JLL Income Property Trust reports $668,000 net income for Q3 2026

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For the quarterly period ended June September 30, 2026

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The number of shares of the registrant's common stock, $0.01 par value, outstanding on August 10, November 4, 2026 were 72,636,439 69,909,758 shares of Class A common stock, 18,490,345 18,196,504 shares of Class M common stock, 2,814,947 2,829,119 shares of Class A-I common stock, 95,595,283 94,053,213 shares of Class M-I common stock, 11,133,373 shares of Class N common stock, 1,742,766 1,993,578 shares of Class S common stock, 71,299 72,249 shares of Class D common stock, 1,359,807 1,662,194 shares of Class I common stock and 0 shares of Class Z common stock.

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Financial statements 222 changes

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June September 30, 2026 December 31, 2025

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Land $ 833,809 $ 831,442

Restricted cash 50,051 48,974

Land $ 848,097 $ 831,442

Buildings and equipment 4,603,148 4,858,511 4,547,886

Less accumulated depreciation ( 614,210 642,034 ) ( 555,458 )

Net property and equipment 4,822,747 5,064,574 4,823,870

Investments in unconsolidated real estate affiliates 110,760 110,318 137,280

Real estate fund investments 57,490 58,017 58,721

Investments in real estate and other assets held for sale, net 567 541 78,145

Net investments in real estate 4,991,564 5,233,450 5,098,016

Mortgage notes note receivable 32,179 32,192

Cash and cash equivalents 90,551 145,715 103,397

Restricted cash 48,261 48,974

Tenant accounts receivable, net 10,837 9,979 9,183

Deferred expenses, net 30,772 30,969 28,740

Acquired intangible assets, net 219,154 272,204 225,684

Deferred rent receivable, net 51,508 52,879 50,645

Prepaid expenses and other assets 36,824 51,087 30,548

TOTAL ASSETS $ 5,513,440 5,876,723 $ 5,627,379

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Mortgage notes and other debt payable, net $ 1,820,460 2,126,988 $ 1,930,111

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Accrued interest 5,483 6,156

Accounts payable and other accrued expenses 77,826 70,557 79,484

Financing obligation 1,350,116 1,407,090 1,271,410

Accrued offering costs 208,785 211,485 204,300

Accrued interest 6,214 6,156

Accrued real estate taxes 22,407 31,890 16,832

Advisor fees payable 3,428 3,462 3,549

Acquired intangible liabilities, net 36,686 44,619 38,809

TOTAL LIABILITIES 3,525,191 3,902,305 3,588,207

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Redeemable noncontrolling interests 26,243 28,519 29,572

Redeemable equity 98,168 98,255 98,168

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Noncontrolling interests 608,063 567,168

Additional paid-in capital (net of offering costs of $ 445,517 453,804 and $ 428,681 as of June September 30, 2026 and December 31, 2025, respectively)

Distributions to stockholders ( 1,133,202 1,163,187 ) ( 1,071,835 )

Accumulated deficit ( 107,738 107,070 ) ( 132,496 )

Total JLL Income Property Trust, Inc. stockholders' equity 1,255,775 1,206,939 1,344,264

Noncontrolling interests 640,705 567,168

Total equity 1,863,838 1,847,644 1,911,432

TOTAL LIABILITIES AND EQUITY $ 5,513,440 5,876,723 $ 5,627,379

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Rental revenue $ 114,795 $ 106,194 $ 229,444 $ 202,704

Other revenue 4,508 3,290 9,981 6,318

Interest on mortgage notes receivable 547 2,582 1,087 5,115

Total revenues 119,850 112,066 240,512 214,137

Real estate taxes 16,335 15,207 32,661 29,335

Property operating 21,454 20,334 42,546 38,319

Property general and administrative 744 864 1,565 1,935

Advisor fees 10,393 10,077 20,714 19,911

Company level expenses 3,034 2,179 5,695 4,077

Depreciation and amortization 44,638 40,339 88,865 75,073

Total operating expenses 96,844 89,211 192,292 168,861

Three Months Ended June September 30, 2026 Three Months Ended June September 30, 2025 Six Nine Months Ended June September 30, 2026 Six Nine Months Ended June September 30, 2025

Rental revenue $ 117,385 $ 110,715 $ 346,829 $ 313,419

Other revenue 4,288 4,457 14,269 10,775

Interest on mortgage notes receivable 548 2,624 1,635 7,739

Total revenues 122,221 117,796 362,733 331,933

Real estate taxes 14,665 15,456 47,326 44,791

Property operating 22,970 21,543 65,516 59,862

Property general and administrative 710 707 2,275 2,642

Advisor fees 10,623 10,430 31,337 30,341

Company level expenses 3,094 2,230 8,789 6,307

Provision for impairment of real estate 246 211 246 211 26 67 272 278

Depreciation and amortization 44,221 42,737 133,086 117,810

Total operating expenses 96,309 93,170 288,601 262,031

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Interest expense, net ( 16,616 ) ( 13,033 ) ( 33,846 ) ( 40,008 )

Unrealized loss on financial obligation ( 18,868 ) ( 13,313 ) ( 36,745 ) ( 20,445 )

(Loss) income from unconsolidated real estate affiliates and fund investments ( 1,441 ) ( 241 ) ( 1,989 ) 2,242

Total other income and (expenses) ( 10,298 ) ( 26,587 ) ( 11,854 ) ( 55,777 )

Net income (loss) 12,708 ( 3,732 ) 36,366 ( 10,501 )

Interest expense, net ( 9,252 ) ( 21,662 ) ( 43,098 ) ( 61,670 )

Unrealized loss on financial obligation ( 15,270 ) ( 10,168 ) ( 52,015 ) ( 30,613 )

Realized loss on financial obligation ( 295 2,022 ) — ( 295 2,317 ) —

Loss from unconsolidated real estate affiliates and fund investments ( 900 ) ( 5,369 ) ( 2,889 ) ( 3,127 )

Gain (loss) on disposition of property and extinguishment of debt, net 27,122 2,927 ( 40,272 2,434 63 ) 43,199 2,371 (Loss) gain on sale of unconsolidated real estate affiliate ( 200 479 ) — 20,749 20,270 —

Total other income and (expenses) ( 24,996 ) ( 37,262 ) ( 36,850 ) ( 93,039 )

Net income (loss) 916 ( 12,636 ) 37,282 ( 23,137 )

Less: Net (income) loss attributable to the noncontrolling interests ( 4,824 248 ) 846 3,734 ( 11,608 11,856 ) 2,067 5,801

Net income (loss) attributable to JLL Income Property Trust, Inc. $ 7,884 668 $ ( 2,886 8,902 ) $ 24,758 25,426 $ ( 8,434 17,336 )

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Class I 0.05 — 0.13 —

Class S 0.05 — 0.13 —

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and 142 more changes in the filing

Note 1: ORGANIZATION 8 changes

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JLL Income Property Trust, Inc. is an externally advised, daily valued perpetual-life real estate investment trust ("REIT") that owns and manages a diversified portfolio of healthcare, industrial, residential, retail and other properties and real estate-related assets located in the United States. Over time, our real estate portfolio may be further diversified through the acquisition of properties and real estate-related assets outside of the United States. We were incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of June September 30, 2026, we owned interests in a total of 139 142 properties and nearly 2,440 single-family rental homes located in 27 states.

We own substantially all of our assets through JLLIPT Holdings, LP, a Delaware limited partnership (our "operating partnership"), of which we are a limited partner. JLLIPT Holdings GP, LLC, our wholly owned subsidiary, is the sole general partner. The use of our operating partnership to hold substantially all of our assets is referred to as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). By using an UPREIT structure, a property owner who desires to defer taxable gain on the disposition of his or her property may transfer the property to our operating partnership in exchange for limited partnership interests in the operating partnership ("OP Units") and defer taxation of gain until the OP Units are disposed of in a taxable transaction. As of June September 30, 2026, we issued OP Units in our operating partnership totaling approximately $ 1,225,000 and 1,312,000 to unrelated third parties. We owned directly or indirectly 68.7 66.7 % of the OP Units of our operating partnership and the remaining 31.3 33.3 % of the OP Units were held by third parties.

