<SEC-DOCUMENT>0000905148-25-001674.txt : 20250515
<SEC-HEADER>0000905148-25-001674.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250515111437
ACCESSION NUMBER:		0000905148-25-001674
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JLL Income Property Trust, Inc.
		CENTRAL INDEX KEY:			0001314152
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-81946
		FILM NUMBER:		25950085

	BUSINESS ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-897-4000

	MAIL ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Jones Lang LaSalle Income Property Trust, Inc.
		DATE OF NAME CHANGE:	20111114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCELSIOR LASALLE PROPERTY FUND INC
		DATE OF NAME CHANGE:	20050111

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JONES LANG LASALLE INC
		CENTRAL INDEX KEY:			0001037976
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				364150422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		200 E RANDOLPH DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		3127825800

	MAIL ADDRESS:	
		STREET 1:		C/O JONES LANG LASALLE INC
		STREET 2:		200 EAST RANDOLPH DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LASALLE PARTNERS INC
		DATE OF NAME CHANGE:	19970417
</SEC-HEADER>
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<TYPE>SCHEDULE 13G
<SEQUENCE>1
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<submissionType>SCHEDULE 13G</submissionType>
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<securitiesClassTitle>Common Stock, $0.01 par value</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001314152</issuerCik>
<issuerName>JLL Income Property Trust, Inc.</issuerName>
<issuerCusip>Inapplicable</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>333 West Wacker Drive</com:street1>
<com:city>Chicago</com:city>
<com:stateOrCountry>IL</com:stateOrCountry>
<com:zipCode>60606</com:zipCode>
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<designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
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<reportingPersonName>Jones Lang LaSalle Co-Investment, Inc.</reportingPersonName>
<citizenshipOrOrganization>MD</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>11247804</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>11247804</sharedDispositivePower>
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<classPercent>5.02</classPercent>
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<comments>(1) The shared voting power, shared dispositive power, and aggregate amount beneficially owned by the Reporting Person consists of (i) 2,521,801 shares of Class M-I Common Stock and (ii) 8,726,003 shares of Class D Common Stock, which, together with the Class A Common Stock, Class M Common Stock, and Class A-I Common Stock, have equivalent voting rights.&#13;
&#13;
(2) The percentage of the shares of Common Stock (as defined herein) reported beneficially owned by the Reporting Person is based on an aggregate 244,145,903 shares of Common Stock outstanding as of March 31, 2025; the 2,521,801 shares of Class M-I Common Stock beneficially owned by the Reporting Person represent approximately 2.46% of the 102,398,631 shares of Class M-I Common Stock outstanding as of March 31, 2025; and the 8,726,003 shares of Class D Common Stock beneficially owned by the Reporting Person represent approximately 78.38% of the 11,133,373 shares of Class D Common Stock outstanding as of March 31, 2025, each as reported in the Issuer's prospectus supplement on Form 424B3 filed with the Securities and Exchange Commission (the "Commission") on April 2, 2025.</comments>
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<reportingPersonName>JONES LANG LASALLE INC</reportingPersonName>
<citizenshipOrOrganization>MD</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>11247804</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>11247804</sharedDispositivePower>
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<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>5.02</classPercent>
<typeOfReportingPerson>CO</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
<comments>(1) The shared voting power, shared dispositive power, and aggregate amount beneficially owned by the Reporting Person consists of (i) 2,521,801 shares of Class M-I Common Stock and (ii) 8,726,003 shares of Class D Common Stock, which, together with the Class A Common Stock, Class M Common Stock, and Class A-I Common Stock, have equivalent voting rights.&#13;
&#13;
(2) The percentage of the shares of Common Stock reported beneficially owned by the Reporting Person is based on an aggregate 244,145,903 shares of Common Stock outstanding as of March 31, 2025; the 2,521,801 shares of Class M-I Common Stock beneficially owned by the Reporting Person represent approximately 2.46% of the 102,398,631 shares of Class M-I Common Stock outstanding as of March 31, 2025; and the 8,726,003 shares of Class D Common Stock beneficially owned by the Reporting Person represent approximately 78.38% of the 11,133,373 shares of Class D Common Stock outstanding as of March 31, 2025, each as reported in the Issuer's prospectus supplement on Form 424B3 filed with the Securities and Exchange Commission (the "Commission") on April 2, 2025.</comments>
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<items>
<item1>
