PROFILES INVESTMENT JLLIPT.COM

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1 JLLIPT.COM INVESTMENT PROFILES 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 of our common stock, determined if the prospectus is truthful or complete, or passed on or endorsed the merits of this offering. Any A copy of the prospectus for the JLL Income Property Trust offering can be obtained or viewed at

2 SUMMARY OF RISK FACTORS You 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, we limit 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, we may not have sufficient liquid resources to satisfy repur chase 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. We are dependent on our advisor to conduct our operations. We will pay substantial fees to our advisor, which increases your risk of loss. We have a history of operating losses and cannot assure you that we will achieve profitability. Our advisor will face conflicts of interest as a result of, among other things, time constraints, allocation of investment opportuni ties, 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 we make is uncertain and there is no assurance that future distributions will be made. We may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or offering proceeds. Our use of leverage increases the risk of your investment. If we fail to maintain our status as a REIT, and no relief provisions apply, we 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. FORWARD-LOOKING STATEMENT DISCLOSURE This 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 registration statement on Form S-11 (Registration No ) and periodic reports filed with the Securities and Exchange Commission. Although we believe the expectations reflected in such forwardlooking 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. We undertake no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in our expectations. Copyright 2018 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 JLLIPT.COM LaSalle Investment Management 333 West Wacker Drive, Chicago, IL Securities offered through LaSalle Investment Management Distributors, LLC, a member of FINRA/SIPC.

3 CURRENT PORTFOLIO: PROPERTIES ACROSS 19 STATES 6910 APARTMENT COMPLEXES, 28 INDUSTRIAL WAREHOUSES, 24 RETAIL CENTERS, 5 OFFICE BUILDINGS AND 2 PARKING GARAGES FEATURED PROPERTIES: Mason Mill Distribution Center Montecito Marketplace The Reserve /Johns Creek Walk Jory Trail at the Grove 180 North Jefferson Kierland Village Center Timberland Town Center The Penfield Pinole Point Distribution Center Dylan Point Loma Silverstone Marketplace Valencia Industrial Portfolio page 2 page 3 page 4 page 5 page 6 page 7 page 8 page 9 page 10 page 11 page 12 page 13 Portfolio as of December 31, 2017 Apartment Industrial Retail Office Other WEST MIDWEST SOUTH EAST Kierland Village Center Silverstone Marketplace 111 Sutter Street Dylan Point Loma Pinole Point Distribution Center (3) San Juan Medical Center Temecula Town Center Valencia Industrial Portfolio (5) Maui Mall Montecito Marketplace Jory Trail at the Grove Pioneer Tower Timberland Town Center South Seattle Distribution Center (3) AZ AZ CA CA CA CA CA CA HI NV OR OR OR WA 180 North Jefferson Aurora Distribution Center Chicago Parking Garage O Hare Industrial Portfolio (7) Skokie Commons The Penfield Norfleet Distribution Center IL IL IL IL IL MN MO Lane Parke Apartments South Beach Parking Garage Tampa Distribution Center Kendall Distribution Center Mason Mill Distribution Center Suwanee Distribution Center The District at Howell Mill The Reserve at Johns Creek Walk The Edge at Lafayette Charlotte Distribution Center Station Nine Apartments DFW Distribution Center (2) Grand Lakes Marketplace Grand Prairie Distribution Center Oak Grove Plaza Townlake of Coppell Whitestone Market AL FL FL GA GA GA GA GA LA NC NC TX TX TX TX TX TX 140 Park Avenue NYC Retail Portfolio (14) AQ Rittenhouse Monument IV at Worldgate NJ NY PA VA

4 ATLANTA Industrial Mason Mill Distribution Center Buford (Atlanta), GA ACQUIRED December 2017 The property is fully leased to a publicly-traded global pharmaceutical distribution company through The purchase price was approximately $31 million. SQUARE FEET 340,000 YEAR BUILT 2016 OCCUPANCY 100% $31M PSF $91 ESTIMATED CAP RATE 1 4.8% Newly-constructed 340,000 square-foot Class A industrial property in Atlanta s northeast submarket located in Buford, Georgia. Atlanta is the largest economy in the Southeast U.S. and the region s hub for finance, commerce, communications, transportation, education and cultural activity. SELECT TENANTS AmerisourceBergen PHARMACEUTICAL 340,000 SQ FT The northeast submarket where Mason Mill Distribution Center is located is Atlanta s largest and has historically been the favorite of institutional investors and tenants. The close proximity to the Golden Triangle executive housing, access to skilled labor and the immediate interstate infrastructure provide an ideal location for higher employee count operations required by large, multinational tenants. Property is a good fit with JLL Income Property Trust s high-quality industrial properties and it increases exposure to core assets in high-barrier-to-entry markets. 2

