Financial Data and Key Metrics Changes - The company reported distributable earnings of $0.44 per share, adjusted net income of $0.22 per share, and adjusted EBITDA of $20.5 million for Q4 2025, all in line with expectations [4][17] - Recurring service revenues were approximately $45.5 million, a sequential increase of about $1.5 million, driven by increases in enterprise values at DHC, ILPT, and SVC [17] - The company expects recurring service revenues to decrease to approximately $42.5 million in the next quarter due to lost fee revenue from the sale of a life science business [17] Business Line Data and Key Metrics Changes - DHC's consolidated shop NOI increased 8% year over year to $29.6 million, with a 210 basis point increase in occupancy to 81.5% and a 5.3% increase in average monthly rates [5] - SVC completed the sale of 40 hotels for over $292 million and is on pace to sell a total of 121 hotels in 2025 for $959 million [6] - Seven Hills delivered solid performance with a fully performing $642 million loan portfolio and announced a rights offering to raise approximately $65 million in new equity [7][8] Market Data and Key Metrics Changes - The company arranged almost 1.4 million square feet of leases in the past quarter, with rental rates approximately 14% higher than previous rents for the same space [11] - The company believes that 2026 will be a better year for institutional investments in real estate, as recent conversations with potential partners have reinforced commitments to the U.S. and many sectors [12] Company Strategy and Development Direction - The company is focused on helping SVC drive EBITDA growth across its hotel portfolio while managing ongoing revenue displacement from renovation activity [6] - The company is pursuing new growth initiatives in the private capital space to drive future revenue and earnings growth [10] - The company is actively sourcing investment opportunities in the retail sector, aiming to build a portfolio of value-add multi-tenant retail properties [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic initiatives undertaken despite a continued unsettled economic environment [4] - The company anticipates a decline in adjusted EBITDA and distributable earnings per share in the next quarter primarily due to the sale of a life science business [20] - Management remains committed to supporting OPI during its restructuring process and believes the restructuring support agreement will strengthen OPI's financial position [9] Other Important Information - The company ended the quarter with $162 million of total liquidity, including $62 million in cash and $100 million of capacity on its undrawn revolving credit facility [20] - The company has agreed to backstop the rights offering for Seven Hills, demonstrating confidence in its business prospects [8] Q&A Session Summary Question: Does OPI's fee go up quarter to quarter? - The fee is effectively flat, with a fixed fee of $14 million per year for the first two years post-bankruptcy [26][27] Question: Where does shopping centers fit in the private capital strategy? - The company has core competency in retail and is looking to build a track record in investing in neighborhood and grocery-anchored shopping centers [29][30] Question: Any updates on the rights offering? - It is too early to tell how many shareholders will exercise their rights, but there is interest from new shareholders in buying rights from those who do not want to exercise [52] Question: What is the expected impact of the loss of managing AlerisLife? - A $1 million decrease in fee revenue is expected in the coming quarter, with an additional $400,000 reduction in fiscal Q2 [38] Question: How flexible is G&A spending if OPI's portfolio changes? - The company believes it could significantly reduce costs if it were not managing a large office portfolio, as office management is the most intensive [46]

