JLL Reports Record Fourth Quarter and Full-Year 2015 Results

JLL Reports Record Fourth Quarter and Full-Year 2015 Results
Full-year gross revenue up 18% to $6.0 billion; fee revenue up 17% to $5.2 billion
Adjusted earnings per share of $10.01 up 26% reflecting $0.87 currency headwind
CHICAGO, February 3, 2016 -- Jones Lang LaSalle Incorporated (NYSE: JLL) today reported strong, diversified revenue
increases for the full year and fourth quarter of 2015. Adjusted earnings per share were $4.53 for the fourth quarter, up 14
percent reflecting a $0.42 currency headwind. Fourth quarter gross revenue was up 15 percent to $1.9 billion; fee revenue of
$1.7 billion was up 14 percent. All percentage variances are calculated on a local currency basis.
Broad-based revenue and margin expansion across all geographic segments and LaSalle
Acquisitions and investments continue to fuel profitable growth
Corporate Solutions posts record year of business wins globally
LaSalle Investment Management continues to deliver strong performance and capital raise momentum
Moody's raises outlook on JLL's Baa2 investment grade balance sheet to Positive
CEO Comment:
An excellent fourth quarter completed another year of record revenue and profit, said Colin Dyer, President and CEO of
JLL. Growth will continue in 2016, driven by the caliber of our people, targeted investments and strategic acquisitions, all
combining to expand our services and build the long-term value of our company, Dyer added.
Three Months Ended

December 31,
2015
2014
Summary Financial Results

($ in millions, except per share data)
Revenue
Fee Revenue1
Adjusted Net Income2
U.S. GAAP Net Income2
Adjusted Earnings per Share2
Earnings per Share
Adjusted EBITDA3
Adjusted EBITDA, Real Estate Services
Adjusted EBITDA, LaSalle Investment Management
$
$
$
$
$
$
$
$
$
1,887
1,666
206
196
4.53
4.31
312
282
30
See Financial Statement Notes (1), (2) and (3) following the Financial Statements in this news release
$
$
$
$
$
$
$
$
$
1,749
1,557
196
194
4.33
4.28
300
274
26
Twelve Months Ended

December 31,
2015
2014
$
$
$
$
$
$
$
$
$
5,966
5,164
455
438
10.01
9.65
749
589
160
$
$
$
$
$
$
$
$
$
5,430
4,702
392
386
8.65
8.52
651
517
134
JLL Reports Fourth-Quarter 2015 Results - Page 2
Consolidated Revenue
($ in millions, LC = local currency)
Three Months Ended

December 31,
2015
2014
Real Estate Services (RES)

Leasing
$
Capital Markets & Hotels
Property & Facility Management Fee Revenue1
Property & Facility Management
Project & Development Services Fee Revenue1
Project & Development Services
Advisory, Consulting and Other
Total RES Fee Revenue1
$
Total RES Revenue
$
LaSalle Investment Management ("LaSalle")
Advisory Fees
Transaction Fees & Other
Incentive Fees
Total LaSalle Revenue
Total Firm Fee Revenue1
Total Firm Revenue
n.m. - not meaningful
% Change in
USD
% Change in
LC
566.0 $
331.9
337.5
441.6
161.4
278.7
172.2
1,569.0 $
1,790.4 $
536.8
330.1
305.8
428.6
131.6
200.4
161.1
1,465.4
1,657.0
5%
1%
10%
3%
23%
39%
7%
7%
8%
12%
7%
17%
10%
31%
50%
14%
14%
15%
61.6 $
11.2
24.2
97.0 $
58.8
7.3
25.9
92.0
5%
53%
(7)%
5%
9%
61%
(5)%
10%
$
$
1,666.0 $
1,887.4 $
1,557.4
1,749.0
7%
8%
14%
15%
Twelve Months Ended

December 31,
2015
2014
Consolidated Revenue
Real Estate Services (RES)
Leasing
$
Total RES Fee Revenue1
$
Total RES Revenue
$
LaSalle Investment Management ("LaSalle")
Advisory Fees
Incentive Fees
Total LaSalle Revenue
Total Firm Fee Revenue1
Total Firm Revenue
% Change in
USD
% Change in
LC
1,669.5 $
955.8
1,128.2
1,557.4
510.0
882.1
503.9
4,767.4 $
5,568.7 $
1,540.0
822.9
1,070.6
1,523.7
434.5
709.3
465.6
4,333.6
5,061.5
8%
16%
5%
2%
17%
24%
8%
10%
10%
13%
25%
13%
10%
26%
38%
18%
17%
18%
242.9 $
30.6
123.5
397.0 $
235.6
27.2
105.3
368.1
3%
13%
17%
8%
10%
22%
27%
16%
$
$
5,164.4 $
5,965.7 $
4,701.7
5,429.6
10%
10%
17%
18%
Consolidated Performance Highlights:

Consolidated fee revenue for the year was $5.2 billion, up 17 percent from 2014. Consolidated fee revenue for the fourth
quarter was $1.7 billion, up 14 percent from 2014. Growth for the year was broad-based, with double-digit increases across
all service lines, geographic segments and LaSalle.
Consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $4.6 billion for the year,
compared with $4.2 billion last year, an increase of 17 percent. Consolidated fee-based operating expenses, excluding
restructuring and acquisition charges, were $1.4 billion for the fourth quarter, compared with $1.3 billion last year, an
increase of 15 percent.
LaSalle Investment Management generated annual double-digit growth across all three of its major fee categories, with total
revenue increasing 16 percent. LaSalle also recognized significant equity earnings from net valuation increases and
investment dispositions.
Adjusted EBITDA margin calculated on a fee revenue basis was 14.6 percent in local currency for the year, compared with
13.8 percent last year. Adjusted EBITDA margin calculated on a fee revenue basis was 19.2 percent in local currency for the
fourth quarter, in-line with last year.
Adjusted earnings per share reached $10.01 for the year, up 26 percent from last year. Foreign exchange reduced adjusted
earnings per share for the year by approximately $0.87. Adjusted earnings per share reached $4.53 for the quarter, up 14
percent from the same period last year. Foreign exchange reduced adjusted earnings per share in the quarter by
approximately $0.42.
Balance Sheet and Net Interest Expense:

In December 2015 Moody's revised its outlook on the firm to Positive, reflecting the firm's strong cash generation. The firm's
investment grade balance sheet is positioned for growth.
The firm's total net debt was $461 million at year end, an increase of $298 million from last year, reflecting the pace of the
firm's continued investments and acquisitions.
Net interest expense for the year was $28.1 million, down from $28.3 million in 2014, due to slightly lower average
borrowings compared with last year.
Business Segment Performance Highlights

Americas Real Estate Services
Three Months Ended
December 31,
2015
2014
Americas Revenue
% Change in
USD
% Change in
LC
Leasing
$
Operating Revenue
$
374.9 $
105.4
154.1
206.7
81.5
83.0
44.5
760.4 $
345.3
94.1
139.0
195.3
69.5
70.7
40.2
688.1
9%
12%
11%
6%
17%
17%
11%
11%
13%
13%
15%
12%
21%
21%
13%
14%
Equity Earnings
Total Segment Fee Revenue1
Total Segment Revenue
0.5
760.9 $
815.0 $
0.3
688.4
745.9
67%
11%
9%
63%
14%
14%
% Change in
USD
% Change in
LC
$
$
Twelve Months Ended

December 31,
2015
2014
Americas Revenue
Leasing
$
Operating Revenue
$
1,165.6 $
331.6
499.3
706.1
258.0
263.3
138.9
2,393.4 $
1,039.5
266.6
454.3
661.9
222.7
225.5
125.6
2,108.7
12%
24%
10%
7%
16%
17%
11%
14%
14%
25%
14%
12%
20%
21%
13%
16%
Equity Earnings
5.9
2,399.3 $
2,611.4 $
0.8
2,109.5
2,319.9
n.m.
14%
13%
n.m.
16%
16%
$
$
Americas Performance Highlights:

Fee revenue for the year was $2.4 billion, an increase of 16 percent from last year. Revenue growth compared with last year
was strong across the platform, with double-digit growth across all service lines led by Leasing, Capital Markets & Hotels,
Property & Facility Management and Project & Development Services. Fee revenue for the fourth quarter was $761 million,
an increase of 14 percent from 2014.
Fee-based operating expenses for the year, excluding restructuring and acquisition charges, were $2.1 billion, up from $1.9
billion 2014. Fee-based operating expenses, excluding restructuring and acquisition charges, were $653 million for the
quarter, up from $581 million last year.
Operating income was $251 million for the year, compared with $219 million in 2014. Fourth quarter operating income was
$108 million, in-line with 2014.
Adjusted EBITDA was $314 million for the year, up from $275 million in 2014. Adjusted EBITDA margin, calculated on a fee
revenue basis, was 13.3 percent in local currency for 2015, compared with 13.0 percent in 2014. Adjusted EBITDA was
$125 million for the fourth quarter, compared with $124 million last year. Adjusted EBITDA margin, for the fourth quarter,
calculated on a fee revenue basis, was 17.3 percent in local currency, compared with 18.1 percent in 2014.
EMEA Real Estate Services

