JLL Income Property Trust, Inc.

2024 Q2 Form 10-Q Financial Statement

#000131415224000089 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2

Balance Sheet

Concept 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $178.4M
YoY Change 36.72%
Cash & Equivalents $76.53M
Short-Term Investments $101.8M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.151B
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $150.5M
YoY Change -19.32%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $5.182B
YoY Change -1.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $3.119B
YoY Change 2.68%
SHAREHOLDERS EQUITY
Retained Earnings -$138.2M
YoY Change 21.83%
Common Stock $2.685B
YoY Change -5.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.669B
YoY Change
Total Liabilities & Shareholders Equity $5.182B
YoY Change -1.03%

Cashflow Statement

Concept 2024 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
114805000 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
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jllipt Stockissuedbutnotyetreceived
Stockissuedbutnotyetreceived
1050000 usd
jllipt Stockissuedbutnotyetreceived
Stockissuedbutnotyetreceived
1200000 usd
CY2024Q2 jllipt Changein Accrued Offering Costs
ChangeinAccruedOfferingCosts
-4550000 usd
CY2023Q2 jllipt Changein Accrued Offering Costs
ChangeinAccruedOfferingCosts
-241000 usd
CY2024Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
47754000 usd
CY2024Q2 us-gaap Assets
Assets
5182393000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
2018303000 usd
CY2024Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
4656133000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
76533000 usd
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
26227000 usd
CY2024Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
7125000 usd
CY2024Q2 us-gaap Deferred Costs
DeferredCosts
22478000 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
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203310000 usd
CY2024Q2 us-gaap Deferred Rent Receivables Net
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40999000 usd
CY2024Q2 us-gaap Revenues
Revenues
103533000 usd
CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
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12413000 usd
CY2024Q2 us-gaap Incentive Fee Payable
IncentiveFeePayable
3289000 usd
CY2023Q4 us-gaap Incentive Fee Payable
IncentiveFeePayable
3672000 usd
CY2024Q2 jllipt Acquired Intangible Liabilities Net
AcquiredIntangibleLiabilitiesNet
38057000 usd
CY2023Q4 jllipt Acquired Intangible Liabilities Net
AcquiredIntangibleLiabilitiesNet
41415000 usd
CY2023Q2 us-gaap Revenues
Revenues
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CY2024Q2 us-gaap Real Estate Tax Expense
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CY2023Q2 us-gaap Real Estate Tax Expense
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CY2024Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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18762000 usd
CY2023Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
17570000 usd
CY2023Q2 us-gaap Noninterest Expense Investment Advisory Fees
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11099000 usd
CY2024Q2 jllipt Fund Level Expenses
FundLevelExpenses
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CY2023Q2 jllipt Fund Level Expenses
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1305000 usd
CY2024Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2024Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
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CY2023Q2 us-gaap Operating Costs And Expenses
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us-gaap Operating Costs And Expenses
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us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
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CY2024Q2 us-gaap Interest Expense
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CY2023Q2 us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
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us-gaap Interest Expense
InterestExpense
125665000 usd
CY2024Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-18038000 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2798000 usd
CY2024Q2 us-gaap Investment Income Dividend
InvestmentIncomeDividend
344000 usd
CY2023Q2 us-gaap Investment Income Dividend
InvestmentIncomeDividend
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CY2024Q2 us-gaap Equity Securities Fv Ni Realized Gain Loss
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CY2023Q2 us-gaap Equity Securities Fv Ni Realized Gain Loss
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CY2023Q2 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Profit Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2024Q2 us-gaap Profit Loss From Real Estate Operations
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us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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us-gaap Profit Loss From Real Estate Operations
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us-gaap Equity Securities Fv Ni Realized Gain Loss
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us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
0 usd
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
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us-gaap Straight Line Rent Adjustments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
11109000 usd
jllipt Non Cash Interest Expense Related To Dst Program
NonCashInterestExpenseRelatedToDSTProgram
-11437000 usd
jllipt Non Cash Interest Expense Related To Dst Program
NonCashInterestExpenseRelatedToDSTProgram
69856000 usd
jllipt Manager And Advisory Fees
ManagerAndAdvisoryFees
0 usd
jllipt Manager And Advisory Fees
ManagerAndAdvisoryFees
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us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
4804000 usd
us-gaap Increase Decrease In Other Operating Capital Net
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
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us-gaap Payments To Acquire Commercial Real Estate
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us-gaap Liabilities Assumed1
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us-gaap Income Loss From Equity Method Investments