Core Insights - Jones Lang LaSalle (JLL) reported a revenue of $6.51 billion for the quarter ended September 2025, reflecting a year-over-year increase of 10.9% [1] - The earnings per share (EPS) for the quarter was $4.50, up from $3.50 in the same quarter last year, indicating a strong performance [1] - The reported revenue exceeded the Zacks Consensus Estimate of $6.46 billion by 0.83%, while the EPS surpassed the consensus estimate of $4.24 by 6.13% [1] Financial Performance Metrics - Adjusted EBITDA for Leasing Advisory / Markets Advisory was $136.9 million, below the average estimate of $143.71 million from three analysts [4] - Adjusted EBITDA for Capital Markets reached $89.9 million, exceeding the average estimate of $80.36 million [4] - Adjusted EBITDA for Investment Management was $23.7 million, lower than the average estimate of $27.28 million [4] - Adjusted EBITDA for Software & Technology Solutions reported a loss of $1.1 million, better than the average estimate of a loss of $5.78 million [4] - Adjusted EBITDA for Real Estate Management Services was $102.2 million, slightly above the average estimate of $100.35 million [4] Stock Performance - Over the past month, shares of Jones Lang LaSalle have returned +4.5%, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Jones Lang LaSalle Incorporated (JLL) reported a sixth consecutive quarter of double-digit revenue growth, with diluted earnings per share increasing by 45% to $4.61 [1] - The company achieved a 10% increase in total revenue for the third quarter of 2025, amounting to $6.51 billion, with Transactional revenues up 13% and Resilient revenues up 9% [5][6] - JLL's diversified platform and strong performance in various segments, particularly Capital Markets Services and Real Estate Management Services, contributed to the overall financial success [4][20] Financial Results - Total revenue for Q3 2025 was $6,510.4 million, an 11% increase compared to Q3 2024 [6] - Net income attributable to common shareholders rose by 44% to $222.8 million for the quarter, with a year-to-date increase of 28% to $390.4 million [8] - Adjusted diluted earnings per share increased by 28% to $4.50, while Adjusted EBITDA grew by 17% to $347.3 million [8][19] Revenue Breakdown - Real Estate Management Services revenue increased by 10% to $4,982.4 million, driven by Project Management and Workplace Management [16] - Capital Markets Services revenue surged by 23% to $612.1 million, with significant growth in debt advisory, investment sales, and equity advisory [20] - Leasing Advisory revenue grew by 7% to $741.9 million, with notable contributions from the office sector in the U.S. [18] Cash Flow and Capital Allocation - Cash flows from operating activities reached $617.1 million, a 136% increase compared to the previous year, marking the highest level since 2021 [10] - Free cash flow for the quarter was $567.6 million, reflecting a 162% increase year-over-year [10] - Share repurchases totaled $70 million in Q3 2025, bringing the year-to-date total to $131.2 million, up 118% from the prior year [5] Segment Performance - The Real Estate Management Services segment saw a 10% revenue increase, with Project Management up 25% and Workplace Management up 8% [16] - Capital Markets Services experienced a 22% growth in investment sales, significantly outpacing the broader market [20] - The Leasing Advisory segment reported an 8% increase in revenue, driven by strong performance in the U.S. office market [18]

Core Insights - Shares of Jones Lang LaSalle Incorporated (JLL) have increased by 28.1% over the past three months, significantly outperforming the industry average gain of 12% [1][10] - The company is expected to benefit from the strength of its resilient business lines and favorable outsourcing trends, with a focus on data-driven technology leading to increased client engagement [1][4] - JLL's strategic investments aimed at market consolidation are anticipated to yield positive results [1] Financial Performance - For Q2 2025, JLL reported adjusted earnings per share of $3.30, up from $2.55 in the same quarter last year, reflecting a year-over-year revenue increase [2] - The company has raised its 2025 adjusted EBITDA guidance to a range of $1.30-$1.45 billion, compared to the previous guidance of $1.25-$1.45 billion [5][10] Business Segments and Trends - JLL's Real Estate Management Services segment is well-positioned to capitalize on the growing trend of outsourcing real estate services, particularly in the post-pandemic environment [6] - The company is experiencing strong growth in its Workplace Management and Project Management sectors, which are driving revenue increases [2][10] - New contract wins and service expansions with existing clients are expected to enhance JLL's performance in the near future [7] Financial Health - As of Q2 2025, JLL maintained $3.32 billion in corporate liquidity and a net leverage ratio of 1.2X, indicating strong balance sheet