# EDGAR Filing Document

**Accession Number:** 0001893262
**File Stem:** 0001193125-23-073524
**Filing Date:** 2023-3
**Character Count:** 15496
**Document Hash:** d462ce400c7357b0b1f3890b9fe62a0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-073524.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001193125-23-073524

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**EFFECTIVENESS DATE**: 20230317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. Morgan Real Estate Income Trust, Inc.
- **CENTRAL INDEX KEY:** 0001893262
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265588
- **FILM NUMBER:** 23741454

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 212-270-6000

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**As filed with the Securities and Exchange Commission on March 17, 2023** 

**Registration No. 333-265588** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**Post-Effective Amendment No. 1 to** 

**Form S-11** 

***FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933***

***OF SECURITIES OF CERTAIN REAL ESTATE COMPANIES***

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## J.P. Morgan Real Estate Income Trust, Inc.
**(Exact Name of Registrant as Specified in its Governing Instruments)** 

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**277 Park Avenue, 9th Floor** 

**New York, NY 10172** 

**(212) 270-6000** 

**(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)** 

**J.P. Morgan Investment Management Inc.** 

**Michael P. Kelly** 

**383 Madison Avenue** 

**New York, NY 10179** 

**(212) 270-6000** 

**(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)** 

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***Copies to:***

**Rosemarie A. Thurston** 

**Jason W. Goode** 

**Alston & Bird LLP** 

**1201 West Peachtree Street** 

**Atlanta, Georgia 30309** 

**(404) 881-7000** 

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**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☒ 333-265588

If delivery of the prospectus is expected to be made pursuant to Rule 434, check the following box. ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

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| | | | |
|:---|:---|:---|:---|
|  Large accelerated filer | ☐ | Accelerated filer | ☐ |
|  Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging Growth Company | ☒ |

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If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

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**EXPLANATORY NOTE** 

This Post-Effective Amendment No. 1 to the Registration Statement on Form S-11 (No. 333-265588) is filed pursuant to Rule 462(d) solely to add exhibits not previously filed with respect to such Registration Statement.

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**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 36. *Financial Statements and Exhibits*** 

*(b) Exhibits.* 

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| | |
|:---|:---|
| 10.1 | [Credit Agreement, dated August 31, 2022, by and among J.P. Morgan REIT Operating Partnership, L.P., J.P. Morgan Real Estate Income Trust, Inc. and U.S. Bank National Association (filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on September 2, 2022 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1893262/000119312522237560/d400151dex101.htm) |
| 10.2 | [Credit Agreement Amendment Letter, dated January 17, 2023, by and among J.P. Morgan REIT Operating Partnership, L.P., J.P. Morgan Real Estate Income Trust, Inc. and U.S. Bank National Association](d469386dex102.htm) |
| 10.3 | [Amended and Restated Limited Partnership Agreement of J.P. Morgan REIT Operating Partnership, L.P., dated September 30, 2022 (filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on October 5, 2022 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1893262/000119312522258237/d378807dex101.htm) |
| 23.1 | [Consent of SitusAMC Real Estate Valuation Services, LLC](d469386dex231.htm) |
| 99.1 | [Policy with Respect to Repurchase of Adviser Class E Shares](d469386dex991.htm) |

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**Signatures** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-11 and has duly caused this amended Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, in the State of New York, on March 17, 2023.

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| | |
|:---|:---|
| **J.P. Morgan Real Estate Income Trust, Inc.** | **J.P. Morgan Real Estate Income Trust, Inc.** |
| By: | /s/ Lawrence A. Goodfield Jr. |
|  | Lawrence A. Goodfield Jr. |
|  | Chief Financial Officer and Treasurer |

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Pursuant to the requirements of the Securities Act of 1933, as amended, this amended Registration Statement has been signed by the following persons in the capacities and on the dates as indicated.

