Exhibit 99.1
JONES LANG LASALLE REPORTS RECORD SECOND QUARTER DRIVEN BY LARGE INCENTIVE
FEE; NET INCOME OF $66.2 MILLION, $1.94 PER SHARE
CHICAGO, July 25 /PRNewswire-FirstCall/ -- Jones Lang LaSalle Incorporated
(NYSE: JLL), the leading global real estate services and money management firm,
today reported net income of $66.2 million, or $1.94 per diluted share of common
stock, for the quarter ended June 30, 2006, and net income of $70.8 million, or
$2.08 per share, for year-to-date 2006. In 2005, net income for the second
quarter was $24.8 million, or $0.74 per share, with year-to-date net income of
$16.2 million, or $0.48 per share. Operating income for the second quarter of
2006 nearly tripled to $84.3 million from $29.9 million a year ago and on a
year-to-date basis increased to $93.0 million from $19.6 million.
The second-quarter results included a strong contribution by the firm's
money management business, LaSalle Investment Management, which recognized an
incentive fee of $109.5 million from a single client. This amount exceeded
initial expectations due to higher than expected asset values, which were
supported by independent valuations completed at the end of the second quarter.
All of the firm's operating segments achieved strong increases in revenue
for both the second quarter and year-to-date 2006 compared with the same periods
of the prior year. Revenue for the second quarter of 2006 was $510 million, an
increase of 57 percent in U.S. dollars and 58 percent in local currencies. For
the first half of the year, revenue was $847 million, an increase of 50 percent
in U.S. dollars and 53 percent in local currencies, over the prior year.
Spaulding & Slye represented seven percent of the total increase in U.S. dollars
for the first half of 2006 compared with 2005, while the significant incentive
fee represented 19 percent.
Second Quarter 2006 Highlights:
-- LaSalle Investment Management recognized $109.5 million incentive fee
-- Revenue increased with significant growth in all business segments
-- Operating income improved by $54.4 million to $84.3 million
"Our outstanding operating performance in the quarter was driven by healthy
global real estate markets, and by the investments which we have made to grow
our firm. Our people have once again shown outstanding commitment to providing
our clients with excellent service throughout the world," said Colin Dyer, Chief
Executive Officer of Jones Lang LaSalle. "Strengthened with this quarter's large
incentive fee and by robust underlying growth throughout the firm, we will
continue to invest aggressively in people and infrastructure to increase our
competitive momentum," Dyer added.
Operating expenses were $425 million for the second quarter of 2006 compared
with $295 million for the same period in 2005, an increase of 44 percent in U.S.
dollars and 45 percent in local currencies. Operating expenses for the first
half of the year increased 38 percent in U.S. dollars and 41 percent in local
currencies to $754 million. The increase was driven mainly by the impact of
increased accrued incentive compensation due to the timing of the improved
revenue performance and costs associated with the generation of additional
revenue. Also contributing to the increase were the strategic investments made
in 2006, the full impact in the current year of the investments made throughout
2005, and the acquisition of Spaulding & Slye completed on January 3, 2006.
Interest expense of $4.5 million for the second quarter of 2006 was higher
than the $1.4 million incurred for the same period in 2005 due to a higher debt
balance and higher interest rates compared with a year ago. The higher debt
balance was principally related to the Spaulding & Slye acquisition, but also
capital expenditures that were greater than historical levels and increased
co-investment funding to support the growth in the money management business.
Business Segment First Quarter Performance Highlights
Investor and Occupier Services
-- In the Americas, revenue for the second quarter of 2006 was $135
million, an increase of 44 percent over the prior year, while for the
first half of the year, revenue increased to $248 million, an increase
of 48 percent over the same period in 2005. In 2006, the second quarter
and the first half of the year benefited from growth in the region's
significant product lines as well as the acquisition of Spaulding &
Slye. Spaulding & Slye contributed 44 percent for the quarter and 46
percent for the first half of the year of the Americas total increase in
U.S. dollars year over year.
At the end of 2005, the Americas reoriented part of its operations to
focus on "Markets" and "Accounts." The goal of the Markets organization
is to maximize the firm's local competitive position in its targeted
markets. The Accounts organization focus is on service delivery and
strategic advice to multi-geographic corporate clients. Capital Markets,
Public Institutions, Retail and Regional Operations (Canada and Latin
America) remain separate Americas businesses.
