2014

Jones Lang LaSalle Reports First-Quarter 2013 Adjusted EPS of $0.36 Revenue of $856 million; fee revenue of $781 million

CHICAGO, April 30, 2013 /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today reported adjusted earnings per share ("EPS") of $0.36 for the first quarter of 2013.  First-quarter revenue of $856 million was up 6 percent in local currency.  Fee revenue was $781 million, an increase of 6 percent.

  • Revenue growth of 6 percent achieved against strong prior-year quarter
  • Capital Markets & Hotels outperformed markets in the Americas and EMEA
  • Solid EMEA performance driven by 12 percent fee revenue growth and cost discipline
  • Stable underlying business performance for LaSalle Investment Management against strong prior year, which had $20 million of equity earnings and incentive fees
  • 10 percent increase in semi-annual dividend to $0.22 per share reflects confidence in cash generation

Summary Financial Results

   ($ in millions, except per share data)



Three Months Ended March 31,




2013

2012






Revenue



$    856

$   813

Fee Revenue1



$    781

$   745

Adjusted Net Income2



$      16

$     22

U.S. GAAP Net Income



$      13

$     14

Adjusted Earnings per Share2



$   0.36

$  0.50

Earnings per Share



$   0.29

$  0.31

Adjusted EBITDA3



$      48

$     55

     Adjusted EBITDA, Real Estate Services



$     34

$    27

     Adjusted EBITDA, LaSalle Investment Management



$     14

$    28







See Financial Statement Notes (1), (2) and (3) following the Financial Statements in this news release

 

"We're pleased with our opening quarter, which is in line with our expectations," said Colin Dyer, President and Chief Executive Officer of Jones Lang LaSalle.  "The performance of our regional real estate services showed overall improvement driven by fee revenue growth and cost actions taken last year.  LaSalle Investment Management maintained good underlying performance and is positioned to increase assets under management.

Dyer continued, "With markets in a gradual but uneven cyclical upswing, we continue to grow market share, improve productivity and expand client relationships.  We remain positive about our prospects for the year." 


Consolidated Revenue

   ($ in millions, "LC" = local currency)





Three Months Ended March 31,

%
Change
in LC






2013

2012










Real Estate Services ("RES")









Leasing






$    229.2

$  230.2

0%

Capital Markets & Hotels






120.7

88.7

37%

Property & Facility Management






251.1

240.4

6%

Property & Facility Management Fee Revenue1






212.1

201.1

7%

Project & Development Services






113.6

107.5

7%

Project & Development Services Fee Revenue1






77.1

78.4

(1%)

Advisory, Consulting and Other






81.7

79.0

5%

     Total RES Revenue






$    796.3

$   745.8

8%

Total RES Fee Revenue1






$   720.8

$  677.4

7%










LaSalle Investment Management









Advisory Fees






$      56.4

$    57.3

(1%)

Transaction Fees & Other






3.1

1.8

72%

Incentive Fees






0.2

8.4

n/m

     Total LaSalle Investment Management Revenue






$      59.7

$    67.5

(11%)










Total Firm Revenue






$     856.0

$   813.3

6%

Total Firm Fee Revenue1






$    780.5

$   744.9

6%










n/m – not meaningful























Consolidated Q1 Performance Highlights:

  • Consolidated fee revenue growth was driven by a 37 percent increase in Capital Markets & Hotels and a 12 percent fee revenue increase in local currency for the EMEA region.
  • LaSalle Investment Management's advisory fees showed continued stability in advance of growth prospects from new investor mandates.
  • Consolidated operating expenses, excluding restructuring and acquisition charges, were $833 million, up 7 percent, primarily due to increased compensation costs from a larger employee base and improved performance.

Balance Sheet and Dividend

  • The firm's total net debt was $870 million at quarter end, flat with the first quarter last year.
  • Net interest expense for the first quarter was $7.9 million, compared with $7.4 million in 2012; the firm's low leverage, investment-grade balance sheet generated modest interest expense.
  • Reflecting confidence in the firm's cash generation, the Board of Directors announced a semi-annual dividend of $0.22 per share, a 10 percent increase from the $0.20 per share payment made in December 2012.

