investment profiles...investment profiles this sales and advertising literature is neither an offer...

INVESTMENTPROFILESThis sales and advertising literature is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus. This literature must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of our common stock, determined if the prospectus is truthful or complete, or passed on or endorsed the merits of this offering. Any representation to the contrary is a criminal offense. A copy of the prospectus for the JLL Income Property Trust offering can be obtained or viewed at www.jllipt.com.

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SUMMARY OF RISK FACTORSYou should read the prospectus carefully for a description of the risks associated with an investment in JLL Income Property Trust. Some of these risks include but are not limited to the following:

Since there is no public trading market for shares of our common stock, repurchases of shares by us after a one-year minimum holding period will likely be the only way to dispose of your shares. After a required one-year holding period, JLLIPT limits the amount of shares that may be repurchased under our repurchase plan to approximately 5% of our net asset value (NAV) per quarter and 20% of our NAV per annum. Because our assets will consist primarily of properties that generally cannot be readily liquidated, JLLIPT may not have sufficient liquid resources to satisfy repurchase requests. Further, our board of directors may modify or suspend our repurchase plan if it deems such action to be in the best interest of our stockholders. As a result, our shares have limited liquidity and at times may be illiquid.

The purchase and redemption price for shares of our common stock will be based on the NAV of each class of common stock and will not be based on any public trading market. Because valuation of properties is inherently subjective, our NAV may not accurately reflect the actual price at which our assets could be liquidated on any given day.

JLLIPT is dependent on our advisor to conduct our operations. JLLIPT will pay substantial fees to our advisor, which increases your risk of loss. JLLIPT has a history of operating losses and cannot assure you that JLLIPT will achieve profitability. Our advisor will face conflicts of interest as a result of, among other things, time constraints, allocation of investment opportunities, and the fact that the fees it will receive for services rendered to us will be based on our NAV, which it is responsible for calculating.

The amount of distributions JLLIPT makes is uncertain and there is no assurance that future distributions will be made. JLLIPT may pay distributions from sources other than cash f low from operations, including, without limitation, the sale of assets, borrowings, or offering proceeds. Our use of leverage increases the risk of your investment. If JLLIPT fails to maintain our status as a REIT, and no relief provisions apply, JLLIPT would be subject to serious adverse tax consequences that would cause a significant reduction in our cash available for distribution to our stockholders and potentially have a negative impact on our NAV.

While JLLIPT’s investment strategy is to invest in stabilized commercial real estate properties diversified by sector with a focus on providing current income to investors, an investment in JLLIPT is not an investment in fixed income. Fixed income has material differences from an investment in a non-traded REIT, including those related to vehicle structure, investment objectives and restrictions, risks, fluctuation of principal, safety, guarantees or insurance, fees and expenses, liquidity and tax treatment.

Investing in commercial real estate assets involves certain risks, including but not limited to: tenants’ inability to pay rent; increases in interest rates and lack of availability of financing; tenant turnover and vacancies; and changes in supply of or demand for similar properties in a given market.

You should carefully review the “Risk Factors” section of our prospectus for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This sales material must be read in conjunction with the prospectus in order to fully understand all the implications and risks of the offering of securities to which it relates. This sales material is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus.

Investors could lose all or a substantial amount of their investment. Alternative investments are appropriate only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.

This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors or prospective investors, as applicable, receiving this material) and is intended solely for the use of the persons to whom it has been delivered.

Forward-Looking Statement DisclosureThis literature contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” and other similar terms, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks, uncertainties, and contingencies include, but are not limited to, the following: our ability to effectively raise capital in our offering; uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our investment strategy; and other risk factors as outlined in our prospectus and periodic reports filed with the Securities and Exchange Commission. Although JLLIPT believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. JLLIPT undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in our expectations.

Copyright © 2020 Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior permission of Jones Lang LaSalle IP, Inc.This information is distributed by LaSalle Investment Management Distributors, LLC (“LIMD”). LIMD is an affiliate of JLL and registered with FINRA/SIPC. For more information on this research presentation, please call 855 823 5521.

jllipt.com

LaSalle Investment Management333 West Wacker Drive, Chicago, IL 60606Securities offered through LaSalle Investment Management Distributors, LLC, a member of FINRA/SIPC.