On October 1, 2012, we commenced our initial public offering of common stock and since that time we have offered shares of our common stock in various public offerings registered with the Securities and Exchange Commission (the "SEC"). On June 6, 2025, our most recent public offering (the "Current Public Offering") of up to $ 1,500,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock, was declared effective by the SEC. As of June September 30, 2026, we have raised aggregate gross proceeds from the sale of shares of our common stock in our public offerings of approximately $ 4,400,000 , $4,400,000, with approximately $ 181,600 210,500 raised in the Current Public Offering. We intend to continue to offer shares of our common stock on a continuous basis for an indefinite period of time by filing a new registration statement before the end of each offering.

In addition to our public offerings, on March 3, 2015, we commenced a private offering exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and Regulation D promulgated thereunder of up to $ 350,000 in shares of our Class N (formerly Class D) common stock with an indefinite duration (the "Class N Private Offering"). As of June September 30, 2026 , we have raised aggregate gross proceeds of approximately $ 98,200 in the Class N Private Offering.

On October 7, 2025, we commenced a continuous private offering (the "Continuous Private Offering") of four new classes of common stock, each with par value $0.01 per share: Class D, Class I, Class S, and Class Z common stock. The Continuous Private Offering is exempt from registration under the Securities Act pursuant to Rule 506(b) of Regulation D. As of June September 30, 2026, we have raised aggregate gross proceeds of approximately $ 30,200 38,000 in the Continuous Private Offering.

In addition, on October 16, 2019, we, through our operating partnership, initiated a program (the "DST Program"), and on August 6, 2024, our board of directors approved an increase to raise up to a total of $ 3,000,000 in private placements exempt from registration under Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, through the sale of beneficial interests to accredited investors in specific Delaware statutory trusts ("DSTs") holding real properties ("DST Properties"), which may be sourced from our existing real estate portfolio or from newly acquired properties sourced from third parties. As of June September 30, 2026, we have raised approximately $ 2,525,000 2,675,000 of aggregate gross proceeds from our DST Program.

From our inception to June September 30, 2026, we have received approximately $ 7,804,000 7,987,000 in gross offering proceeds from various public and private offerings of shares of our common stock, issuance of OP Units as well as aggregate gross proceeds from our DST Program.

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LaSalle is a wholly owned but operationally independent subsidiary of Jones Lang LaSalle Incorporated ("JLL" or our "Sponsor"), a New York Stock Exchange-listed leading professional services firm that specializes in real estate and investment management. As of June September 30, 2026, JLL and its affiliates owned an aggregate of 2,521,801 Class M-I shares and 8,726,003 Class N shares, all of which were issued for cash at a price equal to the most recently reported net asset value ("NAV") per share as of the purchase date and have a value as of June September 30, 2026 of approximately $ 126,600 126,700 .

Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 43 changes

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As of June September 30, 2026, our VIEs include The District at Howell Mill, Grand Lakes Marketplace, 13500 Danielson Street, 2840 Loker Avenue, 15890 Bernardo Center Drive and Single-Family Rental Portfolio I and II due to the joint venture structures and our partners having limited participation rights and no kick-out rights. The creditors of our VIEs do not have general recourse to us. As of June September 30, 2026, the total assets and liabilities of our consolidated VIEs were $ 964,580 901,153 and $ 485,881 446,870 , respectively, compared to $ 1,014,556 and $ 513,813 , respectively, as of December 31, 2025. The liabilities of these VIEs include mortgage notes payable specifically related to the real estate investments of these VIEs. Such amounts are included in our Consolidated Balance Sheets.

Noncontrolling interests represent the minority members' proportionate share of the equity in our VIEs and our operating partnership. At acquisition, the assets, liabilities and noncontrolling interests were measured and recorded at the estimated fair value. Noncontrolling interests of these entities will increase for the minority members' share of net income and contributions and decrease for the minority members' share of net loss and distributions. As of June September 30, 2026, noncontrolling interests represented the minority members' proportionate share of The District at Howell Mill, a consolidated joint venture and our operating partnership.

Redeemable noncontrolling interests represent noncontrolling interests that are redeemable at the option of the holder or in circumstances out of our control and therefore are accounted for as temporary equity. The carrying amount of the redeemable noncontrolling interests is adjusted over time on an accretive basis to reflect the fair value at the time the noncontrolling interest becomes redeemable by the holder. Changes in the redemption value of redeemable noncontrolling interests are recorded as an allocation of additional paid in capital on our Consolidated Statements of Equity. We have redeemable noncontrolling interests that relate to Grand Lakes Marketplace, 13500 Danielson Street, 2840 Loker Avenue, 15890 Bernardo Center Drive Midtown Village, and Single-Family Rental Portfolio I and II as of June September 30, 2026. As of June September 30, 2026, $ 26,243 28,519 related to these third party third-party joint ventures were was included in Redeemable noncontrolling interests on our Consolidated Balance Sheet, of which $ 5,900 3,340 is immediately puttable by the holder of the noncontrolling interest.

Certain of our joint venture agreements include provisions whereby, at certain specified times, each party has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, we are not obligated to purchase the interest of its our outside joint venture partners.

The carrying amount amounts of our noncontrolling interests reflected in equity are as follows:

June September 30, 2026 December 31, 2025

Interests in the partnership equity of the operating partnership $ 604,194 636,115 $ 563,394

Noncontrolling interest in consolidated joint ventures 3,869 4,590 3,774

Total noncontrolling interests reflected in equity $ 608,063 640,705 $ 567,168

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The interim financial data as of June September 30, 2026 and for the three and six nine months ended June September 30, 2026 and 2025 is unaudited. In our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods.

We have allocated a portion of the purchase price of our acquisitions to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $ 168,106 169,123 and $ 153,849 at June September 30, 2026 and December 31, 2025, respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $ 23,955 24,637 and $ 21,481 at June September 30, 2026 and December 31, 2025, respectively, on the accompanying Consolidated Balance Sheets.

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During the six months ended June 30, 2025, we recorded impairment charges in our unconsolidated investment in Pioneer Tower within the Level 3 category of $ 917 utilizing a capitalization rate of 7.5 % and a discount rate of 10.0 % to reflect our investment at its estimated fair value. The impairment is recorded within loss from unconsolidated real estate affiliates on our Consolidated Statement of Operations and Comprehensive Income.

We have estimated the fair value of our mortgage notes and other debt payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our consolidated mortgage notes and other debt payable using Level 2 inputs was $ 63,187 and $ 67,827 lower than the aggregate carrying amounts at June 30, 2026 and December 31, 2025, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon extinguishment of our mortgage notes and other debt payable.

Derivative Financial Instruments

Real estate fund investments accounted for under the fair value option are stated at the fair value of our ownership in the fund. The fair value is recorded based upon changes in the NAV of the limited partnership as determined from the financial statements of the real estate fund. During the three and six nine months ended June September 30, 2026, we recorded a net unrealized loss classified within the Level 3 category of $ 1,572 1,166 and $ 2,253 3,418 , respectively, and during the three and six nine months ended June September 30, 2025, we recorded a net increase decrease in fair value classified within the Level 3 category of $ 1,017 4,901 and $ 3,013 1,888 , respectively, which related to our investments in the NYC Retail Portfolio (as defined below) and the Single-Family Rental Portfolio I (as defined below) (see Note 4—Unconsolidated Real Estate Affiliates and Fund Investments ). Our investment in Single-Family Rental Portfolio I was consolidated on April 23, 2025 and a final unrealized gain was recorded (see Note 3—Property ).

Commencing on October 1, 2023, we have elected the fair value option for DST Programs launching after that date. The estimate of fair value of financing obligations takes into consideration various factors including the current DST Property values and master lease payments made to DST investors. We use the discounted cash flow valuation methodology which incorporates unobservable inputs for discount rates and exit capitalization rates to measure the financing obligations related to our DST Program. The discount rates used range from of 7.0 % to 7.75 % with a weighted average of 7.28 % as of June September 30, 2026 and a range of 7.0 % to 7.75 % for with a weighted average of 7.26 % as of December 31, 2025. The exit capitalization rates used range from 5.25 % to 6.0 % with a weighted average of 5.59 5.57 % as of June September 30, 2026 and a range of 5.25 % to 6.0 % for with a weighted average of 5.53 % as of December 31, 2025. An increase in either the discount rate or exit capitalization rate would result in a decrease in the fair value of the financing obligation. The unobservable inputs used in estimating the fair value of these financial liabilities are considered Level 3 and the weighted averages are weighted by relative fair value. As of June September 30, 2026 and December 31, 2025, $ 1,350,116 1,407,090 and $ 1,174,938 , respectively, of our financing obligation was measured at fair value. During the three and six nine months ended June September 30, 2026, we recorded a net unrealized loss on financial obligation in the amount of $ 18,868 15,270 and $ 36,745 52,015 , respectively. During the three and six nine months ended June September 30, 2025, we recorded a net unrealized loss on financial obligations in the amount of $ 13,313 10,168 and $ 20,445 30,613 , respectively.

