JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $7.1 billion in portfolio assets, announced that on March 7, 2023, its Board of Directors declared a dividend for the first quarter of 2023 of $0.145 per share, a 3.6% increase from the prior quarter’s $0.14 per share. This represents the eighth dividend increase since JLL Income Property Trust’s inception in 2012, and will be the 45th consecutive quarterly dividend paid to its stockholders.
The quarterly dividend is payable on or around March 31, 2023 to stockholders of record as of March 24, 2023. On an annualized basis, this gross distribution is equivalent to $0.58 per share and represents a yield of approximately 4.1% on a NAV per share of $14.13 for the M-I share class as of February 28, 2023. All stockholders will receive $0.145 per share less applicable share class specific fees and the annualized yield will differ based on the share class.
“We are pleased to provide continued growth in the current yield to our stockholders through our eighth dividend increase in over 10 years,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “We had strong annualized performance of 10% in 2022, of which 3.9% consisted of current income. As our stockholders and their advisors look to combat the current inflationary environment, dividend growth is how we deliver the inflation hedging benefits of core real estate.”
A fourth quarter dividend of $0.14 per share, less applicable share class specific fees, was paid according to the table below on December 30, 2022 to stockholders of record as of December 23, 2022. Any future dividends will be approved at the discretion of the Board of Directors.
1.A dealer manager fee equal to 1/365th of 0.30% of NAV is allocated to Class A-I stockholders daily and reduces the quarterly dividend paid.
2.A dealer manager fee equal to 1/365th of 0.30% of NAV is allocated to Class M stockholders daily and reduces the quarterly dividend paid.
3.A dealer manager fee equal to 1/365th of 0.85% of NAV is allocated to Class A stockholders daily and reduces the quarterly dividend paid.
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.
(This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.prnewswire.com/news-releases/jll-income-property-trust-increases-quarterly-dividend-for-eighth-time-301765200.html#:~:text=A%20fourth%20quarter%20dividend%20of,of%20the%20Board%20of%20Directors.)