Core Insights - JLL has been recognized as one of the 2025 World's Most Ethical Companies® by Ethisphere, marking its commitment to business integrity and ethical practices since 2008 [1][2][4] - In 2025, a total of 136 companies were honored across 19 countries and 44 industries, with JLL being one of only three companies in the real estate sector to receive this recognition [2][4] - The assessment for the World's Most Ethical Companies® is based on Ethisphere's Ethics Quotient®, which evaluates over 240 proof points related to ethics, compliance, and governance [3] Company Overview - JLL is a leading global commercial real estate and investment management firm with over 200 years of experience, generating annual revenue of $23.4 billion and operating in over 80 countries [6] - The company employs more than 112,000 individuals and focuses on helping clients with various real estate needs, including buying, building, occupying, managing, and investing in properties [6] - JLL emphasizes its commitment to shaping the future of real estate through innovative technology, sustainability efforts, and ethical business practices [5]

Core Insights - JLL Income Property Trust has sold an 80,000 square foot light industrial/flex property in San Marcos, CA, as part of its strategy to reinvest capital into more promising property sectors and markets [1][2] - The sale aligns with the fund's long-term strategy of harvesting gains and targeting properties with better long-term growth potential [2][3] - The property was acquired in 2021 and has generated an attractive internal rate of return during its three-year hold period [3] - JLL Income Property Trust has a significant allocation to industrial investments, with $2.0 billion in the industrial sector, representing 32% of its $6.6 billion diversified portfolio [4] Company Overview - JLL Income Property Trust is an institutionally managed daily NAV REIT with a diversified portfolio of high-quality, income-producing properties across various sectors in the United States [5][6] - The company has a history of selling properties at values totaling over $1.3 billion, maintaining a valuation practice that is unique within the NAV REIT industry [3]

Coghlan will advance strategic investor relations initiatives and engagementsCHICAGO, Feb. 26, 2025 /PRNewswire/ -- JLL announced today that it has named Sean Coghlan as Head of Investor Relations. Coghlan, who previously led Global Research & Strategy for Capital Markets, will be responsible for advancing JLL's strategic investor relations initiatives and engaging with shareholders and the broader financial community. Coghlan will report to CFO Karen Brennan, succeeding Brian Hogan, who was acting as the i ...

Foundation names JLL Chief Sustainability Officer (CSO), Erin Meezan, Executive DirectorCHICAGO, Feb. 25, 2025 /PRNewswire/ -- JLL Foundation, a non-profit founded and backed by JLL (NYSE: JLL), published its third Annual Report, detailing its continued commitment to providing catalytic capital to pre-seed and seed-stage, climate-impacting companies. In 2024, the Foundation awarded a total of $4.75 million in new, zero-interest loans to 18 companies, helping them contribute to a more sustainable future and ...

Core Insights - Jones Lang LaSalle Incorporated (JLL) reported fourth-quarter 2024 adjusted earnings per share (EPS) of $6.15, exceeding the Zacks Consensus Estimate of $5.80 and up from $5.36 in the prior-year quarter [1][2] - The company achieved revenues of $6.81 billion, surpassing the Zacks Consensus Estimate of $6.48 billion, reflecting a 15.8% increase year-over-year [2] Financial Performance - For the full year 2024, JLL's adjusted EPS was $14.01, higher than the previous year's $10.39 and above the Zacks Consensus Estimate of $13.64 [3] - Total revenues for 2024 reached $23.43 billion, a 12.9% increase from the prior year, also exceeding the Zacks Consensus Estimate of $23.11 billion [3] Segment Performance - The Markets Advisory segment generated revenues of $1.33 billion, a 10.9% year-over-year increase, driven by leasing activities, particularly in the office sector across the U.S., India, and Greater China [4] - Property Management revenues grew due to expansion in the U.S. and Asia Pacific, attributed to higher pass-through costs, while management fees remained flat [5] - Capital Markets segment revenues were $706.4 million, up 31.5% year-over-year, led by Investment Sales and Debt/Equity Advisory, particularly in the U.S. and Asia Pacific [6] - Work Dynamics segment reported revenues of $4.56 billion, a 14.9% increase year-over-year, driven by strong performance in Workplace Management and Project Management [7] - LaSalle segment revenues increased by 39.3% year-over-year to $160.6 million, primarily due to higher incentive fees in Asia Pacific, despite a decline in advisory fees in Europe [8] - JLL Technologies segment revenues declined by 9.5% year-over-year to $59.3 million, attributed to lower contract signings in technology solutions [9] Balance Sheet - As of December 31, 2024, JLL had cash and cash equivalents of $416.3 million, down from $437.8 million at the end of the third quarter [11] - The net leverage ratio improved to 0.7 from 1.7 as of September 30, 2024, while corporate liquidity increased to $3.62 billion from $3.39 billion [11]

