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SEC Filings

JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
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  Description of Business--The Company leases and manages commercial real
estate properties for related and third parties and provides real estate
brokerage, development and consulting services to clients throughout the
United States. The financial statements have been prepared in accordance with
generally accepted accounting principles (GAAP). The preparation of financial
statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
  Principles of Combination--The accompanying combined financial statements
include the accounts of 1) The Galbreath Company and its subsidiary, Galbreath
Florida Region Partnership (collectively "Galbreath Ohio"); 2) The Galbreath
Company of California, Inc. ("Galbreath California"); and 3) Galbreath
Incorporated (formerly The Galbreath Company, Inc.) and its subsidiary, The
Galbreath Company L.P., and its affiliated entities (Galbreath Columbus Circle
Development Corp. and Galbreath Columbus Circle Development Associates L.P.)
(collectively "Galbreath New York"), collectively the "Company." Effective
December 31, 1996, Galbreath Incorporated was merged into The Galbreath
Company. Since the merger involves entities with common ownership, it was
accounted for similar to a pooling of interests. All of the combined entities
have common management and ownership. All significant intercompany balances
and transactions have been eliminated.
  Capital--At December 31, 1996, The Galbreath Company had 750 authorized
shares of no-par value common stock with 100 shares outstanding.
  At December 31, 1996, Galbreath California had 100 authorized and 10
outstanding shares of Class A Voting common stock without par value and 900
authorized and 90 outstanding shares of Class B Nonvoting common stock without
par value.
  At December 31, 1996, Galbreath Columbus Circle Development Corp. had 100
authorized and outstanding shares of no-par value common stock.
  Cash and Cash Equivalents--The Company considers all checking accounts, cash
funds and highly liquid debt instruments with original maturities of three
months or less to be cash equivalents. The Company's cash and cash equivalents
are held primarily at five financial institutions at December 31, 1996.
  Investment Securities--The Company's investment securities consist primarily
of two mutual funds totaling $2,932,106 at December 31, 1996. The investment
securities are classified as available for sale and are stated at market
value, which approximates cost.
  Investments in Real Estate Partnerships--Investments in real estate
partnerships (primarily Galbreath Middle-Atlantic General Partnership and The
Galbreath Company--Southeast) are accounted for using the equity method.
  Fixed Assets--Depreciation of fixed assets is computed using the straight-
line method over the estimated useful lives of the assets ranging from three
to ten years.
  Income Taxes--Each of the entities comprising the Company is treated as an S
Corporation or partnership for income tax purposes. Accordingly, taxable
income or loss is generally included in the separate income tax returns of the
Company's owners and is not taxable to the Company.

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