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As of June September 30, 2026, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

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Interest Rate Swaps 7 381,290

Interest Rate Collars 3 350,000

The fair value of our interest rate derivatives represent assets of $ 12,776 and $ 444 at June 30, 2026 and December 31, 2025, respectively.

Interest Rate Swaps 8 402,770

Interest Rate Collars 4 400,000

The following table details our assets and liabilities measured at fair value on a recurring basis:

Interest rate derivative assets $ 27,121 $ — $ 27,121 $ 444 $ — $ 444

Total assets $ 27,121 $ — $ 27,121 $ 444 $ — $ 444

Interest rate derivative liabilities $ — $ — $ — $ 1,225 $ — $ 1,225

Financing obligation — 1,407,090 1,407,090 — 1,174,938 1,174,938

Total liabilities $ — $ 1,407,090 $ 1,407,090 $ 1,225 $ 1,174,938 $ 1,176,163 (1) In accordance with ASC 820-10, investments that are valued using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets measured at fair value using NAV as a practical expedient include real estate fund investments of $ 58,017 and $ 58,721 as of September 30, 2026 and December 31, 2025, respectively.

The following table details our assets and liabilities measured at fair value on a recurring basis using Level 3 inputs:

Financing Obligation

Balance, December 31, 2025 1,174,938

Proceeds from DST Program 347,174

Master lease payments ( 49,797 )

Unrealized loss on financial obligation, net 52,015

Realized loss on financial obligation, net 2,317

Issuance of OP Units ( 119,556 )

Balance, September 30, 2026

Valuation of assets measured at fair value on a nonrecurring basis

During the nine months ended September 30, 2025, we recorded impairment charges in our unconsolidated investment in Pioneer Tower within the Level 3 category of $ 917 utilizing a capitalization rate of 7.5% and a discount rate of 10.0% to reflect our investment at its estimated fair value. The impairment is recorded within loss from unconsolidated real estate affiliates on our Consolidated Statement of Operations and Comprehensive Income.

Valuation of liabilities not measured at fair value

We have estimated the fair value of our mortgage notes and other debt payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our consolidated mortgage notes and other debt payable using Level 2 inputs was $ 110,168 and $ 67,827 lower than the aggregate carrying amounts at September 30, 2026 and December 31, 2025, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon extinguishment of our mortgage notes and other debt payable.

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In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03, Disaggregation of Income Statement Expenses, (DISE), which requires additional disclosure of the nature of expenses included in the income statement. The effective date will be for the fiscal years beginning after December 15, 2026. We are currently evaluating the impact that the adoption of the new standard will do not anticipate this guidance to have on a material impact to our consolidated financial statements and footnotes.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting," which is intended to improve the navigability of the required interim reporting disclosures and clarifies when that guidance is applicable. The amendments in the ASU will be effective for us for interim reporting periods within annual reporting periods beginning after December 15, 2027. We are currently evaluating the impact that the adoption of these amendments will have on our footnotes.

Note 3: PROPERTY 11 changes

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On July 30, 2026, we acquired 5190 South SR 267, a 1,119,000 square foot industrial property addition to our Whitestown Distribution Center portfolio, located in Whitestown, Indiana for approximately $ 137,000 . The acquisition was funded with cash on hand and a draw on our Revolving Credit Facility.

On July 31, 2026, we acquired our joint venture partner's ownership interest of 13500 Danielson Street and 15890 Bernardo Center Drive, for approximately $ 2,100 . In conjunction with the closing, we repaid $ 21,600 of mortgage notes payable associated with the two properties. The transaction was funded with cash on hand and a draw on our Revolving Credit Facility.

On August 25, 2026, we acquired an 87.5% interest in Midtown Village, a 345,000 square foot retail property located in Tuscaloosa, Alabama for approximately $ 82,250 . The acquisition was funded with cash on hand and a draw on our Revolving Credit Facility.

On September 10, 2026, we acquired Roseville Outpatient Center, a 42,000 square foot healthcare property located in Roseville, California for approximately $ 18,500 . The acquisition was funded with cash on hand.

On September 25, 2026, we acquired Worcester Distribution Center, a 396,000 square foot industrial property located in Boylston, Massachusetts for approximately $ 90,250 . The acquisition was funded with cash on hand and a draw on our Revolving Credit Facility.

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Building and equipment 61,072 324,193

In-place lease intangible (acquired intangible assets) 16,904 70,791

Above-market lease intangible (acquired intangible assets) 76 10,383

Below-market lease intangible (acquired intangible liabilities) ( 891 10,663 )

Amortization period for intangible assets and liabilities 7.25 0 to 15 Years

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On August 21, 2026, we sold 2840 Loker Avenue, a 104,000 square foot industrial building located in Carlsbad, California for approximately $ 26,600 less closing costs. In connection with the disposition, the mortgage loan associated with the property of $ 9,097 was retired. We recorded a gain on sale of the property of approximately $ 3,000 .

Note 4: UNCONSOLIDATED REAL ESTATE AFFILIATES AND FUND INVESTMENTS 65 changes

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The following represent our unconsolidated real estate affiliates accounted for under the equity method of accounting as of June September 30, 2026 and December 31, 2025:

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Property Property Type Location Acquisition Date June September 30, 2026 December 31, 2025

Chicago Parking Garage Other Chicago, IL December 23, 2014 $ 12,000 12,076 $ 12,318

Pioneer Tower Healthcare Portland, OR June 28, 2016 36,873 36,159 38,970

The Tremont Residential Burlington, MA July 19, 2018 22,532 22,656 22,346

The Huntington Residential Burlington, MA July 19, 2018 9,402 9,533 8,953

Siena Suwanee Town Center Residential Suwanee, GA December 15, 2020 29,953 29,894 30,293

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Total $ 110,760 110,318 $ 137,280

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Other assets 7,983 6,950

Total assets $ 279,366 $ 391,261

Total liabilities 100,517 182,327

Members' equity 178,849 208,934

June September 30, 2026 December 31, 2025

Net investments in real estate $ 263,720 262,288 $ 376,551

Acquired intangible assets, net 7,663 7,616 7,760

Other assets 6,221 6,950

Total assets $ 276,125 $ 391,261

Mortgage notes and other debt payable $ 97,911 97,297 $ 178,682

Acquired intangible liabilities, net 262 188 449

Other liabilities 2,344 2,428 3,196

Total liabilities 99,913 182,327

Members' equity 176,212 208,934

Total liabilities and members' equity $ 279,366 276,125 $ 391,261

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Members' equity $ 178,849 $ 208,934

June September 30, 2026 December 31, 2025

Members' equity $ 176,212 $ 208,934

Less: other members' equity ( 12,904 10,706 ) ( 16,505 )

Basis differential ( 55,185 55,188 ) ( 55,149 )

Investments in unconsolidated real estate affiliates $ 110,760 110,318 $ 137,280

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Total revenues $ 5,807 $ 9,720 $ 12,587 $ 19,009

Total operating expenses 4,599 6,225 9,794 12,588

Operating income $ 1,208 $ 3,495 $ 2,793 $ 6,421

Total other expenses/(income) 890 2,000 2,133 4,055

Net income $ 318 $ 1,495 $ 660 $ 2,366

Three Months Ended June September 30, 2026 Three Months Ended June September 30, 2025 Six Nine Months Ended June September 30, 2026 Six Nine Months Ended June September 30, 2025

Total revenues $ 5,580 $ 8,296 $ 18,167 $ 27,305

Total operating expenses 4,225 6,494 14,019 19,083

Operating income $ 1,355 $ 1,802 $ 4,148 $ 8,222

Total other expenses 891 2,088 3,024 6,143

Net income (loss) $ 464 $ ( 286 ) $ 1,124 $ 2,079

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Net income of unconsolidated real estate affiliates $ 318 $ 1,495 $ 660 $ 2,366

Three Months Ended June September 30, 2026 Three Months Ended June September 30, 2025 Six Nine Months Ended June September 30, 2026 Six Nine Months Ended June September 30, 2025

Net income (loss) of unconsolidated real estate affiliates $ 464 $ ( 286 ) $ 1,124 $ 2,079

Other members' share of net income ( 187 198 ) ( 247 182 ) ( 396 595 ) ( 412 593 )

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Company equity in income (loss) of unconsolidated real estate affiliates $ 131 266 $ 1,248 ( 468 ) $ 264 529 $ 1,037 569

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On January 30, 2026, the joint venture owning Kingston at McLean Crossing, a 319-unit residential building located in McLean, Virginia sold the property for approximately $ 144,500 less closing costs. In connection with the disposition, the mortgage loan associated with the property of $ 80,000 was retired. We recorded a gain on the sale of the unconsolidated real estate affiliate in the amount of $ 20,749 20,270 .