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| | | | |
|:---|:---|:---|:---|
|  | **Name** | **Title** | **Date** |
| /s/ Michael P. Kelly<br> Michael P. Kelly | /s/ Michael P. Kelly<br> Michael P. Kelly | Chief Executive Officer and Chairperson of the Board (Principal Executive Officer) | March 17, 2023 |
| /s/ Lawrence A. Goodfield Jr.<br> Lawrence A. Goodfield Jr. | /s/ Lawrence A. Goodfield Jr.<br> Lawrence A. Goodfield Jr. | Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) | March 17, 2023 |
| \*<br> Randy A. Daniels | \*<br> Randy A. Daniels | Director | March 17, 2023 |
| \*<br> Justin M. Murphy | \*<br> Justin M. Murphy | Director | March 17, 2023 |
| \*<br> Yvonne D. Nelson | \*<br> Yvonne D. Nelson | Director | March 17, 2023 |
| \*<br> William L. Ramseyer | \*<br> William L. Ramseyer | Director | March 17, 2023 |
| \*By: | /s/ Lawrence A. Goodfield Jr. | Attorney-in-Fact | March 17, 2023 |
|  | Lawrence A. Goodfield Jr. |  |  |

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## Exhibit 10.2

**Exhibit 10.2**![LOGO](g469386g0316011858064.jpg)

January 17, 2023

J.P. MORGAN REIT OPERATING PARTNERSHIP, L.P.

J.P. MORGAN REAL ESTATE INCOME TRUST, INC.

c/o JPMorgan Real Estate Americas

277 Park Avenue, 36<sup>th</sup> Floor

New York, NY 10172

Attention: Rita Lai

Email: rita.lai@jpmorgan.com

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| | |
|:---|:---|
| Re: | Secured Subscription Revolving Credit Facility for J.P. MORGAN REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership ("***Borrower***"), in the initial aggregate principal amount of $65,000,000, with an accordion up to an aggregate principal amount of $150,000,000 (as applicable at the time, the aggregate amount shall be referred to as the "***Facility Amount***").  |

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Ladies and Gentlemen:

Reference is made to that certain Revolving Credit Agreement (the "***Credit Agreement***") dated as of August 31, 2022, by and among Borrower, J.P. Morgan Real Estate Income Trust, Inc., a Maryland corporation, as initial guarantor (the "***Initial Guarantor***" and, together with the Borrower, the "***Loan Parties***"), the other parties from time to time party thereto, U.S. Bank National Association ("***U.S. Bank***"), as administrative agent (in such capacity, the "***Administrative Agent***") and a Lender, and the other lenders from time to time hereafter party thereto (collectively, the "***Lenders***"). Capitalized terms used herein have the meaning given to them in the Credit Agreement unless otherwise defined herein.

The parties hereto agree that as of the date hereof, Section 10.11 of the Credit Agreement is amended to insert the **bolded** and <u>underlined</u> language below into the Section as follows:

"No Loan Party may incur any Indebtedness except as permitted under its Constituent Documents; provided that, notwithstanding anything herein to the contrary, no Loan Party nor any of their respective Subsidiaries through which Investments in Properties are held shall (a) incur Indebtedness for borrowed money **<u>(excluding the Indebtedness evidenced by this Agreement)</u>** in excess of sixty-five percent (65%) of the greater of (i) the aggregate cost of all Investments then owned (directly or indirectly) by Initial Borrower or Initial Guarantor or any of their respective Subsidiaries and (ii) the aggregate fair market value of all such Investments, in each case measured at the time of incurrence of such Indebtedness; and (b) incur asset-level Indebtedness for borrowed money with respect to any single Investment in any Property in excess of seventy-five percent (75%) of the greater of (i) the aggregate cost of such Investment and (ii) the aggregate fair market value of such Investment, in each case measured at the time of the incurrence of such Indebtedness."

The Loan Parties hereby reaffirm their obligations under the Loan Documents, as amended by this Letter.

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This Letter shall be governed by, and construed in accordance with, the law of the State of New York. You consent to the exclusive jurisdiction and venue of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan). Each party hereto irrevocably waives, to the fullest extent permitted by applicable law, (a) any right it may have to a trial by jury in any legal proceeding arising out of or relating to this Fee Letter or the transactions contemplated hereby (whether based on contract, tort or any other theory) and (b) any objection that it may now or hereafter have to the laying of venue of any such legal proceeding in the federal or state courts located in the City of New York, Borough of Manhattan.

