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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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  Corporate and Financial Services. The Corporate and Financial Services
segment's revenue, which represented approximately 24.6% of the Company's
total revenue in 1995, increased $2.2 million, or 6.3%, to $37.3 million in
1995 from $35.1 million in 1994. The revenue growth resulted from $3.7 million
of increased revenue from tenant representation activities. The tenant
representation business completed 132 transactions totaling 3.6 million square
feet in 1995, compared with 98 transactions totaling 3.8 million square feet
in 1994. Although the total square footage of transactions in 1995 was
slightly less than in 1994, revenue per square foot increased due to a
concentration of activity in cities with higher average rents. Revenue gains
were offset principally by decreased revenue from its investment banking
activities. The reduction in the Company's investment banking revenue was
primarily attributable to senior personnel being dedicated to the development
of new products and initiatives in 1995, including CMBS and hotel investments,
rather than new business development.
 
  Operating expenses increased $1.2 million, or 4.2%, to $29.5 million in 1995
from $28.3 million in 1994. As a percentage of revenue, operating expenses
represented 79.1% in 1995 compared to 80.7% in 1994. The 1994 operating
expenses for this segment were adversely affected by the one-time allocation
of the headquarters relocation charge. The Corporate and Financial Services
segment's operating income, which represented 38.8% of the Company's total
operating income in 1995, increased $1.0 million in 1995, or 15.2%, to $7.8
million in 1995 from $6.8 million in 1994. The increase was a result of the
strengthening of the real estate market, increased tenant representation fees
and the investment in a commercial land and residential development entity. As
a percentage of segment revenue, operating income increased to 20.9% in 1995
from 19.3% in 1994.
 
  Investment Management. The Investment Management segment's revenue, which
represented 34.7% of the Company's total revenue in 1995, increased $13.4
million, or 33.9%, to $52.7 million in 1995 from $39.4 million in 1994. The
substantial majority of the increase in revenue was associated with the ABKB
acquisition, partially offset by a $7.0 million decrease in commingled fund
revenue. This decline in commingled fund revenue was primarily attributable to
the voluntary reduction in fees in 1995, as well as sales of real estate
assets held by such funds. In addition, as a result of the downturn in real
estate markets, commingled fund advisory fees, which are calculated as a
percentage of real estate net asset value ("NAV"), declined because of such
reductions in property NAVs.
 
  Operating expenses increased $18.1 million, or 54.2%, to $51.5 million in
1995 from $33.4 million in 1994. The substantial majority of the increase is
associated with the ABKB acquisition and the amortization of the related
goodwill and intangible assets in addition to certain one-time expenses
incurred in 1995 totaling $2.0 million related to the restructuring of this
segment. As a percentage of revenue, operating expenses increased to 97.7% in
1995 from 84.9% in 1994. The Investment Management segment's operating income,
which represented 6.0% of the Company's total operating income in 1995,
decreased $4.7 million to $1.2 million in 1995 from $6.0 million in 1994. As a
percentage of segment revenue, operating income decreased to 2.3% in 1995 from
15.1% in 1994.
 
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