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On December 8, 2015, a wholly owned subsidiary of ours acquired an approximate 28 % interest in a newly formed limited partnership, Madison NYC Core Retail Partners, L.P., which acquired an approximate 49 % interest in entities that initially owned 15 retail properties located in the greater New York City area (the "NYC Retail Portfolio"), the result of which is that we own an approximate 14 % interest in the NYC Retail Portfolio. The purchase price for such portion was approximately $ 85,600 including closing costs. As of June September 30, 2026, the NYC Retail Portfolio owned six retail properties totaling approximately 1,790,000 square feet across urban infill locations in Manhattan, Brooklyn, Queens and New Jersey. We have unfunded commitments of $ 7,737 6,045 .

At acquisition we made the election to account for our interest in the NYC Retail Portfolio under the fair value option. As of June September 30, 2026 and December 31, 2025, the carrying amount of our investment in the NYC Retail Portfolio was $ 57,490 58,017 and $ 58,721 , respectively. During the three and six nine months ended June September 30, 2026, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $ 1,572 1,166 and $ 2,253 3,418 , respectively. During the three and six nine months ended June September 30, 2026, we made capital contributions of $ 0 1,692 and $ 1,022 2,714 , respectively, and received no distributions from Madison NYC Core Retail Partners, L.P. During the three and six nine months ended June September 30, 2025, we recorded a decrease in fair value of our investment in the NYC Retail Portfolio of $ 5,378 4,901 and $ 8,248 13,149 , respectively. During the three and six nine months ended June September 30, 2025, we made no capital contributions of $ 10,456 and received no distributions from Madison NYC Core Retail Partners, L.P.

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At acquisition on August 5, 2021, we made the election to account for our equity interest in the Single-Family Rental Portfolio I under the fair value option. Upon the restructure of our investment on April 23, 2025, we account for our 95% controlling interest under historical cost basis. During the three and six months ended June 30, period from January 1, 2025 through April 23, 2025, we received distributions of income totaling $ 0 and $ 698 , which increased income from unconsolidated real estate affiliates and we received return of capital distributions totaling $ 0 and $ 256 , respectively, which reduced the carrying amount of our investment. Also during the three and six months ended June 30, period from January 1, 2025 through April 23, 2025, we recorded an increase in the fair value of our investment in the Single-Family Rental Portfolio I of $ 6,395 and $ 11,261 . respectively.

1 unchanged paragraph

Total assets $ 204,431 $ 209,972

Total liabilities $ 57,526 $ 53,173

Partners' capital 146,905 156,799

June September 30, 2026 December 31, 2025

Investment in real estate ventures $ 204,199 202,248 $ 209,737

Total assets $ 202,314 $ 209,972

Total liabilities $ 61,071 $ 53,173

Partners' capital 141,243 156,799

Total liabilities and partners' capital $ 204,431 202,314 $ 209,972

1 unchanged paragraph

Net investment loss ( 1,690 ) ( 223,864 ) ( 2,393 ) ( 217,184 )

Net loss $ ( 7,083 ) $ ( 21,287 ) $ ( 9,844 ) $ ( 20,000 )

Three Months Ended June September 30, 2026 Three Months Ended June September 30, 2025 Six Nine Months Ended June September 30, 2026 Six Nine Months Ended June September 30, 2025

Total revenue $ — $ 6,162 — $ — $ 26,416

Net investment loss ( 1,630 ) ( 18,265 ) ( 4,023 ) ( 235,449 )

Net unrealized (loss) gain on investment in real estate ventures ( 5,393 4,033 ) 202,577 553 ( 7,451 11,484 ) 197,184 197,737

Net loss $ ( 5,663 ) $ ( 17,712 ) $ ( 15,507 ) $ ( 37,712 )

Note 5: MORTGAGE NOTES RECEIVABLE 1 change

Mortgage notes receivable, including related accrued interest receivable, consists of first mortgage loans originated by us and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes receivable are initially recorded at the amount advanced to the borrower less allowance for credit loss, if applicable. As of June September 30, 2026, no allowance for credit loss has been recorded. Interest income is recognized monthly and includes the stated interest less the amortization of any financing costs. Mortgage notes receivables that we enter into may include commitments to fund incremental amounts to our borrowers after the initial closing. Our mortgage notes receivable consist of the following as of June September 30, 2026:

2 unchanged paragraphs

Note 6: MORTGAGE NOTES AND OTHER DEBT PAYABLE 13 changes

3 unchanged paragraphs

June September 30, 2026 December 31, 2025

2 unchanged paragraphs

Revolving line of credit March 13, 2028 Fixed / Floating 5.15 — 215,000 85,000

1 unchanged paragraph

Total $ 1,849,506 $ 1,953,211

Total $ 2,157,096 $ 1,953,211

Net debt discount on assumed debt and debt issuance costs ( 29,046 30,108 ) ( 23,100 )

Mortgage notes and other debt payable, net $ 1,820,460 2,126,988 $ 1,930,111

1 unchanged paragraph

Mortgage notes and other debt payable of property held for sale $ — $ 37,169 (1) During the six nine months ended June September 30, 2026, we repaid the mortgage notes payable related to Dylan Point Loma, Rancho Temecula Town Center, and Maui Mall, 4211 Starboard Drive, 2840 Loker Ave, 13500 Danielson Street, and 15890 Bernardo Center Drive in the amounts of $ 37,175 , $ 28,000 and , $ 32,417 , $ 20,164 , $ 9,097 , $ 12,089 , and $ 9,572 , respectively.

(2) During the six nine months ended June September 30, 2026, we entered into a mortgage note payable related to Louisville Logistics Center, and West Boston Medical Center, 5190 South SR 267, and Midtown Village in the amounts of $ 49,000 and , $ 19,290 , $ 68,500 , and $ 56,400 , respectively.

1 unchanged paragraph

Aggregate future principal payments of mortgage notes payable and other debt payable as of June September 30, 2026 are as follows:

1 unchanged paragraph

We intend to use the Revolving Credit Facility to cover short-term capital needs, for new property acquisitions and working capital. We may not draw funds on our Credit Facility if we (i) experience a material adverse effect, which is defined to include, among other things, (a) a material adverse effect on the business, assets, operations or our financial condition taken as a whole; (b) the inability of any loan party to perform any of its obligations under any loan document; or (c) a material adverse effect upon the validity or enforceability of any loan document or (ii) are in default, as that term is defined in the agreement, including a default under certain other loan agreements and/or guarantees entered into by us or our subsidiaries. As of June September 30, 2026, we believe no material adverse effects had occurred. We expect to utilize our cash on hand and Credit Facility capacity to extinguish mortgage notes maturing in 2026, fund redemptions and other general corporate needs.

1 unchanged paragraph

At June September 30, 2026, we had no balance $215,000 outstanding under the Revolving Credit Facility at Term SOFR plus 1.25 % and $ 400,000 outstanding under the Term Loan at Term SOFR plus 1.20 %. We entered into swap and collar agreements for $ 650,000 721,480 of the Credit Facility to fix the floating rate SOFR at an average of 3.87 3.88 % (all in rate of 5.07 5.08 % to 5.12 5.13 % at June September 30, 2026). The interest rate swap and collar agreements mature between April 28, 2027 and April 28, 2030. July 15, 2033.

At June September 30, 2026, we were in compliance with all debt covenants.

Debt issuance costs are capitalized and amortized over the terms of the respective agreements as a component of interest expense. Accumulated amortization of debt issuance costs at June September 30, 2026 and December 31, 2025 was $ 19,535 20,696 and $ 17,951 , respectively.

