Jones Lang LaSalle Reports Full-Year Adjusted Earnings per Share of $5.48; Revenue of $3.9 billion

  Jones Lang LaSalle Reports Full-Year Adjusted Earnings per Share of $5.48;
                           Revenue of $3.9 billion

Record full-year revenue increased 12 percent; fee revenue grew 10 percent

PR Newswire

CHICAGO, Jan. 29, 2013

CHICAGO, Jan. 29, 2013 /PRNewswire/ --Jones Lang LaSalle Incorporated (NYSE:
JLL) today reported adjusted EPS for 2012 of $5.48, up from $4.83 last year.
Record full-year revenue of $3.9 billion was up 12 percent in local currency.
Fee revenue was $3.6 billion, an increase of 10 percent.

  oAdjusted EPS growth of 13 percent driven by broad-based revenue
    performance
  oSignificant full-year margin improvement in EMEA from management actions
    despite challenging market conditions
  oStrong Q4 finish in Asia Pacific with 20 percent revenue growth driven by
    Capital Markets and continued success in corporate outsourcing
  oContinued healthy, above-market leasing performance in the Americas
  o$275 million, 10-year bond issuance strengthened investment-grade balance
    sheet



Summary Financial Results        Three Months Ended      Twelve Months Ended

 ($ in millions, except per    December 31,            December 31,
share data)
                                 2012        2011        2012        2011
Revenue                          $  1,249  $ 1,148    $  3,933  $ 3,585
Fee Revenue^1                    $  1,165  $ 1,081    $  3,640  $ 3,374
Adjusted Net Income^2            $    117 $   114   $    245 $   215
U.S. GAAP Net Income             $    107 $    85  $    208 $   164
Adjusted Earnings per Share^2    $   2.60 $  2.56   $   5.48 $  4.83
Earnings per Share               $   2.38 $  1.91   $   4.63 $  3.70
Adjusted EBITDA^3                $    185 $   179   $    436 $   395
Adjusted Operating Income        14.1%       14.6%       9.3%        9.4%
Margin^1
Adjusted EBITDA Margin^1         15.9%       16.6%       12.0%       11.7%

^See Financial Statement Notes (1), (2) and (3) following the Financial
Statements in this News Release.

"Our 2012 performance met our expectations, with a strong finish to the year
in challenging global markets," said Colin Dyer, Chief Executive Officer of
Jones Lang LaSalle. "Again, we continue to secure market share growth,
productivity improvements and expanded client relationships. Our quarterly
and full-year performance leaves us confident that we will continue to
progress in 2013," Dyer added.

Consolidated Revenue
                     Three Months Ended  % Change  Twelve Months Ended %
 ($ in millions,                                                     Change
"LC" = local         December 31,        in LC    December 31,
currency)                                                              in LC
                     2012      2011                2012        2011
Real Estate Services
("RES")
Leasing              $       $       8%        $  1,277.8 $      9%
                     439.2    408.7                          1,189.1
Capital Markets &    194.4     173.2     12%       512.9       459.6   13%
Hotels
Property & Facility  283.9     261.5     9%        1,012.3     864.4   19%
Management
Property & Facility
Management Fee       242.4     222.7     9%        850.1       761.7   13%
Revenue^1
Project &            143.2     126.7     15%       486.2       441.5   14%
Development Services
Project &
Development Services 101.4     98.6      4%        355.8       333.7   9%
Fee Revenue^1
Advisory, Consulting 124.8     115.6     8%        382.2       358.3   9%
and Other
 Total RES       $        $        9%        $         $      13%
Revenue              1,185.5   1,085.7             3,671.4     3,312.9
Total RES Fee        $        $        8%        $         $      10%
Revenue^1            1,102.2   1,018.8             3,378.8     3,102.4
LaSalle Investment
Management
Advisory Fees        $      $      (7%)      $        $     (6%)
                     56.2     60.1               228.1      245.0
Transaction Fees &   4.6       2.3       104%      10.5        7.3     47%
Other
Incentive Fees       2.4       0.1       n/m       22.8        19.3    18%
 Total LaSalle   $      $                $        $  
Investment           63.2     62.5     0%        261.4      271.6  (3%)
Management Revenue
Total Firm Revenue   $        $        9%        $         $      12%
                     1,248.7   1,148.2             3,932.8     3,584.5
Total Firm Fee       $        $        8%        $         $      10%
Revenue^1            1,165.4   1,081.3             3,640.2     3,374.0

n/m – not meaningful

Consolidated fee revenue growth for the full year was driven by solid Leasing
performance and continued growth in Property & Facility Management. Leasing
revenue grew 9 percent in local currency for the year, with the largest growth
in the Americas. Property & Facility Management fee revenue rose 13 percent
in local currency, also led by the Americas region, which increased 15 percent
in local currency, followed by Asia Pacific, up 13 percent. LaSalle
Investment Management's advisory fees decreased from 2011 due to significant
asset and portfolio sales, but have remained consistent throughout each
quarter of 2012. LaSalle generated $23 million of incentive fees and $24
million of equity earnings during the year.

