JLL Income Property Trust Q3 2026 10-Q: NAV $11.27, 100% Paid

This page reads the newest quarterly filing and the monthly supplements around it. Our JLL Income Property Trust review covers the track record, fees and structure; our REIT redemptions page compares JLL with BREIT, Starwood SREIT and the rest. One premise worth correcting: the supplement filed the next day, Supplement No. 11 dated November 6, 2026, is not a new NAV. It carries the 10-Q itself. The October NAV table is in Supplement No. 10, dated November 2, 2026. The trust, sponsored by Jones Lang LaSalle and advised by LaSalle Investment Management, is raising money in its Fourth Extended Public Offering of up to $1.5 billion, and as of November 6, 2026 had received gross proceeds of approximately $104,477,000 in the primary offering and about $114,145,000 through the distribution reinvestment plan.

NAV per share: eleven month-ends, four classes

The trust publishes a NAV per share for each class every business day. The table takes the last business day of each month from the supplements.

Two readings. First, the range is narrow: Class A has stayed between $11.20 (March 24, 2026) and $11.27 (several days, last October 22, 2026) every business day since the December 24, 2025 step down, after a high of $11.37 on December 23, 2025 (our reading of the daily tables). Second, the dips are the monthly dividend, not a markdown. The November 2, 2026 supplement explains the October step: Class A was $11.27 on October 22, 2026, the record date, and $11.22 on October 23, and “the decrease in share price on October 23, 2026 reflects the accrual of this cash distribution.” The same pattern appears on April 23, May 21, June 23, July 24, August 24 and September 23, 2026. So the October 30 reading of $11.24 is below September 30's $11.27 mainly because the month's dividend of $0.0525 was accrued out of NAV and only partly rebuilt by month-end (our reading).

Total NAV and what it is made of

In the third quarter the filing says property valuations “increased by approximately 0.5%” and the Class M-I share posted a total return of 1.49%, “comprised of 1.40% of income return and 0.09% related to appreciation.” That compares with 1.68% in the second quarter, which the Q2 10-Q called the highest quarterly return since the second quarter of 2022. The 10-Q attributes the fall in aggregate NAV since December 31, 2025 to “net redemptions incurred in addition to the payment of our monthly dividends.” In short, NAV per share held at about $11.25 while the base it applies to shrank. Weighted average shares were 203,391,784 in Q3 2026 against 216,747,168 a year earlier, down 6.2% (our arithmetic).

The NAV does not mark mortgage debt to market. The 10-Q says the fair value of debt was approximately $79,977 thousand below its carrying value at September 30, 2026, and “the NAV per share would have increased by $0.27” if included (December 31, 2025: $0.25). The discount rate in the valuation model is a weighted 7.3% and the exit capitalization rate 5.7% (5.6% at December 31, 2025); the 10-Q says a 0.25% rise in the exit rate would cut real estate value by 2.5%.

The repurchase record: five quarters and October

The plan lets holders request a repurchase daily at that day's NAV after a one-year hold, with a quarterly cap of 5% of NAV measured at the end of the previous quarter. The supplements give a quarterly total and the limit; the 10-Qs give monthly detail.

For nine months the trust repurchased 20,842,428 shares for $234,499 thousand and “honored 100%,” against 25,430,196 shares for $291,030 thousand in the first nine months of 2025. Add October and the 2026 total through October 31 is about $264.4 million (our arithmetic). The plan has a cushion and the filing does not say how large the queue could get: Q3's $75.0 million was 64.9% of the cap, so requests would have had to rise about 54% for the trust to reach it (our arithmetic: $115,493 thousand divided by $75,005 thousand). For Q4, the $113,661 thousand limit minus October's $29,888 thousand leaves about $83.8 million for November and December (our arithmetic). At October's pace for all three months the quarter would use about $89.7 million, 79% of the limit (our arithmetic, an illustration and not a forecast).

The limit itself shrinks as NAV shrinks, from $122,267 thousand for Q4 2025 to $113,661 thousand for Q4 2026, down 7.0% (our arithmetic). The 8,726,003 Class N shares held by JLL affiliates are not subject to the repurchase plan.

The one thing that changed: borrowing

The June 30 and September 30 10-Qs side by side:

The use of money is visible in Note 3. After June 30 the trust bought 5190 South SR 267 in Whitestown, Indiana (1,119,000 square feet, July 30, 2026, about $137,000 thousand), an 87.5% interest in Midtown Village in Tuscaloosa, Alabama (August 25, 2026, about $82,250 thousand), Roseville Outpatient Center in California (September 10, 2026, about $18,500 thousand) and Worcester Distribution Center in Boylston, Massachusetts (September 25, 2026, about $90,250 thousand): $328,000 thousand of purchase prices (our arithmetic) in a quarter in which it also paid out $75.0 million for repurchases. It sold 2840 Loker Avenue in Carlsbad, California, for about $26,600 thousand on August 21, 2026. Three of those four purchases were funded with cash and a draw on the revolver (Roseville with cash only). After quarter end it bought West Boston Distribution Center in Northborough, Massachusetts, for about $36,000 thousand on October 30, 2026, with a new $21,480 thousand mortgage and cash. The 10-Q says: “We expect to utilize our cash on hand and Credit Facility capacity to extinguish mortgage notes maturing in 2026, fund redemptions and other general corporate needs.”