Note 7: COMMON STOCK AND OP UNITS 80 changes

As of June September 30, 2026, we have nine classes of common stock: Class A, Class M, Class A-I, Class M-I, Class D, Class I, Class N, Class S, and Class Z. The fees payable to LaSalle Investment Management Distributors, LLC, an affiliate of our Advisor and the dealer manager for our offerings (the "Dealer Manager"), with respect to each outstanding share of each class, as a percentage of NAV, are as follows:

7 unchanged paragraphs

(2) We accrue all future stockholder servicing fees up to the 10% regulatory limitation as Accrued offering costs on our Consolidated Balance Sheets on the date of sale of our common stock. For Class A, Class M and Class A-I shares, we accrue for future stockholder servicing fees up to the 10% regulatory limit. For Class D, Class S and Class Z shares, we accrue for future stockholder servicing fees based on the estimated life of the shares held by stockholders of such share classes. For NAV calculation purposes, stockholder servicing fees are accrued daily, on a continuous basis equal to 1/365th of the stated fee. Each Class A, Class M and Class A-I share sold in a public offering will automatically convert into the number of Class M-I shares based on the then-current applicable NAV of each class on the date following the termination of the primary portion of such public offering in which we, with the assistance of the Dealer Manager, determine that total underwriting compensation paid with respect to such public offering equals 10% of the gross proceeds from the primary portion of such public offering.

2 unchanged paragraphs

The stock transactions for each of our classes of common stock, which includes those accounted for as redeemable equity, for the six nine months ended June September 30, 2026 were as follows:

1 unchanged paragraph

Issuance of common stock 1,576,151 633,788 137,659 2,752,612 — 849,217 — 1,248,723 —

Repurchase of common stock ( 6,849,521 ) ( 1,400,376 ) — ( 5,930,844 ) — — — — —

Share conversions ( 575,614 ) ( 71,148 ) — 646,254 — — — — —

Balance, June 30, 2026

Issuance of common stock 2,244,663 946,456 163,082 4,321,430 70,985 1,111,632 — 1,595,930 —

Repurchase of common stock ( 9,950,459 ) ( 1,839,296 ) — ( 9,052,673 ) — — — — —

Share conversions ( 704,681 ) ( 129,012 ) — 833,132 946 — — — —

Balance, September 30, 2026

1 unchanged paragraph

Six Months Ended June 30, 2026

Class A Shares 1,576,151 $ 17,755

Class M Shares 633,788 7,130

Class A-I Shares 137,659 1,548

Class M-I Shares 2,752,612 30,949

Class I Shares 849,217 9,564

Class S Shares 1,248,723 14,139

The stock issuances for our classes of shares, including those issued through our distribution reinvestment plan, as stock compensation and accounted for as redeemable equity, for the six nine months ended June September 30, 2026 were as follows:

Nine Months Ended September 30, 2026

Class A Shares 2,244,663 $ 25,278

Class M Shares 946,456 10,648

Class A-I Shares 163,082 1,835

Class M-I Shares 4,321,430 48,590

Class D Shares 70,985 823

Class I Shares 1,111,632 12,526

Class S Shares 1,595,930 18,090

1 unchanged paragraph

Pursuant to our independent directors' compensation plan, our independent directors may elect to receive their annual stock compensation in deferred stock units in lieu of issuing common shares. Deferred stock units are elected on an annual basis. Distributions on the deferred stock units will be accrued as additional deferred stock units and deferred. The deferred stock units will be issued to the independent directors based on a specific date elected by the director at time of election or at the time of separation from service from the Company and are convertible on a 1-for-1 basis into shares of Class I shares. For the six nine months ended June September 30, 2026, we issued 19,993 20,274 deferred stock units for $ 225 228 under the directors' compensation plan. The outstanding deferred stock units are presented on our Consolidated Balance Sheets within Accounts payable and other accrued expenses.

1 unchanged paragraph

Our share repurchase plan allows stockholders, subject to a one-year holding period, with certain exceptions, to request that we repurchase all or a portion of their shares of common stock on a daily basis at that day's NAV per share, limited to 5 % of aggregate Company NAV per quarter. For the six nine months ended June September 30, 2026, we honored 100% of repurchase requests we received and repurchased 14,180,741 20,842,428 shares of common stock in the amount of $ 159,495 234,499 . During the six nine months ended June September 30, 2025, we honored 100% of repurchase requests we received and repurchased 17,364,778 25,430,196 shares of common stock in the amount of $ 199,143 291,030 . As of June September 30, 2026, we had 8,726,003 of Class N shares outstanding that are classified as redeemable equity which is not subject to our share repurchase plan and are redeemable at the option of the holder under conditions out of our control.

1 unchanged paragraph

Pursuant to our distribution reinvestment plan, holders of shares of any class of our common stock and OP Units may elect to have their cash distributions reinvested in additional shares of our common stock at the NAV per share applicable to the class of shares being purchased on the distribution date. For the six nine months ended June September 30, 2026, we issued 3,176,351 4,745,070 shares of common stock for $ 35,689 53,304 under the distribution reinvestment plan. For the six nine months ended June September 30, 2025, we issued 3,407,837 5,061,114 shares of common stock for $ 38,727 57,373 under the distribution reinvestment plan.

1 unchanged paragraph

Our operating partnership may issue OP Units to DST investors upon exercising its fair market value purchase option (the "FMV Option") in exchange for their beneficial interests in such DST Properties, which are recorded as financing obligations (see Note 8—DST Program ). Our operating partnership may also issue OP Units in connection with certain acquisitions of real estate properties from third parties. After a one-year holding period, holders of OP Units generally have the right to cause our operating partnership to redeem all or a portion of their OP Units for, at our sole discretion, shares of our common stock, cash, or a combination of both. During the six nine months ended June September 30, 2026, we issued a total of 11,372,017 19,167,865 OP Units with a value of $ 127,212 214,512 . During the six nine months ended June September 30, 2025, we issued a total of 16,112,812 27,181,227 OP Units with a value of $ 184,204 309,011 . During the six nine months ended June September 30, 2026, we redeemed a total of 2,595,768 3,584,234 OP Units for $ 29,083 40,157 . During the six nine months ended June September 30, 2025, we redeemed a total of 2,362,264 3,583,168 OP Units for $ 26,981 46,578 .

1 unchanged paragraph

Organization and offering costs include, but are not limited to, legal, accounting, printing, filing fees and personnel costs of our Advisor attributable to our organization, preparation of the registration statement, registration and qualification of our common stock for sale with the SEC, or in private placements. LaSalle agreed to fund our organization and offering expenses for the Current Public Offering until June 6, 2025, the day the registration statement was declared effective by the SEC, following which time we commenced reimbursing LaSalle over 36 months. Following the Current Public Offering commencement date, we began paying directly or reimbursing LaSalle if it pays on our behalf any organization and offering costs incurred during the Current Public Offering period (other than selling commissions and stockholder servicing fees) as and when incurred. After the termination of the Current Public Offering, LaSalle has agreed to reimburse us to the extent that the organization and offering costs that we incur exceed 15 % of our gross proceeds from the Current Public Offering. Organization costs are expensed, whereas offering costs are recorded as a reduction of capital in excess of par value. As of June September 30, 2026 and December 31, 2025, LaSalle has paid $ 3,616 3,339 and $ 3,049 , respectively, of organization and offering costs on our behalf which we had not yet reimbursed. These costs are included in Accrued offering costs on the Consolidated Balance Sheets.

Basic per share amounts are based on the weighted average of shares outstanding of 207,885,453 , 206,371,103 and 223,342,829 221,120,115 for the six nine months ended June September 30, 2026 and 2025, respectively. We have no dilutive or potentially dilutive securities.

We compute net income per share for Class A, Class M, Class A-I, Class M-I, Class D, Class I, Class N, Class S, and Class Z common stock using the two-class method. Our Advisor may earn a performance fee or reduce the fixed advisory fee for some period of time (see Note 10—Related Party Transactions ), which may impact the net income of each class of common stock differently. In periods where no performance fee or reduced fixed advisory fee is recognized in our Consolidated Statements of Operations and Comprehensive Income, the net income per share will be the same for each class of common stock. No performance fee is recognized for the three and six nine months ended June September 30, 2026 and 2025. We The Advisor has reduced the fixed advisory fee through December 31, 2026 for Class D, Class I, Class S and Class Z shares.