Business Segment Performance Highlights

Americas Real Estate Services


Americas Revenue

   ($ in millions, "LC" = local currency)





Three Months Ended  March 31,


%
Change
in LC






2013

2012












Leasing






$    152.3

$   149.6


2%

Capital Markets & Hotels






38.7

27.9


39%

Property & Facility Management






108.5

101.4


7%

Property & Facility Management Fee Revenue1






89.4

85.6


5%

Project & Development Services






37.9

39.6


(4%)

Project & Development Services Fee Revenue1






37.7

39.5


(4%)

Advisory, Consulting and Other






24.1

22.9


6%

     Operating Revenue






$  361.5

$   341.4


6%











Equity Earnings






0.2

0.1


n/m

Total Segment Revenue






$  361.7

$   341.5


6%

Total Segment Fee Revenue1






$    342.4

$     325.6


5%











n/m – not meaningful

























Americas Q1 Performance Highlights:

  • Revenue growth was driven by Capital Markets & Hotels, up 39 percent, as market share gains continued.
  • Fee-based operating expenses were $328 million for the year, up a modest 4 percent.
  • Operating income was $15 million, up from $12 million in 2012.  Operating income margin calculated on a fee revenue basis was 4.3 percent, up from 3.7 percent. 
  • EBITDA was $25 million, up from $22 million in 2012.  EBITDA margin calculated on a fee revenue basis was 7.3 percent, up from 6.7 percent.  

EMEA Real Estate Services 


EMEA Revenue

   ($ in millions, "LC" = local currency)





Three Months Ended March 31,


%

Change

in LC






2013

2012












Leasing






$    48.9

$   47.3


4%

Capital Markets & Hotels






58.2

39.2


50%

Property & Facility Management






42.7

42.6


0%

Property & Facility Management      

Fee Revenue1






40.4

41.2


(2%)

Project & Development Services






56.0

50.5


11%

Project & Development Services

Fee Revenue1






24.1

24.2


0%

Advisory, Consulting and Other






39.1

38.4


3%

     Operating Revenue






$ 244.9

$   218.0


13%











Equity Earnings






-

-


n/m

Total Segment Revenue






$ 244.9

$   218.0


13%

Total Segment Fee Revenue1






$   210.7

$     190.3


12%











n/m – not meaningful























EMEA Q1 Performance Highlights:

  • Revenue growth was driven by Capital Markets & Hotels and, geographically, by Russia and the UK.
  • Fee-based operating expenses were $212 million for the quarter, up 6 percent in local currency primarily due to increased variable compensation from improved transactional performance.
  • Adjusted operating income, which excludes King Sturge amortization, was a loss of $1 million, compared with an $8 million loss in 2012. 
  • EBITDA was $3 million, compared with a loss of $4 million in 2012.  EBITDA margin calculated on a fee revenue basis was 1.6 percent compared with a loss of 2.3 percent last year.

Asia Pacific Real Estate Services 


Asia Pacific Revenue

   ($ in millions, "LC" = local currency)





Three Months Ended March 31,


%
Change
in LC






2013

2012












Leasing






$   28.0

$   33.3


(15%)

Capital Markets & Hotels






23.8

21.6


12%

Property & Facility Management






99.9

96.4


8%

Property & Facility Management

Fee Revenue1






82.3

74.3


14%

Project & Development Services






19.7

17.4


17%

Project & Development Services

Fee Revenue1






15.3

14.7


7%

Advisory, Consulting and Other






18.5

17.6


7%

     Operating Revenue






$   189.9

$   186.3


5%











Equity Earnings






0.1

0.1


n/m

Total Segment Revenue






$   190.0

$   186.4


5%

Total Segment Fee Revenue1






$     168.0

$     161.6


6%











n/m – not meaningful


























Asia Pacific Q1 Performance Highlights:


  • Revenue growth was led by annuity growth in Property & Facility Management and transactional growth in Capital Markets & Hotels.  Geographically, growth was driven by Hong Kong, China and Southeast Asia.
  • Fee-based operating expenses were $166 million for the quarter, up 10 percent in local currency, principally due to increased compensation costs from a higher employee base and annual base compensation increases effective in the second quarter of 2012.
  • Operating income was $2 million, compared with $7 million last year.  Operating income margin calculated on a fee revenue basis was 1.5 percent, compared with 4.3 percent last year.
  • EBITDA was $6 million, compared with $10 million last year.  EBITDA margin calculated on a fee revenue basis was 3.3 percent, compared with 6.2 percent last year.

