JLL Income Property Trust Fully Subscribes $268M Diversified DST

Chicago (February 20, 2026) – JLL Income Property Trust, an institutionally managed, daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX; ZIPIBX; ZIPSAX; ZIPZAX; ZIPDBX) with approximately $6.9 billion in portfolio equity and debt investments, announced today that it has fully subscribed JLLX Diversified 10, DST. The $268 million program was structured as a Delaware Statutory Trust designed to provide 1031 exchange investors the opportunity to reinvest proceeds from the sale of appreciated real estate while also deferring taxes.

JLLX Diversified 10, DST consists of a strategically diversified portfolio of three institutional-quality properties: a state-of-the-art industrial warehouse totaling approximately 1,040,158 square feet in Louisville, Kentucky (Louisville Distribution Center), two industrial warehouses comprising approximately 643,429 square feet in Dallas-Fort Worth, Texas (DFW Distribution Center), and a grocery-anchored retail shopping center of approximately 92,734 square feet in the Chicago MSA (Skokie Commons).

“The full subscription of JLLX Diversified 10, DST reflects strong demand for diversified, core real estate exposure in key logistics and retail markets,” said Drew Dornbusch, Head of JLL Exchange. “This offering showcases the power of our institutional platform to deliver access to best-in-class industrial and retail assets across some of the nation’s most dynamic markets. We remain committed to providing 1031 investors with low-fee, diversified solutions that meet their income, tax deferral, and wealth preservation objectives.”

“Industrial logistics and grocery-anchored retail remain among the most resilient property sectors in today’s commercial real estate landscape,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “JLLX Diversified 10, DST offers investors exposure to markets with exceptional infrastructure, favorable demographic trends, and strong tenant demand. This program exemplifies our focus on delivering income stability and long-term value within a tax-advantaged structure.”

The Louisville Property benefits from the MSA’s position as a premier logistics hub, with one of the tightest industrial markets in the nation at 3.7% vacancy as of Q2 2025. The Dallas MSA, ranked fourth most populous in the U.S., continues to demonstrate strong industrial absorption and rent growth driven by its central location and robust employment expansion. The Chicago MSA retail market, supported by the third-largest U.S. economy and strong household income growth, has experienced eight consecutive quarters of declining vacancy and rising rental rates.

Since its inception in 2019, JLL Exchange has attracted more than $2.3 billion across 27 DST offerings from property owners seeking to maintain a meaningful allocation to real estate in a tax efficient manner. To date, JLL Income Property Trust has completed 15 full cycle UPREIT transactions totaling $1.3 billion.

JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.