Consolidated quarter-to-date revenue rose to $1.2 billion, 9 percent higher in
local currency than the fourth quarter of 2011, and was up 8 percent on a fee
revenue basis. 

Operating expenses, excluding restructuring and acquisition charges, were $3.6
billion for the year, an increase of 10 percent, 12 percent in local currency,
compared with $3.3 billion in 2011. The increase was driven by higher
variable compensation resulting from improved Leasing revenue, as well as
higher compensation resulting from increased headcount primarily to service
new and expanded Property & Facility Management contracts. Compensation
expense was further impacted by the firm's previously disclosed decision to
eliminate its Stock Ownership Program ("SOP"), which resulted in approximately
$11 million of accelerated compensation expense in the current year, a timing
difference rather than a permanent increase in compensation, as well as a
timing difference of $5 million related to the acceleration of the final
deferred payment for the Staubach acquisition and extension of employment
agreements with the majority of the Staubach shareholders who are working in
the firm. Fee-based operating expenses^1, excluding restructuring and
acquisition charges, were $3.3 billion, an increase of 9 percent in local
currency, also mostly attributable to higher compensation expense.

Full-year results included $45 million of restructuring and acquisition
charges, principally related to integration and retention costs for the
second-quarter 2011 acquisition of King Sturge, but also including severance
and lease exit costs in targeted areas of the business that are anticipated to
remain economically challenged for an extended period of time. The firm's
results also included $5 million of intangibles amortization related to the
King Sturge acquisition. 

Fourth-quarter fee-based operating expenses excluding restructuring and
acquisition charges were $1.0 billion, up 8 percent from $928 million last
year. The majority of the increase was due to increases in variable
compensation, notably bonus and commission expense, as several of the firm's
businesses reached higher bonus and commission hurdles in the fourth quarter,
particularly in the United States.

Balance Sheet

During the fourth quarter, the firm issued $275 million of 4.4% Senior Notes
due November 2022. The investment-grade notes were sold to a diverse group of
investors and further strengthen the firm's liquidity and balance sheet
position. The proceeds from the issuance were used to reduce borrowings on
the firm's long-term revolving credit facility. Outstanding debt on this
facility was $169 million as of December 31, 2012, compared with $463 million
last year.

Also in the quarter, the firm made a payment of $115 million to certain former
Staubach shareholders. This represents an acceleration of the majority of a
$156 million deferred acquisition payment previously recorded and scheduled to
be paid in August 2013. In addition, the Americas' Leasing performance since
the 2008 merger produced an earn-out of $36 million, of which $5 million was
paid in the second quarter of 2012. The remaining $31 million has been
recorded as a deferred acquisition obligation as of December 31, 2012, and
will be paid in the first half of 2013. Total net debt, which includes
deferred acquisition obligations, decreased $105 million during 2012 to $538
million as of December 31, 2012.

Business Segment Performance Highlights

Americas Real Estate Services

Full-year revenue in the Americas region was $1.7 billion, an increase of 15
percent from 2011. On a fee revenue basis, revenue increased 11 percent. The
largest growth was in Capital Markets & Hotels, which increased 25 percent,
and Property & Facility Management, which increased 15 percent. Leasing
revenue increased 9 percent despite overall office leasing volumes dropping 20
percent in the United States.



Americas Revenue     Three Months
                     Ended                   Twelve Months Ended
 ($ in millions,                 % Change  December 31,           % Change
"LC" = local         December 31,  in LC                             in LC
currency)
                     2012   2011             2012         2011
Leasing              $    $    8%        $         $         9%
                     278.9 258.6            829.6        760.7
Capital Markets &    59.4   48.1   24%       168.5        135.6      25%
Hotels
Property & Facility  133.2  117.8  13%       458.7        349.7      32%
Management
Property & Facility
Management Fee       111.1  101.2  10%       375.0        329.3      15%
Revenue^1
Project &            51.9   54.3   (4%)      182.9        178.4      4%
Development Services
Project &
Development Services 51.7   53.9   (3%)      182.1        177.9      4%
Fee Revenue^1
Advisory, Consulting 31.5   30.7   3%        107.0        98.2       9%
and Other
 Operating       $    $    9%        $  1,746.7 $ 1,522.6  15%
Revenue              554.9  509.5
Equity Earnings      0.1    -      n/m       -            2.7        n/m
Total Segment        $    $    9%        $          $ 1,525.3  15%
Revenue              555.0  509.5            1,746.7
Total Segment Fee    $    $    9%        $  1,662.2 $ 1,504.4  11%
Revenue^1            532.7  492.5

