0000000000-24-000806.txt : 20240223 0000000000-24-000806.hdr.sgml : 20240223 20240122153605 ACCESSION NUMBER: 0000000000-24-000806 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20240122 FILED FOR: 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 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD SEC FILE NUMBER: 000-51948 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 PUBLIC REFERENCE ACCESSION NUMBER: 0001314152-23-000029 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]#;VQO7!E+UA/8FIE8W0O5VED=&@@,30R."],96YG=&@@,S8U+T)I='-097)# M;VUP;VYE;G0@.#X^7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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Form 10-K for the year ended December 31, 2022 File No. 000-51948 Dear Gregory Falk : We have reviewed your January 8, 2024 response to our comment letter and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Unless we note otherwise, any references to prior comments are to comments in our December 22, 2023 letter. Form 10-K for the year ended December 31, 2022 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Funds from Operations Reconciliation of NAREIT FFO to AFFO, page 79 1. We have reviewed your response to comment 1. It appears that the performance fees are compensation to LaSalle Investment Management, Inc. for services it provides under the advisory agreement. It appears your exclusion of the performance fees from your presentation of Adjusted Funds from Operations ("AFFO") is inconsistent with Question 100.01 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations, as the performance fees appear to represent a normal, recurring, cash operating expense necessary to operate your business. Please revise your calculation of AFFO to omit the adjustment for the performance fees. Please contact Paul Cline at 202-551-3851 or Jennifer Monick at 202-551-3295 if you Gregory Falk JLL Income Property Trust, Inc. January 22, 2024 Page 2 have questions regarding comments on the financial statements and related matters. FirstName LastNameGregory Falk Sincerely, Comapany NameJLL Income Property Trust, Inc. Division of Corporation Finance January 22, 2024 Page 2 Office of Real Estate & Construction FirstName LastName