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SEC Filings

S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
Entire Document
 
<PAGE>
 
                     THE GALBREATH COMPANY AND AFFILIATES
 
              NOTES TO COMBINED FINANCIAL STATEMENTS--(CONTINUED)
 
borrowed under the term note are payable in installments from November 1997 to
October 2000. Loans under the financing agreement are secured by accounts
receivable and a pledged securities account. The agreements are subject to a
Subordination Agreement which limits the repayment of certain related party
debt and requires compliance with various covenants. No amounts are
outstanding at December 31, 1996.
 
7. OPERATING LEASES
 
  The Company leases certain equipment and office space under operating lease
agreements. Total lease expense for 1996 was $2,810,522 net of sublease
rentals of $82,715. Minimum future rental payments under these leases at
December 31, 1996 are as follows:
 

<TABLE>
<CAPTION>
                               RELATED
                    ALL OTHERS  PARTY
                    ---------- --------
      <S>           <C>        <C>
      Year:
        1997        $1,084,935 $ 87,785
        1998           634,524   35,581
        1999           557,867   12,052
        2000           405,895
        2001           112,187
        Thereafter      84,651
                    ---------- --------
      Total         $2,880,059 $135,418
                    ========== ========
</TABLE>

 
8. RELATED PARTY TRANSACTIONS
 
  The Company manages, leases and develops various real estate properties
owned, in part, by entities in which certain owners of the Company have an
interest. Total related party fees from these entities were $3,819,000 in
1996.
 
  The Company incurred leasing commissions, rent and other operating expenses
to entities in which certain owners of the Company have an interest. Total
related party operating expenses incurred to these entities were $348,000 in
1996.
 
  At December 31, 1996, the Company has long-term note receivables of $335,015
due from three related parties in which certain owners of the Company have
interests. These notes bear interest at 9.52%-10% and are due in installments
through May 2000.
 
9. SUBSEQUENT EVENT
 
  On April 22, 1997, The Galbreath Company and The Galbreath Company of
California, Inc. merged with LaSalle Partners Limited Partnership and LaSalle
Partners Management Limited Partnership, a full-service real estate firm that
provides management services, corporate and financial services and investment
management services to corporations and other worldwide real estate owners,
users and investors.
 
10. INTERIM INFORMATION (UNAUDITED)
 
  The interim condensed combined financial statements are unaudited but, in
the opinion of management, reflect all adjustments necessary for a fair
presentation of the results of operations and financial position for such
periods. All such adjustments reflected in the interim condensed combined
financial statements are considered to be of a normal recurring nature. The
results of operations for any interim period are not necessarily indicative of
results for the full year. These financial statements should be read in
conjunction with the financial statements and notes thereto for the year ended
December 31, 1996.
 
                                     F-27


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