5 LAS VEGAS Montecito Marketplace PRO PE R T Y T Y PE Retail Las Vegas, NV AT A G L A N C E August 2017 ACQUIRED Institutional quality, 190,000 square-foot high-volume Smith s grocery-anchored neighborhood shopping center located on 19 acres in North Las Vegas. 190,000 SQUARE FEET YEAR BUILT 2007 I N V E S T M E NT R AT I O N A LE OCCUPANCY 100% Smith s is the largest grocer in the Las Vegas market, capturing 24% market share according to Metro Market studies. The property is fully leased, and includes a diverse daily needs tenancy featuring Chipotle, Starbucks, Chase, H&R Block, Pizza Hut and FedEx Kinkos. $63.5M PSF $335 ESTIMATED CAP RATE 1 5.7% SE LEC T TE N A N T S Smith's GROCERY 65,000 SQ F T TJ Maxx DEPARTMENT STORE The property is strategically located just off the I-95/I-215 interchange with visibility to an estimated 52,000 vehicles per day. Part of the larger 330-acre Montecito Town Center, the property also benefits from close proximity to several large employers including military, hospitality and healthcare services. Excellent fit with JLL Income Property Trust s strategy to increase exposure to high-quality, grocery-anchored centers in retail markets that are strongly ranked by LaSalle research. 30,000 SQ F T J L L I P T. C O M 3

6 ATLANTA Apartment The Reserve at Johns Creek Walk Johns Creek (Atlanta), GA Highly amenitized 210-unit apartment complex located in USA Today's 3rd Best City to Live in the United States. ACQUIRED July 2017 NUMBER OF UNITS 210 YEAR BUILT 2007 OCCUPANCY 96% $47.3M PER UNIT $225,000 ESTIMATED CAP RATE 1 4.9% The property is part of a 26 acre mixed-use project connected to 70,000 square feet of neighborhood walk-to retail and office space and features craftsman-style architecture, townhome floorplans and a full complement of modern tenant-driven amenities. Located in the affluent Atlanta suburb of Johns Creek featuring a wealthy, well-educated demographic ranking as the 13th highest earning city in the country and one of the 10 richest in Georgia. Strategically situated equidistant to Georgia 400 and I-85, in the epicenter of Atlanta s high-growth technology and information sectors. It is adjacent to master planned Technology Park with upwards of 10,000 jobs, and has the 2nd highest per capita concentration of restaurants in the nation with 630 eating locations per 100,000 city residents. Property is an excellent fit for JLL Income Property Trust s apartment strategy which is targeting suburban locations within highly-rated school districts, with strong demographics and barriers to competition. 4

7 PORTLAND Apartment Jory Trail at the Grove Wilsonville (Portland), OR ACQUIRED July 2017 Jory Trail at the Grove is a premier 324-unit apartment complex that is 95% leased. The Class A apartment property is located in the Portland, Oregon suburb of Wilsonville. NUMBER OF UNITS 324 YEAR BUILT 2012 OCCUPANCY 95% $74.8M PER UNIT $230,000 ESTIMATED CAP RATE 1 4.9% Recently developed 324-unit apartment complex with an extensive amenity package and Class A high-end finishes. Located in the thriving Portland, Oregon suburb of Wilsonville which has a strong local employment base with excellent schools and high barriers to entry. This suburb in "Silicon Forest" has a low vacancy (3.3%) with no new development under construction or planned. Wilsonville is conveniently located along Interstate 5, providing convenient access to greater Portland's major employment centers: Downtown Portland, the Kruseway office corridor, Beaverton, Hillsboro and Salem. The Portland market overall has exhibited strong population growth, with average annual growth rates of 1.3% from 2010 to Considered a 'Next Tech' market, additional growth is anticipated for Portland due to lower cost of living and strong quality of life, particularly in comparison to the nearby Bay Area and Seattle. Portfolio's first multifamily property in the Pacific Northwest exemplifying JLL Income Property Trust's apartment strategy which is geared toward suburban locations within highly-rated school districts with attractive demographics. 5

