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SEC Filings

JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
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  LaSalle Partners is a leading full service real estate firm that provides
management services, corporate and financial services and investment
management services to corporations and other real estate owners, users and
investors worldwide. The Management Services segment provides three primary
service capabilities: (i) property management and leasing for property owners;
(ii) facility management for properties occupied by corporate owners and
users; and (iii) development management for both investors and real estate
users seeking to develop new buildings or renovate existing facilities. The
Corporate and Financial Services segment provides transaction and advisory
services through three primary service capabilities: (i) tenant representation
for corporations and professional service firms; (ii) investment banking
services to address the financing, acquisition and disposition needs of real
estate owners; and (iii) land acquisition and development services for owners,
users and developers of land. The Investment Management segment provides real
estate investment management services to institutional investors, corporations
and high net worth individuals.
  The Company has benefited from the recovery in real estate markets which
began in 1993. Specifically, rising rental and occupancy rates have positively
affected revenue for the Company's property management and leasing and tenant
representation businesses. In addition, improving real estate property values
and improved trading values for public real estate securities have resulted in
higher revenue for the Company's Investment Management segment. The Company's
revenue has increased at a compound rate of 17.7%, 12.4% and 14.2% for the
three year, five year and ten year periods ended December 31, 1996,
  The Company is pursuing a strategy of selective acquisitions in order to
expand its capability to serve clients and strengthen its position as an
industry leader. As a result of the merger of Galbreath with the Company, the
Company added 71 million square feet to its property and facility management
portfolio, added new client relationships and expanded its market coverage.
Previously, with the acquisition of ABKB's real estate business in late 1994
and with the 1996 purchase of CIN Property Management, the Company added
approximately $5.3 billion to its assets under management, extended the
Company's securities advisory capabilities and established the Company as the
fourth largest manager of institutional real estate equity investments in the
United Kingdom.
  The Pro Forma Consolidated Financial Statements included elsewhere herein
give effect to, among other things, the merger of Galbreath with the Company,
the Incorporation Transactions and the Offering. See "Pro Forma Consolidated
Financial Statements."
  On a pro forma basis, the Company's total revenue for the three months ended
March 31, 1997 was $43.4 million, compared to actual historical revenue of
$36.0 million. Pro forma total revenue of Galbreath includes fees generated
primarily from management services activities, such as property management and
leasing, facility management and development management assignments. Total
revenue of Galbreath also includes other income which consists of revenue
generated from the management of various insurance programs on behalf of
properties, investment income and other miscellaneous income.
  Pro forma operating loss for the Company for the three months ended March
31, 1997 was $2.9 million compared to actual historical operating loss of $3.3
million. The decrease in operating loss on a pro forma basis is primarily the
result of the addition of $.9 million of pro forma Galbreath operating income,
including the effect of eliminating the net excess costs associated with
Galbreath's tenant representation and investment banking units which are being
disposed of or eliminated by the Company, partially offset by $.3 million of
amortization of management contracts and goodwill associated with the merger
and $.2 million of incremental expense associated with public ownership.

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