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us-gaap Investment Income Dividend
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us-gaap Investment Income Dividend
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us-gaap Equity Securities Fv Ni Realized Gain Loss
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us-gaap Equity Securities Fv Ni Realized Gain Loss
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us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q4 us-gaap Liabilities
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CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss Current
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CY2024Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
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RedeemableNoncontrollingInterestEquityCarryingAmount
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RetainedEarningsAccumulatedDeficit
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CY2023Q4 us-gaap Stockholders Equity
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OperatingLeaseLeaseIncome
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AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
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AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
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CY2024Q2 us-gaap Other Revenue Expense From Real Estate Operations
OtherRevenueExpenseFromRealEstateOperations
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CY2023Q2 us-gaap Other Revenue Expense From Real Estate Operations
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CY2024Q2 us-gaap Interest And Fee Income Loans Commercial And Residential Real Estate
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CY2024Q2 us-gaap Noninterest Expense Investment Advisory Fees
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UnrealizedGainsLossesOnFinancingObligations
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jllipt Unrealized Gains Losses On Financing Obligations
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us-gaap Income Loss From Equity Method Investments
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us-gaap Dividends Common Stock
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CY2024Q2 us-gaap Stock Issued During Period Value New Issues
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CY2024Q2 us-gaap Stock Repurchased During Period Value
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CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Other
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CY2024Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Stock Repurchased During Period Value
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us-gaap Adjustments To Additional Paid In Capital Other
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Dividends Common Stock
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CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Equity Securities Fv Ni Realized Gain Loss
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments For Capital Improvements
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us-gaap Payments For Capital Improvements
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us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
9829000 usd
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
53932000 usd
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
8998000 usd
us-gaap Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
7277000 usd
us-gaap Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
26600000 usd
us-gaap Payments For Proceeds From Other Deposits
PaymentsForProceedsFromOtherDeposits
0 usd
us-gaap Payments For Proceeds From Other Deposits
PaymentsForProceedsFromOtherDeposits
85000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17391000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-142984000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
55211000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
94439000 usd
us-gaap Proceeds From Sale Of Interest In Partnership Unit
ProceedsFromSaleOfInterestInPartnershipUnit
205095000 usd
us-gaap Proceeds From Sale Of Interest In Partnership Unit
ProceedsFromSaleOfInterestInPartnershipUnit
191431000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
238038000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
164972000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
11735000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
11777000 usd
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
22594000 usd
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
23097000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
15568000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5110000 usd
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
68000 usd
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 usd
us-gaap Payments For Proceeds From Mortgage Deposits
PaymentsForProceedsFromMortgageDeposits
-850000 usd
us-gaap Payments For Proceeds From Mortgage Deposits
PaymentsForProceedsFromMortgageDeposits
0 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
68000000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
230000000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
140000000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
100000000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
126435000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
814000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
155000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
80429000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
102487000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-53519000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
108272000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
8004000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
76533000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
84495000 usd
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
26227000 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
27077000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102760000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
111572000 usd
us-gaap Interest Paid Net
InterestPaidNet
61020000 usd
us-gaap Interest Paid Net
InterestPaidNet
63422000 usd
jllipt Write Offs Of Receivables