The maturity schedule in Note 6 puts $38,568 thousand due in the rest of 2026, $447,349 thousand in 2027, $364,944 thousand in 2028 (when the $215,000 thousand revolver and $400,000 thousand term loan fall due on March 13, 2028, with three one-year extension options) and $469,766 thousand in 2029. The trust has swaps and collars on $721,480 thousand of the credit facility that fix SOFR at an average of 3.88%, maturing between April 28, 2027 and July 15, 2033.

A second filing line moves with the borrowing: the DST Program. The trust's financing obligation to Delaware statutory trust investors was $1,407,090 thousand at September 30, 2026 ($1,271,410 thousand at December 31, 2025); about $2,675,000 thousand of interests had been sold, and on November 3, 2026 the board approved a $1,000,000 thousand increase to the program, which had stood at up to $3,000,000 thousand. The unrealized loss on the DST financing obligation was $15,270 thousand in the quarter and $52,015 thousand in nine months. Our study of DST fees from Form D filings shows what investors in those programs pay, and our page on exiting a DST into a REIT explains the 721 exchange route the FMV Option uses.

Distributions against cash and AFFO

The 10-Q lists the sources of distributions as operating cash flow ($78,859 thousand) plus the distribution reinvestment plan ($53,304 thousand). It does not compare distributions with AFFO; our ratio does, and it uses the per-share figures the filing prints. Nine-month net income attributable to the company was $25,426 thousand, which includes gains on property sales that the FFO table removes ($41,094 thousand). The quarter alone was $668 thousand of net income, after a loss of $8,902 thousand in the third quarter of 2025. The board declared $0.0525 a share for October 2026 (record date October 22) and again for November 2026 (record date November 19, to be paid on or around November 24, 2026). Twelve payments of $0.0525 are $0.63 a share a year, which is 5.59% of $11.27 (our arithmetic), before class-specific fees.

Fees and who is paid

The fixed advisory fee is 1.25% of NAV, calculated daily, plus a performance fee of 10% of the return above 7% a year; no performance fee was earned in 2026 or 2025. Fixed advisory fees were $10,623 thousand in Q3 and $31,337 thousand in nine months. Since October 7, 2025 the Advisor has waived 20% of the fixed fee on NAV attributable to the new private-offering classes D, I, S and Z, bringing 1.25% down to 1.0%; the filing says the waiver “will end as of December 31, 2026, and will not be extended.” Selling commissions and stockholder servicing fees paid to the Dealer Manager were $3,190 thousand in Q3 and $9,409 thousand for nine months, and the DST Program fees incurred were $2,790 thousand in Q3. An affiliate, Jones Lang LaSalle Americas, was paid $2,986 thousand in Q3 for property management, leasing and similar services. Interest expense fell to $9,252 thousand in Q3 from $21,662 thousand, but the 10-Q attributes about $17,000 thousand of that drop to the fair value change of interest rate derivatives, not to lower borrowing.

What the filing does not say

• It does not give NAV per share by class. That comes only from the prospectus supplements (October 2 for September 30, November 2 for October).
• It does not state how many holders asked in the first days of the fourth quarter, only October's total redeemed.
• It does not compare distributions with AFFO.
• It does not say whether the Q3 pace of repurchases, or the borrowing used to buy $328,000 thousand of property, is related to how the trust sees requests developing.
• Supplement No. 11 contains no NAV beyond the 10-Q; there is no November NAV in any filing yet.

Dates to watch

What a reader can do with this

This is analysis of public documents, not investment, legal or tax advice.

• Find your class. Class A, M, A-I and M-I have different NAV per share and different fees; the table above is by class. A holder of 10,000 Class A shares had $112,700 of NAV at $11.27 on September 30 and $112,400 at $11.24 on October 30, 2026 (our arithmetic), a difference that is mostly the accrued dividend.
• Check the one-year hold. Shares are not eligible for repurchase in the first year except on death or disability; reinvested-distribution shares are exempt.
• Compare the trust's cap with its demand. The cap was 64.9% used in Q3 and 26.3% used after one month of Q4. A cap that is reached means pro rata fills; this one has not been reached in the filings we read.
• Weigh the borrowing. Leverage of 32% is within the 30% to 50% target, but it is a three-point rise in a quarter and the revolver is now $215,000 thousand drawn.
• Look at the DST route. If you exchanged into one of the trust's DST properties, the program and the FMV Option are described in Note 8 of the 10-Q and in our DST page.

If a large share of your portfolio sits in one non-traded REIT, or you are weighing the tax on a sale or a transfer to heirs, a second opinion may help.

FAQ

All figures are from SEC filings of JLL Income Property Trust, Inc. (CIK 1314152) read on November 7, 2026: Form 10-Q for September 30, 2026 (accession 0001314152-26-000226, filed November 5, 2026), June 30, 2026 (0001314152-26-000149) and March 31, 2026 (0001314152-26-000084); Forms 424B3 Supplement No. 11 of November 6, 2026 (0001314152-26-000228), No. 10 of November 2, 2026 (0001314152-26-000221), No. 9 of October 2, 2026 (0001314152-26-000200), September 1, August 3, July 2, June 1, May 1, April 2, March 2, February 2 and January 5, 2026, and December 1, 2025 (0001314152-25-000180). Our arithmetic is labelled. This is analysis of public documents, not investment, legal or tax advice.