CHICAGO—JLL Income Property Trust has built a national portfolio of safe, diversified core properties across the retail, apartment, industrial and office sectors. It's designed to provide its thousands of stockholders with steady returns, but it can also provide a useful look into the overall performance of the market. And based on the Chicago-based NAV REIT's numbers, things look quite good.
The trust announced that on March 6 its board of directors approved a gross dividend for the first quarter of 2018 of $0.13 per share, a 4% increase from its prior distribution for the fourth quarter 2017 of $0.125 per share. This is the fifth time the trust has raised its dividend since the first quarter of 2012, and the twenty-fifth consecutive quarterly dividend distribution to its stockholders, with an average annual increase of 5.4% during the period.
“Having moved past our five year track record last year, we are pleased to reach two more milestones with our 25th consecutive dividend paid and our fifth dividend increase since 2012,” says Allan Swaringen, the trust's president and chief executive officer. “Our operating performance continues to be strong, and we are happy to once again demonstrate our ongoing commitment to providing attractive, risk-adjusted returns for our stockholders.”
The trust currently has 69 properties and a total of about 11 million square feet. The total asset value is about $2.5 billion, and the portfolio's occupancy rate is a healthy 94%.
The dividend is payable on or around May 1 to stockholders of record as of March 28. On an annualized basis, this gross dividend is equivalent to $0.52 per share and represents a yield of approximately 4.4% on a NAV per share of class M stock of $11.78 as of March 8. All stockholders will receive $0.13 per share less applicable share class specific fees and the annualized yield will differ based on the share class.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