2 unchanged paragraphs

Allocation of net income before advisory fees $ 5,500 $ 1,377 $ 204 $ 7,040 $ 70 $ 815 $ 98

Allocation of advisory fees ( 2,634 ) ( 660 ) ( 98 ) ( 3,374 ) ( 27 ) ( 390 ) ( 37 )

Total $ 2,866 $ 717 $ 106 $ 3,666 $ 43 $ 425 $ 61

Weighted average number of common shares outstanding 75,115,222 18,803,705 2,792,250 96,150,558 960,167 11,133,373 1,342,832

Allocation of net loss before advisory fees $ ( 1,127 ) $ ( 261 ) $ ( 35 ) $ ( 1,318 ) $ — $ ( 145 ) $ —

Allocation of advisory fees — — — — — — —

Total $ ( 1,127 ) $ ( 261 ) $ ( 35 ) $ ( 1,318 ) $ — $ ( 145 ) $ —

Weighted average number of common shares outstanding 86,519,062 20,068,283 2,728,147 101,279,502 — 11,133,373 —

Basic and diluted net loss per share: $ ( 0.01 ) $ ( 0.01 ) $ ( 0.01 ) $ ( 0.01 ) $ — $ ( 0.01 ) $ —

Six Months Ended June 30, 2026

Class A Class M Class A-I Class M-I Class I Class N Class S

Allocation of net income before advisory fees $ 14,433 $ 3,593 $ 516 $ 18,252 $ 146 $ 2,101 $ 189

Allocation of advisory fees ( 5,331 ) ( 1,329 ) ( 191 ) ( 6,747 ) ( 43 ) ( 775 ) ( 56 )

Total $ 9,102 $ 2,264 $ 325 $ 11,505 $ 103 $ 1,326 $ 133

Weighted average number of common shares outstanding 76,480,670 19,039,591 2,736,923 96,722,624 771,562 11,133,373 1,000,710

Basic net income per share: $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.13 $ 0.12 $ 0.13

Six Months ended June 30, 2025

Class A Class M Class A-I Class M-I Class I Class N Class S

Three Months Ended June September 30, 2026

Class A Class M Class A-I Class M-I Class D Class I Class N Class S

Allocation of net income before advisory fees $ 2,802 $ 715 $ 109 $ 3,685 $ 3 $ 51 $ 430 $ 68

Allocation of advisory fees ( 2,571 ) ( 656 ) ( 100 ) ( 3,385 ) ( 2 ) ( 37 ) ( 395 ) ( 49 )

Total $ 231 $ 59 $ 9 $ 300 $ 1 $ 14 $ 35 $ 19

Weighted average number of common shares outstanding 72,475,096 18,482,489 2,817,079 95,347,911 70,607 1,310,474 11,133,373 1,754,754

Basic net income per share: $ 0.04 — $ 0.04 — $ 0.04 — $ 0.04 — $ 0.05 0.01 $ 0.04 0.01 $ 0.05 — $ 0.01

Three Months Ended June September 30, 2025

Class A Class M Class A-I Class M-I Class D Class I Class N Class S

Allocation of net loss before advisory fees $ ( 3,293 3,426 ) $ ( 761 815 ) $ ( 108 ) $ ( 3,853 4,095 ) $ — $ — 419 $ ( 458 ) $ —

1 unchanged paragraph

Total $ ( 3,293 ) $ ( 761 ) $ ( 108 ) $ ( 3,853 ) $ — $ ( 419 ) $ —

Weighted average number of common shares outstanding 87,211,671 20,153,121 2,850,698 102,042,176 — 11,085,163 —

Total $ ( 3,426 ) $ ( 815 ) $ ( 108 ) $ ( 4,095 ) $ — $ — $ ( 458 ) $ —

Weighted average number of common shares outstanding 83,429,607 19,850,115 2,622,548 99,711,525 — — 11,133,373 —

1 unchanged paragraph

Nine Months Ended September 30, 2026

Class A Class M Class A-I Class M-I Class D Class I Class N Class S

Allocation of net income before advisory fees $ 17,145 $ 4,302 $ 631 $ 21,965 $ 5 $ 218 $ 2,541 $ 286

Allocation of advisory fees ( 7,902 ) ( 1,985 ) ( 291 ) ( 10,131 ) ( 2 ) ( 80 ) ( 1,170 ) ( 106 )

Total $ 9,243 $ 2,317 $ 340 $ 11,834 $ 3 $ 138 $ 1,371 $ 180

Weighted average number of common shares outstanding 75,130,806 18,851,850 2,763,936 96,259,351 23,794 953,173 11,133,373 1,254,820

Basic net income per share: $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.13 $ 0.14 $ 0.12 $ 0.14

Nine Months Ended September 30, 2025

Class A Class M Class A-I Class M-I Class D Class I Class N Class S

Allocation of net loss before advisory fees $ ( 6,738 ) $ ( 1,572 ) $ ( 217 ) $ ( 7,939 ) $ — $ — $ ( 870 ) $ —

Allocation of advisory fees — — — — — — — —

Total $ ( 6,738 ) $ ( 1,572 ) $ ( 217 ) $ ( 7,939 ) $ — $ — $ ( 870 ) $ —

Weighted average number of common shares outstanding 85,937,129 20,051,009 2,773,812 101,256,755 — — 11,101,410 —

Basic and diluted net loss per share: $ ( 0.08 ) $ ( 0.08 ) $ ( 0.08 ) $ ( 0.08 ) $ — $ — $ ( 0.08 ) $ —

Note 8: DST PROGRAM 26 changes

On October 16, 2019, we, through our operating partnership, initiated the DST Program, and on August 6, 2024, our board of directors approved an increase to raise up to a total of $ 3,000,000 in pri vate private placements through the sale of beneficial interests in specific DSTs holding DST Properties, which may be sourced from our existing real estate portfolio or from newly acquired properties sourced from third parties. Each DST Property will be leased back by a wholly owned subsidiary of our operating partnership on a long-term basis for up to ten years pursuant to a master lease agreement. The master lease agreements are expected to be guaranteed by our operating partnership. As compensation for the master lease guarantee, our operating partnership will retain a an FMV Option giving it the right, but not the obligation, to acquire the beneficial interests in the DST from the investors at any time after two years from the closing of the applicable DST offering in exchange for OP Units or cash, at our discretion.

The sale of beneficial interests in the DST Property will be accounted for as a failed sale-leaseback transaction due to the FMV Option retained by the operating partnership and as such, the property will remain on our books and records. The proceeds received from each DST offering will be accounted for as a financing obligation on the Consolidated Balance Sheets. Upfront costs for legal work and debt placement costs for the DST are reimbursed by DST investors and are accounted for as deferred loan costs and are netted against the financing obligation. As of June September 30, 2026, there are $305 $ 258 of costs to be reimbursed.

Under the master lease, we are responsible for subleasing the DST Property to tenants, for covering all costs associated with operating the underlying DST Property, and for paying base rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes), the DST Properties are included in our consolidated financial statements. Commencing on October 1, 2023, we have elected the fair value option for DSTs launching after that date and, as such, the financial obligation will be remeasured on a recurring basis. We account for payments made to the DST under the master lease as a reduction of our financial obligations prior to remeasuring the fair value. During the three and six nine months ended June September 30, 2026, we recorded $ 18,868 15,270 and $ 36,745 52,015 , respectively, of net unrealized loss on financing obligations related to DST Programs for which we elected the fair value option which was inclusive of payments made under the master lease of $ 16,819 17,308 and $ 32,377 49,797 , during the three and six nine months ended June September 30, 2026, respectively. During the three and six nine months ended June September 30, 2025, we recorded $ 13,313 10,168 and $ 20,445 30,613 , respectively, of net unrealized loss on financing obligations related to DST Programs for which we elected the fair value option which was inclusive of payments made under the master lease of $ 9,950 10,875 and $ 18,290 29,164 , during the three and six nine months ended June September 30, 2025, respectively. Additionally, we recorded a realized loss on financing obligation of $ 295 2,022 and $ 2,317 during the three and six nine months ended June September 30, 2026, respectively, related to DST Programs for which we completed exercised the fair value repurchase FMV Option and for which we had elected the fair value option.