n/m – not meaningful

Operating expenses were $1.6 billion for the year, a 16 percent increase from
2011. Fee-based operating expenses increased 12 percent from last year. The
year-over-year increase was due to higher fixed compensation costs associated
with a larger employee base, as well as higher commission expenses related to
improved Leasing and Capital Markets & Hotels revenue. The SOP elimination
earlier this year has added approximately $5 million to compensation expense
compared with 2011. Also impacting Americas full-year and fourth-quarter
operating expenses was $5 million of compensation expense related to
acceleration of the deferred acquisition payment.

Operating income was $168 million for the year, up from $163 million in 2011.
EBITDA for the year was $210 million, compared with $201 million in 2011.
EBITDA margin calculated on a fee revenue basis was 12.7 percent compared
with 13.4 percent last year. Adjusting for the impact of the SOP elimination
and acceleration of deferred acquisition payments, 2012 EBITDA margin would
have been equal to a similarly adjusted 2011.

Fourth-quarter fee-based operating expenses were $457 million, compared with
$408 million in 2011, a 12 percent increase, and included the $5 million of
compensation expense related to the accelerated deferred acquisition payment
and $2 million from the elimination of the SOP.

EMEA Real Estate Services

EMEA's full-year revenue was $1.0 billion, a 12 percent increase in local
currency. Revenue increased on a fee revenue basis by 9 percent, broad-based
but driven by Project & Development Services, which includes the Tetris
fit-out business, and Leasing. Fourth-quarter fee revenue was $318 million,
consistent with 2011 levels.

EMEA Revenue
                  Three Months Ended  % Change  Twelve Months Ended   % Change
 ($ in
millions, "LC" =  December 31,        in LC     December 31,          in LC
local currency)
                  2012        2011              2012       2011
Leasing           $  83.7   $     4%        $  250.0 $  236.1  11%
                              81.0
Capital Markets & 94.9        103.1   (9%)      235.1      229.1      5%
Hotels
Property &
Facility          42.4        42.5    (1%)      155.2      147.9      9%
Management
Property &
Facility          42.4        42.5    (1%)      155.2      147.9        9%
Management Fee
Revenue^1
Project &
Development       64.5        51.4    28%       219.8      182.0      28%
Services
Project &
Development       30.5        28.8    7%        106.5      96.3         16%
Services Fee
Revenue^1
Advisory,
Consulting and    66.8        62.3    7%        189.1      178.9      10%
Other
 Operating    $  352.3   $      4%        $ 1,049.2  $  974.0  12%
Revenue                       340.3
Equity Losses     (0.1)       -       n/m       (0.3)      (0.3)       n/m
Total Segment     $  352.2   $      4%        $ 1,048.9  $  973.7    12%
Revenue                       340.3
Total Segment Fee $  318.2   $     0%        $  935.6 $         9%
Revenue^1                     317.7                        888.0

n/m – not meaningful

Operating expenses, which include $5 million of King Sturge intangibles
amortization, were $1.0 billion for the year, an increase of 10 percent in
local currency from 2011. Operating expenses also include $28 million of
additional gross contract costs related to the Project & Development Services
business line compared with last year. Fee-based operating expenses increased
7 percent from 2011. The year-over-year increase was primarily due to higher
fixed compensation from the addition of King Sturge for a full year in 2012,
compared with just overseven months in 2011.

Full-year EBITDA was $75 million, compared with $57 million in 2011. EBITDA
margin calculated on a fee revenue basis was 8.0 percent compared with 6.5
percent last year reflecting the benefits of cost actions taken across the
region during the year.

Fourth-quarter fee-based operating expenses were $272 million, compared with
$284 million in 2011, a reduction of 4 percent in local currency. Included in
operating expenses was $1 million of intangibles amortization compared with $5
million last year.

Asia Pacific Real Estate Services

Asia Pacific's revenue for the year increased 9 percent in local currency, to
$876 million. Fee revenue was $781 million, an increase of 11 percent, led by
15 percent growth in Capital Markets & Hotels and 13 percent annuity growth in
Property & Facility Management.