strength [8][11] - The company holds investment-grade ratings of Baa1 from Moody's and BBB+ from S&P Global, which supports its ability to borrow at favorable rates [11]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $0.28 per share, distributable earnings of $0.43 per share, and adjusted EBITDA of $20.1 million, all in line with expectations [4][11] - Recurring service revenues were approximately $44 million, a sequential decrease of about $1.5 million, primarily due to lower property management fees at RMR Residential [11] - The company expects service revenues to increase to approximately $45 million next quarter based on favorable trends in managed REITs [11] Business Line Data and Key Metrics Changes - The Managed REITs have seen share price improvements, particularly for DHC and ILPT, which have increased substantially year to date [4] - The private capital business totals over $12 billion, with a focus on retail, residential, credit, and select development opportunities [4] - The retail sector is accumulating a portfolio of value-add multi-tenant retail assets valued at approximately $100 million, with a recent investment of $21 million in a community shopping center [5] Market Data and Key Metrics Changes - DHC's same property cash basis NOI increased by 18.5% year over year, driven by strong sector fundamentals [8] - SVC's RevPAR increased by 40 basis points year over year, outperforming the industry by 90 basis points despite renovation-related revenue displacement [9] - ILPT refinanced $1.2 billion of floating rate debt with new fixed-rate debt at a weighted average interest rate of 6.4% [9] Company Strategy and Development Direction - The company is focused on strategic initiatives for Managed REITs and private capital business, including deleveraging actions through asset sales and refinancings [4] - The residential sector is expected to benefit from decelerating supply growth and favorable migration trends, targeting mid to high teen returns [6] - The company aims to grow private capital AUM over the long term, with recent hiring of a Senior Vice President to enhance capital formation efforts [7] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing economic uncertainty but remains focused on strategic initiatives [4] - The fundraising environment for private capital is challenging but showing signs of improvement, with expectations of continued ramp-up in the next six months [20] - The company anticipates adjusted EBITDA of approximately $20.5 million and distributable earnings between $0.44 and $0.46 per share for the next quarter [15] Other Important Information - The company expects to end the fiscal year with approximately $60 million in cash and no borrowings on its $100 million line of credit [15] - The dividend is funded through two sources: ARMOUR LLC and RMR Inc, with a coverage ratio of 74% from the operating business [45] Q&A Session Summary Question: What is the outlook for the fundraising environment on the private capital side? - Management acknowledged that while the fundraising environment remains challenging, it is improving, with increased meetings with potential capital providers [18][20] Question: Can you elaborate on the RMR Residential Enhanced Growth Venture? - The venture will include five assets, with a total equity investment of just under $100 million, aimed at attracting committed capital from investors [22][24] Question: What is the expected size of the fundraising on the residential side? - The goal is to raise about $300 million of equity for the residential venture, seeded with just under $100 million of assets [29] Question: How does the company view the performance of RMR Residential? - The current run rate is expected to remain steady until the fundraising environment normalizes, with AUM currently at about $4.6 billion [35][55] Question: What is the rationale behind the dividend coverage? - The dividend is funded through operating business contributions and cash reserves, with a focus on maintaining coverage as the business grows [45][47]

