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JLL Income Property Trust cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$21.6M in Q3 2026 · $71.6M over twelve months

Operating cash flow$43.3M
Capital spending−$21.7M
Free cash flow+$21.6M
Cash / net income47.2×

Analysis

In Q3 2026, JLL Income Property Trust generated $43.3M of operating cash flow and spent $21.7M on capital projects, leaving free cash flow of $21.6M. That is $6.9M less than in Q3 2025 ($28.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $138M; the largest uses were real estate bought ($493M), buybacks ($336M), net borrowing (+) / repaid (−) ($304M); besides operations, cash came from other financing ($846M), asset & business sales ($178M); the cash balance rose by $55.5M.

Operating cash flow was $43.3M against net income of $916K — 47.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$44.2M, gains on disposals −$1.5M, other operating capital +$691K.

Free cash flow

JLL Income Property Trust: free cash flow by quarterJLL Income Property Trust: free cash flow by quarter−$4.2MQ4 2024$28.1MQ1 2025$13.7MQ2 2025$28.5MQ3 2025$5.9MQ4 2025$22.4MQ1 2026$21.7MQ2 2026$21.6MQ3 2026
Operating cash flow less capital spending.
JLL Income Property Trust: operating cash flow against capital spendingJLL Income Property Trust: operating cash flow against capital spendingOperating cash flowCapital spending$15.7M$19.9MQ4 2024$40.4M$12.3MQ1 2025$24.2M$10.5MQ2 2025$41.9M$13.4MQ3 2025$25.2M$19.3MQ4 2025$33.8M$11.4MQ1 2026$35.6M$13.9MQ2 2026$43.3M$21.7MQ3 2026
Latest (Q3 2026): Operating cash flow $43.3M, Capital spending $21.7M.

Capital allocation, year by year

JLL Income Property Trust: where the cash came from (up) and went (down), by fiscal yearJLL Income Property Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $87.3MFY2021: Net borrowing $805MFY2021: Shares issued $512MFY2021: Asset sales $67.0MFY2021: Capital spending −$28.8MFY2021: Buybacks −$16.8MFY2021: Dividends −$33.1M$1.5BFY2021FY2022: Operating cash flow $60.5MFY2022: Net borrowing $69.1MFY2022: Shares issued $701MFY2022: Asset sales $98.2MFY2022: Capital spending −$27.5MFY2022: Buybacks −$23.5MFY2022: Dividends −$41.6M$929MFY2022FY2023: Operating cash flow $99.9MFY2023: Net borrowing $98.1MFY2023: Shares issued $154MFY2023: Asset sales $65.2MFY2023: Capital spending −$46.3MFY2023: Buybacks −$24.0MFY2023: Dividends −$45.7M$417MFY2023FY2024: Operating cash flow $111MFY2024: Net borrowing −$446MFY2024: Shares issued $164MFY2024: Asset sales $294MFY2024: Capital spending −$53.9MFY2024: Buybacks −$24.4MFY2024: Dividends −$46.2M$568MFY2024FY2025: Operating cash flow $132MFY2025: Net borrowing −$35.2MFY2025: Shares issued $239MFY2025: Asset sales $18.3MFY2025: Capital spending −$55.1MFY2025: Buybacks −$391MFY2025: Dividends −$51.9M$389MFY2025
Over these 5 years operating cash flow totalled $491M; the largest uses were net borrowing ($481M) and buybacks ($480M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$146M
Debt$2.1B
Net debt$2.0B
Due within a year$242M

JLL Income Property Trust funds itself: free cash flow was $71.6M over the last twelve months, and $146M of cash and investments stands against $2.1B of debt ($242M due within a year, 0.6× covered by cash).

JLL Income Property Trust: debt maturities by year (FY2025)JLL Income Property Trust: debt maturities by year (FY2025)$242MYear 1$447MYear 2$536MYear 3$84.2MYear 4$276MYear 5$367MAfter year 5
Principal due in each year as disclosed in the annual report, against $146M of cash and investments now.

Where the cash came from and went

JLL Income Property Trust: sources (+) and uses (−) of cash, Q3 2026JLL Income Property Trust: sources (+) and uses (−) of cash, Q3 2026Real estate bought−$348MNet borrowing (+) / repaid (−)$308MOther financing$124MBuybacks−$75.8MCash drawn (+) / kept (−)−$53.4MOperating cash flow$43.3MAsset & business sales$25.8MCapital spending−$21.7MPartners−$18.8MShares issued$18.6MOther investing−$2.3M
JLL Income Property Trust: sources (+) and uses (−) of cash, TTM to Q3 2026JLL Income Property Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$846MReal estate bought−$493MBuybacks−$336MNet borrowing (+) / repaid (−)−$304MAsset & business sales$178MOther investing$142MOperating cash flow$138MShares issued$95.0MPartners−$92.7MCapital spending−$66.3MCash drawn (+) / kept (−)−$55.5MDividends−$50.8M

From profit to cash

JLL Income Property Trust: net income to operating cash flow, Q3 2026JLL Income Property Trust: net income to operating cash flow, Q3 2026Net income$916KDepreciation & amortization$44.2MGains on disposals−$1.5MOther operating capital$691KOperating cash flow$43.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$43.3M−$21.7M−$75.8M—$308M$18.6M−$53.4M$21.6M
Q2 2026$35.6M−$13.9M−$74.0M—−$36.4M$14.7M$19.0M$21.7M
Q1 2026$33.8M−$11.4M−$83.7M—−$104M$32.4M−$7.1M$22.4M
Q4 2025$25.2M−$19.3M−$102M−$12.8M−$277M$29.2M−$14.1M$5.9M
Q3 2025$41.9M−$13.4M−$92.9M−$13.0M$411M$36.8M−$23.0M$28.5M
Q2 2025$24.2M−$10.5M−$102M−$13.0M−$77.1M$30.7M−$11.2M$13.7M
Q1 2025$40.4M−$12.3M−$94.0M−$13.1M−$128M$143M$6.4M$28.1M
Q4 2024$15.7M−$19.9M$307M−$11.9M−$146M$57.3M$9.1M−$4.2M

JLL Income Property Trust: income statement and cash flow

JLL Income Property Trust, Q3 2026: revenue $122M (+4% year over year), operating margin 0.7%. The chart follows the revenue to costs, profit and cash.

JLL Income Property Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.