Asia Pacific
Revenue           Three Months Ended
                                      % Change  Twelve Months Ended  % Change
 ($ in          December 31,                  December 31,
millions, "LC" =                      in LC                          in LC
local currency)
                  2012      2011                2012          2011
Leasing           $       $       10%       $   198.2   $    4%
                  76.6     69.1                             192.3
Capital Markets & 40.1      22.0      79%       109.3         94.9   15%
Hotels
Property &
Facility          108.3     101.2     7%        398.4         366.8  10%
Management
Property &
Facility          88.9      79.0      12%       319.9         284.5  13%
Management Fee
Revenue^1
Project &
Development       26.8      21.0      28%       83.5          81.1   6%
Services
Project &
Development       19.2      15.9      21%       67.2          59.5   16%
Services Fee
Revenue^1
Advisory,
Consulting and    26.5      22.6      16%       86.1          81.2   6%
Other
 Operating    $       $       18%       $   875.5   $    9%
Revenue           278.3     235.9                            816.3
Equity Earnings   -         0.1       n/m       0.1           0.2       n/m
Total Segment     $       $       18%       $   875.6   $       9%
Revenue           278.3     236.0                            816.5
Total Segment Fee $       $       20%       $   780.8   $       11%
Revenue^1         251.3     208.7                            712.6

n/m – not meaningful

Operating expenses were $810 million for the year, an increase of 9 percent in
local currency. Operating expenses included $95 million of gross contract
costs, down from $104 million last year. Fee-based operating expenses rose 12
percent, to $716 million, due to a larger employee base servicing new and
expanded Property & Facility Management contracts and inflationary
compensation pressure across the region. 

The region's EBITDA for the year was $78 million, consistent with 2011.
EBITDA margin calculated on a fee revenue basis improved significantly in the
fourth quarter; however, full-year EBITDA margin was 10.0 percent, down from
11.0 percent last year due to the slower growth challenges of the previous
quarters.

Fee-based operating expenses for the quarter were $218 million, compared with
$184 million in 2011.

LaSalle Investment Management

LaSalle Investment Management's advisory fees were $228 million for the year,
down 6 percent in local currency. Advisory fees in the fourth quarter
remained flat compared with the first three quarters of 2012. During the
year, the business recognized $23 million of incentive fees as a result of
positive performance for clients, and $24 million of equity earnings,
primarily from asset sales.

LaSalle
Investment        Three Months Ended            Twelve Months Ended
                                      % Change                       % Change
 Management      December 31,                  December 31,
Revenue                               in LC                          in LC
 ($ in
millions, "LC" =  2012        2011              2012          2011
local currency)
Advisory Fees     $  56.2   $      (7%)      $  228.1    $    (6%)
                              60.1                           245.0
Transaction Fees  4.6         2.3     104%      10.5          7.3    47%
& Other
Incentive Fees    2.4         0.1     n/m       22.8          19.3   18%
 Operating    $  63.2   $      0%        $   261.4   $    (3%)
Revenue                       62.5                           271.6
Equity Earnings   1.4         3.7     (62%)     24.0          3.8    n/m
Total Segment     $  64.6   $      (3%)      $   285.4   $    5%
Revenue                       66.2                           275.4

n/m – not meaningful

Assets under management remained at $47 billion as of December 31, 2012.
EBITDA was $74 million for the year, compared with $60 million in 2011.
EBITDA margin was 25.9 percent in 2012 compared with 21.7 percent last year.

Summary

The firm finished the year with a strong fourth-quarter performance and
delivered record revenue in 2012. Notable market share gains continued as the
firm won new mandates and expanded existing client relationships. Healthy new
business pipelines and moderately improving global market dynamics, combined
with an ongoing focus on productivity and cost discipline, provide confidence
for the firm's performance in 2013.

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE: JLL) is a professional services and investment
management firm offering specialized real estate services to clients seeking
increased value by owning, occupying and investing in real estate. With annual
revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more
than 1,000 locations worldwide. On behalf of its clients, the firm provides
management and real estate outsourcing services to a property portfolio of 2.6
billion square feet. Its investment management business, LaSalle Investment
Management, has $47.0 billion of real estate assets under management. For
further information, visit www.jll.com.

200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A
2BN │ 9 Raffles Place #39-00 Republic Plaza Singapore 048619

Statements in this press release regarding, among other things, future
financial results and performance, achievements, plans and objectives may be
considered forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve known and
unknown risks, uncertainties and other factors which may cause actual results,
performance, achievements, plans and objectives of Jones Lang LaSalle to be
materially different from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ materially
include those discussed under "Business," "Management's Discussion and
Analysis of Financial Condition and Results of Operations," "Quantitative and
Qualitative Disclosures about Market Risk," and elsewhere in Jones Lang
LaSalle's Annual Report on Form 10-K for the year ended December 31, 2011, and
in the Quarterly Report on Form 10-Q for the quarters ended March 31,
2012,June 30, 2012, and September 30, 2012, and in other reports filed with
the Securities and Exchange Commission. Statements speak only as of the date
of this release. Jones Lang LaSalle expressly disclaims any obligation or
undertaking to update or revise any forward-looking statements contained
herein to reflect any change in Jones Lang LaSalle's expectations or results,
or any change in events.