Three Months Ended
December 31,
2015
2014
EMEA Revenue
% Change in
USD
% Change in
LC
Leasing
$
Operating Revenue
$
103.4 $
176.1
68.1
85.2
58.7
163.0
86.2
492.5 $
106.9
173.2
65.7
91.6
41.2
96.8
88.1
475.1
(3)%
2%
4%
(7)%
42%
68%
(2)%
4%
7%
11%
13%
1%
57%
85%
6%
13%
Equity Earnings
492.5 $
613.9 $
475.1
556.6
n.m.
4%
10%
n.m.
13%
21%
% Change in
USD
% Change in
LC
$
$
Twelve Months Ended

December 31,
2015
2014
EMEA Revenue
Leasing
$
Operating Revenue
$
289.4 $
474.8
224.4
304.8
170.1
487.1
247.0
1,405.7 $
295.2
411.8
236.9
338.2
139.6
354.7
232.7
1,316.2
(2)%
15%
(5)%
(10)%
22%
37%
6%
7%
11%
29%
6%
1%
38%
58%
18%
20%
Equity Earnings
0.8
1,406.5 $
1,803.9 $
1,316.2
1,632.6
n.m.
7%
10%
n.m
20%
25%
$
$
EMEA Performance Highlights:

EMEA's performance during the year was significantly higher in local currencies than in U.S. dollars due to the strength of
the U.S. dollar against European currencies, particularly the Euro.
Fee revenue for the year was $1.4 billion, an increase of 20 percent from last year. Revenue growth from last year was
driven by Project & Development Services and Capital Markets & Hotels. Growth in the region was led by Germany, France
and the UK. Fee revenue for the quarter was $493 million, an increase of 13 percent from 2014.
Fee-based operating expenses, excluding restructuring and acquisition charges, were $1.3 billion, compared with $1.2
billion last year. Fee-based operating expenses, excluding restructuring and acquisition charges, were $403 million for the
fourth quarter, compared with $390 million last year.
Operating income was $146 million for the year, up from $121 million in 2014. Operating income was $90 million for the
fourth quarter, compared with $85 million last year.
Adjusted EBITDA was $173 million for the year, up from $145 million in 2014. Adjusted EBITDA margin calculated on a fee
revenue basis was 12.4 percent in local currency for the year, compared with 11.0 percent in 2014. Adjusted EBITDA was
$99 million for the fourth quarter, compared with $91 million last year. Adjusted EBITDA margin calculated on a fee revenue
basis was 20.4 percent in local currency for the fourth quarter, compared with 19.2 percent in 2014.
Asia Pacific Real Estate Services

Three Months Ended
December 31,
2015
2014
Asia Pacific Revenue

% Change in
USD
% Change in
LC
Leasing
$
Operating Revenue
$
87.7 $
50.4
115.3
149.7
21.2
32.7
41.5
316.1 $
84.6
62.8
101.1
141.7
20.9
32.9
32.8
302.2
4%
(20)%
14%
6%
1%
(1)%
27%
5%
11%
(12)%
23%
14%
11%
8%
39%
14%
Equity Earnings
0.5
316.6 $
362.5 $
0.3
302.5
355.1
67%
5%
2%
63%
14%
11%
% Change in
USD
% Change in
LC
$
$
Twelve Months Ended

December 31,
2015
2014
Asia Pacific Revenue

Leasing
$
Operating Revenue
$
Equity Earnings
$
$
214.5 $
149.4
404.5
546.5
81.9
131.7
118.0
968.3 $
205.3
144.5
379.4
523.6
72.2
129.1
107.3
908.7
4%
3%
7%
4%
13%
2%
10%
7%
13%
15%
17%
13%
25%
13%
21%
17%
0.7
969.0 $
1,160.8 $
0.4
909.1
1,110.2
75%
7%
5%
70%
17%
14%
Asia Pacific Performance Highlights:

Asia Pacific's performance during the year was significantly higher in local currencies than in U.S. dollars due to the strength
of the U.S. dollar, particularly against the Australian dollar and Japanese yen.
Fee revenue for the year was $969 million, an increase of 17 percent from 2014. Revenue growth compared with last year
was strong across the platform, with double-digit increases across all service lines led by Property & Facility Management.
Growth in the region was led by India and Japan. Fee revenue for the fourth quarter was $317 million, an increase of 14
percent from last year. Capital Markets & Hotels revenue for the quarter is down from 2014, reflective of the decline in
market volumes for the region.
Fee-based operating expenses, excluding restructuring and acquisition charges, were $882 million for the year, compared
with $825 million last year. Fee-based operating expenses, excluding restructuring and acquisition charges, were $263
million for the fourth quarter, compared with $250 million last year.
Operating income was $87 million for the year, up from $84 million in 2014. Operating income was $54 million for the fourth
quarter, up from $52 million last year.
Adjusted EBITDA was $103 million for the year, up from $98 million in 2014. Adjusted EBITDA margin calculated on a fee
revenue basis was 11.0 percent in local currency for the year, compared with 10.7 percent in 2014. Adjusted EBITDA was
$58 million for the fourth quarter, consistent with the same period last year. Adjusted EBITDA margin calculated on a fee
revenue basis was 18.4 percent in local currency for the fourth quarter, compared to 19.1 percent in 2014.
LaSalle Investment Management