8 CHICAGO Apartment 180 North Jefferson Chicago, IL ACQUIRED December 2016 NUMBER OF UNITS 274 YEAR BUILT 2004 OCCUPANCY 94% $96.5M PER UNIT $352,000 STABILIZED CAP RATE 1 5.0% Premier tower located in a true live/work/play neighborhood, where residents have immediate walkable access to Chicago s employment center, mass transit, restaurants, nightlife and necessity retail. 28-story apartment tower in Chicago s dynamic West Loop. Chicago s West Loop has been established as the new epicenter of the city s technology and creative job growth, attracting blue-chip employers from both the central business district and the suburban areas. Property is an excellent fit for JLL Income Property Trust s strategy to invest in high-quality apartments located in densely populated urban cores with favorable transit profiles and high barriers-to-entry. 1. Stabilized Cap Rate is calculated as NOI based on post-renovation rents and estimated expenses divided by the purchase price 6

9 SCOTTSDALE Retail Kierland Village Center Scottsdale (Phoenix), AZ ACQUIRED September 2016 SQUARE FEET 118,000 YEAR BUILT 2001 OCCUPANCY 98% $34.5M PSF $290 ESTIMATED CAP RATE 1 5.0% SELECT TENANTS Upscale neighborhood shopping center within the affluent Kierland master-planned residential and resort area, as well as Scottsdale Airpark, the second-largest employment center in Arizona. Grocery-anchored, 118,000 square foot property that is 98% leased to a variety of national and regional tenants. Located in the highly educated and thriving community of Scottsdale, Arizona an area that has seen a 10% increase in population since 2000 and median household incomes among the highest in the nation. Phoenix has one of the strongest economies in the nation, ranking sixth out of 147 metros in LaSalle s US Regional Economic Index report, with a diverse economy and population that is expected to grow at twice the national rate through Safeway GROCERY Walgreens PHARMACY Zipps Sports Grill RESTAURANT 55,300 SQ FT 15,000 SQ FT 5,000 SQ FT The property fits well within JLL Income Property Trust s approach to increase the portfolio s allocation to high quality, grocery anchored centers in top, nationally-ranked retail markets. 7

10 PORTLAND Retail Timberland Town Center Beaverton (Portland), OR ACQUIRED September 2016 Newly constructed, upscale neighborhood shopping center located within a 105-acre master-planned community within walking distance of over 2,600 residential units. SQUARE FEET 92,000 YEAR BUILT 2015 OCCUPANCY 98% $42.6M PSF $470 ESTIMATED CAP RATE 1 5.1% Grocery-anchored, 92,000 square foot property, 98% leased to a mix of grocery, retail, restaurant and professional service tenants. Located in the affluent Portland suburb of Beaverton, Oregon which is home to several large employers including Intel, the region s top employer with a staff of more than 17,000, and Nike s World headquarters with more than 8,000 workers. SELECT TENANTS Market of Choice GROCERY 40,000 SQ FT Pharmaca Integrative Pharmacy PHARMACY 4,500 SQ FT Beaverton boasts favorable income and education demographics, an unemployment rate of less than 4%, and close proximity to NW Sunset Highway / Route 26 which carries over 127,000 cars daily while being serviced by Portland s efficient light rail system and bus routes. The property fits well within JLL Income Property Trust s approach to increase the portfolio s allocation to high quality, grocery-anchored centers in top nationally ranked retail markets. Mud Bay PET PRODUCTS 3,700 SQ FT 8

11 SAINT PAUL Apartment The Penfield Saint Paul, MN ACQUIRED September 2016 Class A, 254-unit, award-winning, transit-oriented apartment complex that includes a ground floor commercial space that is leased to a premier local grocer on a long-term basis. NUMBER OF UNITS 254 YEAR BUILT 2013 OCCUPANCY 93% $65.5M PER UNIT $258,000 ESTIMATED CAP RATE 1 5.0% Minneapolis-Saint Paul is home to 2.9 million residents and boasts one of the strongest job markets in the country with an unemployment rate of 2.9%, ranking first among the 50 largest metropolitan areas in the nation. Downtown Saint Paul has achieved a critical mass of amenities and residential population that is rapidly accelerating the growth of each, making it a Millennial Magnet location in which over 30% of the population is between 20 and 34 years old. The area now boasts a 95 out of 100 Walk Score walkscore.com s proprietary ranking of a property s desirability based on its proximate location to retail, restaurant and employment amenities. The new, high-quality property, anchored by the only downtown grocery store in a true urban location, is an appropriate fit within our apartment investment focus. 9