Conference Call

The firm will conduct a conference call for shareholders, analysts and
investment professionals on Tuesday, January 29 at 6:00 p.m. EST.

To participate in the teleconference, please dial into one of the following
phone numbers five to ten minutes before the start time:

  oU.S. callers:+1 877 356 3887
  oInternational callers:+1 706 679 7364
  oPass code: 87480384



Webcast

Follow these steps to listen to the webcast:

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2. Log on to http://www.videonewswire.com/event.asp?id=91555 and follow
instructions

3. Download free Windows Media Player software: (link located under
registration form)

4. If you experience problems listening, send an email to
prnwebcast@multivu.com

Supplemental Information

Supplemental information regarding the fourth-quarter 2012 earnings call has
been posted to the Investor Relations section of the company's website:
www.jll.com.

Conference Call Replay

Available: 7:00 a.m. EST Wednesday, January 30 through 11:59 p.m. EST
Wednesday, February 6 at the following numbers:

  oU.S. callers:+1 855 859 2056
  oInternational callers:+1 404 537 3406
  oPass code: 87480384

Web Audio Replay

Audio replay will be available for download or stream. This information and
link is also available on the company's website: www.jll.com.

If you have any questions, email Jones Lang LaSalle's Investor Relations
department at JLLInvestorRelations@am.jll.com.



JONES LANG LASALLE INCORPORATED
Consolidated Statements of Operations
For the Three and Twelve Months Ended December 31, 2012 and 2011
(in thousands, except share data)
(Unaudited)
                            Three Months Ended         Twelve Months Ended
                            December 31,               December 31,
                            2012          2011         2012         2011
                            $        $        $        $    
Revenue                                           3,932,830   3,584,544
                            1,248,704     1,148,175
Operating expenses:
     Compensation and       794,160       722,469      2,546,965    2,330,520
     benefits
     Operating,
     administrative and     270,501       250,173      972,231      863,860
     other
     Depreciation and       20,100        22,333       78,810       82,832
     amortization
     Restructuring and      13,045        33,983       45,421       56,127
     acquisition charges
              Total
              operating     1,097,806     1,028,958    3,643,427    3,333,339
              expenses
              Operating     150,898       119,217      289,403      251,205
              income
Interest expense, net of    (10,337)      (8,372)      (35,173)     (35,591)
interest income
Equity earnings from        1,358         3,703        23,857       6,385
unconsolidated ventures
Income before income
taxes and noncontrolling    141,919       114,548      278,087      221,999
interest
Provision for income        34,657        29,525       69,244       56,387
taxes
Net income                  107,262       85,023       208,843      165,612
Net income attributable
to noncontrolling           190           107          793          1,228
interest
Net income attributable     $        $        $        $    
to the Company                                             
                            107,072      84,916       208,050      164,384
Net income attributable     $        $        $        $    
to common shareholders                                     
                            106,831      84,765       207,556      163,997
Basic earnings per          $        $        $        $    
common share                                            
                            2.43            1.95     4.73        3.80
Basic weighted average      44,051,014    43,469,543   43,848,737   43,170,383
shares outstanding
Diluted earnings per        $        $        $        $    
common share                                            
                            2.38            1.91     4.63        3.70
Diluted weighted average    44,953,524    44,402,412   44,799,437   44,367,359
shares outstanding
                            $        $        $        $    
EBITDA                                                     
                            171,925      144,995     390,783      338,807
Please reference attached financial statement notes.