Financial Performance - JLL's Q2 2025 revenue increased by 11% in USD (10% in local currency) to $6250 million compared to $5629 million in Q2 2024[29] - Adjusted EBITDA for Q2 2025 was $292 million, an 18% increase in USD (17% in local currency) compared to $246 million in Q2 2024[29] - Adjusted Net Income for Q2 2025 rose by 29% in both USD and local currency to $159 million, compared to $123 million in Q2 2024[29] - Adjusted Diluted EPS also increased by 29% to $330 in Q2 2025, up from $255 in Q2 2024[29] - Year-to-date 2025 revenue reached $11997 million, a 12% increase in both USD and local currency compared to $10753 million in the first six months of 2024[33] - The company is targeting an Adjusted EBITDA of $1300-$1450 million for 2025[68] Business Segment Performance - Real Estate Management Services revenue grew by 11% in local currency, reaching $4894 million in Q2 2025[35, 38] - Capital Markets Services revenue increased by 12% in local currency to $520 million in Q2 2025[35, 47] - Leasing Advisory revenue grew by 5% in local currency to $677 million in Q2 2025[35, 43] Capital Markets and Investment Trends - Global direct investment growth moderated to 13% in local currency (14% in USD) in Q2 2025[10] - Share repurchases totaled $41 million in Q2 2025, bringing the year-to-date total to $61 million[64]

Core Viewpoint - The upcoming earnings report from Jones Lang LaSalle (JLL) is anticipated to show significant growth in earnings per share and revenue compared to the previous year, indicating a positive outlook for the company. Financial Performance - JLL is expected to report quarterly earnings of $3.20 per share, reflecting a 25.5% increase year-over-year [1] - Analysts forecast revenues of $6.11 billion, representing an 8.5% increase compared to the same period last year [1] Earnings Projections - There has been a 0.2% upward revision in the consensus EPS estimate over the past 30 days, indicating analysts have adjusted their projections positively [2] - Changes in earnings projections are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate trends and short-term stock price movements [3] Revenue Estimates by Segment - Revenue from Total Investment Management is projected to reach $104.80 million, a 2.2% increase year-over-year [5] - Revenue from Leasing Advisory / Markets Advisory is estimated at $667.26 million, indicating a significant decline of 38.2% from the previous year [5] - Revenue from Capital Markets is expected to be $498.67 million, reflecting a 9% increase year-over-year [6] - Revenue from Capital Markets - Loan Servicing is projected at $43.59 million, a 5% increase from the prior year [6] - Revenue from Capital Markets - Value and Risk Advisory is estimated at $95.85 million, showing a slight increase of 0.1% [6] - Revenue from Capital Markets - Investment Sales, Debt/Equity Advisory and Other is expected to be $359.57 million, indicating a 12.3% increase year-over-year [7] - Revenue from Software & Technology Solutions is projected at $58.02 million, a 2.9% increase from the prior year [8] - Revenue from Leasing Advisory / Markets Advisory - Leasing is expected to reach $644.81 million, reflecting a 4.2% increase [8] - Revenue from Real Estate Management Services - Workplace Management is projected at $242.68 million, indicating a drastic decline of 92% [9] - Revenue from Real Estate Management Services - Project Management is expected to be $249.44 million, reflecting a 68.4% decrease year-over-year [10] Stock Performance - Over the past month, JLL shares have returned +4.6%, outperforming the Zacks S&P 500 composite's +1% change [11] - JLL currently holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [11]

Core Viewpoint - Colliers International reported strong quarterly earnings, exceeding expectations and showing significant year-over-year growth in both earnings and revenues [1][2]. Financial Performance - The company achieved earnings of $1.72 per share, surpassing the Zacks Consensus Estimate of $1.49 per share, and up from $1.36 per share a year ago, representing an earnings surprise of +15.44% [1]. - Revenues for the quarter reached $1.35 billion, exceeding the Zacks Consensus Estimate by 4.08%, and up from $1.14 billion in the same quarter last year [2]. Market Performance - Colliers International shares have increased approximately 8.7% since the beginning of the year, outperforming the S&P 500's gain of 8.2% [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]. Future Outlook - The consensus EPS estimate for the upcoming quarter is $1.58 on revenues of $1.32 billion, and for the current fiscal year, it is $6.41 on revenues of $5.38 billion [7]. - The outlook for the Real Estate - Operations industry is positive, ranking in the top 32% of over 250 Zacks industries, suggesting potential for outperformance [8].

