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SEC Filings

10-Q
JONES LANG LASALLE INC filed this Form 10-Q on 11/06/2017
Entire Document
 

 
MSRs
 
Other Intangibles
 
 
(in millions)
Americas
 
Americas
EMEA
Asia Pacific
LaSalle
 
Consolidated
Gross Carrying Amount
 
 
 
 
 
 
 
 
Balance as of December 31, 2015
$
171.6

 
125.5

48.5

14.3

6.3

 
$
366.2

Additions, net of adjustments
17.0

 
38.6

51.8

5.7


 
113.1

Impairments (1)

 



(6.5
)
 
(6.5
)
Impact of exchange rate movements

 
(0.3
)
(4.7
)
0.5

0.3

 
(4.2
)
Balance as of September 30, 2016
$
188.6

 
163.8

95.6

20.5

0.1

 
$
468.6

 
 
 
 
 
 
 
 
 
Accumulated Amortization
 
 
 

 

 

 

 
 

Balance as of December 31, 2015
$
(8.6
)
 
(88.4
)
(32.6
)
(9.3
)
(0.1
)
 
$
(139.0
)
Amortization, net (2)
(17.8
)
 
(7.7
)
(7.0
)
(1.3
)

 
(33.8
)
Impact of exchange rate movements

 
0.4

3.5

(0.2
)

 
3.7

Balance as of September 30, 2016
$
(26.4
)
 
(95.7
)
(36.1
)
(10.8
)
(0.1
)
 
$
(169.1
)
 
 
 
 
 
 
 
 
 
Net book value as of September 30, 2016
$
162.2

 
68.1

59.5

9.7


 
$
299.5

(1) In the third quarter of 2016, we fully impaired an indefinite-lived intangible asset related to a 2011 acquisition of an Australian property fund management business.
(2) Amortization of MSRs is included in Revenue within the Condensed Consolidated Statements of Comprehensive Income.
The remaining estimated future amortization expense of MSRs and other identifiable intangible assets, by year, as of September 30, 2017, is presented in the following table.
(in millions)
MSRs
Other Intangibles
 
Total
2017 (3 months)
$
7.7

11.9

 
$
19.6

2018
30.0

24.2

 
54.2

2019
26.9

22.2

 
49.1

2020
24.2

19.5

 
43.7

2021
20.4

13.3

 
33.7

2022
17.4

13.5

 
30.9

Thereafter
55.1

12.3

 
67.4

Total
$
181.7

116.9

 
$
298.6

5.
INVESTMENTS IN REAL ESTATE VENTURES
As of September 30, 2017 and December 31, 2016, we had Investments in real estate ventures of $372.5 million and $355.4 million, respectively.
Approximately 70% of our investments are in 46 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement. Our investment ownership percentages in these funds generally range from less than 1% to 10%. The remaining 30% of our Investments in real estate ventures, as of September 30, 2017, were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest in certain real estate ventures that own and operate real estate. Of our investments attributable to investment vehicles, the majority was invested in LaSalle Investment Company II ("LIC II"), in which we held an effective ownership interest of 48.78%.
We have maximum potential unfunded commitments to direct investments or investment vehicles of $222.2 million as of September 30, 2017, of which $65.4 million relates to our commitment to LIC II.

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