12 RICHMOND SAN FRANCISCO Industrial Pinole Point Distribution Center Richmond (San Francisco), CA ACQUIRED December 2016 SQUARE FEET 518,000 YEAR BUILT OCCUPANCY 100% $84.1M PSF $162 ESTIMATED CAP RATE 1 4.8% Newly constructed distribution center including three state-of-the-art warehouses totaling 518,000 square feet that are 100% leased to Amazon, Williams-Sonoma and Sangamo BioSciences with a weighted average lease term of 7.2 years. Located in the San Francisco Bay Area market where modern buildings are in extremely short supply and warehouse vacancies are at 2%. Convenient access to irreplaceable transportation infrastructure including major interstate highways, the Port of Oakland, Oakland International Airport and the entire Bay Area. SELECT TENANTS The San Francisco Bay Area is the second most densely populated major American city with a population exceeding seven million representing over 20% of California s residents. Williams-Sonoma RETAIL Amazon E-COMMERCE 252,000 SQ FT 225,000 SQ FT The portfolio fits well within JLL Income Property Trust s aim to increase the portfolio s allocation to high quality, state-of-the-art industrial warehouses in select, primary transportation hubs. 10

13 SAN DIEGO Apartment Dylan Point Loma San Diego, CA ACQUIRED August 2016 NUMBER OF UNITS 180 YEAR BUILT 2016 OCCUPANCY 93% $90M PER UNIT $500,000 STABILIZED CAP RATE 1 4.8% This property sets a new standard for luxury living with designer-selected, resort-inspired amenities including townhome residences with attached garages, a 6,000 square foot community clubhouse, plentiful open spaces, and a resort-style saltwater pool and spa with cabanas that provide an exclusive resort community atmosphere unique to the northern beachfront neighborhoods of San Diego. A newly developed, 180-unit luxury coastal apartment community that is walking distance from the Pacific Ocean. Located in San Diego s Point Loma submarket where apartment vacancies are at 2%, compared to San Diego s 2.5%. San Diego is perennially among the most supply constrained apartment markets in the U.S. where vacancies have averaged below 4% in the past ten years, compared to the national average apartment vacancy of 5.5%. Point Loma is a Millennial Magnet neighborhood, where over 30% of the population within three miles are between the ages of 20 and 34 years old. Property is a good fit with JLL Income Property Trust s lease to core approach to apartments of acquiring at completion of development and managing the property s lease-up. 1. Stabilized Cap Rate is calculated as NOI upon reaching 95% occupancy divided by the purchase price. 11

14 SCOTTSDALE PHOENIX Retail Silverstone Marketplace Scottsdale (Phoenix), AZ ACQUIRED July 2016 Upscale neighborhood shopping center proximate to affluent master-planned communities as well as Scottsdale Airpark, the second-largest employment center in Arizona. SQUARE FEET 78,000 YEAR BUILT 2015 OCCUPANCY 100% $47M PSF $602 ESTIMATED CAP RATE 1 5.1% Newly constructed, grocery-anchored property that is 100% leased to a variety of national and regional tenants. Located in Scottsdale, Arizona, one of the most affluent areas in the country with median household incomes among the highest in the nation and with home values over double the Phoenix average. SELECT TENANTS Sprouts Farmers Market GROCERY 27,000 SQ FT Eddie Merlot s RESTAURANT 7,000 SQ FT Phoenix has one of the strongest economies in the nation, ranking sixth out of 147 metros in LaSalle s US Regional Economic Index report with a population that is expected to grow at twice the national rate through Property is an excellent fit for JLL Income Property Trust s aim to increase the portfolio s allocation to high quality, grocery-anchored centers in top retail markets. First Bank BANKING Pet Club PET PRODUCTS 4,000 SQ FT 4,000 SQ FT 12

15 LOS ANGELES Industrial Valencia Industrial Portfolio Valencia (Los Angeles), CA ACQUIRED June 2016 The portfolio is in a prime, infill location in close proximity to Interstate 5 with easy access to irreplaceable transportation infrastructure of Southern California. SQUARE FEET 492,000 YEAR BUILT OCCUPANCY 100% $64.5M PSF $131 ESTIMATED CAP RATE 1 4.9% Five-building, 492,000 square foot portfolio that is 100% leased to a diverse roster of eight national and local tenants. Located in Greater Los Angeles, the largest industrial market in the U.S. with roughly 1.6 billion square feet, and an overall market vacancy rate of less than 2%. SELECT TENANTS LaSalle s Research and Strategy team identified this as one of its proprietary industrial Target Markets and projects near double-digit annual rent growth for the next three years on inplace rents estimated to be already 10% below current market rents. Pharmavite DIETARY SUPPLEMENTS L Oréal PERSONAL CARE Triumph Group AEROSPACE 142,000 SQ FT 114,000 SQ FT 87,000 SQ FT The portfolio fits well within JLL Income Property Trust s strategy of acquiring high quality, well-located warehouse properties in select, target primary markets that present high barriers to entry.

16 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 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-0118