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CURRENT PORTFOLIO:

PROPERTIESACROSS 20 STATES7815 APARTMENT COMMUNITIES, 33 INDUSTRIAL WAREHOUSES, 20 GROCERY-ANCHORED RETAIL CENTERS8 OFFICE BUILDINGS AND 2 PARKING GARAGES

Featured Properties:Fountainhead Corporate Park page 4

Milford Crossing page 5

Chandler Distribution Center page 6

Presley Uptown page 7

Taunton Distribution Center page 8

Summit at San Marcos page 9

Genesee Plaza page 10

Grand Prairie Distribution Center page 11

Stonemeadow Farms page 12

Fremont Distribution Center page 13

The Huntington page 14

The Tremont page 15

Portfolio as of June 30, 2020

WESTChandler Distribution Center AZ

Fountainhead Corporate Park (2) AZ

Kierland Village Center AZ

Summit at San Marcos AZ

Silverstone Marketplace AZ

Dylan Point Loma CA

Fremont Distribution Center (2) CA

Genesee Plaza (2) CA

Pinole Point Distribution Center (3) CA

San Juan Medical Center CA

Temecula Town Center CA

Valencia Industrial Portfolio (4) CA

Maui Mall Village HI

Jory Trail at the Grove OR

Pioneer Tower OR

Timberland Town Center OR

South Seattle Distribution Center (3) WA

Stonemeadow Farms WA

MIDWEST180 North Jefferson IL

Aurora Distribution Center IL

Chicago Parking Garage IL

O’Hare Industrial Portfolio (7) IL

Skokie Commons IL

The Penfield MN

Norfleet Distribution Center MO

SOUTHLane Parke Apartments AL

South Beach Parking Garage FL

Tampa Distribution Center FL

Kendall Distribution Center GA

Suwanee Distribution Center GA

The District at Howell Mill GA

The Reserve at Johns Creek Walk GA

Mason Mill Distribution Center GA

The Edge at Lafayette LA

DFW Distribution Center (2) TX

Grand Lakes Marketplace TX

Grand Prairie Distribution Center (2) TX

Oak Grove Plaza TX

The Villas at Legacy TX

Townlake of Coppell TX

Whitestone Market TX

EASTMilford Crossing MA

Taunton Distribution Center MA

The Huntington MA

The Tremont MA

140 Park Avenue NJ

NYC Retail Portfolio (8) NY

AQ Rittenhouse PA

Monument IV at Worldgate VA

Presley Uptown NC

Charlotte Distribution Center NC

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This sales and advertising literature is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus. This literature must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering. No offering is made except by a prospectus led with the Department of Law of the State of New York. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of our common stock, determined if the prospectus is truthful or complete, or passed on or endorsed the merits of this offering. Any representation to the contrary is a criminal offense.

Fountainhead Corporate Park OFFICE

February 2020ACQUIRED

1985 & 1990 YEAR BUILT

295,000SQUARE FEET

$61.5MPURCHASE PRICE

INVESTMENT RATIONALE

Arizona’s economy ranks 2nd in the nation for job growth, 3rd in the nation in GDP growth, and 4th in fastest growing states in the US.

Tempe is Phoenix’s top performing office submarket posting vacancy rates in the single digits over the past 8 years and hitting an all-time low of 3.3% in 2019.

The property is located within a master-planned environment that contains Class A office space, multifamily communities, retail and hotels, and is leased to a diversified mix of investment-grade tenants.

Acquired at a significant discount to new construction costs in the Phoenix market following recent major capital refurbishments that included renovations of lobbies, common areas, elevators and roof replacements.

PHOENIX, AZ

(Renovated 2016-2018)

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Milford Crossing

January2020ACQUIRED

2017/2018YEAR BUILT

159,000SQUARE FEET

$42MPURCHASE PRICE


Newly-constructed high-quality grocery-anchored neighborhood shopping center in Milford, Massachusetts, just 24 miles from Boston.

The 98% occupied shopping center is leased to a strong mix of e-commerce resistant, category-leading tenants including restaurants, medical, fitness and service-oriented retailers.