 JONES LANG LASALLE INCORPORATED
 Segment Operating Results
 For the Three and Twelve Months Ended December 31, 2012 and 2011
 (in thousands)
 (Unaudited)
                                   Three Months Ended       Twelve Months Ended
                                   December 31,             December 31,
                                   2012        2011          2012        2011
 REAL ESTATE SERVICES
  AMERICAS
        Revenue:
              Operating           $       $         $       $    
              revenue                                        
                                    554,867   509,478    1,746,708  1,522,607
              Equity earnings     74          16            (3)         2,682
              (losses)
              Total segment       554,941     509,494       1,746,705   1,525,289
              revenue
              Gross contract      (22,246)    (16,992)      (84,425)    (20,882)
              costs^1
              Total segment       532,695     492,502       1,662,280   1,504,407
              fee revenue
        Operating expenses:
              Compensation,
              operating and        468,441     415,377       1,536,211   1,324,115
              administrative
              expenses
              Depreciation and    11,205      9,710         42,333      38,502
              amortization
              Total segment
              operating            479,646     425,087       1,578,544   1,362,617
              expenses
              Gross contract      (22,246)    (16,992)      (84,425)    (20,882)
              costs^1
              Total fee-based
              segment operating    457,400     408,095       1,494,119   1,341,735
              expenses
                                   $       $         $       $    
              Operating                                      
              income                                     168,161   162,672
                                   75,295     84,407
                                   $       $         $       $    
              EBITDA                                        
                                                          210,494   201,174
                                   86,500     94,117
 EMEA
        Revenue:
              Operating           $       $         $       $    
              revenue                                        
                                    352,321   340,294    1,049,226   974,014
              Equity (losses)     (82)        2             (310)       (304)
              / earnings
              Total segment       352,239     340,296       1,048,916   973,710
              revenue
              Gross contract      (34,027)    (22,555)      (113,321)   (85,692)
              costs^1
              Total segment       318,212     317,741       935,595     888,018
              fee revenue
        Operating expenses:
              Compensation,
              operating and        300,805     297,278       974,022     916,412
              administrative
              expenses
              Depreciation and    5,001       9,051         21,644      29,378
              amortization
              Total segment
              operating            305,806     306,329       995,666     945,790
              expenses
              Gross contract      (34,027)    (22,555)      (113,321)   (85,692)
              costs^1
              Total fee-based
              segment operating    271,779     283,774       882,345     860,098
              expenses
                                   $       $         $       $    
              Operating                                      
              income                                               
                                   46,433     33,967       53,250     27,920
                                   $       $         $       $    
              EBITDA                                        
                                                                    
                                   51,434     43,018       74,894     57,298
  ASIA PACIFIC
        Revenue:
              Operating           $       $         $       $    
              revenue                                        
                                    278,329   235,938     875,476   816,301
              Equity (losses)     (11)        28            150         178
              / earnings
              Total segment       278,318     235,966       875,626     816,479
              revenue
              Gross contract      (27,044)    (27,329)      (94,816)    (103,892)
              costs^1
              Total segment       251,274     208,637       780,810     712,587
              fee revenue
        Operating expenses:
              Compensation,
              operating and        241,952     207,797       797,396     738,107
              administrative
              expenses
              Depreciation and    3,329       3,001         12,886      12,203
              amortization
              Total segment
              operating            245,281     210,798       810,282     750,310
              expenses
              Gross contract      (27,044)    (27,329)      (94,816)    (103,892)
              costs^1
              Total fee-based
              segment operating    218,237     183,469       715,466     646,418
              expenses
                                   $       $         $       $    
              Operating                                      
              income                                               
                                   33,037     25,168       65,344     66,169
                                   $       $         $       $    
              EBITDA                                        
                                                                    
                                   36,366     28,169       78,230     78,372
 LASALLE INVESTMENT

 MANAGEMENT
        Revenue:
                                   $       $         $       $    
              Operating                                      
              revenue                                    261,420   271,622
                                   63,187     62,465
              Equity earnings    1,377       3,657         24,020      3,829
              Total segment       64,564      66,122        285,440     275,451
              revenue
        Operating expenses:
              Compensation,
              operating and        53,463      52,191        211,567     215,745
              administrative
              expenses
              Depreciation and    565         570           1,947       2,750
              amortization
              Total segment
              operating            54,028      52,761        213,514     218,495
              expenses
                                   $       $         $       $    
              Operating                                      
              income                                               
                                   10,536     13,361       71,926     56,956
                                   $       $         $       $    
              EBITDA                                        
                                                                    
                                   11,101     13,931       73,873     59,706
              Total segment       1,250,062   1,151,878     3,956,687   3,590,929
              revenue
              Reclassification
              of equity            1,358       3,703         23,857      6,385
              earnings
               Total          $       $         $       $    
              revenue                                        
                                   1,248,704  1,148,175    3,932,830  3,584,544
               Total
              operating
              expenses before      1,084,761   994,975       3,598,006   3,277,212
              restructuring
              charges
               Operating      $       $         $       $    
              income before                                   
              restructuring         163,943   153,200     334,824   307,332
              charges
 Please reference attached financial statement
 notes.

