Discussion & analysis of financials

The following discussion and analysis should be read in conjunction with our Selected Financial Data and Consolidated Financial Statements, including the notes thereto, appearing elsewhere in this Form 10-K. The following discussion and analysis contains certain forward-looking statements generally identified by the words anticipates, believes, estimates, expects, plans, intends and other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause JLL’s actual results, performance, achievements, plans and objectives to be materially different from any future results, performance, achievements, plans and objectives expressed or implied by such forward-looking statements. See the Cautionary Note Regarding Forward-Looking Statements after Part IV, Item 15. Exhibits and Financial Statement Schedules.

We present our Management’s Discussion and Analysis in six sections.  The first may be found below and the rest are found in  Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations on pages 74-100 of our 2014 Annual Report.

  1. An executive summary of our business;
  2. A summary of our critical accounting policies and estimates;
  3. Certain items affecting the comparability of results and certain market and other risks that we face;
  4. The results of our operations, first on a consolidated basis and then for each of our business segments;
  5. Consolidated cash flows; and
  6. Liquidity and capital resources.

Executive summary

JLL provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier, and investor clients and developers. We are an industry leader in property and corporate facility management services, with a portfolio of approximately 3.4 billion square feet worldwide. We deliver our array of RES product offerings across our three geographic business segments: (1) the Americas, (2) EMEA, and (3) Asia Pacific. Our fourth business segment, LaSalle, a member of the Jones Lang LaSalle group, is one of the world’s largest and most diversified real estate investment management firms, with approximately $53.6 billion of assets under management across the globe.

In 2014, we generated revenue of $5.4 billion across our four business segments. In addition to U.S. dollars, we also generated revenue in euros, British pounds, Australian dollars, Japanese yen, Hong Kong dollars, Singapore dollars and a variety of other currencies.

The broad range of real estate services we offer includes (in alphabetical order):

  • Agency Leasing
  • Capital Markets
  • Corporate Finance
  • Energy and Sustainability Services
  • Facility Management Outsourcing (Occupiers)
  • Investment Management
  • Lease Administration
  • Logistics and Supply-Chain Management
  • Mortgage Origination and Servicing
  • Project and Development Management/Construction
  • Property Management (Investors)
  • Real Estate Investment Banking/Merchant Banking
  • Research
  • Strategic Consulting and Advisory Services
  • Tenant Representation
  • Transportation Management
  • Valuations
  • Value Recovery and Receivership Services

We work for a broad range of clients that represent a wide variety of industries and are based in markets throughout the world. Our clients vary greatly in size. They include for-profit and not-for-profit entities of all kinds, public-private partnerships and governmental (‘‘public sector’’) entities. Increasingly, we are offering services to smaller middle-market companies that are looking to outsource real estate services. Through our LaSalle subsidiary, we invest for clients on a global basis in both publicly traded real estate securities and private assets.

For additional information, please see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations on pages 74-100 of our 2014 Annual Report.

 

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