Three Months Ended
December 31,
2015
2014
LaSalle Investment Management Revenue

Advisory Fees
Incentive Fees
Operating Revenue
Equity Earnings
% Change in
USD
% Change in
LC
61.6 $
11.2
24.2
97.0 $
58.8
7.3
25.9
92.0
5%
53%
(7)%
5%
9%
61%
(5)%
10%
12.6
109.6 $
6.7
98.7
88%
11%
90%
15%
% Change in
USD
% Change in
LC
Twelve Months Ended

December 31,
2015
2014
LaSalle Investment Management Revenue

Advisory Fees
Incentive Fees
Operating Revenue
Equity Earnings
242.9 $
30.6
123.5
397.0 $
235.6
27.2
105.3
368.1
3%
13%
17%
8%
10%
22%
27%
16%
70.1
467.1 $
47.0
415.1
49%
13%
50%
20%
LaSalle Investment Management Performance Highlights:

Advisory fees were $243 million for the year, up 10 percent from last year, and up 9 percent for the quarter. Total segment
revenue, including $31 million of transaction fees and other income, $123 million of incentive fees and $70 million of equity
earnings, was $467 million for the year compared with $415 million last year.
Incentive fees and equity earnings were notable for the year and prior year. Incentive fees were driven by the sale of assets
as LaSalle realized gains from legacy investments, whereas equity earnings were driven by valuation increases and
investment dispositions.
Operating expenses were $310 million for the year, compared with $283 million last year. Operating income was $158
million for the year, compared with $132 million last year.
Adjusted EBITDA was $160 million for the year, compared with $134 million last year. Adjusted EBITDA margin was 34.0
percent in local currency, compared with 32.3 percent in 2014.
Capital raise was $5.0 billion for the year, with $1.2 billion raised in the fourth quarter.
Assets under management were $56.4 billion as of December 31, 2015, down from $57.2 billion as of September 30, 2015,
primarily due to dispositions and foreign currency impact. The net decrease in assets under management resulted from $4.7
billion of dispositions and withdrawals and $0.8 billion of net foreign currency decreases, partially offset by $3.3 billion of
acquisitions and takeovers and $1.4 billion of net valuation increases.
About JLL
JLL (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. A Fortune 500 company with annual fee revenue of
$5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and
has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing
services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales,
acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has
$56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang
LaSalle Incorporated. For further information, visit www.jll.com.
200 East Randolph Drive Chicago Illinois 60601 | 30 Warwick Street London W1B 5NH | 9 Raffles Place #39-00 Republic
Plaza Singapore 048619
Cautionary Note Regarding Forward-Looking Statements
Statements in this news release regarding, among other things, future financial results and performance, achievements, plans
and objectives and dividend payments 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 and dividend payments of JLL to be
materially different from those expressed or implied by such forward-looking statements. For additional information concerning
risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated in forward-looking
statements, and risks to JLLs business in general, please refer to those factors discussed under Business, Managements
Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures about
Market Risk, and elsewhere in JLLs Annual Report on Form 10-K for the year ended December 31, 2014, on Form 10-Q for
the quarter ended March 31, 2015, June 30, 2015, and September 30, 2015 and in other reports filed with the Securities and
Exchange Commission. 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 the Companys Board
of Directors. Any forward-looking statements speak only as of the date of this release, and except to the extent required by
applicable securities laws, JLL expressly disclaims any obligation or undertaking to publicly update or revise any forwardlooking statements contained herein to reflect any change in JLLs expectations or results, or any change in events.
JLL Reports Second-Quarter 2015 Results - Page 14
Conference Call
Management will conduct a conference call with shareholders, analysts and investment professionals on Wednesday,
February 3, 2016 at 9:00 a.m. EST.
If you would like to participate in the teleconference, please dial into one of the following phone numbers five to ten
minutes before the start time (the passcode will also be required):
U.S. callers:
International callers:
Passcode:
+1 844 231 9804

