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Filed Pursuant to Rule 424(b)(3)
Registration No. 333-283571
JLL INCOME PROPERTY TRUST, INC.
SUPPLEMENT NO. 9 DATED DECEMBER 1, 2025
TO THE PROSPECTUS DATED JUNE 6, 2025
This supplement No. 9 is part of the prospectus of JLL Income Property Trust, Inc. and should be read in conjunction with the prospectus. Terms used in this supplement No. 9 and not otherwise defined herein have the same meanings as set forth in our prospectus and any supplements thereto. The purpose of this supplement is to disclose:
•the status of our share repurchase plan; and
•the recent share pricing information.
Share Repurchase Plan Status
During the period from October 1, 2025 through November 30, 2025, we redeemed 5,756,216 shares for a total of approximately $65,229,000 pursuant to our share repurchase plan. We honored 100% of all redemption requests received. Shares are not eligible for repurchase for the first year after purchase except upon death or disability of the stockholder. Shares issued pursuant to our distribution reinvestment plan are not subject to the one-year holding period. Eligible share repurchases during the period from October 1, 2025 through December 31, 2025 are limited to approximately $122,267,000 which is 5% of the NAV of all classes of shares as of the last business day of the previous calendar quarter.
Recent Share Pricing Information
Below is the daily NAV per share, as determined in accordance with our valuation guidelines, for each business day from November 1 to November 30, 2025, for each of our classes of common stock:
| | | | | | | | | | | | | | | | | | |
| Date | | NAV per Share |
| Class A | Class M | Class A-I | Class M-I | |
| November 3, 2025 | | $11.33 | $11.35 | $11.37 | $11.35 | |
| November 4, 2025 | | $11.33 | $11.35 | $11.37 | $11.35 | |
| November 5, 2025 | | $11.33 | $11.36 | $11.37 | $11.35 | |
| November 6, 2025 | | $11.33 | $11.35 | $11.37 | $11.35 | |
| November 7, 2025 | | $11.33 | $11.35 | $11.37 | $11.35 | |
| November 10, 2025 | | $11.33 | $11.36 | $11.37 | $11.35 | |
| November 11, 2025 | | $11.33 | $11.36 | $11.37 | $11.36 | |
| November 12, 2025 | | $11.34 | $11.36 | $11.37 | $11.36 | |
| November 13, 2025 | | $11.34 | $11.36 | $11.38 | $11.36 | |
| November 14, 2025 | | $11.34 | $11.37 | $11.38 | $11.36 | |
| November 17, 2025 | | $11.34 | $11.37 | $11.38 | $11.37 | |
| November 18, 2025 | | $11.35 | $11.37 | $11.39 | $11.37 | |
| November 19, 2025 | | $11.36 | $11.38 | $11.40 | $11.38 | |
| November 20, 2025 | | $11.36 | $11.38 | $11.40 | $11.38 | |
| November 21, 2025 | | $11.36 | $11.38 | $11.40 | $11.38 | |
| November 24, 2025 | | $11.36 | $11.38 | $11.40 | $11.38 | |
| November 25, 2025 | | $11.36 | $11.39 | $11.40 | $11.38 | |
| November 26, 2025 | | $11.35 | $11.37 | $11.39 | $11.37 | |
| November 28, 2025 | | $11.35 | $11.37 | $11.39 | $11.37 | |
Purchases and repurchases of shares of our common stock will be made based on the appropriate day’s applicable per share NAV. On each business day, our NAV per share for each publicly offered share class is posted on our public share website, www.JLLIPT.com, and for each private share class on our private share website, www.jll-ipt.com. The NAV per share for all share classes is available on our toll-free, automated telephone line, (855) 652-0277.