Revenue was strong in each of the Markets and Accounts organizations for
both the quarter and year to date in 2006, and in aggregate increased
over 50 percent for both periods compared with the prior year as
increased activity from new client wins in late 2005 has now started to
contribute to the results. Transaction revenue was up 59 percent for the
quarter and 66 percent for the first half of the year compared with 2005
due to an increased number of large transactions that closed in 2006.
Management Service revenue was up 31 percent for the quarter and 35
percent year to date over 2005, due to the growth of Project and
Development Services where the firm has been particularly successful
with its multi-site project product line. Revenue in the Americas Hotels
business more than tripled in the second quarter of 2006, compared with
2005, due to the closing of several significant transactions in the
quarter, in addition to benefits from the acquisition of the select
service hotel real estate broker and advisory firm completed late in the
second quarter of 2005.
Total operating expenses for the quarter and year to date increased 47
and 46 percent, respectively, over the prior year as the result of
continued investment activity throughout the region, higher compensation
costs associated with revenue-generating activities and the Spaulding &
Slye acquisition.
-- Europe's second-quarter revenue increased 13 percent in U.S. dollars, 14
percent in local currencies to $136 million, and 17 percent in U.S.
dollars, 21 percent in local currencies to $239 million, for the first
half of the year. Transaction Services revenue was up 17 percent for the
quarter and 24 percent year to date in U.S. dollars over the prior year,
driven by Capital Markets and Agency Leasing. For the first half of
2006, Capital Markets was up 66 percent and Agency Leasing was up 16
percent compared with the prior year. The year-to-date revenue is a more
comparable measure to the prior year as the Easter holiday was in
different quarters in the past two years, impacting the quarterly
results.
Germany and France continued their momentum and experienced robust
growth as a result of improved market conditions and ongoing
international capital flowing into those countries. Driven primarily by
Capital Markets activity, Germany's revenue was up approximately 60
percent in local currencies for both the second quarter and year to date
compared with 2005. France has experienced revenue growth of 38 and 71
percent, respectively, for the quarter and year to date in local
currencies, compared with 2005. Favorable activity in Central and
Eastern Europe, including Russia, has continued, with revenue for the
first half of the year up 65 percent for the group in local currencies
over last year. The growth across almost all markets was partially
offset by declines in Sweden and the European Hotels business. Revenue
in the United Kingdom was flat for the quarter year over year but was up
11 percent for the first half of the year compared with 2005.
In line with Europe's long-term strategy to build a market-leading
transaction and advisory business, two local acquisitions were completed
during the second quarter of 2006. The acquisitions of Rogers Chapman, a
specialist commercial real estate advisor with 53 employees, and The
Littman Partnership, a specialist-planning business with six
individuals, will allow the firm to achieve greater market penetration
and to improve the level of service to our clients.
Operating expenses in 2006 increased by 15 percent in U.S. dollars for
both the second quarter and first half of the year compared with 2005,
and increased by 16 and 18 percent in local currencies for the quarter
and year to date, respectively. The increase was due to the commitment
to growth and making strategic investments across businesses in addition
to opening new offices in Ukraine, Kazakhstan and Spain. Higher
incentive compensation resulted from improved revenue and operating
performance on a year-to-date basis as 2006 had operating income of $0.4
million compared with an operating loss of $1.9 million in 2005.
-- Second-quarter revenue for the Asia Pacific region was up 12 percent in
U.S. dollars and 13 percent in local currencies to $76 million from the
prior year and, on a year-to-date basis, up 14 and 17 percent in U.S.
dollars and local currencies, respectively to $134 million. Revenue
growth in the first half of the year was driven equally by Transaction
Services and Management Services revenue, which each grew 12 percent in
U.S. dollars. The second-quarter growth over the prior year was led by
Australia with revenue up 19 percent in local currencies over last year
as it benefited from healthy growth across the majority of its product
lines. The growth markets of China and India continued to track with
revenue increases of 23 and 32 percent, respectively. For the first half
of the year, Japan's and Hong Kong's combined revenue was flat year over
year but based on the current transaction pipelines, growth is
anticipated in the second half of 2006. On a year-to-date basis,
Australia contributed approximately 46 percent to the region's revenue
growth with the remaining growth being delivered by China, India and
Singapore.