**REMAINDER OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGES FOLLOW.** 

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If you are in agreement with the foregoing, please indicate your acceptance of this Fee Letter by signing in the space indicated below.

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| | |
|:---|:---|
| **ADMINISTRATIVE AGENT AND LENDER:** | **ADMINISTRATIVE AGENT AND LENDER:** |
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Matthew Gumnic |
| Name: | Matthew Gumnic |
| Title: | Vice President |

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Signature Page to

Fee Letter

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| | | |
|:---|:---|:---|
| Accepted and Agreed on the date first written above: | Accepted and Agreed on the date first written above: | Accepted and Agreed on the date first written above: |
| **J.P. MORGAN REIT OPERATING PARTNERSHIP, L.P.**, a Delaware limited partnership<br>By: J.P. Morgan Real Estate Income Trust, Inc., its general partner | **J.P. MORGAN REIT OPERATING PARTNERSHIP, L.P.**, a Delaware limited partnership<br>By: J.P. Morgan Real Estate Income Trust, Inc., its general partner | **J.P. MORGAN REIT OPERATING PARTNERSHIP, L.P.**, a Delaware limited partnership<br>By: J.P. Morgan Real Estate Income Trust, Inc., its general partner |
| By: | /s/ Rita Lai | /s/ Rita Lai |
|  | Name: | Rita Lai (Blumberg) |
|  | Title: Authorized Signatory | Title: Authorized Signatory |
| **J.P. MORGAN REAL ESTATE INCOME TRUST, INC.**, a Maryland corporation | **J.P. MORGAN REAL ESTATE INCOME TRUST, INC.**, a Maryland corporation | **J.P. MORGAN REAL ESTATE INCOME TRUST, INC.**, a Maryland corporation |
| By: | /s/ Rita Lai | /s/ Rita Lai |
|  | Name: | Rita Lai (Blumberg) |
|  | Title: Authorized Signatory | Title: Authorized Signatory |

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Signature Page to

Fee Letter

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT VALUATION ADVISOR** 

We hereby consent to (1) the reference to our name (including under the heading "Experts"), (2) the description of our role in the valuation process of any properties of J.P. Morgan Real Estate Income Trust, Inc. (the "Company") in the Company's Registration Statement on Form S-11, the prospectus included therein (the "Prospectus") and in any future amendments or supplements thereto, under the headings "Net Asset Value Calculation and Valuation Guidelines – Independent Valuation Advisor" and "Net Asset Value Calculation and Valuation Guidelines – Valuation of Properties", and (3) the disclosure on page two of Supplement No. 12 to the Prospectus and in any future amendments or supplements thereto that the amount presented in the line item "Investments in real estate" represents the sum of the estimated values of the Company's properties we have provided to the Company, as of the date presented.

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| |
|:---|
| /s/ SitusAMC Real Estate Valuation Services, LLC |
| Situs AMC Real Estate Valuation Services, LLC |
| Houston, Texas |

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March 17, 2023

## Exhibit 99.1

Exhibit 99.1

**Policy with Respect to Repurchase of Adviser Class E Shares** 

**August 12, 2022** 

It shall be a policy of J.P. Morgan Real Estate Income Trust, Inc. (the "<u>Company</u>") with respect to any Class E shares received by J.P. Morgan Investment Management Inc. (the "<u>Adviser</u>") as payment of its management fee, that the independent directors of the Company provide oversight of the repurchase activity of the Adviser and its remaining position in the Company in the form of a quarterly review. In addition, the approval of the independent directors of the Company is required for any repurchase request of the Adviser that, when combined with any repurchase requests submitted by stockholders of the Company through the share purchase plan of the Company (the "<u>SRP</u>"), would cause the Company to exceed the limit on repurchases set forth in the SRP of 2% of the Company's aggregate net asset value ("<u>NAV</u>") per month and 5% of the Company's aggregate NAV per calendar quarter. Any such approval must find that the repurchase would not impair the capital or operations of the Company consistent with the fiduciary duties of the independent directors.