Well situated between New England’s major business centers, Boston, Providence and Worcester in an affluent community at the highly visible and trafficked junction of Interstate 495, Route 109 and Route 16.

Fits well within JLL Income Property Trust’s strategy to acquire higher quality, well-located core, income-producing properties in primary markets.

BOSTON, MA

GROCHERY-ANCHORED RETAIL

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Chandler Distribution Center INDUSTRIAL

December 2019ACQUIRED

2016YEAR BUILT

211,000SQUARE FEET

$31MPURCHASE PRICE


Newly developed Class A distribution center with two warehouses totaling 211,000 SF located in the Southeast sub-market of Phoenix, Arizona.

The Phoenix metro area has experienced positive net absorption over the past ten years with demand consistently out-pacing supply.

Well-located immediately off the 202, a major east-west thoroughfare in Phoenix near Chandler and neighboring Gilbert.

The portfolio fits well within JLL Income Property Trust’s industrial investment strategy focused on core assets located in close proximity to irreplaceable transportation infrastructure.

PHOENIX, AZ

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Presley Uptown APARTMENT

September 2019ACQUIRED

2016YEAR BUILT

230NUMBER OF UNITS

$55MPURCHASE PRICE


Charlotte has a strong economic forecast, with employment growth of nearly 3 percent a year since 2011 compared to 1.7 percent for the U.S. overall. The main employment center of Charlotte is within walking distance of the property including over 100,000 jobs with employers like Microsoft, Bank of America, Wells Fargo, Duke Energy, Barings, Ally Bank and the city’s largest hospital campuses.

Uptown is one of Charlotte’s premier live-work-play neighborhoods, with population growth expected to reach 3.4 percent a year within a three-mile radius of the property, notably surpassing the national average of 0.8 percent. The property is conveniently situated with access to numerous retail and service amenities including the addition of a new Whole Foods within two blocks.

CHARLOTTE, NC

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Taunton Distribution Center

August 2019ACQUIRED

2016YEAR BUILT

200,000SQUARE FEET

$26MPURCHASE PRICE


The property is near New England’s primary transportation corridors and population centers enjoying excellent access to the I-495 highway system with direct connectivity to service Boston, Providence, Worchester and the greater New England region.

Ideally situated within Myles Standish Industrial Park, which is well known as one of Greater Boston’s premier “super parks” due to its exceptional location, superior access, top-quality inventory and prestigious tenant roster.

Boston’s relative lack of modern industrial properties positions Taunton Distribution Center well within a highly land constrained market that features a limited threat from competitive supply.

BOSTON, MA

INDUSTRIAL

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Summit at San Marcos

July 2019ACQUIRED

2018YEAR BUILT

273NUMBER OF UNITS

$72MPURCHASE PRICE


Summit at San Marcos is located at the intersection of several of Arizona’s most prominent thoroughfares providing access to the Greater Phoenix area with big centers of employment.

Completed in 2018, Summit at San Marcos features premium interior finishes and luxury amenity packages with walkable access to the live-work-play experience of Downtown Chandler and direct proximity to the San Marcos Golf Course.

The property is also located in the highly desirable Chandler Unified SchoolDistrict and is rated #1in the Phoenix area and #2 in all of Arizona by Niche.

PHOENIX, AZ

APARTMENT

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Genesee Plaza

July 2019ACQUIRED

1983 YEAR BUILT

161,000SQUARE FEET

$90MPURCHASE PRICE


Genesee Plaza is located at a prominent intersection in San Diego’s University Town Center benefiting from access to major highway systems and strong surrounding daytime foot traffic from local businesses.

The property’s location is in close proximity to the University of California, San Diego and Scripps Hospital Campuses.

The property’s coastal infill location has seen severe supply constraints with high barriers to entry from both geographic barriers and zoning restrictions.

The acquisition of Genesee Plaza is a strong fit for JLL Income Property Trust’s focus on medical office buildings as they have historically featured higher tenant retention and delivered stable income.

