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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
 
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            LA SALLE PARTNERS LIMITED PARTNERSHIP AND SUBSIDIARIES
 
       LA SALLE PARTNERS MANAGEMENT LIMITED PARTNERSHIP AND SUBSIDIARIES
 
              NOTES TO COMBINED FINANCIAL STATEMENTS--(CONTINUED)
 
 
 Interim Information
 
  The combined financial statements as of March 31, 1997 and for the three
months ended March 31, 1997 and 1996 are unaudited; however, in the opinion of
management, all adjustments (consisting solely of normal recurring
adjustments) necessary for a fair presentation of the combined financial
statements for these interim periods have been included. The results for the
interim period ended March 31, 1997 are not necessarily indicative of the
results to be obtained for the full fiscal year.
 
 Reclassifications
 
  Certain 1994 and 1995 amounts have been reclassified to conform to the 1996
presentation.
 
(3) ACQUISITIONS
 
  On October 17, 1996, subsidiaries of the Partnerships acquired all of the
common stock of CIN Property Management Limited, a London, England investment
and property management private limited liability company, for $15,709
including transaction expenses. The name of the entity was immediately changed
to CIN LaSalle Advisors Capital Management Limited ("CIN"). The acquisition
was accounted for as a purchase and accordingly, operating results of this
business subsequent to the date of acquisition are included in the
accompanying Combined Statements of Earnings. The excess purchase price over
the fair value of the identifiable assets and liabilities acquired was
$15,700, of which $4,710 was allocated to advisory contracts which are being
amortized on a straight-line basis over 5 years and $10,990 was allocated to
goodwill which is being amortized on a straight-line basis over a period of 20
years based on the Partnerships' estimate of useful lives. The effect of the
year end translation adjustment (note 2) increased the recorded amount of
goodwill by $960. Intangibles resulting from business acquisitions in the
accompanying Combined Balance Sheets includes $16,320 at December 31, 1996
related to the CIN acquisition.
 
  On November 30, 1994, ABKB contributed all of its net assets valued at
$13,000 (including cash of $934) to the Partnerships. This transaction, in
combination with ABKB's purchase of partnership units from an affiliate of
DEL, resulted in ABKB acquiring a 20% limited partner interest (note 1). The
asset contribution transaction was accounted for using the purchase method of
accounting. Accordingly, the Partnerships allocated the purchase price to the
identifiable assets and liabilities acquired based on their estimated fair
values with the excess being allocated to advisory contracts. The excess value
of $9,361 is being amortized on a straight-line basis over a period of 10
years. Intangibles resulting from business acquisitions in the accompanying
Combined Balance Sheets include $8,351 and $7,415 at December 31, 1995 and
1996, respectively, related to the ABKB acquisition. The results of the
acquired business subsequent to November 30, 1994 have been included in the
accompanying Combined Statements of Earnings.
 
  The pro forma results of such acquisitions are not material to the
Partnerships' combined financial statements.
 
(4) DISPOSITIONS
 
  Effective December 31, 1996, the Partnerships sold its construction
management business and certain related assets to a former member of
management for a $9.1 million note. The note, which is secured by the current
and future assets of the business, is due December 31, 2006 and bears interest
at rates of 6.8% to 10%, with interest payments due annually. Principal
payments are also due annually beginning January 1998 as defined.
 
                                     F-10


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