Jones Lang LaSalle Income Property Trust, Inc.
CONSOLIDATED BALANCE SHEETS
$ in thousands, except per share amounts
 
 
September 30, 2015
 
December 31, 2014
CHANGE
 
 
 
 
 
 
 
1,000

 
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
Investments in real estate:
 
 
 
 
 
 
 
Land
 
$
204,232

 
$
145,357

$
58,875

YES
Related to new acquisitions
Buildings and equipment
 
819,890

 
601,569

218,321

YES
Related to new acquisitions; DFW $31M, Skokie $26M, Townlake $34M, AQ $41M, Whitestone $40M, O'Hare $48
Less accumulated depreciation
 
(72,495
)
 
(60,569
)
(11,926
)
YES
CY expense
Net property and equipment
 
951,627

 
686,357

265,270


 
Investment in unconsolidated real estate affiliate
 
17,805

 
17,069

736

NO
 
Investments in real estate and other assets HFS
 

 
95,161

(95,161
)
YES
SH Properties- $95M in 4Q14 sold in 1Q15
Net investments in real estate
 
969,432

 
798,587

170,845


 
Cash and cash equivalents
 
103,393

 
32,211

71,182

YES
Main sources and uses- stock sales, stock repurchases, acquisitions, dispositions, new loans and loan payoffs (see CF Workbook for details)
Restricted cash
 
1,877

 
1,457

420

NO
 
Tenant accounts receivable, net
 
3,051

 
3,593

(542
)
NO
 
Deferred expenses, net
 
11,720

 
7,825

3,895

YES
L/Cs $3M Amazon Lease
Acquired intangible assets, net
 
68,925

 
45,075

23,850

YES
Related to new acquisitions
Deferred rent receivable, net
 
8,568

 
7,918

650

NO
 
Prepaid expenses and other assets
 
5,033

 
2,100

2,933

YES
Trades settled before 09.30 $1mm, Ppd RE Tax $600K and Whitestone loan deposit $550K
TOTAL ASSETS
 
$
1,171,999

 
$
898,766

$
273,233


 
LIABILITIES AND EQUITY
 
 
 
 


 
Mortgage notes and other debt payable, net
 
$
433,538

 
$
350,331

$
83,207

YES
Related to new acquisitions; DFW $18M, Skokie $24M, Townlake $29M, AQ $26 offset by SBG payoff $9M
Liabilities held for sale
 

 
73,264

(73,264
)
YES
SH Properties-$73mm in 4Q14 sold in 1Q15
Accounts payable and other accrued expenses
 
18,747

 
13,936

4,811

YES
Timing of payments
Distributions payable
 
7,641

 
5,137

2,504

YES
Increase in dividend due to high number of shares outstanding.
Accrued interest
 
1,531

 
1,326

205

NO
 
Accrued real estate taxes
 
5,124

 
2,018

3,106

YES
Primarily related to timing of when tax payments are due. Balance always lower at year end due to many payments being due at that time.
Advisor fees payable
 
1,662

 
790

872

NO
 
Acquired intangible liabilities, net
 
14,611

 
10,840

3,771

YES
Related to new acquisitions; AQ $3M and Whitestone $1M
TOTAL LIABILITIES
 
482,854

 
457,642

25,212


 
Commitments and contingencies
 

 


NO
 
Equity:
 
 
 
 


 
Class A common stock: $0.01 par value; 200,000,000 shares authorized
 
294

 
162

132

NO
 
Class M common stock: $0.01 par value; 200,000,000 shares authorized;
 
265

 
234

31

NO
 
Class A-I common stock: $0.01 par value; 200,000,000 shares authorized;
 
55

 
46

9

NO
 
Class M-I common stock: $0.01 par value; 200,000,000 shares authorized;
 
29

 
7

22

NO
 
Class D common stock: $0.01 par value; 200,000,000 shares authorized;
 
77

 
34

43

NO
 
Additional paid-in capital
 
938,946

 
687,984

250,962

YES
Increase related to increase in CY stock subscriptions and compensation, offset by selling commissions, fees, and repurchases during the CY.





Accumulated other comprehensive loss
 
(2,085
)
 
(879
)
(1,206
)
YES
 
Distributions to stockholders
 
(142,656
)
 
(123,340
)
(19,316
)
YES
CY dividends
Accumulated deficit
 
(115,874
)
 
(135,745
)
19,871

YES
CY net income
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity
 
679,051

 
428,503

250,548


 
Noncontrolling interests
 
10,094

 
12,621

(2,527
)
YES
 
Total equity
 
689,145

 
441,124

248,021


 
TOTAL LIABILITIES AND EQUITY
 
$
1,171,999

 
$
898,766

$
273,233


 





Jones Lang LaSalle Income Property Trust, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
$ in thousands, except share and per share amounts
(Unaudited)
 
Three months ended September 30, 2015
 
Three months ended September 30, 2014
CHANGE
 
 
 
 
 
 
1,000

 
 
Revenues:
 
 
 
 
 