 JONES LANG LASALLE INCORPORATED
 Consolidated Balance Sheets
 December 31, 2012 and December 31, 2011
 (in thousands)
                                                 December 31,   December 31,
                                                 2012           2011
 ASSETS
 Current assets:
   Cash and cash equivalents                     $        $      
                                                 152,159        184,454
   Trade receivables, net of allowances          996,681        907,772
   Notes and other receivables                   101,952        97,315
   Warehouse receivables                         144,257        -
   Prepaid expenses                              53,165         45,274
   Deferred tax assets                           50,831         53,553
   Other                                         16,484         12,516
                   Total current assets          1,515,529      1,300,884
 Property and equipment, net of accumulated      269,338        241,415
 depreciation
 Goodwill, with indefinite useful lives          1,853,761      1,751,207
 Identified intangibles, with finite useful      45,932         52,590
 lives, net of accumulated amortization
 Investments in real estate ventures            268,107        224,854
 Long-term receivables                           58,881         54,840
 Deferred tax assets                             197,892        186,605
 Other                                           142,059        120,241
                   Total assets                  $          $    
                                                 4,351,499     3,932,636
 LIABILITIES AND EQUITY
 Current liabilities:
   Accounts payable and accrued liabilities      $        $      
                                                 497,817        436,045
   Accrued compensation                         685,718        655,658
   Short-term borrowings                         32,233         65,091
   Deferred tax liabilities                      10,113         6,044
   Deferred income                               76,152         58,974
   Deferred business acquisition obligations     105,772        31,164
   Warehouse facility                            144,257        -
   Other                                         109,909        95,641
                   Total current liabilities     1,661,971      1,348,617
 Noncurrent liabilities:
   Credit facilities                             169,000        463,000
   Long-term senior notes                        275,000        -
   Deferred tax liabilities                      3,106          7,646
   Deferred compensation                         75,320         57,118
   Pension liabilities                           5,281          17,233
   Deferred business acquisition obligations     107,661        267,896
   Minority shareholder redemption liability     19,489         18,402
   Other                                         75,415         58,344
                   Total liabilities             2,392,243      2,238,256
 Company shareholders' equity:
   Common stock, $.01 par value per share,
   100,000,000 shares authorized;
   44,054,042 and 43,470,271 shares issued and
   outstanding as of
   December 31, 2012 and December 31, 2011,      441            435
   respectively
   Additional paid-in capital                    932,255        904,968
   Retained earnings                            1,017,128      827,297
   Shares held in trust                          (7,587)        (7,814)
   Accumulated other comprehensive income        8,946          (33,757)
   (loss)
                   Total Company shareholders'   1,951,183      1,691,129
                   equity
   Noncontrolling interest                       8,073          3,251
                   Total equity                  1,959,256      1,694,380
                   Total liabilities and equity  $          $    
                                                 4,351,499     3,932,636
 Please reference attached financial statement
 notes.





JONES LANG LASALLE INCORPORATED

Summarized Consolidated Statements of Cash Flows

For the Twelve Months Ended December 31, 2012 and 2011

(in thousands)

(Unaudited)


                                    Twelve Months Ended December 31,
                                    2012                  2011
Cash provided by operating          $      327,698   $      211,338
activities
Cash used in investing activities   (151,252)             (389,316)
Cash (used in) provided by          (208,741)             110,535
financing activities
 Net decrease in cash and    $      (32,295)  $      
cash equivalents                                          (67,443)
Cash and cash equivalents,          184,454               251,897
beginning of period
Cash and cash equivalents, end of   $     152,159    $      184,454
period
Please reference attached financial
statement notes.



JONES LANG LASALLE INCORPORATED
Financial Statement Notes

1.Consistent with U.S. GAAP ("GAAP"), gross contract vendor and subcontractor
costs ("gross contract costs") which are managed on certain client assignments
in the Property & Facility Management and Project & Development Services
business lines are presented on a gross basis in both revenue and operating
expenses. Gross contract costs are excluded from revenue and operating
expenses in determining "fee revenue" and "fee-based operating expenses",
respectively. Excluding these costs from revenue and operating expenses more
accurately reflects how the firm manages its expense base and its operating
margins. Adjusted operating income excludes the impact of restructuring and
acquisition charges and intangible amortization related to the King Sturge
acquisition. "Adjusted operating income margin" is calculated by dividing
adjusted operating income by fee revenue. Below are reconciliations of
revenue and operating expenses to fee revenue and fee-based operating
expenses, as well as adjusted operating income margin calculations, for the
three and twelve months ended December 31, 2012, and 2011.



