JLL Income Property Trust, Inc.

JLL Income Property Trust, Inc. reported total revenues of $453.9M for FY 2025, up 11.3% YoY from $407.6M, driven by rental revenue growth to $426.8M (+10.8% YoY) from new acquisitions and comparable property increases of 2.3%. Operating expenses rose 9.1% to $355.3M, primarily due to higher depreciation ($160.9M) and property costs. Net loss was $35.2M, contrasting a profit in 2024, impacted by $44.6M unrealized losses on financing obligations and other expenses totaling $133.7M. Total assets stood at $5.63B with real estate net at $5.10B, liabilities at $3.59B (leverage 32%), and stockholders' equity at $1.34B. Cash from operations reached $131.8M (+18.6% YoY), supporting $234.7M financing inflows amid $324.7M investing outflows for acquisitions. NAV per share ranged $11.25-$11.29. AFFO per share improved to $0.45 from $0.42, reflecting stable operations despite net loss. Portfolio occupancy at 95%, with 2025 acquisitions of $440M in properties enhancing diversification across industrial (40%), residential (37%), and other sectors.

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