The increase in operating expenses for the Asia Pacific region for both
the second quarter and first half of 2006 was primarily a result of the
firm's continued investment in people and technology infrastructure
along with market expansion supporting the opening of new offices across
the region. During the quarter, we began operations in Ho Chi Minh City,
Vietnam. The 2005 operating expenses included a benefit of a credit of
$1.6 million received from a litigation settlement.
LaSalle Investment Management
-- LaSalle Investment Management's second-quarter revenue in 2006 in U.S.
dollars was $173 million compared with $48 million in 2005, while
revenue for the first half of the year increased from $79 million to
$234 million. The primary reason for the increase in revenue was the
$117 million increase in incentive fees over 2005 as a result of two
significant fees being earned in the quarter.
Incentive fees can vary significantly from period to period due to both
the performance of the underlying funds' investments and the contractual
timing of the measurement period. During the second quarter of 2006, a
single incentive fee of $109.5 million was earned as a result of a final
asset portfolio valuation that was completed at the end of the quarter.
The values of the assets, which were supported by independent
third-party valuations, were significantly higher than expected due to
the strong performance of the portfolio. The fee covered an eight-year
period ending June 30, 2006.
Advisory fees, which provide annuity revenue, were $43 million for the
second quarter of 2006, compared with $33 million in 2005, an increase
of 32 percent over the prior year and an increase of 34 percent, to $81
million, on a year-to-date basis. The increase in Advisory fees was
driven by the continued strong growth in the assets currently under
management. The acquisition of CenterPoint Properties Trust on behalf of
a joint venture with a key client completed during the first quarter of
2006 also contributed to the increase in on-going Advisory fees.
LaSalle Investment Management's assets under management grew to almost
$37 billion at the end of the second quarter of 2006 compared with $28
billion a year ago. Total investments made during the first half of the
current year on behalf of clients, including the CenterPoint
acquisition, were $6.4 billion.
Summary
The firm continues to benefit from the effective execution of its strategic
initiatives, favorable market conditions and its globally diverse business
platform. Based on the year-to-date strong performance, the firm expects to
increase and accelerate its investment activity throughout the globe in people,
product lines and infrastructure to support its continued focus on long-term
growth objectives. The incremental strategic investments for the full year are
anticipated to be approximately $25 million, of which $7 million has been spent
through the first half of the year.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL), the only real estate money management and
services firm named to Forbes magazine's Platinum 400, has more than 100 offices
worldwide and operates in more than 430 cities in 50 countries. With 2005
revenue of approximately $1.4 billion, the company provides comprehensive
integrated real estate and investment management expertise on a local, regional
and global level to owner, occupier and investor clients. Jones Lang LaSalle is
an industry leader in property and corporate facility management services, with
a portfolio of 966 million square feet worldwide. In 2005, the firm completed
capital markets sales and acquisitions, debt financings, and equity placements
on assets and portfolios valued at $43 billion. LaSalle Investment Management,
the company's investment management business, is one of the world's largest and
most diverse real estate money management firms, with approximately $37 billion
of assets under management. For further information, please visit
http://www.joneslanglasalle.com .
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, 2005 and in the Quarterly
Report on Form 10-Q for the quarter ended March 31, 2006 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 Wednesday, July 26, 2006 at 9:00 a.m. EDT.
To participate in the teleconference, please dial into one of the following
phone numbers five to 10 minutes before the start time:
-- U.S. callers: +1 877 809 9540
-- International callers: +1 706 679 7364
-- Pass code: 2940080
Replay Information Available: (12:00 p.m. EDT) Wednesday, July 26 through
Midnight EDT August 3 at the following numbers:
-- U.S. callers: +1 800 642 1687
-- International callers: +1 706 645 9291
-- Pass code: 2940080
Live web cast
Follow these steps to listen to the web cast:
1. You must have a minimum 14.4 Kbps Internet connection
2. Log on to http://www.videonewswire.com/JLL/34689/event.html and follow
instructions
3. Download free Windows Media Player software: (link located under
registration form)
4. If you experience problems listening, send an e-mail to
webcastsupport@tfprn.com
This information is also available on the company's website at
http://www.joneslanglasalle.com .
