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Jones Lang LaSalle Incorporated was incorporated in 1997. Our common stock is listed on The New York Stock Exchange under the symbol ‘‘JLL.’’
We are a financial and professional services firm specializing in real estate. We offer comprehensive integrated services on a local, regional and global basis to owner, occupier, investor and developer clients seeking increased value by owning, occupying or investing in real estate. We have more than 230 corporate offices worldwide from which we provide services to clients in more than 80 countries. We have approximately 58,100 employees, including 33,300 employees whose costs our clients reimburse.
In March 2014, we announced that we will use JLL as our principal trading name. Jones Lang LaSalle Incorporated remains our legal name. We have registered JLL as a trademark and have also introduced the following refreshed logo:
Using the shorter JLL name in the marketplace is a natural evolution of the firm’s historically rich brand, recognizing that it is a truly global company located in multiple markets, with a wide range of expertise applied through many different client services. It also represents its adaptation to different communication styles in different countries, languages and channels, and especially the use of digital and online channels for marketing and communications.
JLL delivers an array of Real Estate Services across three geographic business segments: (1) the Americas, (2) Europe, Middle East and Africa (‘‘EMEA’’) and (3) Asia Pacific.
LaSalle Investment Management, a wholly-owned member of the Jones Lang LaSalle group that comprises our fourth business segment and uses LaSalle as its principal trading name, is one of the world’s largest and most diversified real estate investment management firms. During 2014, we also refreshed the LaSalle brand and logo as follows:
In 2014, we generated record-setting fee revenue of $4.7 billion across our four business segments, an 18% increase over 2013 in local currency. We believe we remain well-positioned to take advantage of the opportunities in a consolidating industry and to navigate successfully the dynamic and challenging markets in which we compete worldwide.
We are proud to be a preferred provider of global real estate services, an employer of choice, a consistent winner of industry awards and a valued partner to the largest and most successful companies and institutions in the global marketplace.
In December 2014, Standard & Poor’s Ratings Services announced that it had raised JLL’s investment grade credit rating to BBB from BBB-. JLL’s issuer and senior unsecured ratings from both S&P (BBB) and Moody’s Investors Service, Inc. (Baa2) are now aligned as solid investment-grade ratings. The rating increase follows S&P’s outlook change for JLL to positive in June 2014 and a recently announced change in ratings methodology. In its June analysis, S&P recognized JLL’s conservative financial management, competitively strong market positions, wide geographic presence and well-executed global growth strategy.
For discussion of our segment results, please see ‘‘Results of Operations’’ and ‘‘Market Risks’’ within Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, as well as Note 3, Business Segments, in the Notes to Consolidated Financial Statements in our 2014 10-K.
Our principal corporate holding company headquarters are located at 200 East Randolph Drive, Chicago, Illinois, where we currently occupy over 165,000 square feet of office space under a lease that expires in May 2032. Our regional headquarters for our Americas, EMEA and Asia Pacific businesses are located in Chicago, London and Singapore, respectively. We have over 230 corporate offices worldwide located in most major cities and metropolitan areas as follows: 103 offices in 8 countries in the Americas (including 85 in the United States), 70 offices in 29 countries in EMEA, and 66 offices in 16 countries in Asia Pacific. In addition, we have on-site property and corporate offices located throughout the world. On-site property management offices are generally located within properties that we manage and are provided to us without cost.
With the help of aggressive goal setting and performance measurement systems and training, we attempt to instill in all our people the commitment to be the best in the industry. Our goal is to be the real estate advisor of choice for clients and the employer of choice in our industry. To achieve that, we intend to continue to promote human resources techniques that will attract, motivate and retain high quality employees. The following table details our respective headcount at December 31, 2014 and 2013 (rounded to the nearest hundred):
Reimbursable employees include our property and integrated facility management professionals and our building maintenance employees. The cost of these employees is generally reimbursable by our clients. Our employees are not members of any labor unions, with the exception of approximately 1,400 directly reimbursable property maintenance employees in the United States. Approximately 40,800 and 36,700 of our employees at December 31, 2014 and 2013, respectively, were based in countries other than the United States.
We regard our technology and other intellectual property, including our brands, as a critical part of our business.
We hold various trademarks, trade dress and trade names and rely on a combination of patent, copyright, trademark, service mark, and trade secret laws, as well as contractual restrictions to establish and protect our proprietary rights. We own numerous domain names, have registered numerous trademarks, and have filed applications for the registration of a number of our other trademarks and service marks in the United States and in foreign countries.
Consistent with our belief that we are recognized as an industry leader in technology as discussed above, we currently have a patented process in the United States for a “System and Method for Evaluating Real Estate Financing Structures” that assists clients with determining the optimal financing structure for controlling their real estate assets, including, for example, whether a client should own a particular asset, lease the asset, or control the asset by means of some other financing structure. We also have a number of pending United States patent applications to further enable us to provide high levels of client service and operational excellence. We will continue to file additional patent applications on new inventions, as appropriate, demonstrating our commitment to technology and innovation.
Although we believe our intellectual property plays a role in maintaining our competitive position in a number of the markets that we serve, we do not believe we would be materially adversely affected by the expiration or termination of our trademarks or trade names or the loss of any of our other intellectual property rights other than the “JLL,” “Jones Lang LaSalle” and “LaSalle Investment Management” names, and our Design (Three Circles) mark that is also trademarked. Our trademark registrations have to be renewed every ten years. Based on our most recent trademark registrations, the JLL mark would expire in 2024, while the Jones Lang LaSalle name would expire in 2022 and the Design (Three Circles) mark would expire in 2021. Our LaSalle Investment Management mark would expire in 2015 if we failed to renew it. Since these intellectual property rights are important to us, our intention is to renew these trademark registrations when the appropriate time comes.
Our common stock is listed for trading on the New York Stock Exchange under the symbol “JLL.” As of February 25, 2015, there were 58,136 beneficial holders of our common stock.
The following table sets forth the high and low daily closing prices of our common stock as reported on the New York Stock Exchange and dividends paid by quarter.
On December 15, 2014, we paid a semi-annual dividend of $0.25 per share of our common stock to holders of record at the close of business on November 14, 2014. JLL also paid a cash dividend of $0.23 per share of its common stock on June 13, 2014, to holders of record at the close of business on May 15, 2014. At JLL’s discretion, a dividend-equivalent in the same amount was also paid simultaneously on outstanding but unvested restricted stock units granted under the Company’s Stock Award and Incentive Plan. There can be no assurance that future dividends will be declared since the actual declaration of future dividends and the establishment of record and payment dates remains subject to final determination by JLL’s Board of Directors.
Comparison of 5-Year Cumulative Total Shareholder Return
The following graph compares the cumulative 5-year total return to shareholders of JLL’s common stock relative to the cumulative total returns of the S&P 500 index, and a customized peer group that includes: 1) CBRE Group Inc. (CBG), a global commercial real estate services company that is publicly traded in the United States; 2) First Service (FRSV), the publicly traded parent of Colliers International, a global commercial real estate services provider; and 3) Savills Plc. (SVL.L), a real estate services firm that is traded on the London Stock Exchange. The graph below assumes that the value of the investment in JLL’s common stock, the S&P 500 index, and in the peer group (including reinvestment of dividends) was $100 on December 31, 2009 and tracks it through December 31, 2014.
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