+1 402 858 7998
21562666
Webcast
We are also offering a live webcast. Follow these steps to participate:
1.
2.
3.
4.
You must have a minimum 14.4 Kbps Internet connection

Log on to https://www.webcaster4.com/Webcast/Page/609/12740
Download free Windows Media Player software: (link located under registration form)
If you experience problems listening, please call the Webcast Hotline +1 800 774 9473 and provide your Event ID
(12740).
Supplemental Information
Supplemental information regarding the fourth-quarter 2015 earnings call has been posted to the Investor Relations
section of the company's website: www.jll.com.
Conference Call Replay
Available: 12:00 p.m. EST Wednesday, February 3, 2016 through 11:59 p.m. EST Thursday, March 3, 2016 at the following
numbers:
U.S. callers:
International callers:
Passcode:
+1 855 859 2056
or +1 800 585 8367
+1 404 537 3406

21562666
Web Audio Replay

An audio replay will be available for download or stream. Information and the link can be found on the companys website:
www.jll.com.
If you have any questions, please contact JLLs Investor Relations department at: [email protected].
###
JONES LANG LASALLE INCORPORATED

Consolidated Statements of Operations
For the Three and Twelve Months Ended December 31, 2015 and 2014
(in thousands, except share data)
(Unaudited)
Three Months Ended
December 31,
2015
Revenue
2014
Twelve Months Ended

December 31,
2015
2014
1,887,417 $
1,748,981 $
5,965,671 $
5,429,603
1,105,480
1,031,869
3,564,536
3,258,673
483,636
427,048
1,729,079
1,568,424
31,082
27,123
108,142
94,337
Operating expenses:
Compensation and benefits
Operating, administrative and other
Depreciation and amortization
Restructuring and acquisition charges
13,359
1,126
34,116
42,505
1,633,557
1,487,166
5,435,873
4,963,939
253,860
261,815
529,798
465,664
Interest expense, net of interest income
(7,758)
(6,660)
(28,127)
(28,321)
Equity earnings from real estate ventures
13,602
7,320
77,475
48,265
259,704
262,475
579,146
485,608
61,229
67,699
132,805
97,588
198,475
194,776
446,341
388,020
Total operating expenses

Operating income1
Income before income taxes and noncontrolling interest 4

Provision for income taxes 4
Net income 4
Net income attributable to noncontrolling interest
Net income attributable to the Company
Dividends on unvested common stock, net of tax benefit
2,417
841
7,669
196,058 $
193,935 $
438,672 $
151
138
314
1,957
386,063
314
Net income attributable to common shareholders
195,907 $
193,797 $
438,358 $
385,749
Basic earnings per common share
4.35 $
4.32 $
9.75 $
8.63
Basic weighted average shares outstanding

Diluted earnings per common share 2
45,043,383
$
Diluted weighted average shares outstanding

EBITDA 3
Please reference attached financial statement notes.
4.31 $
45,491,779
298,544 $
44,824,108
4.28 $
45,331,703
296,258 $
44,940,042
9.65 $
45,414,898
715,415 $
44,684,482
8.52
45,260,563
608,266

Segment Operating Results
For the Three and Twelve Months Ended December 31, 2015 and 2014
(in thousands)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended

December 31,
2015
2014
2015
2014
814,484 $
522
815,006
(54,072)
760,934
745,584 $ 2,605,556 $ 2,319,136

329
5,888
775
745,913
2,611,444
2,319,911
(57,517)
(212,118)
(210,380)
688,396
2,399,326
2,109,531
690,213
16,728
706,941
(54,072)
621,582
16,716
638,298
(57,517)
2,297,142
63,239
2,360,381
(212,118)
2,045,330
55,215
2,100,545
(210,380)
652,869
580,781
2,148,263
1,890,165
REAL ESTATE SERVICES

AMERICAS
Revenue:
Operating revenue
Equity earnings
Total segment revenue
Gross contract costs1
Total segment fee revenue
Operating expenses:
Compensation, operating and administrative expenses
Total segment operating expenses
Total fee-based segment operating expenses
Operating income
108,065 $
107,615 $
251,063 $
219,366
Adjusted EBITDA
124,793 $
124,331 $
314,302 $
274,581
613,930 $
613,930
(121,398)
492,532
556,568 $ 1,803,000 $ 1,632,657