WriteOffsOfReceivables
-320000 usd
jllipt Write Offs Of Receivables
WriteOffsOfReceivables
-321000 usd
jllipt Write Offs Of Retired Assets
WriteOffsOfRetiredAssets
25827000 usd
jllipt Write Offs Of Retired Assets
WriteOffsOfRetiredAssets
6810000 usd
jllipt Changein Liabilityfor Capital Expenditures
ChangeinLiabilityforCapitalExpenditures
2496000 usd
jllipt Changein Liabilityfor Capital Expenditures
ChangeinLiabilityforCapitalExpenditures
-258000 usd
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
26191000 usd
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
0 usd
jllipt Op Units
OPUnits
-167998000 usd
jllipt Op Units
OPUnits
207392000 usd
us-gaap Nature Of Operations
NatureOfOperations
<div style="margin-top:14pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE 1—ORGANIZATION</span></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">General</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Except where the context suggests otherwise, the terms “we,” “us,” “our” and the “Company” refer to JLL Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">JLL Income Property Trust, Inc., is an externally advised, daily valued perpetual-life real estate investment trust ("REIT") that owns and manages a diversified portfolio of healthcare, industrial, residential, retail and other properties located in the United States. Over time our real estate portfolio may be further diversified on a global basis through the acquisition of properties outside of the United States and complemented by investments in real estate-related debt and equity securities. We were incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of June 30, 2024, we owned interests in a total of 133 properties and over 4,500 single-family rental houses located in 28 states.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We own substantially all of our assets through JLLIPT Holdings, LP, a Delaware limited partnership (our “operating partnership”), of which we are a limited partner and JLLIPT Holdings GP, LLC, our wholly owned subsidiary, is the sole general partner. The use of our operating partnership to hold substantially all of our assets is referred to as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). By using an UPREIT structure, a property owner who desires to defer taxable gain on the disposition of his or her property may transfer the property to our operating partnership in exchange for limited partnership interests in the operating partnership ("OP Units") and defer taxation of gain until the limited partnership interests are disposed of in a taxable transaction. As of June 30, 2024, we raised aggregate proceeds from the issuance of OP Units in our operating partnership of $653,210, and owned directly or indirectly 81.6% of the OP Units of our operating partnership. The remaining 18.4% of the OP Units are held by third parties.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From our inception to June 30, 2024, we have received approximately $6,129,220 in gross offering proceeds from various public and private offerings of shares of our common stock as well as issuance of OP Units. On October 1, 2012, we commenced our initial public offering of common stock and since that time we have offered shares of our common stock in various public offerings registered with the Securities and Exchange Commission (the "SEC"). </span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 21, 2021, our most recent public offering (the "Current Public Offering") of up to $3,000,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock, was declared effective by the SEC. As of June 30, 2024, we have raised aggregate gross proceeds from the sale of shares of our common stock in our Current Public Offering of $1,159,700. We intend to continue to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each offering.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to our public offerings, on March 3, 2015, we commenced a private offering exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and Regulation D promulgated thereunder of up to $350,000 in shares of our Class D common stock with an indefinite duration (the "Private Offering"). </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2024</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, we have raised aggregate gross proceeds of $98,188 in the Private Offering. In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the “DST Program”) to raise up to $2,000,000 in private placements exempt from registration under Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, through the sale of beneficial interests to accredited investors in specific Delaware statutory trusts ("DSTs") holding real properties ("DST Properties"), which may be sourced from our real properties or from third parties. As of June 30, 2024, we have raised approximately $1,329,000 of aggregate gross proceeds from our DST Program.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2024, 100,257,024 shares of Class A common stock, 26,158,450 shares of Class M common stock, 3,242,945 shares of Class A-I common stock, 90,108,378 shares of Class M-I common stock, and 2,407,370 shares of Class D common stock were outstanding and held by a total of 22,828 stockholders. </span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">LaSalle acts as our advisor pursuant to the advisory agreement among us, our operating partnership and LaSalle (the "Advisory Agreement"). The term of our Advisory Agreement expires June 5, 2025, subject to an unlimited number of successive one-year renewals. Our Advisor, a registered investment advisor with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the terms of the Advisory Agreement. Our executive officers are employees of and compensated by our Advisor. We have no employees, as all operations are managed by our Advisor. </span></div>LaSalle is a wholly owned, but operationally independent subsidiary of Jones Lang LaSalle Incorporated ("JLL" or our "Sponsor"), a New York Stock Exchange-listed leading professional services firm that specializes in real estate and investment management. As of June 30, 2024, JLL and its affiliates owned an aggregate of 2,521,801 Class M shares, which were issued for cash at a price equal to the most recently reported net asset value ("NAV") per share as of the purchase date and have a current value of approximately $29,556.