LaSalle Investment Management


LaSalle Investment

Management Revenue





Three Months Ended  March 31,


%
Change
in LC

   ($ in millions, "LC" = local currency)





2013

2012












Advisory Fees






$     56.4

$     57.3


(1%)

Transaction Fees & Other






3.1

1.8


72%

Incentive Fees






0.2

8.4


n/m

     Operating Revenue






$     59.7

$     67.5


(11%)











Equity Earnings






5.2

11.7


(56%)

Total Segment Revenue






$     64.9

$     79.2


(17%)











n/m – not meaningful

























LaSalle Investment Management Q1 Performance Highlights:

  • Advisory fees were $56 million for the quarter, consistent with quarterly averages throughout 2012.
  • Operating expenses were $52 million for the quarter, flat with 2012.
  • EBITDA was $14 million for the quarter, a margin of 21.2 percent, compared with $28 million in 2012, a margin of 34.8 percent. The year-over-year changes in total segment revenue and EBITDA were driven by the movement in equity earnings and incentive fees, a combined $5 million in 2013 compared with $20 million in 2012.
  • Assets under management were $47.7 billion as of March 31, 2013, compared with $47.0 billion at year-end 2012.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.

200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39-00 Republic Plaza Singapore 048619

Statements in this press release regarding, among other things, future financial results and performance, achievements, plans and objectives, and dividend payments may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, achievements, plans and objectives of Jones Lang LaSalle to be materially different from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include those discussed under "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures about Market Risk," and elsewhere in Jones Lang LaSalle's Annual Report on Form 10-K for the year ended December 31, 2012, and in other reports filed with the Securities and Exchange Commission. There can be no assurance that future dividends will be declared since the actual declaration of future dividends, and the establishment of record and payment dates, remains subject to final determination by the Company's Board of Directors.  Statements speak only as of the date of this release. Jones Lang LaSalle expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in Jones Lang LaSalle's expectations or results, or any change in events.

Conference Call

The firm will conduct a conference call for shareholders, analysts and investment professionals on Tuesday, April 30 at 6:00 p.m. EDT.

To participate in the conference call, please dial into one of the following phone numbers five to ten minutes before the start time:

  • U.S. callers:                      +1 877 356 3887
  • International callers:           +1 706 679 7364
  • Pass code:                        35662726

Webcast

Follow these steps to listen to the webcast:

1. You must have a minimum 14.4 Kbps Internet connection

2. Log on to http://www.videonewswire.com/event.asp?id=93442 and follow instructions

3. Download free Windows Media Player software: (link located under registration form)

4. If you experience problems listening, send an email to prnwebcast@multivu.com 

Supplemental Information

Supplemental information regarding the first-quarter 2013 earnings call has been posted to the Investor Relations section of the company's website:  www.jll.com.

Conference Call Replay

Available: 9:00 p.m. EDT Tuesday, April 30 through 11:59 p.m. EDT Wednesday, May 8 at the following numbers:

  • U.S. callers:                      + 1 855 859 2056
  • International callers:           + 1 404 537 3406
  • Pass code:                        35662726

Web Audio Replay

Audio replay will be available for download or stream. This information and link is also available on the company's website:  www.jll.com.

If you have any questions, email Jones Lang LaSalle's Investor Relations department at JLLInvestorRelations@am.jll.com.

JONES LANG LASALLE INCORPORATED

Consolidated Statements of Operations

For the Three Months Ended March 31, 2013 and 2012

(in thousands, except share data)

(Unaudited)






































Three Months Ended March 31,











2013



2012
















Revenue







$                  855,988



$                  813,294
















Operating expenses:











Compensation and benefits 




563,720



537,516



Operating, administrative and other




249,921



232,596



Depreciation and amortization 




19,079



19,659



Restructuring and acquisition charges




3,168



8,952



















Total operating expenses




835,888



798,723



















Operating income




20,100



14,571
















Interest expense, net of interest income




(7,923)



(7,426)


Equity earnings from unconsolidated ventures 




5,482



11,848
















Income before income taxes and noncontrolling interest




17,659



18,993


Provision for income taxes  





4,397



4,824


Net income






13,262



14,169
















Net income attributable to noncontrolling interest




106



145


Net income attributable to the Company




$                   13,156



$                   14,024
















Net income attributable to common shareholders




$                   13,156



$                   14,024






























Basic earnings per common share




$                       0.30



$                       0.32
















Basic weighted average shares outstanding




44,080,767



43,605,273






























Diluted earnings per common share




$                       0.29



$                       0.31
















Diluted weighted average shares outstanding




45,055,399



44,685,138






























EBITDA 







$                   44,555



$                   45,933












































Please reference attached financial statement notes.