<issuerName>JLL Income Property Trust, Inc.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>333 West Wacker Drive, Chicago, Illinois, 60606</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>This statement is filed on behalf of Jones Lang LaSalle Co-Investment, Inc. and Jones Lang LaSalle Incorporated (together, the "Reporting Persons"). The shares of Common Stock reported herein are directly beneficially owned by Jones Lang LaSalle Co-Investment, Inc., which is a wholly-owned subsidiary of Jones Lang LaSalle Incorporated. The Joint Filing Agreement between the Reporting Persons is attached hereto as Exhibit 1.</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>The address of each Reporting Person is 200 East Randolph Drive, Chicago, IL 60601.</principalBusinessOfficeOrResidenceAddress>
<citizenship>Each Reporting Person is a Maryland corporation.</citizenship>
</item2>
<item3>
<notApplicableFlag>Y</notApplicableFlag>
</item3>
<item4>
<amountBeneficiallyOwned>The Issuer's Class A Common Stock, Class M Common Stock, Class A-I Common Stock, Class M-I Common Stock, and Class D Common Stock (collectively, the "Common Stock") have equivalent voting rights and therefore, for purposes of this Schedule 13G, the Reporting Persons are treating the Common Stock as a single class of the Issuer's equity securities for purposes of Rule 13d-1 under the Act.&#13;
&#13;
As of March 31, 2025, each of the Reporting Persons may be deemed the beneficial owner of 11,247,804 shares of Common Stock, which is comprised of (i) 2,521,801 shares of Class M-I Common Stock and (ii) 8,726,003 shares of Class D Common Stock.&#13;
&#13;
As of March 31, 2025, each of the Reporting Persons may be deemed the beneficial owner of approximately 5.02% of the shares of Common Stock outstanding. This percentage is based on an aggregate 244,145,903 shares of Common Stock outstanding as of March 31, 2025, as reported in the Issuer's prospectus supplement on Form 424B3 filed with the Commission on April 2, 2025.&#13;
&#13;
The 2,521,801 shares of Class M-I Common Stock beneficially owned by the Reporting Persons represent approximately 2.46% of the 102,398,631 shares of Class M-I Common Stock outstanding as of March 31, 2025, and the 8,726,003 shares of Class D Common Stock beneficially owned by the Reporting Persons represent approximately 78.38% of the 11,133,373 shares of Class D Common Stock outstanding as of March 31, 2025, each as reported in the Issuer's prospectus supplement on Form 424B3 filed with the Commission on April 2, 2025.</amountBeneficiallyOwned>
<classPercent>Jones Lang LaSalle Co-Investment, Inc.: 5.02%&#13;
Jones Lang LaSalle Incorporated: 5.02%</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>Jones Lang LaSalle Co-Investment, Inc.: 0&#13;
Jones Lang LaSalle Incorporated: 0</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>Jones Lang LaSalle Co-Investment, Inc.: 11,247,804&#13;
Jones Lang LaSalle Incorporated: 11,247,804</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>Jones Lang LaSalle Co-Investment, Inc.: 0&#13;
Jones Lang LaSalle Incorporated: 0</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>Jones Lang LaSalle Co-Investment, Inc.: 11,247,804&#13;
Jones Lang LaSalle Incorporated: 11,247,804</sharedPowerOrDirectToDispose>
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</item4>
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<item9>
<notApplicableFlag>Y</notApplicableFlag>
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<item10>
<notApplicableFlag>Y</notApplicableFlag>
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<exhibitInfo>Exhibit 1: Joint Filing Agreement, dated May 15, 2025</exhibitInfo>
<signatureInformation>
<reportingPersonName>Jones Lang LaSalle Co-Investment, Inc.</reportingPersonName>
<signatureDetails>
<signature>/s/ Gordon Repp</signature>
<title>Gordon Repp, Assistant Secretary</title>
<date>05/15/2025</date>
</signatureDetails>
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<signatureInformation>
<reportingPersonName>JONES LANG LASALLE INC</reportingPersonName>
<signatureDetails>
<signature>/s/ Gordon Repp</signature>
<title>Gordon Repp, Assistant Secretary</title>
<date>05/15/2025</date>
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    <div style="text-align: right; font-weight: bold;">EXHIBIT 1</div>
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    <div style="text-align: center; font-weight: bold;">JOINT FILING AGREEMENT</div>
    <div><br>
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    <div>The undersigned hereby agree that the statement on Schedule 13G to which this Agreement is annexed as Exhibit 1, and any amendments thereto, is and will be
      filed on behalf of each of them in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.</div>
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            <div style="font-weight: bold;">Jones Lang LaSalle Co-Investment, Inc.</div>
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            <div>/s/ Gordon Repp</div>
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            <div>Gordon Repp, Assistant Secretary</div>
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            <div>05/15/2025</div>
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            <div style="font-weight: bold;">JONES LANG LASALLE INC</div>
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            <div>/s/ Gordon Repp</div>
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