SAN DIEGO, CA

OFFICE

(Renovated in 2014)

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Grand Prairie Distribution Center

January 2014- May 2019ACQUIRED

2013 YEAR BUILT

423,000SQUARE FEET

$33MPURCHASE PRICE


Dallas-Fort Worth is the third largest industrial market in the United States by square footage, posting a low 5.7% vacancy rate at the end of 2018, and is known as the nation’s largest inland port with excellent access to major highways, rail lines and the airport.

The properties are located five miles south of DFW International Airport in the Great Southwest submarket and are centrally located between Dallas and Fort Worth, making them attractive to local distributors and national companies alike.

The properties are 100% leased to a 40-year old consumer goods company, serving as their national headquarters as well as mission-critical product assemblage space.

DALLAS, TX

INDUSTRIAL

(2nd building was built in 2015)

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Stonemeadow Farms

May 2019ACQUIRED

1999YEAR BUILT

280NUMBER OF UNITS

$82MPURCHASE PRICE


Located in the desirable Seattle suburb of Bothell, Washington where single-family homes are averaging more than $600,000.

The apartment community is located less than 20 miles from Redmond, Bellevue and Seattle, providing convenient access to I-405, I-5 and Highway 522.

Bothell’s location provides multiple commuting options to an exceptional and diverse roster of high-tech, bio-tech, medical device, life sciences, telecom and utility companies including Amazon, AT&T, Boeing, Expedia, Facebook/Oculus, Google, Microsoft, Starbucks, T-Mobile and the University of Washington, Bothell.

SEATTLE, WA

APARTMENT

(Renovated from 2014-2018)

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Fremont Distribution Center

March 2019ACQUIRED

1991YEAR BUILT

237,000SQUARE FEET

$47MPURCHASE PRICE


The San Francisco Bay area has experienced very high industrial demand and multiple barriers to new construction - virtually all of which is infill.

The property is located between Oakland and San Jose with close proximity to Interstate 880 and the Port of Oakland.

Fremont has strong industrial fundamentals that are, along with Los Angeles and New Jersey, among the strongest in the country, with continued limited opportunity for supply growth.

SAN FRANCISCO, CA

INDUSTRIAL

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The Huntington

July 2018ACQUIRED

2018YEAR BUILT

117NUMBER OF UNITS

$49MPURCHASE PRICE


The Huntington is an apartment community located just off the Route 128 corridor, known as “America’s Technology Highway”, which hosts the largest concentration of tech jobs outside of Silicon Valley.

The area boasts median household incomes within a 1-mile radius of over $110,000 and median home values within the zip code of over $530,000, while the local high school is equally impressive, receiving an “A” grade from Niche.com earning LaSalle Research’s Silver classification.

The property is highly amenitized, luxury apartments featuring hardwood flooring with carpet in bedrooms, stainless steel appliances, in-unit washer & dryer. Community amenities include a kitchen, swimming pool, fitness center, grilling patio, designated pet areas and covered parking.

BOSTON, MA

APARTMENT

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The Tremont

July 2018ACQUIRED

2016YEAR BUILT

180NUMBER OF UNITS

$74MPURCHASE PRICE


The Tremont is situated at the hub of Northwest Park within walking distance of a Wegmans grocery store, over 20 restaurants, and a variety of other retailers, and is directly adjacent to the Burlington Mall, the second largest retail center in Massachusetts featuring more than 185 specialty shops.

The property is highly amenitized, luxury apartments featuring hardwood flooring with carpet in bedrooms, quartz countertops with undermount sinks, stainless steel appliances, soft close drawers, in-unit washer & dryer and nine foot ceilings. Community amenities include a tech lounge, community kitchen, pool tables, swimming pool, fitness center, yoga room, grilling patio, designated pet areas and covered parking.

BOSTON, MA

APARTMENT

An investment in shares of JLL Income Property Trust is subject to risks, including those related to lack of a public trading market, repurchase limitations, calculation of net asset value and conflicts of interests. See the prospectus for more details about these and other risks.

FOR DETAILS, TALK WITH YOUR INVESTMENT ADVISOR OR VISIT WWW.JLLIPT.COM TODAY.

LaSalle Investment Management Distributors, LLC (member FINRA/SIPC), an affiliate of Jones Lang LaSalle Incorporated and LaSalle Investment Management, Inc., is the dealer manager for this offering.

LS-IP-0620

TM

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