31, 2024 3 Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 3 0 , 2025 and 2024 (unaudited) 4 Consolidated Statements of Equity for the three and six months ended June 3 0 , 2025 and 2024 (unaudited) 5 Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2025 and 2024 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 52

- OTHER INFORMATION

Part II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 54

Financial Statements

Item 1. Financial Statements. JLL Income Property Trust, Inc. CONSOLIDATED BALANCE SHEETS $ in thousands, except per share amounts June 30, 2025 December 31, 2024 ASSETS (Unaudited) Investments in real estate: Land (including from VIEs of $ 208,320 and $ 79,152 , respectively) $ 821,070 $ 686,082 Buildings and equipment (including from VIEs of $ 815,981 and $ 290,145 , respectively) 4,293,847 3,722,299 Less accumulated depreciation (including from VIEs of $( 51,828 ) and $( 44,092 ), respectively) ( 510,428 ) ( 459,600 ) Net property and equipment 4,604,489 3,948,781 Investments in unconsolidated real estate affiliates 142,134 148,324 Real estate fund investments 52,155 334,329 Investments in real estate and other assets held for sale, net (including from VIEs of $0 and $ 13,492 , respectively) 2,371 13,492 Net investments in real estate 4,801,149 4,444,926 Mortgage notes receivable 134,051 132,913 Cash and cash equivalents (including from VIEs of $ 13,442 and $ 8,500 , respectively) 73,939 85,833 Restricted cash (including from VIEs of $ 15,751 and $ 3,807 , respectively) 41,544 24,827 Tenant accounts receivable, net (including from VIEs of $ 673 and $ 1,035 , respectively) 8,400 9,257 Deferred expenses, net (including from VIEs of $ 5,795 and $ 4,665 , respectively) 22,935 22,470 Acquired intangible assets, net (including from VIEs of $ 4,415 and $ 1,792 , respectively) 186,628 193,652 Deferred rent receivable, net (including from VIEs of $ 4,180 and $ 2,549 , respectively) 46,262 42,992 Prepaid expenses and other assets (including from VIEs of $ 11,190 and $ 7,462 , respectively) 34,195 46,811 TOTAL ASSETS $ 5,349,103 $ 5,003,681 LIABILITIES AND EQUITY Mortgage notes and other debt payable, net (including from VIEs of $ 487,485 and $ 103,799 , respectively) $ 1,797,383 $ 1,588,536 Liabilities held for sale (including from VIEs of $0 and $ 11,877 , respectively) — 11,877 Accounts payable and other accrued expenses (includ

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS $ in thousands, except per share amounts NOTE 1—ORGANIZATION General Except where the context suggests otherwise, the terms "we," "us," "our" and the "Company" refer to JLL Income Property Trust, Inc. The terms "Advisor" and "LaSalle" refer to LaSalle Investment Management, Inc. JLL Income Property Trust, Inc. is an externally advised, daily valued perpetual-life real estate investment trust ("REIT") that owns and manages a diversified portfolio of healthcare, industrial, residential, retail and other properties located in the United States. Over time our real estate portfolio may be further diversified on a global basis through the acquisition of properties outside of the United States and complemented by investments in real estate-related debt and equity securities. We were incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of June 30, 2025, we owned interests in a total of 132 properties and nearly 2,450 single-family rental homes located in 28 states. We own substantially all of our assets through JLLIPT Holdings, LP, a Delaware limited partnership (our "operating partnership"), of which we are a limited partner and JLLIPT Holdings GP, LLC, our wholly owned subsidiary, is the sole general partner. The use of our operating partnership to hold substantially all of our assets is referred to as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). By using an UPREIT structure, a property owner who desires to defer taxable gain on the disposition of his or her property may transfer the property to our operating partnership in exchange for limited partnership interests in the operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are di

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