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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)
 
of the ventures as revenue in the accompanying Combined Statements of
Earnings. The Partnerships generally are entitled to operating distributions
in accordance with their respective ownership interests.
 
  Summarized combined financial information for the unconsolidated ventures is
presented below:
 

<TABLE>
<CAPTION>
                                                      1994     1995      1996
                                                    -------- -------- ----------
<S>                                                 <C>      <C>      <C>
Balance Sheet:
  Investments in real estate.......................          $759,714 $1,043,074
  Total assets.....................................          $871,335 $1,167,413
                                                             ======== ==========
  Mortgage indebtedness............................           376,151     67,971
  Total liabilities................................          $439,309 $  617,635
                                                             ======== ==========
  Total equity.....................................          $432,026 $  549,778
                                                             ======== ==========
Investments in unconsolidated ventures.............          $  6,302 $   12,562
                                                             ======== ==========
Statements of Operations:
  Revenues......................................... $119,664 $187,720 $  212,048
  Net earnings..................................... $ 13,235 $ 31,783 $   35,333
                                                    ======== ======== ==========
Equity in earnings from unconsolidated ventures.... $  1,024 $  3,130 $    3,220
                                                    ======== ======== ==========
</TABLE>

 
  The Partnerships also have investments which are accounted for using the
cost method which totaled $1,084 and $1,125 at December 31, 1995 and 1996,
respectively (note 2). Certain of the Partnerships' capital contributions to
the ventures are represented by notes payable which totaled $515 and $1,008 at
December 31, 1995 and 1996, respectively. Such notes are generally interest
bearing and mature in 2000.
 
(7) DEBT
 
 Credit Facilities
 
  In September 1996, the Partnerships replaced their $30 million revolving
line of credit ($4,900 outstanding at December 31, 1995), due annually on
April 30, with a $70 million credit agreement, terminating on September 6,
1999. The agreement consists of a short-term and long-term facility totaling
$30 million and $40 million, respectively. The credit agreement is secured by
certain of the Partnerships' receivables, fixed assets and investments in
ventures. The Partnerships must maintain a certain level of combined net
worth, earnings before interest, taxes, depreciation and amortization, and are
prohibited, without the lenders' prior approval, from incurring certain
indebtedness (including certain levels of indebtedness in connection with co-
investments), guaranteeing certain obligations, or disposing of a significant
portion of their assets. The facilities bear variable rates of interest based
on market rates.
 
  The short-term facility is a revolving line of credit which must be paid
down annually for a 30 consecutive day period and is restricted as to use for
general business purposes. Amounts outstanding on the short-term facility at
December 31, 1996 aggregated $6,500.
 
  The long-term facility is limited in use to fund investments in real estate
ventures, business acquisitions and certain capital expenditures, subject to
lender approval. Principal payments on borrowings under the long-term facility
are payable annually on June 15 for amounts outstanding as of March 31 based
on a defined amortization schedule. Principal payments made on June 15 of each
year increase the available balance on the facility from which to borrow.
Amounts outstanding on the long-term facility at December 31, 1996 aggregated
$27,402.
 
                                     F-13


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