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 Exchange common stock, determined if the prospectus is truthful or complete, or passed on or endorsed the merits of this offering. Any representation 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, 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 suitable 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 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 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 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 20 STATES APARTMENT COMPLEXES, 28 INDUSTRIAL WAREHOUSES, 24 RETAIL CENTERS, 5 OFFICE BUILDINGS AND 2 PARKING GARAGES FEATURED PROPERTIES: The Huntington The Tremont The Villas at Legacy 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 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 August 31, 2018 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 The Huntington The Tremont 140 Park Avenue NYC Retail Portfolio (13) AQ Rittenhouse Monument IV at Worldgate MA MA NJ NY PA VA

4 BOSTON Apartment The Huntington Burlington (Boston), MA ACQUIRED July 2018 The Huntington is a 117-unit apartment community located directly adjacent to 3rd Ave, in the heart of Northwest Park Burlington, MA, an affluent suburb of Boston. NUMBER OF UNITS 117 YEAR BUILT 2018 $48M The Tremont and The Huntington combined are a 297 unit, 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 properties are 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. 2

5 BOSTON Apartment The Tremont Burlington (Boston), MA ACQUIRED July 2018 The Tremont is a 180-unit apartment community located directly adjacent to 3rd Ave., in the heart of Northwest Park Burlington, MA, an affluent suburb of Boston. NUMBER OF UNITS 180 YEAR BUILT 2016 $74M The Tremont and The Huntington are 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 are directly adjacent to the Burlington Mall, the second largest retail center in Massachusetts featuring more than 185 specialty shops. The properties are 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. 3

6 DALLAS Apartment The Villas at Legacy Plano (Dallas), TX Villas at Legacy is a 328 unit, garden style apartment community located in Plano, TX, an affluent suburb of Dallas. ACQUIRED June 2018 NUMBER OF UNITS 328 YEAR BUILT 1999 $57.8M The property is located in Dallas prestigious Platinum Corridor, which is a main driver of the Dallas-Fort Worth metroplex creating jobs at a rate that is almost double the national average. It is situated within the Legacy Business Park, a 2,665-acre master-planned business, retail and residential community which employs nearly 100,000 people. Plano residents further benefit from an excellent school system, with the A+-rated Plano Independent School District ranked fifth in Texas and 81st in the U.S. by Niche.com. The property includes a number of amenities including a swimming pool, a clubhouse, fitness center, newly renovated apartment finishes, and access to surrounding public parks. The acquisition fits well within our apartment strategy given its desirable location with an affluent tenant base, top schools and high barriers to entry. 4

7 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 $31M 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. 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. 5

8 LAS VEGAS Retail Montecito Marketplace Las Vegas, NV ACQUIRED August 2017 Institutional quality, 190,000 square-foot high-volume Smith s grocery-anchored neighborhood shopping center located on 19 acres in North Las Vegas. SQUARE FEET 190,000 YEAR BUILT 2007 $63.5M 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. 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. 6

9 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 $47.3M 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. 7

10 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. The Class A apartment property is located in the Portland, Oregon suburb of Wilsonville. NUMBER OF UNITS YEAR BUILT 2012 $74.8M 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. 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. This multifamily property in the Pacific Northwest exemplifies JLL Income Property Trust's apartment strategy which is geared toward suburban locations within highly-rated school districts with attractive demographics 8

11 CHICAGO Apartment 180 North Jefferson Chicago, IL ACQUIRED December 2016 NUMBER OF UNITS 274 YEAR BUILT 2004 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. $96.5M 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. 9

12 SCOTTSDALE Retail Kierland Village Center Scottsdale (Phoenix), AZ ACQUIRED September 2016 SQUARE FEET 118,000 YEAR BUILT 2001 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. $34.5M 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 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. 10

13 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 $42.6M 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. 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. 11

14 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 $65.5M 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. 12

15 RICHMOND SAN FRANCISCO Industrial Pinole Point Distribution Center Richmond (San Francisco), CA ACQUIRED December 2016 SQUARE FEET 518,000 YEAR BUILT 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. $84.1M 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. 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. 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. 13

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-0818