 
Minimum rents
$
19,230

 
$
20,515

$
(1,285
)
YES
SH Properties- sold in 1Q15
Tenant recoveries and other rental income
4,045

 
4,165

(120
)
NO
 
Total revenues
23,275

 
24,680

(1,405
)

 
Operating expenses:
 
 
 



 
Real estate taxes
2,817

 
3,195

(378
)
NO
 
Property operating
5,528

 
7,403

(1,875
)
YES
SH Properties- sold in 1Q15
Provision for doubtful accounts
108

 
168

(60
)
NO
 
Advisor fees
3,090

 
1,554

1,536

YES
Increase in our NAV attributable to capital raised and performance fee $895K accrued during CQ
Company level expenses
265

 
724

(459
)
NO
 
General and administrative
148

 
212

(64
)
NO
 
Acquisition expenses
482

 
5

477

NO
 
Depreciation and amortization
9,859

 
7,353

2,506

YES
New acquisitions offset by SH Properties- sold in 1Q15
Total operating expenses
22,297

 
20,614

1,683


 
Operating income
978

 
4,066

(3,088
)

 
Other income and (expenses):
 
 
 



 
Interest expense
(4,768
)
 
(4,687
)
(81
)
NO
 
Equity in income of unconsolidated affiliate
244

 

244

NO
 
Gain on disposition of property and extinguishment of debt

 
589

(589
)
NO
 
Total other income and (expenses)
(4,524
)
 
(4,098
)
(426
)

 
(Loss) income from continuing operations
(3,546
)
 
(32
)
(3,514
)

 
Discontinued operations:
 
 
 



 
Income from discontinued operations

 
813

(813
)
NO
 
Total income from discontinued operations

 
813

(813
)

 
Net (loss) income
(3,546
)
 
781

(4,327
)

 
Less: Net loss (income) attributable to the noncontrolling interests
257

 
188

69

NO
 
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc.
$
(3,289
)
 
$
969

$
(4,258
)

 
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted
$
(0.05
)
 
$
0.02




 
Weighted average common stock outstanding-basic and diluted
63,528,103

 
47,271,566




 
Other comprehensive loss:
 
 
 



 
Foreign currency translation adjustment
(583
)
 
(448
)
(135
)
NO
 
Total other comprehensive loss
(583
)
 
(448
)
(135
)

 
Net comprehensive (loss) income
$
(3,872
)
 
$
521

$
(4,393
)

 






Jones Lang LaSalle Income Property Trust, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
$ in thousands, except share and per share amounts
(Unaudited)
 
Nine months ended September 30, 2015
 
Nine months ended September 30, 2014
CHANGE
 
 
Revenues:
 
 
 
1,000

 
 
Minimum rents
$
54,364

 
$
60,370

 
 
 
Tenant recoveries and other rental income
12,110

 
11,865

245

NO
 
Total revenues
66,474

 
72,235

(5,761
)

 
Operating expenses:
 
 
 


 
Real estate taxes
8,415

 
9,036

(621
)
NO
 
Property operating
14,356

 
18,952

(4,596
)
YES
SH Properties- sold in 1Q15
Provision for doubtful accounts
341

 
317

24

NO
 
Advisor fees
6,545

 
4,356

2,189

YES
Increase in our NAV attributable to capital raised and performance fee $895K accrued during CQ
Company level expenses
1,610

 
1,901

(291
)
NO
 
General and administrative
516

 
640

(124
)
NO
 
Acquisition expenses
1,120

 
520

600

NO
 
Depreciation and amortization
24,007

 
20,685

3,322

YES
New acquisitions offset by SH Properties- sold in 1Q15
Total operating expenses
56,910

 
56,407

503


 
Operating income
9,564

 
15,828

(6,264
)

 
Other income and (expenses):
 
 
 


 
Interest expense
(13,154
)
 
(13,736
)
582

NO
 
Equity in income of unconsolidated affiliate
651

 

651

NO
 
Gain on disposition of property and extinguishment of debt
29,009

 
589

28,420

YES
SH Properties- sold in 1Q15
Total other income and (expenses)
16,506

 
(13,147
)
29,653


 
(Loss) income from continuing operations
26,070

 
2,681

23,389


 
Discontinued operations:
 
 
 


 
Income from discontinued operations

 
813

(813
)
NO
 
Total income from discontinued operations

 
813

(813
)

 
Net (loss) income
26,070

 
3,494

22,576


 
Less: Net loss (income) attributable to the noncontrolling interests
(6,199
)
 
(367
)
(5,832
)
YES
SH Properties- sold in 1Q15
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc.
$
19,871

 
$
3,127

$
16,744


 
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted
$
0.36

 
$
0.07




 
Weighted average common stock outstanding-basic and diluted
55,849,531

 
45,043,996




 
Other comprehensive loss:
 
 
 


 
Foreign currency translation adjustment
(1,206
)
 
(474
)
(732
)
NO
 
Total other comprehensive loss
(1,206
)
 
(474
)
(732
)

 
Net comprehensive (loss) income
$
18,665

 
$
2,653

$
16,012