Financial Performance - Total revenue for the year ended December 31, 2024, was $23,432.9 million, representing a 13% increase from $20,760.8 million in 2023[352]. - Operating income increased by 51% to $868.1 million in 2024, compared to $576.5 million in 2023[352]. - Net income attributable to common shareholders was $546.8 million, or $11.30 per diluted share, compared to $225.4 million, or $4.67 per diluted share in 2023[381]. - Adjusted EBITDA for 2024 was $1,186.3 million, a 26% increase from $938.4 million in 2023[366]. - The company’s comprehensive income attributable to common shareholders was $491.4 million in 2024, up from $282.1 million in 2023, reflecting a growth of 74.3%[459]. - Basic earnings per common share improved to $11.51 in 2024, up from $4.73 in 2023, indicating a growth of 143.5%[459]. - Cash flows from operating activities improved to $785.3 million in 2024, up from $575.8 million in 2023[407]. Revenue Breakdown - Revenue from the United States dollar accounted for 61.5% of total revenue in 2024, up from 59.0% in 2023[347]. - The company reported a 15% increase in Work Dynamics revenue, reaching $16,197.6 million in 2024, compared to $14,131.1 million in 2023[352]. - Workplace Management revenue grew by 17% to $12,529.7 million, contributing to the overall revenue increase in the Work Dynamics segment[392]. - Capital Markets revenue increased by 15% to $2,040.4 million, driven by strong investor sentiment and activity in Investment Sales[389]. - Transactional revenue grew by 11%, with Leasing and Investment Sales showing strong performance, up 11% and 20% respectively[371][389]. Expenses and Liabilities - Total operating expenses increased by 12% to $22,564.8 million in 2024, up from $20,184.3 million in 2023[352]. - The provision for income taxes was $132.5 million, resulting in an effective tax rate of 19.5% for 2024[380]. - Total liabilities rose to $9,868.7 million in 2024, up from $9,654.9 million in 2023[457]. - Total operating expenses for 2024 were $22,564.8 million, an increase of 11.8% from $20,184.3 million in 2023[459]. Investments and Assets - The company invested in proptech funds and early to mid-stage companies to enhance its strategic position in the real estate technology landscape[316]. - Total assets increased to $16,763.8 million as of December 31, 2024, compared to $16,064.8 million in 2023[457]. - JLL Technologies had a carrying value of $812.7 million in investments as of December 31, 2024, primarily in early to mid-stage proptech companies[417]. - The company utilized $316.8 million for investing activities in 2024, an increase from $290.4 million in 2023, due to higher business acquisition volumes[408]. Tax and Goodwill - The company’s global effective tax rate is sensitive to changes in geographic profitability and is evaluated quarterly[322]. - The company evaluates goodwill for impairment at least annually, with the largest asset on the balance sheet being goodwill[310]. Market and Economic Influences - The company’s results are significantly influenced by macroeconomic trends, geopolitical environment, and global real estate markets[330]. - If interest rates were to increase by 50 basis points during 2024, the company's interest expense would rise by $6.9 million[341]. Operational Insights - The company employs over 112,000 employees, with approximately 53,900 being reimbursed by clients[468]. - The company has operations in over 90 countries, contributing to its global tax structure complexity[444]. - The company maintained effective internal control over financial reporting as of December 31, 2024[449]. Revenue Recognition - The company’s revenue recognition involves complex judgments regarding performance obligations and timing, impacting transaction commissions and advisory fees[309]. - Revenue recognition for LaSalle's transaction fees and incentive fees is generally constrained until all contingencies have cleared[498]. - JLL's performance obligation in Capital Markets is generally satisfied at the point in time upon which the performance obligation is met, leading to immediate revenue recognition[484]. Equity and Shareholder Information - Equity losses from JLL Technologies and LaSalle decreased by 64% to $76.4 million in 2024, down from $201.7 million in 2023[366]. - Company shareholders' equity increased to $6,771.5 million in 2024, compared to $6,293.8 million in 2023[457].

14.88 Fourth Quarter 2024 February 19, 2025 Cautionary note regarding forward-looking statements Statements in this presentation regarding, among other things, future financial results and performance, achievements, plans, objectives and share repurchases 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, the occurrence of which are outside JLL's control wh ...

