Jones Lang LaSalle Income Property Trust Announces 1Q 2014 Portfolio Activities
16 June 2014
- Closed on three new acquisitions across three different property types
- Increased overall portfolio-wide occupancy to 97%
- Achieved NAV appreciation of 0.69%
- Total Q1 net returns: 1.52% on A shares and 1.63% on M shares
- Increased year-over-year quarterly AFFO by 37% to $6.5 million, or $0.15 per share
Jones Lang LaSalle Income Property Trust, Inc., an institutionally-managed, non-listed, daily valued perpetual life REIT, today announced the results of its execution on a number of strategic initiatives in the first quarter of 2014, capitalizing on market opportunities to better position its portfolio of diversified core properties for future growth and enhancement of stockholder value. During the quarter, it closed on three new acquisitions for a total of nearly $62 million. These newly acquired properties include:
- Oak Grove Plaza, a Kroger-anchored retail property located in a high-growth residential corridor in northeast suburban Dallas. This $22.5 million acquisition was financed with a ten-year $10.5 million fixed rate mortgage loan at a 4.17% interest rate. The loan to value on this property is 47%.
- Grand Prairie Distribution Center, a 277,000 square foot, state-of-the-art industrial building located near Dallas/Fort Worth International Airport in Grand Prairie, TX for $17 million. The property is 100% leased to a single tenant for ten years with two contractual rent increases over the lease term.
- South Beach Parking Garage, a 340 stall, seven-level parking garage located on South Beach in Miami Beach, FL for $22 million. The property is strategically located on a highly trafficked area of Collins Avenue with more than 120 hotels within a one mile radius.
“These activities, combined with the execution of an expanded lease agreement with Amazon at our Monument IV property in the D.C. area and the advantageous financing we put into place on a number of our recent acquisitions continue to drive portfolio value and enhance our dividend coverage,” commented Allan Swaringen, President and CEO of Jones Lang LaSalle Income Property Trust.
Jones Lang LaSalle Income Property Trust is a non-listed, daily valued perpetual life real estate investment trust (REIT) that gives investors access to 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.
For more information on Jones Lang LaSalle Income Property Trust, please visit our website at www.jllipt.com.