Financial Data and Key Metrics Changes - The company reported double-digit revenue gains across both resilient and transactional businesses, with a 28% growth in adjusted EPS [6][7] - Adjusted EBITDA margin improved due to higher transactional revenues and operating efficiency [24][28] Business Line Data and Key Metrics Changes - Real Estate Management Services saw revenue growth led by Workplace Management, with nearly 30% increase on a two-year stacked basis [16] - Leasing Advisory experienced broad-based revenue growth, with an 18% increase in office leasing and a 14% increase in industrial leasing [19] - Capital Markets Services reported over 45% growth in debt advisory and 15% growth in investment sales [22] Market Data and Key Metrics Changes - U.S. office leasing increased for the fifth consecutive quarter, exceeding first quarter 2019 levels, although large transactions remain approximately 30% below pre-pandemic averages [20][58] - The industrial market showed a 14% revenue growth in the U.S., despite a 20% decline in overall market volume [61] Company Strategy and Development Direction - The company is focused on profitable and sustainable growth, investing in technology and people to enhance service delivery [8][30] - There is a strategic shift towards globalizing the Property Management business and capitalizing on outsourcing trends [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that while the current economic climate presents challenges, the company remains confident in its strategy and long-term growth drivers [8][33] - The company is maintaining its full-year adjusted EBITDA target range of $1,250 million to $1,450 million, reflecting resilience in its operations [30][31] Other Important Information - The company has a strong liquidity position with $3.3 billion in total liquidity and a net leverage ratio of 1.4 times, down from 1.9 times a year earlier [29] - Leadership changes were announced, with Karen taking on a new role as CEO of Leasing Advisory and Kelly Howe succeeding her as CFO [12][13] Q&A Session Summary Question: How does the company underwrite long-term political risk? - Management acknowledged increased uncertainty and decreased visibility but emphasized the need for GDP growth, which correlates with their operations [36][38] Question: Will macro uncertainty affect real estate outsourcing? - Management indicated that companies may still seek to outsource for cost-cutting, but decision-making may slow due to lack of visibility [39][41] Question: What are the growth expectations for Real Estate Management Services? - Management expects high single-digit to low double-digit growth, with some downward pressure in the current year due to evolving property management integration [47][50] Question: How is the company addressing capital raising and asset management? - Management noted a significant increase in capital raised in Q1 2025 compared to the previous year, with expectations for continued investment opportunities [54] Question: Are there geographic trends in the office market? - Management observed strong performance in the West Coast and mixed results in gateway cities, with secondary markets improving [83] Question: How is hiring being managed in the current environment? - Management stated that hiring plans are tailored to market conditions, with a cautious approach in uncertain times [86]

Core Insights - Jones Lang LaSalle Incorporated (JLL) reported a 13% year-over-year increase in revenue for Q1 2025, reaching $5.746 billion, with both Resilient and Transactional revenues achieving double-digit growth [1][4][7] - Adjusted diluted earnings per share increased by 28% to $2.31, while diluted earnings per share decreased by 19% to $1.14 due to non-cash losses [1][6] - The company emphasized its focus on platform differentiation, efficiency, and resiliency, which contributed to the strong revenue growth despite a volatile market backdrop [2][3] Revenue Performance - Total revenue for Q1 2025 was $5,746.4 million, up from $5,124.5 million in Q1 2024, reflecting a 12% increase in USD and a 13% increase in local currency [3][4] - Resilient revenues grew by 13%, driven by Workplace Management (up 15%) and Project Management (up 16%), while Transactional revenues increased by 14%, led by Leasing Advisory (up 15%) and Capital Markets Services (up 16%) [4][7][21] - Real Estate Management Services revenue rose to $4,569.4 million, a 12% increase from the previous year, with significant contributions from Workplace and Project Management [3][15] Profitability Metrics - Adjusted EBITDA for Q1 2025 was $224.8 million, a 20% increase from $187.1 million in Q1 2024, driven by revenue growth and improved platform leverage [6][8] - Net income attributable to common shareholders was $55.3 million, down 16% from $66.1 million in the prior year, while adjusted net income increased by 30% to $111.6 million [6][9] Cash Flow and Capital Allocation - Cash flows from operating activities were negative at $(767.6) million, a 13% decline from $(677.5) million in Q1 2024, primarily due to timing of net reimbursables and higher commission payments [9][44] - Free cash flow also decreased by 13% to $(812.1) million compared to $(720.7) million in the previous year [9] Segment Performance - Leasing Advisory revenue increased by 13% to $586.1 million, with broad-based growth across asset classes, particularly in the U.S. [20][21] - Capital Markets Services revenue grew by 15% to $435.3 million, with notable performance in debt advisory and investment sales, particularly in the U.S. [23][25] - Investment Management revenue decreased by 5% to $98.5 million, primarily due to lower assets under management [27][28] Debt and Liquidity - Total net debt increased to $1,754.0 million as of March 31, 2025, compared to $800.6 million at the end of 2024, reflecting seasonal compensation payments and a $100 million investment in JLL Income Property Trust [12][13] - Corporate liquidity stood at $3,312.4 million, down from $3,616.3 million at the end of 2024 [12] Organizational Changes - Effective January 1, 2025, JLL implemented changes in its reporting segments to better align with client needs and industry dynamics, including renaming and restructuring certain segments [14]