JLL Income Property Trust secures multiple long-term lease extensions in grocery-anchored portfolio
JLL Income Property Trust, an institutionally managed daily NAV REIT with a portfolio valued at more than USD3.3 billion, has completed multiple long-term lease extensions with investment grade tenants in its portfolio of 12 grocery-anchored shopping centres diversified across nine different states.
“One of the primary ways that JLL Income Property Trust generates predictable, attractive income for distribution to stockholders is through long-term lease agreements with higher credit tenants. We also continually strive to lengthen the weighted average lease term of the overall portfolio,” says Allan Swaringen, President and CEO of JLL Income Property Trust.“Negotiated during the depths of the pandemic, these two lease extensions highlight the relative stability and attractiveness of this high performing sub-sector of an overall challenged retail property market.
"It also highlights the underlying value of our investment strategy focused on acquiring high-quality, well-located grocery-anchored centres. Our conviction with this one format of retail properties remains high.”