                             Three Months Ended       Twelve Months Ended
                             December 31,             December 31,
($ in millions)              2012         2011         2012        2011
Revenue                      $ 1,248.7   $ 1,148.2   $ 3,932.8   $ 3,584.5
Gross contract costs         (83.3)       (66.9)       (292.6)     (210.5)
Fee revenue                  $ 1,165.4   $ 1,081.3   $ 3,640.2   $ 3,374.0
Operating expenses           $ 1,097.8   $ 1,029.0   $ 3,643.4   $ 3,333.3
Gross contract costs         (83.3)       (66.9)       (292.6)     (210.5)
Fee-based operating          $ 1,014.5   $   962.1  $ 3,350.8   $ 3,122.8
expenses
Operating income             $   150.9  $   119.2  $  289.4  $   251.2
Add:
Restructuring and            13.0         34.0         45.4        56.1
acquisition charges
King Sturge intangible       0.6          4.8          4.9         11.5
amortization
Adjusted operating income    $  164.5    $   158.0  $  339.7   $  318.8
Adjusted operating income    14.1%        14.6%        9.3%        9.4%
margin



2.Charges excluded from GAAP net income attributable to common shareholders
to arrive at adjusted net income for the three and twelve months ended
December 31, 2012, and December 31, 2011, are restructuring and acquisition
charges and intangible amortization related to the recent King Sturge
acquisition. Below are reconciliations of GAAP net income attributable to
common shareholders to adjusted net income and calculations of earnings per
share ("EPS") for each net income total:

                                       Three Months Ended  Twelve Months Ended
                                       December 31,        December 31,
($ in millions, except per share data) 2012       2011     2012       2011
GAAP net income attributable to common $106.8     $84.8    $207.6     $164.0
shareholders
Shares (in 000s)                       44,954     44,402   44,799     44,367
GAAP earnings per share                $2.38      $1.91    $4.63      $3.70
GAAP net income attributable to common $106.8     $84.8    $207.6     $164.0
shareholders
Restructuring and acquisition charges, 9.8        25.2     34.1       41.9
net
Intangible amortization, net          0.5        3.6      3.7        8.6
Adjusted net income                   117.1      113.6    245.4      214.5
Shares (in 000s)                       44,954     44,402   44,799     44,367
Adjusted earnings per share            $ 2.60    $ 2.56  $ 5.48    $ 4.83



3.Adjusted EBITDA represents earnings before interest expense, net of
interest income, income taxes, depreciation and amortization, adjusted for
restructuring and acquisition charges. Although adjusted EBITDA and EBITDA are
non-GAAP financial measures, they are used extensively by management and are
useful to investors and lenders as metrics for evaluating operating
performance and liquidity. EBITDA is used in the calculations of certain
covenants related to the firm's revolving credit facility. However, adjusted
EBITDA and EBITDA should not be considered as an alternative to net income
determined in accordance with GAAP. Because adjusted EBITDA and EBITDA are not
calculated under GAAP, the firm's adjusted EBITDA and EBITDA may not be
comparable to similarly titled measures used by other companies.

Below is a reconciliation of net income to EBITDA and adjusted EBITDA (in
thousands):



                                       Three Months Ended  Twelve Months Ended
                                       December 31,        December 31,
                                       2012      2011      2012       2011
Net income attributable to common      $106,831  $84,765   $207,556   $163,997
shareholders
Add:
Interest expense, net of interest      10,337    8,372     35,173     35,591
income
Provision for income taxes             34,657    29,525    69,244     56,387
Depreciation and amortization          20,100    22,333    78,810     82,832
EBITDA                                 $171,925  $144,995  $390,783   $338,807
Add:
Restructuring and acquisition charges  13,045    33,983    45,421     56,127
Adjusted EBITDA                        $184,970  $178,978  $436,204   $394,934

4.Restructuring and acquisition charges are excluded from segment operating
results, although they are included for consolidated reporting. For purposes
of segment operating results, the allocation of restructuring charges to the
segments has been determined not to be meaningful to investors, so the
performance of segment results has been evaluated without allocation of these
charges.

5.Intangible amortization from the second-quarter 2011 King Sturge
acquisition is included in depreciation and amortization in the firm's
consolidated results, as well as in EMEA's segment results, but has been
excluded from adjusted operating income and adjusted net income.

6.Each geographic region offers the firm's full range of Real Estate Services
businesses consisting primarily of tenant representation and agency leasing;
capital markets; property management and facilities management; project and
development services; and advisory, consulting and valuations services. The
Investment Management segment provides investment management services to
institutional investors and high-net-worth individuals.

7.The consolidated statements of cash flows are presented in summarized form.
For complete consolidated statements of cash flows, please refer to the firm's
Annual Report on Form 10-K for the year ended December 31, 2012, to be filed
with the Securities and Exchange Commission shortly.

8.EMEA refers to Europe, Middle East and Africa. MENA refers to Middle East
and North Africa. Greater China includes China, Hong Kong, Macau and Taiwan.

9.Certain prior year amounts have been reclassified to conform to the current
presentation.

SOURCE Jones Lang LaSalle

Website: http://www.joneslanglasalle.com
Contact: Lauralee Martin, Chief Operating and Financial Officer.
+1-312-228-2073
 
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