Jones Lang LaSalle Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Jones Lang LaSalle Inc. reported $7.38 billion in revenue and $47.4 million in net income for fiscal year 2023.</b>

AI Summary

JONES LANG LASALLE INC (JLL) filed a Annual Report (10-K) with the SEC on February 27, 2024. Total revenue for fiscal year 2023 was $7,382,022,432. The company reported a net income of $47,442,613 for fiscal year 2023. The filing covers the fiscal year ending December 31, 2023. Jones Lang LaSalle Inc. is incorporated in Maryland. The company's principal business address is in Chicago, Illinois.

Why It Matters

For investors and stakeholders tracking JONES LANG LASALLE INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of JLL's financial performance and business operations for the fiscal year 2023, offering insights into revenue streams, profitability, and strategic direction. Investors and stakeholders can use this report to assess the company's financial health, evaluate management's performance, and make informed investment decisions based on detailed financial statements and risk factor disclosures.

Risk Assessment

Risk Level: medium — JONES LANG LASALLE INC shows moderate risk based on this filing. The company's financial performance is subject to market fluctuations and economic conditions in the real estate sector, as indicated by the revenue and net income figures for fiscal year 2023.

Analyst Insight

Monitor JLL's revenue growth and net income trends in upcoming quarters to assess its ability to navigate market volatility and achieve sustained profitability.

Financial Highlights

revenue

7,382,022,432

net Income

47,442,613

Key Numbers

• 7,382,022,432 — Total Revenue (Fiscal year 2023)
• 47,442,613 — Net Income (Fiscal year 2023)
• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-27 — Filing Date (Date of submission)

Key Players & Entities

• JONES LANG LASALLE INC (company) — Filer name
• 2023 (date) — Fiscal year
• 2023-12-31 (date) — Fiscal year end
• 2024-02-27 (date) — Filing date
• Chicago (location) — Business address city
• Illinois (location) — Business address state
• MD (location) — State of incorporation
• Lasalle Partners Inc (company) — Former company name

FAQ

Industry Context

Jones Lang LaSalle Inc. operates in the real estate and construction industry, providing services such as property management and real estate brokerage.

Regulatory Implications

The company is subject to SEC regulations for public companies, requiring regular filings like the 10-K to disclose financial and operational information.

What Investors Should Do

1. Analyze the detailed financial statements in the 10-K to understand revenue drivers and cost structures.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's strategy and outlook.
3. Assess any disclosed risk factors to understand potential challenges and their impact on future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for fiscal year 2023, providing a year-end summary of the company's financial standing and operations.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 JLL The New York Stock Exchange Securi
• $20.8 b — tune 500 company with annual revenue of $20.8 billion, operations in over 80 countries
• $20.8 billion — GAAP measure, Revenue. Our revenue was $20.8 billion and fee revenue was $7.4 billion for 20
• $7.4 billion — e was $20.8 billion and fee revenue was $7.4 billion for 2023, earned geographically as foll
• $157 billion — ital markets services for approximately $157 billion of client transactions. Value and Risk
• $136 billion — viced a loan portfolio of approximately $136 billion. 7 Table of Conte nts 3. Work Dyna
• $397.6 million — the fair value of such investments was $397.6 million. 9 Table of Conte nts 5. LaSalle
• $73.9 billion — 's assets under management ("AUM") were $73.9 billion as of December 31, 2023. To more closel
• $89.0 billion — REV. Under the new methodology, AUM was $89.0 billion as of December 31, 2023. AUM by geograp
• $388.3 million — of December 31, 2023, we had a total of $388.3 million of co-investments, alongside our client

Filing Documents

• jll-20231231.htm (10-K) — 2565KB
• exhibit1021-secondamendment.htm (EX-10.21) — 8KB
• exhibit1022-thirdamendment.htm (EX-10.22) — 9KB
• exhibit1023-fourthamendment.htm (EX-10.23) — 50KB
• exhibit1024-fifthamendment.htm (EX-10.24) — 11KB
• exhibit1025-sixthamendment.htm (EX-10.25) — 12KB
• exhibit211-jll2023q4subsid.htm (EX-21.1) — 255KB
• exhibit231-jll2023q4consent.htm (EX-23.1) — 2KB
• exhibit311-jll202310kq4.htm (EX-31.1) — 11KB
• exhibit312-jll202310kq4.htm (EX-31.2) — 10KB
• exhibit32-jll202310kq4.htm (EX-32) — 8KB
• exhibit97-clawbackpolicy.htm (EX-97) — 15KB
• amendment4.jpg (GRAPHIC) — 116KB
• jll-20231231_g1.jpg (GRAPHIC) — 41KB
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• jll-20231231_g8.jpg (GRAPHIC) — 87KB
• jll-20231231_g9.jpg (GRAPHIC) — 563KB
• 0001037976-24-000010.txt (&nbsp;) — 24224KB
• jll-20231231.xsd (EX-101.SCH) — 92KB
• jll-20231231_cal.xml (EX-101.CAL) — 115KB
• jll-20231231_def.xml (EX-101.DEF) — 490KB
• jll-20231231_lab.xml (EX-101.LAB) — 1328KB
• jll-20231231_pre.xml (EX-101.PRE) — 825KB
• jll-20231231_htm.xml (XML) — 2132KB

Risk Factors

Item 1A. Risk Factors 26

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 39

Cybersecurity

Item 1C. Cybersecurity 39

Properties

Item 2. Properties 41

Legal Proceedings

Item 3. Legal Proceedings 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41 PART II

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchase of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchase of Equity Securities 42

[Reserved]

Item 6. [Reserved] 43

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 64

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 65

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 108

Controls and Procedures

Item 9A. Controls and Procedures 108

Other Information

Item 9B. Other Information 108

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 109

Executive Compensation

Item 11. Executive Compensation 109

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 110

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 110

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 110 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 111

Form 10-K Summary

Item 16. Form 10-K Summary 111 Cautionary Note Regarding Forward-Looking Statements 111 Power of Attorney 111

Signatures

Signatures 116 Table of Conte nts PART I

BUSINESS

ITEM 1. BUSINESS COMPANY OVERVIEW Jones Lang LaSalle Incorporated, incorporated in 1997, is a Maryland corporation. References to "JLL," "the Company," "we," "us" and "our" refer to Jones Lang LaSalle Incorporated and include all of its consolidated subsidiaries, unless otherwise indicated or the context requires otherwise. Our common stock is listed on The New York Stock Exchange ("NYSE") under the symbol "JLL." For over 200 years, JLL, a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY SM by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions. JLL is a Fortune 500 company with annual revenue of $20.8 billion, operations in over 80 countries and a global workforce of more than 106,000 as of December 31, 2023. We provide services for a broad range of clients who 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, public-private partnerships and governmental ("public sector") entities. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly-traded real estate securities. Our global platform and diverse service and product offerings position us to take advantage of the opportunities in a consolidating industry and to successfully navigate the dynamic and challenging markets in which we compete worldwide. We use JLL as our principal trading name. Jones Lang LaSalle Incorporated remains our legal name. JLL is a registered trademark in the countries in which we do business, as is our logo. In addition, LaSalle Investment Man

View Full Filing

View this 10-K filing on SEC EDGAR