Timely Disposition to Harvest Gains and
Redeploy Capital
CHICAGO, Dec. 6, 2023
/PRNewswire/ -- JLL Income Property Trust, an
institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX;
ZIPIAX; ZIPIMX) with approximately $7
billion in portfolio equity and debt investments, announced
the sale of an apartment community in downtown Charlotte, North Carolina at an attractive
premium to its initial acquisition price when it was acquired in
2019. Presley Uptown, a 230-unit multifamily property
situated in the heart of Charlotte's central business district,
provides residents access to the city's top lifestyle amenities and
walkability to a rapidly growing downtown employment base. JLL
Income Property Trust's sale realized an attractive leveraged
internal rate of return during its four-year hold period and sold
within one percent of its most recent independently determined
appraised value. Further, as it looks to increase its allocation to
higher yielding private debt, this sale recycles equity that will
be redeployed into its growing senior secured mortgage
portfolio.
"Presley Uptown proved to be a fantastic investment for us",
said Allan Swaringen, President and
CEO of JLL Income Property Trust. "It's assumable in-place fixed
rate debt, along with the longer-term outlook for the Charlotte market, made it a highly sought
after investment. Harvesting gains for our stockholders and
redeploying sales proceeds at a time when market opportunities
present higher risk adjusted-return investments has been a tenet of
our core investment thesis for eleven years now."
Swaringen further commented, "As active managers of our
portfolio, since 2013 we have sold properties every year – in the
aggregate, over $1 billion in
dispositions across 46 properties. To further validate our
independent, quarterly appraisal-based valuation methodology – an
institutional approach quite different from competitors in the NAV
REIT industry – all of those arms-length dispositions closed at a
price within 2% of the investment's most recent third-party
appraisal. We believe this should give investors confidence in our
daily NAV – which also does not include a premium for marking debt
to market even though we have more than $2.3
billion of fixed or swapped-to-fixed below market debt."
Cushman & Wakefield's Sunbelt Multifamily Advisory Group
advised JLL Income Property Trust on the sale of Presley
Uptown. "I'd like to thank Michael
Saclarides and the team from Cushman & Wakefield for
their guidance and professionalism throughout this very well-run
sales process," commented Swaringen. "Institutional sales
volumes are off more than 60% this year, both nationally and in the
Charlotte market. Cushman's
expertise in this market clearly aided us in achieving our business
objectives."
JLL Income Property Trust's allocation to residential assets
following this disposition remains substantial. At
$2.9 billion, residential investments
– across 25 apartment communities and 4,400 single-family rental
homes – account for 44% of Income Property Trust's overall
portfolio. Other property sector allocations include: $2.1 billion across 59 industrial/warehouse
assets accounting for a 32% allocation, $790
million across 22 grocery-anchored shopping centers
accounting for a 12% allocation, $620
million across 23 healthcare properties accounting for a 9%
allocation, and $220 million across 3
office buildings accounting for a 3% allocation.
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 over $78 billion of assets in private and public real
estate property and debt investments as of Q3 2022. 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 www.lasalle.com.
About Cushman & Wakefield
Cushman & Wakefield
(NYSE: CWK) is a leading global commercial real estate services
firm for property owners and occupiers with approximately 52,000
employees in approximately 400 offices and 60 countries. In 2022,
the firm reported revenue of $10.1
billion across its core services of property, facilities and
project management, leasing, capital markets, and valuation and
other services. It also receives numerous industry and business
accolades for its award-winning culture and commitment to
Diversity, Equity and Inclusion (DEI), Environmental, Social and
Governance (ESG) and more. For additional information, visit
www.cushmanwakefield.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: matt.schuler@lasalle.com
Doug Allen
Dukas Linden Public Relations
Telephone: +1 646 722 6530
Email: JLLIPT@DLPR.com
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SOURCE JLL Income Property Trust