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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>
 
            LA SALLE PARTNERS LIMITED PARTNERSHIP AND SUBSIDIARIES
 
       LA SALLE PARTNERS MANAGEMENT LIMITED PARTNERSHIP AND SUBSIDIARIES
 
              NOTES TO COMBINED FINANCIAL STATEMENTS--(CONTINUED)
 
 
 Subordinated Loans
 
  Subordinated loans consist of Class A and Class B unsecured notes payable to
DSA. The amounts outstanding on the Class A and Class B notes were $37,213 at
December 31, 1995 and 1996. Interest is payable annually on December 31 at a
rate of 10%.
 
  Aggregate principal payments related to long-term debt due in each of the
next five years ending December 31 are as follows:
 

<TABLE>
<CAPTION>
                                                    CREDIT
                                                   FACILITY SUBORDINATED  TOTAL
                                                   -------- ------------ -------
      <S>                                          <C>      <C>          <C>
      1997........................................ $ 5,957    $ 3,107    $ 9,064
      1998........................................   5,617      3,106      8,723
      1999........................................   5,192      3,100      8,292
      2000........................................   5,107      3,100      8,207
      2001........................................   3,843      3,100      6,943
      Thereafter..................................   1,686     21,700     23,386
                                                   -------    -------    -------
                                                   $27,402    $37,213    $64,615
                                                   =======    =======    =======
</TABLE>

 
  The credit facility is subject to renewal in September 1999. In the event
the lender does not renew the credit facility, all amounts outstanding will be
due on that date. The above payment table assumes the facility will be
renewed.
 
(8) LEASES
 
  The Partnerships lease office space in various buildings for its own use
with remaining lease terms ranging from one to ten years. The terms of these
operating leases provide for the Partnerships to pay base rent and a share of
increases in operating expenses and real estate taxes in excess of defined
amounts.
 
  Minimum future lease payments (i.e., base rent) due in each of the next five
years ending December 31 are as follows:
 

<TABLE>
<CAPTION>
                                                      AMOUNT
                                                     --------
           <S>                                       <C>
           1997..................................... $  3,940
           1998.....................................    3,384
           1999.....................................    3,308
           2000.....................................    3,203
           2001.....................................    2,964
           Thereafter...............................   11,866
                                                     --------
                                                     $ 28,665
                                                     ========
</TABLE>

 
  Rent expense was $4,825, $5,597 and $6,117 during 1994, 1995 and 1996,
respectively. Of these amounts, $2,726, $2,560 and $218 were paid to
affiliates during 1994, 1995 and 1996, respectively.
 
  In anticipation of the expiration of one of its leases on July 31, 1997, the
Partnerships executed a lease to relocate its corporate headquarters in
February 1996. The present value of the net lease obligation from the date of
the move through the end of the current lease term was accrued during 1994
when the Partnerships committed to the relocation plan. Such accrual,
aggregating $3,503, is being amortized as paid over the remaining lease term.
The lease payments related to this period have not been included in the
schedule of minimum future lease payments.
 
                                     F-14


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