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SEC Filings

S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/03/1997
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relocations or lease extensions. Approximately 79% of tenant representation
revenue in 1996 was generated from strategic alliances with large corporations
or professional service firms.
 
  Operating expenses for the Corporate and Financial Services segment
increased $6.4 million, or 21.7%, to $35.9 million in 1996 from $29.5 million
in 1995, principally as a result of higher staffing levels to meet the higher
levels of activity throughout the year and as a result of increased incentive
compensation earned by employees. The Corporate and Financial Services
segment's operating income, which represented 40.2% of the Company's total
operating income in 1996, increased $3.0 million in 1996, or 38.6%, to $10.8
million in 1996 from $7.8 million in 1995. As a percentage of segment revenue,
operating income increased to 23.1% in 1996 from 20.9% in 1995.
 
  Investment Management. The Investment Management segment's revenue, which
represented 33.3% of the Company's total revenue in 1996, increased $5.9
million, or 11.1%, to $58.6 million in 1996 from $52.7 million in 1995. The
net gain in revenue was primarily attributable to growth in the Company's
European advisory business resulting from the CIN Property Management
acquisition in October 1996, and, to a lesser extent, the increase in assets
under management from the Company's co-investment activities and the Company's
securities advisory business. Strong fundamentals in the publicly traded real
estate securities markets during 1996, and the resulting capital inflows to
this sector, contributed to the growth in the Company's securities advisory
business.
 
  Revenue was negatively impacted by a $1.0 million decline in investment
management fees from the Company's four large commingled funds in 1996, as a
result of the sale of several commingled fund assets during the year. The
funds had a net asset value of $726 million at the end of 1996, compared to
$983 million at the end of 1995. Investment Management segment revenue from
these funds, which totaled $5.9 million in 1996, will continue to decline as
substantially all of the remaining properties are expected to be sold by the
end of 1998.
 
  Operating expenses increased $1.7 million, or 3.3%, to $53.2 million in 1996
from $51.5 million in 1995. The increase is primarily attributable to
additional operating expenses and amortization of goodwill and intangible
assets associated with the acquisition of CIN Property Management totaling
$2.6 million and, to a lesser extent, to employee relocation costs totaling
$1.2 million. The 1996 increase in expenses was offset by $2.0 million in
certain one-time expenses incurred in 1995 related to the reorganization of
this segment.
 
  Operating income, which represented 19.9% of the Company's total operating
income in 1996, increased $4.1 million to $5.3 million in 1996 from $1.2
million in 1995. As a percentage of segment revenue, operating income
increased to 9.2% in 1996 from 2.3% in 1995.
 
 
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