Management's discussion and analysis of financial condition and results of operations

The following discussion and analysis should be read in conjunction with Item 6. Selected Financial Data and Item 8. Financial Statements and Supplemental Data included in this Form 10-K. The following discussion and analysis contains certain forward-looking statements generally identified by the words: anticipates, believes, estimates, expects, forecasts, plans, intends, and other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our 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 the following sections:

  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;
  4. Certain market and other risks we face;
  5. The results of our operations, first on a consolidated basis and then for each of our business segments; 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 4.4 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. LaSalle, our fourth business segment, is one of the world's largest and most diversified real estate investment management firms, with approximately $60.1 billion of global assets under management as of December 31, 2016.

In 2016, we generated revenue of $6.8 billion across our four business segments. In addition to U.S. dollars, we also generated revenue in a variety of other currencies, primarily: British pounds, euros, Australian dollars, Hong Kong dollars, Indian rupees, Japanese yen, Chinese yuan, and Singapore dollars.

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, Technology Solutions, and Advisory Services
  • Tenant Representation
  • Transaction 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 and 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 looking to outsource real estate services. Through LaSalle, we invest for clients on a global basis in both publicly traded real estate securities and private assets.

See Part I, Item 1. Business for additional information on the services we provide, as well as our "Value Drivers for Providing Superior Client Service and Prospering as a Sustainable Enterprise," our "Global Strategic Priorities," our "Competitive Differentiators," and "Industry Trends." See also Part I, Item 1A. Risk Factors for the various risk factors that impact our business.

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