Financial Data and Key Metrics Changes - Revenue in Q4 2024 grew double digits, with adjusted EBITDA increasing by 20% and adjusted EPS by 17% [10][11] - For the full year, adjusted EBITDA and adjusted EPS grew 28% and 38% respectively, significantly outpacing the 13% revenue growth [10][11] - Free cash flow generation improved, allowing for reinvestment in the business and capital return to shareholders [11] Business Line Data and Key Metrics Changes - Markets Advisory revenue growth was primarily driven by leasing, which saw double-digit growth across most geographies, particularly in the US, India, and Greater China [18] - Capital Markets experienced significant growth, with investment sales revenue increasing over 35% and global debt advisory revenue growing approximately 70% [23] - Work Dynamics revenue growth was led by new client wins and mandate expansion, with workplace management revenue growing nearly 30% on a two-year stack basis [25][26] Market Data and Key Metrics Changes - The US office leasing market is approximately 80% through the downsizing cycle, with 30% of leasing activity now representing new space requirements [73] - Industrial leasing is expected to stabilize in 2025, with demand remaining in line with pre-pandemic averages despite recent declines [77] Company Strategy and Development Direction - The company is focusing on enhancing operating efficiency and investing in technology, including AI capabilities through the JLL Partners platform [12][13] - Recent acquisitions aim to enhance technical capabilities and digital leasing platform capabilities [15] - The company plans to offset dilution from stock compensation through share repurchases while evaluating broader investment opportunities [16][80] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued growth in leasing activity, supported by stable business confidence and a recovering real estate cycle [22][41] - The outlook for 2025 anticipates a gradual recovery in transactional business lines, with adjusted EBITDA targets set between $1.25 billion and $1.45 billion [39][38] Other Important Information - The company reported a strong balance sheet with liquidity of $3.6 billion and net leverage reduced to 0.7 times [36] - A realignment of business segments took effect on January 1, 2025, aimed at improving client experience and operational synergies [43][44] Q&A Session Summary Question: What are the assumptions for the high and low ends of the EBITDA guidance range? - Management highlighted typical seasonality and the impact of a strengthening dollar, with the midpoint anchored in a gradual recovery for transactional business lines [51][52] Question: What are the expectations for incremental margins in 2025? - Management noted that while there were one-off items affecting margins in 2024, they expect margins to normalize and improve in 2025 [56][58] Question: Can you provide more detail on AI solutions and their impact? - Management indicated that numerous AI products are being rolled out, with a focus on increasing productivity and aligning business processes [65][66] Question: What is the outlook for office leasing in 2025? - Management reported that office leasing is showing signs of recovery, with positive absorption in the US and expectations for continued growth [72][73] Question: How is the company balancing share repurchases and M&A? - Management stated that share repurchases will depend on business performance and market conditions, with a commitment to offset dilution from stock compensation [80][81] Question: What are the expectations for profitability in the JLL Technologies segment? - Management aims for the segment to achieve profitability by 2026 while balancing investments for growth [116]

Core Insights - Jones Lang LaSalle (JLL) reported a revenue of $6.81 billion for Q4 2024, marking a year-over-year increase of 15.8% and an EPS of $6.15 compared to $4.23 a year ago, exceeding the Zacks Consensus Estimate of $6.48 billion by 5.03% [1] - The company demonstrated an EPS surprise of 6.03%, with the consensus EPS estimate being $5.80 [1] Revenue Performance - Revenue from Capital Markets - Loan Servicing was $40 million, below the average estimate of $44.77 million, reflecting a year-over-year change of +5% [4] - Revenue from LaSalle - Transaction fees and other reached $9.10 million, surpassing the estimate of $8.43 million, with a year-over-year increase of +23% [4] - Capital Markets revenue was reported at $706.40 million, exceeding the average estimate of $654.43 million, representing a +31.5% year-over-year change [4] - JLL Technologies generated $59.30 million, below the average estimate of $63.16 million, indicating a year-over-year decline of -9.5% [4] - Revenue from Capital Markets - Value and Risk Advisory was $111 million, slightly below the average estimate of $119.12 million, with a +3.1% year-over-year change [4] - LaSalle revenue was $160.60 million, significantly above the average estimate of $103.52 million, reflecting a +39.3% year-over-year increase [4] - LaSalle - Advisory fees totaled $95.70 million, exceeding the average estimate of $91.24 million, with a +3.1% year-over-year change [4] - Revenue from Capital Markets - Investment Sales, Debt/Equity Advisory and Other was $547.70 million, surpassing the average estimate of $490.54 million, representing a +40% year-over-year change [4] - LaSalle - Incentive fees reached $55.80 million, significantly above the average estimate of $3.85 million, indicating a remarkable +580.5% year-over-year increase [4] - Markets Advisory - Advisory, Consulting and Other generated $37.10 million, slightly above the estimate of $36.88 million, with an +8.8% year-over-year change [4] - Markets Advisory - Leasing revenue was $814.40 million, close to the estimate of $817.36 million, reflecting a +13.5% year-over-year change [4] Stock Performance - Shares of Jones Lang LaSalle returned +4% over the past month, compared to the Zacks S&P 500 composite's +4.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Jones Lang LaSalle (JLL) Q4 2024 Earnings Call February 19, 2025 09:00 AM ET Company Participants Brian Hogan - Global Head-Analytics & Insights, Interim Head-Investor RelationsChristian Ulbrich - Chief Executive Officer and PresidentKaren Brennan - Chief Financial OfficerAnthony Paolone - Executive DirectorJulien Blouin - Vice PresidentJade Rahmani - Managing Director Conference Call Participants Stephen Sheldon - Research Analyst - Technology, Media & CommunicationsNick Joseph - Analyst Operator and thank ...