 

 JONES LANG LASALLE INCORPORATED 

 Segment Operating Results 

 For the Three Months Ended March 31, 2013 and 2012 

 (in thousands) 

 (Unaudited) 





























 Three Months Ended March 31, 









2013


2012














 REAL ESTATE SERVICES  









       AMERICAS 










 Revenue: 











 Operating revenue 




$                      361,467


$                      341,428





 Equity earnings 




217


49





 Total segment revenue 




361,684


341,477





 Gross contract costs1




(19,278)


(15,888)





 Total segment fee revenue 




342,406


325,589















 Operating expenses: 











 Compensation, operating and administrative expenses 




336,559


319,676





 Depreciation and amortization 




10,453


9,884





 Total segment operating expenses 




347,012


329,560





 Gross contract costs1




(19,278)


(15,888)





 Total fee-based segment operating expenses 




327,734


313,672
















 Operating income 




$                        14,672


$                        11,917
















 EBITDA 




$                        25,125


$                        21,801














       EMEA 











 Revenue: 











 Operating revenue 




$                      244,905


$                      217,973





 Equity earnings 




-


14





 Total segment revenue 




244,905


217,987





 Gross contract costs1




(34,207)


(27,702)





 Total segment fee revenue 




210,698


190,285















 Operating expenses: 











 Compensation, operating and administrative expenses 




241,525


222,369





 Depreciation and amortization 




4,983


6,202





 Total segment operating expenses 




246,508


228,571





 Gross contract costs1




(34,207)


(27,702)





 Total fee-based segment operating expenses 




212,301


200,869
















 Operating loss 




$                         (1,603)


$                       (10,584)
















 EBITDA 




$                          3,380


$                         (4,382)














       ASIA PACIFIC 










 Revenue: 











 Operating revenue 




$                      189,901


$                      186,362





 Equity earnings 




114


52





 Total segment revenue 




190,015


186,414





 Gross contract costs1




(21,997)


(24,820)





 Total segment fee revenue 




168,018


161,594















 Operating expenses: 











 Compensation, operating and administrative expenses 




184,449


176,360





 Depreciation and amortization 




3,128


3,088





 Total segment operating expenses 




187,577


179,448





 Gross contract costs1




(21,997)


(24,820)





 Total fee-based segment operating expenses 




165,580


154,628
















 Operating income 




$                          2,438


$                          6,966
















 EBITDA 




$                          5,566


$                        10,054














 LASALLE INVESTMENT MANAGEMENT 










 Revenue: 











 Operating revenue 




$                        59,715


$                        67,531





 Equity earnings 




5,151


11,733





 Total segment revenue 




64,866


79,264















 Operating expenses: 











 Compensation, operating and administrative expenses 




51,107


51,706





 Depreciation and amortization 




516


486





 Total segment operating expenses 




51,623


52,192
















 Operating income 




$                        13,243


$                        27,072
















 EBITDA 




$                        13,759


$                        27,558















































 SEGMENT RECONCILING ITEMS: 











Total segment revenue 




$                      861,470


$                      825,142





Reclassification of equity earnings 




5,482


11,848





      Total revenue 




$                      855,988


$                      813,294
















      Total operating expenses before restructuring charges 




832,720


789,771





      Operating income before restructuring charges 




$                        23,268


$                        23,523














Please reference attached financial statement notes.