For programs launched prior to October 1, 2023, we accounted for the master lease rent payments as interest expense. For these programs we recorded interest expense related to the master lease in the amounts of $ 0 and $ 166 , respectively, during the three and six nine months ended June September 30, 2026. During the three and six nine months ended June September 30, 2025, we recorded interest expense related to the master lease in the amounts of $ 4,379 2,617 and $ 10,300 12,917 , respectively. Additionally for these programs we recognize non-cash interest expense over the expected period until exercising of the FMV Option for properties that have increased in fair value. We recognize non-cash interest income (recorded as a reduction to interest expense) at exercise of the FMV Option for properties that have decreased in fair value in addition to when properties have decreased in fair value following initial periods when the fair value has increased. We incurred recorded non-cash interest income of $ 0 and $ 112 , respectively, for the three and six nine months ended June September 30, 2026. We incurred recorded non-cash interest expense of $ 1,879 2,850 and $ 3,454 6,304 , respectively, for the three and six nine months ended June September 30, 2025 and non-cash interest income of $ 16,512 10,480 and $ 17,399 27,879 , respectively, for the three and six nine months ended June September 30, 2025. During the three months ended March 31, 2026, we exercised the fair value FMV Option for the final program launched prior to October 1, 2023.

1 unchanged paragraph

Kierland Village Center 200 Lewis

47 National Way Pinecone Apartments 1225 Michael Drive

Taunton Distribution Center Miramont Apartments 1300 Michael Drive

Haven North Andover DFW Distribution Center 2501 Allan Drive

Grand Prairie Distribution Center Louisville Distribution Center 1301 Mittel Drive

Oak Street Lofts Silverado Square Northeast Atlanta Distribution Center

Woodside Trumbull Roeland Park Medical Office 6635 West Frye Road

Chandler Distribution Center North Boston Medical Center Fremont Distribution Center

Jory Trail at the Grove North Tampa Surgery Center 4337 Allpoints Drive

Whitestone Market 8600 NE 82nd Street

As of June September 30, 2026, we have sold approximately $ 2,525,000 2,675,000 of interests related to the DST Program. As of June September 30, 2026, the following properties are included in our DST Program:

Taunton Distribution Center Pinecone Apartments 200 Lewis

Townlake of Coppell Miramont Apartments 1225 Michael Drive

Haven North Andover Glendale Distribution Center 1300 Michael Drive

Townlake of Coppell Glendale Elgin Distribution Center DFW Distribution Center 1350 Michael Drive

Elgin Grand Prairie Distribution Center Skokie Commons 2601 2501 Allan Drive

Oak Street Lofts Louisville Distribution Center 2601 Allan Drive

Woodside Trumbull Silverado Square 1301 Mittel Drive

Chandler Distribution Center Roeland Park Medical Office Northeast Atlanta Distribution Center

Jory Trail at the Grove North Boston Medical Center 6635 West Frye Road

Whitestone Market North Tampa Surgery Center Fremont Distribution Center

Kierland Village Center 8600 NE 82nd Street 4337 Allpoints Drive

Note 9: RENTALS UNDER OPERATING LEASES 2 changes

We receive rental income from operating leases. The minimum future rentals from consolidated properties, excluding those classified as held for sale and those from residential properties which are short term, generally 12 months or less, based on operating leases in place at June September 30, 2026 are as follows:

Minimum future rentals do not include amounts payable by certain tenants based upon a percentage of their gross sales or as reimbursement of property operating expenses. During the three and six nine months ended June September 30, 2026, no individual tenant accounted for greater than 10% of minimum base rents.

Note 10: RELATED PARTY TRANSACTIONS 9 changes

Pursuant to the Advisory Agreement with LaSalle, we pay a fixed advisory fee of 1.25 % of our NAV calculated daily. The Advisory Agreement allows for a performance fee to be earned for each share class based on the total return of that share class or OP Unit during the calendar year. The performance fee is calculated as 10 % of the return in excess of 7 % per annum. The term of our Advisory Agreement expires June 5, 2027, subject to an unlimited number of successive one-year renewals. Effective during the period from October 7, 2025 through December 31, 2026 (the "Waiver Period"), the Advisor has agreed to waive 20 % of the fixed component of the advisory fees otherwise payable to the Advisor with respect to (i) the NAV of the operating partnership attributable to Class D, Class I, Class S and Class Z OP Units (corresponding to Class D, Class I, Class S and Class Z shares), and (ii) the NAV of any assets held by us outside of the operating partnership attributable to Class D, Class I, Class S and Class Z shares, effectively reducing the amount of such fixed component advisory fees from 1.25 % to 1.0 % of the applicable NAV over the Waiver Period. The Waiver Period will end as of December 31, 2026, and will not be extended. Following December 31, 2026, the fixed component of the advisor advisory fee will be 1.25 % of the applicable NAV of our operating partnership and us.

The fixed advisory fees for the three and six nine months ended June September 30, 2026 were $ 10,393 10,623 and $ 20,714 31,337 , respectively. The fixed advisory fees for the three and six nine months ended June September 30, 2025 were $ 10,077 10,430 and $ 19,911 30,341 , respectively. There were no performance fees for the three and six nine months ended June September 30, 2026 and 2025. Included in Advisor fees payable at June September 30, 2026 and December 31, 2025 were $ 3,428 3,462 and $ 3,549 of fixed fee expense, respectively, and no performance fee expenses.

Additionally, we reimburse LaSalle for employment costs of employees of the Advisor for performing certain services for the Company. For the three and six nine months ended June September 30, 2026, LaSalle was paid $ 1,621 1,743 and $ 3,648 5,391 , respectively. For the three and six nine months ended June September 30, 2025, LaSalle was paid $ 1,309 1,426 and $ 2,976 4,402 , respectively. Included in the amounts above were reimbursements of employment costs for our executive officers of $ 161 175 and $ 360 535 for the three and six nine months ended June September 30, 2026, respectively.

We pay Jones Lang LaSalle Americas, Inc. ("JLL Americas"), an affiliate of the Advisor, for property management, construction management, leasing, mortgage brokerage and sales brokerage services performed at various properties we own. For the three and six nine months ended June September 30, 2026, JLL Americas was paid $ 973 2,986 and $ 1,876 4,868 , respectively. For the three and six nine months ended June September 30, 2025, JLL Americas was paid $ 636 1,255 and $ 1,518 2,773 , respectively.

We pay the Dealer Manager selling commissions and stockholder servicing fees in connection with our offerings. For the three and six nine months ended June September 30, 2026, we paid the Dealer Manager selling commissions and stockholder servicing fees totaling $ 3,120 3,190 and $ 6,219 9,409 , respectively. For the three and six nine months ended June September 30, 2025, we paid the Dealer Manager selling commissions and stockholder servicing fees totaling $ 3,012 3,132 and $ 5,936 9,068 , respectively. A majority of the selling commissions and stockholder servicing fees are reallowed to participating broker-dealers. Included in Accrued offering costs at June September 30, 2026 and December 31, 2025 were $ 205,169 208,146 and $ 201,251 of future stockholder servicing fees payable, respectively.

As of June September 30, 2026 and December 31, 2025, we owed $ 3,616 3,339 and $ 3,049 , respectively, for organization and offering costs paid by LaSalle (see Note 7—Common Stock and OP Units ). These costs are included in Accrued offering costs.

