Denien Mark A 4

What Happened
Mark A. Denien, a director of JLL Income Property Trust, received 30.812 deferred stock units (DSUs) on May 21, 2026. The award is reported as a derivative grant (code A) valued at $11.25 per unit for a total economic value of about $347. This is a compensation grant, not a market purchase or sale.

Key Details

• Transaction date: 2026-05-21; filing date: 2026-05-26 (filed 5 days after the transaction, which appears outside the standard 2-business-day Form 4 window).
• Security/amount: 30.812 DSUs at $11.25 each; total value ≈ $347 (reported as a derivative instrument).
• Shares owned after transaction: not disclosed in the provided filing summary.
• Footnotes of note:
  • F1: Each DSU is economically equivalent to one share of Class I common stock.
  • F2: Shares/units were acquired pursuant to the company's Amended and Restated Distribution Reinvestment Plan on May 21, 2026.
  • F3: DSUs under the Independent Directors Compensation Plan are generally payable upon separation from service, a specified date, or a change in control.

Context
This was a routine compensation grant (DSUs) for a director rather than an open-market purchase or sale. DSUs represent a future payout tied to the share value and do not necessarily indicate the director's immediate view on the stock.