 

JONES LANG LASALLE INCORPORATED

Consolidated Balance Sheets

March 31, 2013, December 31, 2012 and March 31, 2012

(in thousands)

















March 31,




March 31,






2013


December 31,


2012






(Unaudited)


2012


(Unaudited)











ASSETS







Current assets:








Cash and cash equivalents


$             133,470


$             152,159


$             101,846


Trade receivables, net of allowances


913,615


996,681


807,650


Notes and other receivables


104,767


101,952


98,788


Warehouse receivables


137,445


144,257


-


Prepaid expenses


56,646


53,165


52,484


Deferred tax assets, net


52,050


50,831


49,078


Other



21,568


16,484


21,734




Total current assets


1,419,561


1,515,529


1,131,580











Property and equipment, net of accumulated depreciation


260,961


269,338


244,672

Goodwill, with indefinite useful lives


1,836,933


1,853,761


1,784,275

Identified intangibles, with finite useful lives, net of accumulated amortization


43,556


45,932


49,241

Investments in real estate ventures 


272,161


268,107


236,298

Long-term receivables


64,698


58,881


53,477

Deferred tax assets, net


189,176


197,892


199,205

Other



148,201


142,059


130,179




Total assets


$          4,235,247


$          4,351,499


$          3,828,927











LIABILITIES AND EQUITY 







Current liabilities:








Accounts payable and accrued liabilities


$             399,832


$             497,817


$             403,758


Accrued compensation 


413,705


685,718


381,813


Short-term borrowings


37,798


32,233


28,599


Deferred tax liabilities, net


10,113


10,113


6,044


Deferred income


59,396


76,152


50,165


Deferred business acquisition obligations


119,302


105,772


32,736


Warehouse facility


137,445


144,257


-


Other



101,637


109,909


90,458




Total current liabilities


1,279,228


1,661,971


993,573











Noncurrent liabilities:








Credit facilities


470,000


169,000


632,000


Long-term senior notes


275,000


275,000


-


Deferred tax liabilities, net


3,106


3,106


7,646


Deferred compensation


82,936


75,320


62,309


Pension liabilities


2,712


5,281


17,025


Deferred business acquisition obligations


100,847


107,661


276,226


Minority shareholder redemption liability


19,707


19,489


18,542


Other



71,201


75,415


66,888




Total liabilities


2,304,737


2,392,243


2,074,209











Company shareholders' equity:








Common stock, $.01 par value per share, 100,000,000 shares authorized;








44,084,721 44,054,042 and 43,624,291 shares issued and outstanding as of








March 31, 2013, December 31, 2012 and March 31, 2012, respectively


441


441


436


Additional paid-in capital


939,058


932,255


915,352


Retained earnings 


1,030,284


1,017,128


841,321


Shares held in trust


(7,558)


(7,587)


(7,153)


Accumulated other comprehensive (loss) income


(39,679)


8,946


1,917




Total Company shareholders' equity


1,922,546


1,951,183


1,751,873












Noncontrolling interest


7,964


8,073


2,845




Total equity


1,930,510


1,959,256


1,754,718














Total liabilities and equity


$          4,235,247


$          4,351,499


$          3,828,927











Please reference attached financial statement notes.





 

JONES LANG LASALLE INCORPORATED

Summarized Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2013 and 2012

(in thousands)

(Unaudited)



Three Months Ended March 31,


2013


2012





Cash used in operating activities

$         (301,456)


$         (196,122)





Cash used in investing activities

(20,777)


(16,149)





Cash provided by financing activities

303,544


129,663





        Net decrease in cash and cash equivalents

$           (18,689)


(82,608)





Cash and cash equivalents, beginning of period

152,159


184,454





Cash and cash equivalents, end of period

$           133,470


$          101,846






 

Please reference attached financial statement notes.




 

JONES LANG LASALLE INCORPORATED
Financial Statement Notes

1.       Consistent with U.S. GAAP ("GAAP"), gross contract vendor and subcontractor costs ("gross contract costs") which are managed on certain client assignments in the Property & Facility Management and Project & Development Services business lines are presented on a gross basis in both revenue and operating expenses.  Gross contract costs are excluded from revenue and operating expenses in determining "fee revenue" and "fee-based operating expenses", respectively.  Excluding these costs from revenue and operating expenses more accurately reflects how the firm manages its expense base and its operating margins.  Adjusted operating income excludes the impact of restructuring and acquisition charges and intangible amortization related to the King Sturge acquisition.  "Adjusted operating income margin" is calculated by dividing adjusted operating income by fee revenue.  Below are reconciliations of revenue and operating expenses to fee revenue and fee-based operating expenses, as well as adjusted operating income margin calculations, for the three months ended March 31, 2013, and 2012.