LaSalle Investment Management Distributors, LLC also serves as the dealer manager for the DST Program on a "best efforts" basis. Our taxable REIT subsidiary, which is a wholly owned subsidiary of our operating partnership, pays the dealer manager upfront selling commissions, upfront dealer manager fees and placement fees of up to 5.0 %, 1.0 % and 1.0 %, respectively, of the gross purchase price per unit of beneficial interest sold in the DST Program. A majority of the upfront selling commissions, dealer manager fees and placement fees are reallowed to participating broker-dealers. For the three and six nine months ended June September 30, 2026, our taxable REIT subsidiary earned incurred $ 2,305 2,790 and $ 3,802 6,592 , respectively, of such fees, of which $ 2,131 810 is payable to the Dealer Manager as of June September 30, 2026. For the three and six nine months ended June September 30, 2025, our taxable REIT subsidiary paid $ 2,904 929 and $ 5,531 6,460 , respectively, to the Dealer Manager. In addition, the Dealer Manager receives an ongoing investor servicing fee or stockholder servicing fee, as applicable, that is calculated daily on a continuous basis from year to year equal to 1/365th of (a) 0.25 % of the total, gross equity offering at the time of syndication, payable by the DSTs; (b) 0.85 % of the NAV of each outstanding Class S OP Unit, 0.30 % of the NAV of each outstanding Class Z OP Unit and 0.30 % of the NAV of each outstanding Class D OP Unit for such day issued in connection with the operating partnership's FMV Option, payable by our operating partnership; and (c) 0.85 % of the NAV of each outstanding Class S share, 0.30 % of the NAV of each outstanding Class Z share and 0.30 % of the NAV of each outstanding Class D share for such day issued in connection with the investors' redemption right, payable by us. The investor servicing fee or stockholder servicing fee, as applicable, may continue for so long as the investor in the DST Program holds beneficial interests, Class Z, Class D or Class S OP Units or Class Z, Class D or Class S shares that were issued in connection with the DST Program. The majority of all investor servicing fees or stockholder servicing fee, fees, as applicable, are reallowed to participating broker-dealers. No investor servicing fee or stockholder servicing fee, as applicable, will be paid on Class M-I OP Units or Class M-I shares. For the three and six nine months ended June September 30, 2026, the DSTs paid $ 883 915 and $ 1,693 2,608 , respectively, in investor servicing fees to the Dealer Manager in connection with the DST Program. For the three and six nine months ended June September 30, 2025, the DSTs paid $ 781 725 and $ 1,553 2,277 , respectively, in investor servicing fees to the Dealer Manager in connection with the DST Program.

LaSalle also serves as the manager for the DST Program. Each DST may pay the manager a management fee equal to a to-be-agreed upon percentage of the total equity of such DST. For the three and six nine months ended June September 30, 2026, the DSTs paid $ 530 549 and $ 1,016 1,565 , respectively, in management fees to our Advisor in connection with the DST Program. For the three and six nine months ended June September 30, 2025, the DSTs paid $ 468 435 and $ 932 1,366 , respectively, in management fees to our Advisor in connection with the DST Program.

On January 2, 2025, we received $ 100,000 from the sale of 8,726,003 shares of our Class N shares to Jones Lang LaSalle Co-Investment, Inc. at the per share purchase price of $ 11.46 . As of June September 30, 2026, JLL and its affiliates owned an aggregate of 2,521,801 Class M-I shares and 8,726,003 Class N shares, and have which had a value of approximately $ 126,600 126,700 as of June September 30, 2026. The 8,726,003 Class N shares are classified as redeemable equity on our Consolidated Balance Sheets.

Note 11: COMMITMENTS AND CONTINGENCIES 3 changes

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The operating agreement for 13500 Danielson Street, 2840 Loker Avenue and 15890 Bernardo Center Drive allows the unrelated third party joint venture partner, owning a 5 % interest, to immediately put its interest to us at a market determined value.

The operating agreement for our investment in Single-Family Rental Portfolio I Midtown Village allows the unrelated third party joint venture partner, owning a 5 12.5 % interest, to put its interest to us at a market determined value starting April 15, 2033. August 25, 2029.

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The operating agreement for our investment in Single-Family Rental Portfolio I allows the unrelated third party joint venture partner, owning a 5 % interest, to put its interest to us at a market determined value starting April 15, 2033.

Note 12: SEGMENT REPORTING 148 changes

We have five operating segments: healthcare, industrial, residential, retail and other. Other includes operations of our consolidated parking garage and mortgage notes receivable. Consistent with how our chief operating decision maker ("CODM") reviews and manages our properties, the financial information summarized below is presented by operating segment for the three and six nine months ended June September 30, 2026 and 2025. Our CODM is made up of our chief executive officer and two executives of our Advisor's portfolio management group.

Three Months Ended June September 30, 2026

Assets as of June September 30, 2026

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Capital expenditures by segment $ 2,036 $ 7,134 $ 5,224 $ 1,669 $ — $ 16,063

Rental revenue $ 17,701 $ 40,146 $ 41,262 $ 15,615 $ 71 $ 114,795

Other revenue 586 849 1,707 291 686 4,119

Total revenues $ 18,287 $ 40,995 $ 42,969 $ 15,906 $ 1,304 $ 119,461

Capital expenditures by segment $ 2,508 $ 4,077 $ 5,154 $ 1,886 $ — $ 13,625

Rental revenue $ 18,044 $ 41,212 $ 41,267 $ 16,791 $ 71 $ 117,385

Other revenue 537 322 1,709 346 493 3,407

Interest on mortgage notes receivable — — — — 547 547 548 548

Total revenues $ 18,581 $ 41,534 $ 42,976 $ 17,137 $ 1,112 $ 121,340

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Total segment revenue $ 17,355 $ 41,084 $ 42,233 $ 14,873 $ 1,308 $ 116,853

Real estate taxes $ 1,288 $ 6,618 $ 6,574 $ 1,738 $ 117 $ 16,335

Property operating 3,784 3,206 11,602 2,646 216 21,454

Property general and administrative 139 111 29 233 47 559

Total segment revenue $ 18,208 $ 39,685 $ 42,213 $ 15,987 $ 1,116 $ 117,209

Real estate taxes $ 1,427 $ 5,249 $ 6,066 $ 1,817 $ 106 $ 14,665

Property operating 4,812 3,096 11,913 2,988 161 22,970

Property general and administrative 141 128 16 204 26 515

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Total segment operating expenses $ 5,211 $ 9,917 $ 17,906 $ 4,507 $ 380 $ 37,921

Total segment operating income $ 12,144 $ 31,167 $ 24,327 $ 10,366 $ 928 $ 78,932

Total segment operating expenses $ 6,380 $ 8,459 $ 17,700 $ 4,845 $ 293 $ 37,677

Total segment operating income $ 11,828 $ 31,226 $ 24,513 $ 11,142 $ 823 $ 79,532

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Interest expense ( 16,616 )

Total segment operating income $ 78,932 79,532

Elimination of adjustments 2,181 3,658

Corporate level revenue and operating expenses 204 686

Advisor fees ( 10,393 10,623 )

Company level expenses ( 3,034 3,094 )

Provision for impairment of real estate ( 246 26 )

Depreciation and amortization ( 44,638 44,221 )

Interest expense ( 9,252 )

Unrealized loss on financial obligation ( 18,868 15,270 )

Realized loss on financial obligation ( 295 2,022 )

Loss from unconsolidated real estate affiliates and fund investments ( 1,441 900 )

Gain on disposition of property and extinguishment of debt, net 27,122 2,927

Loss on sale of unconsolidated real estate affiliate ( 200 479 )

Reconciliation to total consolidated assets as of June September 30, 2026

Assets per reportable segments $ 5,378,486 5,397,981

Investment in unconsolidated real estate affiliates, real estate fund investments and corporate level assets 134,954 478,742

Total consolidated assets $ 5,513,440 5,876,723

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Capital expenditures by segment $ 470 $ 3,258 $ 6,128 $ 644 $ — $ 10,500

Total revenues $ 17,179 $ 35,596 $ 41,994 $ 13,729 $ 3,179 $ 111,677

Three Months Ended June September 30, 2025

Capital expenditures by segment $ 964 $ 3,995 $ 4,615 $ 7,519 $ — $ 17,093

Interest on mortgage notes receivable — — — — 2,582 2,582 2,624 2,624

Total revenues $ 17,612 $ 38,587 $ 44,160 $ 13,872 $ 3,120 $ 117,351

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Total segment revenue $ 16,038 $ 34,295 $ 41,431 $ 13,316 $ 3,183 $ 108,263

Real estate taxes $ 1,486 $ 5,803 $ 6,078 $ 1,717 $ 123 $ 15,207

Property operating expenses 3,638 2,807 11,412 2,246 231 20,334

Property general and administrative 88 144 114 149 35 530

Total segment revenue $ 16,568 $ 36,678 $ 43,476 $ 13,341 $ 3,124 $ 113,187

Real estate taxes $ 1,522 $ 5,688 $ 6,410 $ 1,730 $ 106 $ 15,456

Property operating 3,931 3,028 11,884 2,509 202 21,554

Property general and administrative 79 75 26 84 22 286

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Total segment operating expenses $ 5,212 $ 8,729 $ 17,378 $ 4,010 $ 389 $ 35,718

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Note 13: SUBSEQUENT EVENTS 8 changes

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Forward-looking statements 2 changes

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Properties 347 changes

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Market risk 2 changes

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Controls and procedures 2 changes

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Unregistered sales of stock 7 changes

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Other information 1 change

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Exhibits 8 changes

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