July 24, 2017 10:34 PM ET

Equity Real Estate Investment Trusts (REITs)

Company Overview of Jones Lang LaSalle Income Property Trust, Inc.

Company Overview

Jones Lang LaSalle Income Property Trust, Inc. is a real estate investment trust launched and managed by LaSalle Investment Management Inc. It invests in the real estate markets across the globe. The fund invests in commercial properties. It was formerly known as Excelsior LaSalle Property Fund. Jones Lang LaSalle Income Property Trust, Inc. was established on May 28, 2004 and is domiciled in United States

333 W Wacker Drive

Suite 2300

Chicago, IL 60606

United States

Founded in 2004

Phone:

312 897 4000

Fax:

312-228-0254

Key Executives for Jones Lang LaSalle Income Property Trust, Inc.

Chief Executive Officer and President
Age: 57
Chief Financial Officer and Treasurer
Age: 48
General Counsel and Secretary
Age: 57
Compensation as of Fiscal Year 2017.

Jones Lang LaSalle Income Property Trust, Inc. Key Developments

JLL Income Property Trust Acquires Premier Portland Apartments

JLL Income Property Trust announced the acquisition of Jory Trail at the Grove, a premier 324-unit apartment complex that is 95% leased. The Class A apartment property is located in the Portland, Oregon suburb of Wilsonville. The purchase price was approximately $75 million. Wilsonville is a thriving suburb of Portland that features a robust apartment market, low market vacancy and no multifamily units under construction or planned in the submarket. The suburb is conveniently located along the I-5, providing access to some of greater Portland's major employment centers and is home to Xerox, Mentor Graphics, Rockwell Collins and Tyco. Wilsonville, which has attracted a growing population of affluent families, also offers an exceptional public school system that Niche.com and US News & World Report have ranked as a top school system both locally and nationally. Wilsonville's strong employment base and high barriers to entry should result in continued strong demand and future rent growth.

Jones Lang Lasalle Income Property Trust, Inc. Enters into Credit Agreement Providing for $250 million Revolving Line of Credit and Unsecured Term Loan

On May 26, 2017, Jones Lang LaSalle Income Property Trust, Inc. entered into a credit agreement providing for a $250 million revolving line of credit and unsecured term loan. with a syndicate of six lenders led by JPMorgan Chase Bank, N.A. as Sole Bookrunner, Joint Lead Arranger and Administrative Agent, Bank of America, N.A., and PNC Bank, National Association, as Co-Syndication Agents and Merrill Lynch, Pierce, Fenner & Smith Incorporated and PNC Bank, National Association as Joint Lead Arrangers. The Credit Facility provides the Borrower with the ability, from time to time, to increase the size of the Credit Facility up to a total of $500 million, subject to receipt of lender commitments and other conditions. The $250 million Credit Facility consists of a $200 million revolving credit facility and a $50 million term loan. The Revolving Credit Facility contains a sublimit of $25 million for letters of credit. The primary interest rate for the Revolving Credit Facility is based on LIBOR, plus a margin ranging from 1.30% to 2.00%, depending on total leverage ratio. The maturity date of the Revolving Credit Facility is May 26, 2020 and contains two 12-month extension options that the Borrower may exercise upon payment of an extension fee equal to 0.15% of the sum of the amount outstanding under the Revolving Credit Facility and the unused portion of the Revolving Credit Facility at the time of the extension, and compliance with the other conditions set forth in the credit agreement. The primary interest rate for the Term Loan is based on LIBOR, plus a margin ranging from 1.25% to 1.95%, depending on total leverage ratio. The maturity date of the Term Loan is May 26, 2022. Based on current total leverage ratio, the company can elect to borrow at LIBOR, plus 1.35% and LIBOR, plus 1.30% for the Revolving Credit Facility and Term Loan, respectively, or alternatively, the company can choose to borrow at a base rate" equal to (i) the highest of the Federal Funds Rate plus 0.5%, the prime rate announced by JPMorgan Chase Bank, N.A., and LIBOR plus 1.0%, plus a margin ranging from 0.30% to 1.00% for base rate loans under the Revolving Credit Facility or a margin ranging from 0.25% to 0.95% for base rate loans under the Term Loan. If the base rate" is less than zero, it will be deemed to be zero for purposes of the Credit Facility.

Jones Lang LaSalle Income Property Trust, Inc., Q1 2017 Earnings Call, May 25, 2017

Jones Lang LaSalle Income Property Trust, Inc., Q1 2017 Earnings Call, May 25, 2017

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
July 20, 2017
Jory Trail at the Grove
Merger/Acquisition
December 6, 2016
180 North Jefferson Street
Merger/Acquisition
October 7, 2016
Kierland Village CMH LLC
 

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