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JLL Income Property Trust Announces Tax Treatment of 2023 Distributions

CHICAGO , Jan. 25, 2024 /PRNewswire/ — JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $6.8 billion in portfolio equity and debt investments, today announced the income tax treatment of its dividends paid in 2023. For the tax year ended December 31, 2023, approximately 42.3 percent of the distributions paid will qualify as non-dividend distribution or return of capital (box 3 on Form 1099) and approximately 57.7 percent of distributions paid will qualify as tax advantaged long-term capital gain (box 2a).

“Since JLL Income Property Trust’s inception in 2012, one of our primary objectives has been to be a source of durable and growing dividend distributions,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “In addition to providing 8 dividend increases over our 11-year history, we also seek to maximize the tax efficiency of our dividends and deliver tax-advantaged distributions to our stockholders. Due to our intensive focus on optimizing the benefits of our REIT structure for investors, over the last 11 years 100% of our distributions have been characterized as either return of capital or long-term capital gain.”

The table below summarizes the income tax treatment of distributions paid to Class A stockholders during the year ended December 31, 2023:

Record
Date


Payment
Date


Net Distribution
per share (1)


Capital Gain Income
(2)


Return of Capital


Unrecaptured Section
1250 Gains

3/24/2023


3/29/2023


$             0.11884


$       0.06857


57.7 %


$       0.05027

42.3 %


$                           0.03132

6/23/2023


6/28/2023


0.11974


0.06909


57.7 %


0.05065

42.3 %


0.03155

9/22/2023


9/27/2023


0.12007


0.06928


57.7 %


0.05079

42.3 %


0.03164

12/22/2023


12/28/2023


0.12069


0.06964


57.7 %


0.05105

42.3 %


0.03180

Total




$             0.47934


$       0.27658


57.7 %


$       0.20276

42.3 %


$                           0.12631



(1)

Distributions per share are net of dealer manager fees of 0.85%.



(2)

Distributions include 45.7% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class M stockholders during the year ended December 31, 2023:

Record
Date


Payment
Date


Net Distribution
per share (1)


Capital Gain Income
(2)


Return of Capital


Unrecaptured Section
1250 Gains

3/24/2023


3/29/2023


$             0.13532


$       0.07808


57.7 %


$       0.05724

42.3 %


$                           0.03566

6/23/2023


6/28/2023


0.13555


0.07821


57.7 %


0.05734

42.3 %


0.03572

9/22/2023


9/27/2023


0.13577


0.07834


57.7 %


0.05743

42.3 %


0.03578

12/22/2023


12/28/2023


0.13595


0.07844


57.7 %


0.05751

42.3 %


0.03582

Total




$             0.54259


$       0.31307


57.7 %


$       0.22952

42.3 %


$                           0.14298



(1)

Distributions per share are net of dealer manager fees of 0.30% of NAV.



(2)

Distributions include 45.7% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class A-I stockholders during the year ended December 31, 2023:

Record
Date


Payment
Date


Net Distribution
per share (1)


Capital Gain Income
(2)


Return of Capital


Unrecaptured Section
1250 Gains

3/24/2023


3/29/2023


$             0.13693


$       0.07901


57.7 %


$       0.05792

42.3 %


$                           0.03608

6/23/2023


6/28/2023


0.13718


0.07915


57.7 %


0.05803

42.3 %


0.03615

9/22/2023


9/27/2023


0.13731


0.07923


57.7 %


0.05808

42.3 %


0.03618

12/22/2023


12/28/2023


0.13760


0.07940


57.7 %


0.05820

42.3 %


0.03626

Total




$             0.54902


$       0.31678


57.7 %


$       0.23224

42.3 %


$                           0.14468



(1)

Distributions per share are net of dealer manager fees of 0.30% of NAV.



(2)

Distributions include 45.7% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class M-I stockholders during the year ended December 31, 2023:

Record
Date


Payment
Date


Net Distribution
per share


Capital Gain Income
(1)


Return of Capital


Unrecaptured Section
1250 Gains

3/24/2023


3/29/2023


$             0.14500


$       0.08367


57.7 %


$       0.06134

42.3 %


$                           0.03821

6/23/2023


6/28/2023


0.14500


0.08367


57.7 %


0.06134

42.3 %


0.03821

9/22/2023


9/27/2023


0.14500


0.08367


57.7 %


0.06134

42.3 %


0.03821

12/22/2023


12/28/2023


0.14500


0.08367


57.7 %


0.06134

42.3 %


0.03821

Total




$             0.58000


$       0.33466


57.7 %


$       0.24534

42.3 %


$                           0.15284



(1)

Distributions include 45.7% of Unrecaptured Section 1250 Gain.

The table below summarizes the income tax treatment of distributions paid to Class D stockholders during the year ended December 31, 2023:

Record
Date


Payment
Date


Net Distribution
per share


Capital Gain Income
(1)


Return of Capital


Unrecaptured Section
1250 Gains

3/24/2023


3/29/2023


$             0.14500


$       0.08367


57.7 %


$       0.06134

42.3 %


$                           0.03821

6/23/2023


6/28/2023


0.14500


0.08367


57.7 %


0.06134

42.3 %


0.03821

9/22/2023


9/27/2023


0.14500


0.08367


57.7 %


0.06134

42.3 %


0.03821

12/22/2023


12/28/2023


0.14500


0.08367


57.7 %


0.06134

42.3 %


0.03821

Total




$             0.58000


$       0.33466


57.7 %


$       0.24534

42.3 %


$                           0.15284



(1)

Distributions include 45.7% of Unrecaptured Section 1250 Gain.

The dollar amount reported on each investor’s respective 1099-DIV will depend on the total amount of distributions received throughout the year which can be affected by the share class held and the length of time the shares were owned. This release is based on the preliminary results of work on the company’s tax filings and may be subject to adjustment.

The income tax allocation for the distributions discussed above has been calculated using the best available information as of the date of the release. The company is releasing information at this time to aid those required to distribute Forms 1099 on the company’s distributions. Tax treatment of distributions is dependent on a number of factors and there is no guarantee that future distributions will qualify as a non-dividend distribution, return of capital or long-term capital gain.

JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

For more information on JLL Income Property Trust, please visit our website at www.jllipt.com

About JLL Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX)
JLL Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located 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 is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $89 billion of assets in private and public real estate property and debt investments as of Q3 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit http://www.lasalle.com.

Valuations, Forward Looking Statements and Future Results
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, research, market analysis, 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. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.

Contacts:

Matt Schuler
LaSalle Investment Management
Telephone: +1 312 897 4192
Email: [email protected]

Doug Allen
Dukas Linden Public Relations
Telephone: +1 646 722 6530
Email: [email protected]

SOURCE JLL Income Property Trust

Originally published at https://www.prnewswire.com/news-releases/jll-income-property-trust-announces-tax-treatment-of-2023-distributions-302044792.html
Images courtesy of https://pixabay.com

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