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2004-05-28
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
653210000 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
653210000 usd
us-gaap Sale Of Stock Percentage Of Ownership After Transaction
SaleOfStockPercentageOfOwnershipAfterTransaction
0.816 rate
jllipt Commonstockauthorizedinofferingofnewshares
Commonstockauthorizedinofferingofnewshares
3000000000 usd
CY2024Q2 jllipt Number Of Stockholders
NumberOfStockholders
22828
CY2024Q2 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
2521801 shares
CY2024Q2 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
29556000 usd
CY2024Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
17514000 usd
CY2024Q2 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
3060000 usd
CY2024Q2 us-gaap Minority Interest
MinorityInterest
376922000 usd
CY2023Q4 us-gaap Minority Interest
MinorityInterest
275307000 usd
CY2024Q2 jllipt Accumulated Amortization Deferred Finance And Leasing Costs
AccumulatedAmortizationDeferredFinanceAndLeasingCosts
10562000 usd
CY2023Q4 jllipt Accumulated Amortization Deferred Finance And Leasing Costs
AccumulatedAmortizationDeferredFinanceAndLeasingCosts
9648000 usd
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Rental Revenue Recognition</span></div>We recognize rental revenue from tenants under operating leases on a straight-line basis over the non-cancelable term of the lease when collectibility of substantially all rents is reasonably assured. Recognition of rental revenue on a straight-line basis includes the effects of rental abatements, lease incentives and fixed and determinable increases in lease payments over the lease term. For leases where collection of substantially all rents is not deemed to be probable, revenue is recorded equal to cash that has been received from the tenant. We evaluate the collectibility of rents and other receivables at each reporting period based on factors including, among others, tenant's payment history, the financial condition of the tenant, business conditions and trends in the industry in which the tenant operates and economic conditions in the geographic area where the property is located. If evaluation of these factors or others indicates it is not probable we will collect substantially all rent, we recognize an adjustment to rental revenue. If our judgment or estimation regarding probability of collection changes, we may adjust or record additional rental revenue in the period such conclusion is reached.
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
149277000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
145228000 usd
CY2024Q2 jllipt Finite Lived Intangible Liability Accumulated Amortization
FiniteLivedIntangibleLiabilityAccumulatedAmortization
20436000 usd
CY2023Q4 jllipt Finite Lived Intangible Liability Accumulated Amortization
FiniteLivedIntangibleLiabilityAccumulatedAmortization
20811000 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
11799000 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-7171000 usd
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivative Financial Instruments</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We record all derivatives on the Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded on our Consolidated Statements of Operations and Comprehensive Income, as a component of interest expense, as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we may use interest rate caps, swaps and collars.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2024, we had the following outstanding interest rate derivatives related to managing our interest rate risk:</span></div><div style="margin-top:5pt;text-align:center;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:69.444%"><tr><td style="width:1.0%"></td><td style="width:38.268%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.852%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.531%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.852%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.797%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest Rate Derivative</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of Instruments</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional Amount</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest Rate Swaps</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Interest Rate Collars</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">350,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of our interest rate derivatives represent assets of $10,794 and $2,435 at June 30, 2024 and December 31, 2023, respectively.</span></div>
CY2024Q2 us-gaap Derivative Assets
DerivativeAssets
10794000 usd
CY2023Q4 us-gaap Derivative Assets
DerivativeAssets
2435000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, fair value of derivatives and real estate assets, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates.</span></div>
CY2024Q2 us-gaap Equity Method Investments
EquityMethodInvestments
150515000 usd
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
176135000 usd
CY2024Q2 us-gaap Notes Payable
NotesPayable
2041947000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
2041750000 usd
CY2024Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
23644000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
16696000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
2018303000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
2025054000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
13445000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
581990000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
309773000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
448410000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
151015000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
537314000 usd
CY2024Q2 us-gaap Notes Payable
NotesPayable
2041947000 usd
CY2022Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000000 usd
CY2022Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000000 usd
CY2022Q2 jllipt Revolving Lineof Credit Maximum Borrowing Capacity
RevolvingLineofCreditMaximumBorrowingCapacity
600000000 usd
CY2022Q2 jllipt Term Loan Maximum Borrowing Capacity
TermLoanMaximumBorrowingCapacity
400000000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
15533000 usd
CY2024Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
13993000 usd
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