UPDATE: Jones Lang LaSalle Reports Record Full-Year Revenue of $3.6 Billion

Jones Lang LaSalle Incorporated

today reported record revenue for the year ended December 31, 2011. Consolidated revenue grew 23 percent for the year, 19 percent in local currency, driven by double-digit growth in all three geographic segments and the acquisition of King Sturge completed in EMEA during the second quarter of 2011. Strong conversion of the firm's business pipelines drove growth in the transactional businesses of Leasing and Capital Markets, while Property & Facility Management revenue increased with ongoing success in corporate outsourcing. LaSalle Investment Management, which continued to perform well for its clients within a mixed investment environment, delivered solid results. Operating expenses, excluding Restructuring and acquisition charges, were $3.3 billion for the year, an increase of 23 percent, 20 percent in local currency, compared with $2.7 billion in 2010. The increase was driven by higher variable compensation resulting from improved transactional revenue and by variable costs to support client wins and to continue building the firm's pipeline for 2012. Full-year results included $56 million of Restructuring and acquisition charges, of which $16 million related to employee retention, and $11 million of intangible amortization related to the addition of King Sturge. Restructuring and acquisition charges are excluded from segment operating results, although they are included for consolidated reporting. Intangible amortization from King Sturge is included in Depreciation and amortization in the firm's consolidated results, as well as in EMEA's segment results. Net interest expense for 2011 was $36 million, compared with $46 million in 2010. Outstanding debt on the firm's $1.1 billion long-term credit facility was $463 million as of December 31, 2011. During the fourth quarter, the firm reduced its total net debt position by more than $180 million.