 



Three Months Ended



March 31,

($ in millions)



2013


2012







Revenue



$  856.0


$  813.3

Gross contract costs



(75.5)


(68.4)

Fee revenue



$  780.5


$  744.9







Operating expenses



$  835.9


$  798.7

Gross contract costs



(75.5)


(68.4)

Fee-based operating expenses



$  760.4


$  730.3







Operating income



$    20.1


$    14.6







Add:






Restructuring and acquisition charges



3.2


9.0

King Sturge intangible amortization



0.6


2.1

Adjusted operating income



$     23.9


$   25.7







Adjusted operating income margin



3.1%


3.4%








 

2.       Charges excluded from GAAP net income attributable to common shareholders to arrive at adjusted net income for the three months ended March 31, 2013, and March 31, 2012, are restructuring and acquisition charges and intangible amortization related to the recent King Sturge acquisition. Below are reconciliations of GAAP net income attributable to common shareholders to adjusted net income and calculations of earnings per share ("EPS") for each net income total:

 



Three Months Ended





March 31,



($ in millions, except per share data)


2013


2012






GAAP net income attributable to common shareholders


$   13.2


$   14.0

Shares (in 000s)


45,055


44,685

GAAP earnings per share


$   0.29


$   0.31






GAAP net income attributable to common shareholders


$   13.2


$   14.0

Restructuring and acquisition charges, net


2.4


6.7

Intangible amortization, net


0.4


1.6

Adjusted net income


$   16.0


$   22.3






Shares (in 000s)


45,055


44,685






Adjusted earnings per share


$     0.36


$     0.50

               

3.       Adjusted EBITDA represents earnings before interest expense, net of interest income, income taxes, depreciation and amortization, adjusted for restructuring and acquisition charges. Although adjusted EBITDA and EBITDA are non-GAAP financial measures, they are used extensively by management and are useful to investors and lenders as metrics for evaluating operating performance and liquidity. EBITDA is used in the calculations of certain covenants related to the firm's revolving credit facility. However, adjusted EBITDA and EBITDA should not be considered as an alternative to net income determined in accordance with GAAP. Because adjusted EBITDA and EBITDA are not calculated under GAAP, the firm's adjusted EBITDA and EBITDA may not be comparable to similarly titled measures used by other companies.

Below is a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):




Three Months Ended



March 31,



2013


2012






Net income attributable to common shareholders


$ 13,156


$ 14,024

Add:





Interest expense, net of interest income


7,923


7,426

Provision for income taxes


4,397


4,824

Depreciation and amortization


19,079


19,659


EBITDA


$ 44,555


$ 45,933


Add:





Restructuring and acquisition charges


3,168


8,952


Adjusted EBITDA


$ 47,723


$ 54,885

 

4.       Restructuring and acquisition charges are excluded from segment operating results, although they are included for consolidated reporting.  For purposes of segment operating results, the allocation of restructuring charges to the segments has been determined not to be meaningful to investors, so the performance of segment results has been evaluated without allocation of these charges.

5.       Intangible amortization from the second-quarter 2011 King Sturge acquisition is included in depreciation and amortization in the firm's consolidated results, as well as in EMEA's segment results, but has been excluded from adjusted operating income and adjusted net income.

6.       Each geographic region offers the firm's full range of Real Estate Services businesses consisting primarily of tenant representation and agency leasing; capital markets; property management and facilities management; project and development services; and advisory, consulting and valuations services.  The Investment Management segment provides investment management services to institutional investors and high-net-worth individuals.

7.       The consolidated statements of cash flows are presented in summarized form. For complete consolidated statements of cash flows, please refer to the firm's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, to be filed with the Securities and Exchange Commission shortly.

8.       EMEA refers to Europe, Middle East and Africa.  MENA refers to Middle East and North Africa.  Greater China includes China, Hong Kong, Macau and Taiwan.  Southeast Asia refers to Singapore, Indonesia, Philippines, Thailand and Vietnam.

9.       Certain prior year amounts have been reclassified to conform to the current presentation.

SOURCE Jones Lang LaSalle Incorporated



RELATED LINKS
http://www.jll.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.