Print Page     Close Window     

SEC Filings

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

We evaluate our less-than-wholly-owned investments to determine whether the underlying entities are classified as variable interest entities ("VIEs"); we assess each identified VIE to determine whether we are the primary beneficiary. We have determined that we are the primary beneficiary of certain VIEs and accordingly, we have consolidated such entities. The assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities and the mortgage loans of the consolidated VIEs are non-recourse to JLL.
Summarized financial information for our consolidated VIEs is presented in the following tables.
(in millions)
September 30, 2017
December 31, 2016
Property and equipment, net
$
13.5

13.8

Investment in real estate ventures
9.1

10.3

Other current assets (1)
40.0

40.7

Total assets
$
62.6

64.8

Other current liabilities (1)
$
31.2

35.0

Mortgage indebtedness (included in Other liabilities)
9.3

9.7

Total liabilities
40.5

44.7

Members' equity (included in Noncontrolling interest)
22.1

20.1

Total liabilities and members' equity
$
62.6

64.8

(1) Balances primarily represent investment properties and their corresponding liabilities, classified as held for sale.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in millions)
2017
2016
 
2017
2016
Revenue
$
1.8

2.6

 
$
4.4

5.6

Operating and other expenses
(1.6
)
(3.7
)
 
(3.6
)
(5.7
)
Gain on sale of investment


 

13.3

Net income
$
0.2

(1.1
)
 
$
0.8

13.2

We allocate the members' equity and net income of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on our Condensed Consolidated Balance Sheets and as Net income attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income, respectively.
Impairment
There were no significant other-than-temporary impairment charges on Investments in real estate ventures for the three and nine months ended September 30, 2017 and 2016, respectively.
Fair Value
We report a majority of our investments in real estate ventures at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings from real estate ventures. The table below shows the movement in our investments in real estate ventures reported at fair value.
(in millions)
2017
2016
Fair value investments as of January 1,
$
212.7

155.2

Investments
21.2

59.8

Distributions
(22.5
)
(32.6
)
Change in fair value
17.9

14.2

Foreign currency translation adjustments, net
4.9

7.4

Fair value investments as of September 30,
$
234.2

204.0


16


© Copyright Jones Lang LaSalle, IP, Inc.