4
752
17
556,572
1,803,752
1,632,674
(81,511)
(397,446)
(316,440)
475,061
1,406,306
1,316,234
515,035
9,080
524,115
(121,398)
465,434
6,460
471,894
(81,511)
1,631,064
27,179
1,658,243
(397,446)
1,488,033
23,763
1,511,796
(316,440)
402,717
390,383
1,260,797
1,195,356
EMEA
Revenue:
Operating revenue
Equity earnings
Operating expenses:
Operating income
89,815 $
84,678 $
145,509 $
120,878
Adjusted EBITDA
98,895 $
91,138 $
172,688 $
144,641
Three Months Ended

December 31,
ASIA PACIFIC
Revenue:
Operating revenue
Equity earnings
Operating expenses:
Twelve Months Ended

December 31,
2015
2014
2015
2014
362,006 $
498
362,504
(45,825)
316,679
354,812 $ 1,159,979 $ 1,109,701

327
713
447
355,139
1,160,692
1,110,148
(52,590)
(191,780)
(201,073)
302,549
968,912
909,075
304,199
4,651
308,850
(45,825)
299,530
3,430
302,960
(52,590)
1,057,962
15,529
1,073,491
(191,780)
1,012,639
13,301
1,025,940
(201,073)
263,025
250,370
881,711
824,867
Operating income
53,654 $
52,179 $
87,201 $
84,208
Adjusted EBITDA
58,305 $
57,825 $
102,730 $
97,509
96,997 $
12,582
109,579
92,017 $
6,660
98,677
397,136 $
70,122
467,258
368,109
47,026
415,135
79,669
623
80,292
72,371
517
72,888
307,447
2,195
309,642
281,094
2,059
283,153
LASALLE INVESTMENT MANAGEMENT

Revenue:
Operating revenue
Equity earnings
Operating expenses:
Operating income
29,287 $
25,789 $
157,616 $
131,982
Adjusted EBITDA
29,910 $
26,306 $
159,811 $
134,041
SEGMENT RECONCILING ITEMS

Reclassification of equity earnings
Total revenue
Total operating expenses before restructuring and acquisition charges
Operating income before restructuring and acquisition charges
$ 1,901,019 $ 1,756,301 $ 6,043,146 $ 5,477,868

13,602
7,320
77,475
48,265
$ 1,887,417 $ 1,748,981 $ 5,965,671 $ 5,429,603
$
Restructuring and acquisition charges4
1,620,198
1,486,040
5,401,757
4,921,434
267,219 $ 262,941 $ 563,914 $ 508,169
13,359
1,126
34,116
42,505
Operating income after restructuring and acquisition charges
253,860 $
261,815 $
529,798 $
465,664
Total adjusted EBITDA
311,903 $
299,600 $
749,531 $
650,771
298,544 $
Restructuring and acquisition
charges4
Total EBITDA
13,359
3,342
296,258 $
34,116
715,415 $
42,505
608,266

Consolidated Balance Sheets
December 31, 2015 and December 31, 2014
(in thousands)
(Unaudited)
December 31,
2015
ASSETS
Current assets:
Cash and cash equivalents
Trade receivables, net of allowances
Notes and other receivables
Warehouse receivables
Prepaid expenses
Deferred tax assets, net
Other
Total current assets
Property and equipment, net of accumulated depreciation
Goodwill, with indefinite useful lives
Identified intangibles, net of accumulated amortization
Investments in real estate ventures
Long-term receivables
Deferred tax assets, net
Deferred compensation plans
Other
Total assets
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities
Accrued compensation
Short-term borrowings
Deferred tax liabilities, net
Deferred income
Deferred business acquisition obligations
Warehouse facility
Minority shareholder redemption liability
Other
Total current liabilities
Noncurrent liabilities:
Credit facility
Long-term senior notes
Deferred tax liabilities, net
Deferred compensation
Deferred business acquisition obligations
Other
Total liabilities
December 31,
2014
216,583 $
1,591,674
267,307
265,211
77,753
132,868
99,411
2,650,807
250,413
1,375,035
181,377
83,312
64,963
135,251
27,825
2,118,176
423,268
2,141,471
227,185
311,487
135,181
87,177
134,253
94,330
6,205,159 $
368,361
1,907,924
38,841
297,142
85,749
90,897
111,234
57,012
5,075,336
712,624 $
1,088,889
49,217
21,112
114,770
54,675
263,102
200,804
2,505,193
630,037
990,678
19,623
16,554
104,565
49,259
83,312
11,158
141,825
2,047,011
254,999
275,000
33,032
156,197
42,860
208,496
3,475,777
275,000
17,082
125,857
68,848
118,969
2,652,767
Redeemable noncontrolling interest
(Unaudited)
December 31,
2015
11,083
December 31,
2014
13,449
450
448
986,633
961,850
2,044,224
1,631,145
Company shareholders' equity:

Common stock, $.01 par value per share,100,000,000 shares
authorized; 45,049,503 and 44,828,779 shares issued and
outstanding as of December 31, 2015 and December 31, 2014,
respectively
Additional paid-in capital
Retained earnings
Shares held in trust
Accumulated other comprehensive income (loss)
Total Company shareholders' equity
Noncontrolling interest
Total equity
Total liabilities and equity
(6,231)
(6,407)
(336,313)
(200,239)
2,688,763
2,386,797
29,536
22,323
2,718,299
2,409,120
6,205,159 $
5,075,336

Summarized Consolidated Statements of Cash Flows
For the Twelve Months Ended December 31, 2015 and 2014
(in thousands)
Twelve Months Ended
December 31,
2015
2014
Cash used in operating activities
375,769 $
498,861
Cash used in investing activities
(584,615)
(187,938)
Cash provided by financing activities
191,567
(203,029)
Effect of currency exchange rate changes on cash and cash equivalents
(16,551)
(10,207)
(33,830) $
97,687
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period
250,413
152,726
216,583 $
250,413

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. 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, 2015 and 2014.
Three Months Ended
December 31,
2015
2014
($ in millions)
Revenue
Gross contract costs
Fee revenue
Operating expenses
Gross contract costs
Fee-based operating expenses
Operating income
Add:
Restructuring and acquisition charges*
Adjusted operating income
Adjusted operating income margin
1,887.4
(221.3)
1,666.1
1,633.6
(221.3)
1,412.3
253.8
13.4
267.2
16.0 %
Twelve Months Ended

December 31,
2015
2014
1,749.0
(191.6)
1,557.4
1,487.2
(191.6)
1,295.6
261.8
3.3
265.1
17.0 %
5,965.7
(801.3)
5,164.4
5,435.9
(801.3)
4,634.6
4,963.9
(727.9)
4,236.0
529.8
465.7
34.1
563.9
42.5
508.2
10.9 %
5,429.6
(727.9)
4,701.7
10.8 %
*See note 4 for more information on restructuring and acquisition charges
2. Net restructuring and acquisition charges are excluded from GAAP net income attributable to common shareholders to
arrive at adjusted net income for the three and twelve months ended December 31, 2015 and 2014. Adjusted net income
in the table below for the three and twelve months ended December 31, 2014 no longer incorporates an adjustment to
exclude the net intangible amortization related to the 2011 King Sturge acquisition; such amounts were $0.4 million and
$2.0 million of amortization expense for the three and twelve months ended December 31, 2014, respectively. There was
no comparable activity during the three and twelve months ended December 31, 2015.
Amounts, including adjusted diluted earnings per share - local currency, and percentage variances presented on a
local currency basis are calculated by translating the current period results of our foreign operations to U.S. dollars
using the foreign currency exchange rates from the periods against which our current period results are being
compared. Management believes this methodology provides a framework for assessing our performance and
operations excluding the effect of foreign currency exchange rate fluctuations. Adjusted diluted earnings per share local currency, calculated pursuant to this methodology is a non-GAAP financial measure, which should not be
considered as an alternative to basic or diluted earnings per share determined in accordance with GAAP. Because
amounts and percentage variances presented on a local currency basis are not calculated under GAAP, they may
not be comparable to similarly titled measures used by other companies.
Below are reconciliations of GAAP net income attributable to common shareholders to adjusted net income and
calculations of earnings per share for each net income total:
Three Months Ended
December 31,
($ in millions, except per share data)
GAAP net income attributable to common
shareholders
Shares (in 000s)
GAAP diluted earnings per share
GAAP net income attributable to common
shareholders
Restructuring and acquisition charges, net*
Adjusted net income
2015
$
$
$
$
Shares (in 000s)

Adjusted diluted earnings per share
Currency impact on adjusted diluted earnings per
share
Adjusted diluted earnings per share - local
currency
2014
2015
195.9 $
45,492
4.31 $
193.8
45,332
4.28
195.9 $
10.1
206.0 $
193.8
2.5
196.3
45,492
$
Twelve Months Ended

December 31,
4.53 $
45,332
4.33
0.42
$
4.95
438.4 $
45,415
9.65 $
385.7
45,261
8.52
438.4 $
16.1
454.5 $
385.7
6.0
391.7
45,415
$
2014
10.01 $
45,261
8.65
0.87
$
10.88
*See note 4 for more information on restructuring and acquisition charges
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
firms 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 firms 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:

Three Months Ended
December 31,
2015
2014
($ in millions)
GAAP net income
Add:
Interest expense, net of interest income
Provision for income taxes
198.5
EBITDA
Add:
Restructuring and acquisition charges
Adjusted EBITDA
298.6
13.4
312.0
194.8
7.8
61.2
31.1
Twelve Months Ended

December 31,
2015
2014
$
446.3
6.7
67.7
27.1
$
296.3
3.3
299.6
388.0
28.1
132.8
108.1
$
715.3
34.1
749.4
28.3
97.6
94.4
$
608.3
42.5
650.8
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 and acquisition
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.
Restructuring and acquisition charges presented in the Financial Statement Notes for the three months ended
December 31, 2014 includes a pre-tax charge of $2.2 million associated with acquisition-related activity that was
presented within Operating, administrative and other expenses in the consolidated statements of operations for the
quarter and reclassified to Restructuring and acquisition charges for full-year 2014 reporting comparability.
Restructuring and acquisition charges of $34 million for the year ended December 31, 2015 includes $13 million
related to the write-off of an indemnification asset which arose from prior period acquisition activity. This write-off is
offset by the recognition of a tax benefit of an equal amount in the provision for income taxes, and therefore has no
impact on net income.
Three Months Ended
December 31, 2015
($ in millions)
Income before income taxes and
noncontrolling interest
Provision for income taxes
Net Income
GAAP
$
$
Twelve Months End

December 31, 2015
Adjusting
Item
Adjusted
259.7 $
61.2
198.5
259.7
61.2
198.5
GAAP
$
$
Adjusting
Item
Adjusted
579.1 $
132.8
446.3
12.8 $
12.8
$
591.9
145.6
446.3
Excluding the impact of this item, the adjusted provision for income taxes for the year ended December 31, 2015 of
$145.6 million reflects a 24.6 percent estimated annual effective tax rate on adjusted income before taxes of $592.4
million.
5. Each geographic region offers the firms 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. LaSalle Investment Management provides
investment management services to institutional investors and high-net-worth individuals.
6. The consolidated statements of cash flows are presented in summarized form. For complete consolidated statements of
cash flows, please refer to the firms Annual Report on Form 10-K for the year ended December 31, 2015, to be filed with
the Securities and Exchange Commission shortly.
7. 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. Southeast Asia refers to Singapore, Indonesia, Philippines, Thailand and
Vietnam. The BRIC countries include Brazil, Russia, India and China.
8. Certain prior year amounts have been reclassified to conform to the current presentation.
Contact:
Title:
Phone:
Christie B. Kelly
Global Chief Financial Officer
+1 312 228 2316

JLL Reports Record Fourth Quarter and Full-Year 2015 Results

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JLL Reports Record Fourth Quarter and Full-Year 2015 Results

Acquisitions and investments continue to fuel profitable growth

Corporate Solutions posts record year of business wins globally

Three Months Ended

Summary Financial Results

Twelve Months Ended

JLL Reports Fourth-Quarter 2015 Results - Page 2

Three Months Ended

Real Estate Services (RES)

JLL Reports Fourth-Quarter 2015 Results - Page 3

Twelve Months Ended

n.m. - not meaningful

Consolidated Performance Highlights:

JLL Reports Fourth-Quarter 2015 Results - Page 4

Balance Sheet and Net Interest Expense:

JLL Reports Fourth-Quarter 2015 Results - Page 5

Business Segment Performance Highlights

n.m. - not meaningful

Twelve Months Ended

n.m. - not meaningful

JLL Reports Fourth-Quarter 2015 Results - Page 6

Americas Performance Highlights:

JLL Reports Fourth-Quarter 2015 Results - Page 7

EMEA Real Estate Services

n.m. - not meaningful

Twelve Months Ended

n.m. - not meaningful

JLL Reports Fourth-Quarter 2015 Results - Page 8

EMEA Performance Highlights:

JLL Reports Fourth-Quarter 2015 Results - Page 9

Asia Pacific Real Estate Services

Asia Pacific Revenue

n.m. - not meaningful

Twelve Months Ended

Asia Pacific Revenue

JLL Reports Fourth-Quarter 2015 Results - Page 10

Asia Pacific Performance Highlights:

JLL Reports Fourth-Quarter 2015 Results - Page 11

LaSalle Investment Management

LaSalle Investment Management Revenue

n.m. - not meaningful

Twelve Months Ended

LaSalle Investment Management Revenue

n.m. - not meaningful

LaSalle Investment Management Performance Highlights:

JLL Reports Fourth-Quarter 2015 Results - Page 12

JLL Reports Fourth-Quarter 2015 Results - Page 13

JLL Reports Second-Quarter 2015 Results - Page 14

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JONES LANG LASALLE INCORPORATED

Twelve Months Ended

Interest expense, net of interest income

Equity earnings from real estate ventures

Total operating expenses