If you have any questions, call Yvonne Peterson of Jones Lang LaSalle's
Investor Relations department at +1 312 228 2919.
JONES LANG LASALLE INCORPORATED
Consolidated Statements of Earnings
For the Three and Six Months Ended June 30, 2006 and 2005
(in thousands, except share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ----------------------------
2006 2005 2006 2005
------------ ------------ ------------ ------------
Revenue $ 509,789 $ 325,088 $ 846,887 $ 565,264
Operating expenses:
Compensation and benefits 318,369 209,639 549,615 381,765
Operating,
administrative and other 96,894 77,460 184,557 147,482
Depreciation and amortization 10,378 8,335 20,354 16,645
Restructuring credits (169) (250) (670) (250)
Total operating expenses 425,472 295,184 753,856 545,642
Operating income 84,317 29,904 93,031 19,622
Interest expense, net of interest
income 4,478 1,356 7,687 1,686
Equity in earnings
from unconsolidated ventures 9,593 4,630 8,649 3,738
Income before provision
for income taxes 89,432 33,178 93,993 21,674
Provision for income taxes 23,216 8,427 24,397 5,505
Net income before
cumulative effect
of accounting change 66,216 24,751 69,596 16,169
Cumulative effect of
change in accounting principle - - 1,180 -
Net income $ 66,216 $ 24,751 $ 70,776 $ 16,169
Net income available to common
shareholders $ 65,695 $ 24,751 $ 70,254 $ 16,169
EBITDA $ 104,288 $ 42,869 $ 123,214 $ 40,005
Basic earnings per common share $ 2.07 $ 0.80 $ 2.22 $ 0.52
Basic weighted
average shares outstanding 31,688,327 31,039,575 31,600,591 31,153,475
Diluted earnings
per common share $ 1.94 $ 0.74 $ 2.08 $ 0.48
Diluted weighted
average shares
outstanding 33,821,945 33,512,356 33,796,465 33,624,487
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Segment Operating Results
For the Three and Six Months Ended June 30, 2006 and 2005
(in thousands)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ----------------------------
2006 2005 2006 2005
------------ ------------ ------------ ------------
INVESTOR & OCCUPIER SERVICES -
AMERICAS
Revenue:
Transaction services $ 66,535 $ 41,940 $ 114,747 $ 69,039
Management services 64,801 49,405 127,062 94,388
Equity earnings 135 182 284 181
Other services 2,891 2,174 5,432 3,751
Intersegment revenue 494 240 659 529
134,856 93,941 248,184 167,888
Operating expenses:
Compensation, operating and
administrative 121,826 82,550 230,595 157,887
Depreciation and
amortization 5,281 3,671 10,583 7,283
127,107 86,221 241,178 165,170
Operating income $ 7,749 $ 7,720 $ 7,006 $ 2,718
EUROPE
Revenue:
Transaction services $ 109,110 $ 92,969 $ 188,485 $ 151,986
Management services 22,561 24,409 43,782 47,873
Equity earnings (85) (226) (305) (226)
Other services 4,396 2,785 7,365 5,358
135,982 119,937 239,327 204,991
Operating expenses:
Compensation, operating and
administrative 127,877 111,409 233,596 201,881
Depreciation and
amortization 2,840 2,454 5,348 5,005
130,718 113,863 238,944 206,886
Operating income $ 5,265 $ 6,074 $ 383 $ (1,895)
ASIA PACIFIC
Revenue:
Transaction services $ 45,189 $ 41,312 $ 73,837 $ 66,212
Management services 28,041 26,263 55,881 49,706
Equity earnings 1,633 - 1,850 -
Other services 1,529 943 2,697 1,535
Intersegment revenue 33 - 61 -
76,425 68,518 134,326 117,453
Operating expenses:
Compensation, operating and
administrative 71,589 58,593 128,362 107,571
Depreciation and
amortization 1,938 1,863 3,760 3,668
73,527 60,456 132,122 111,239
Operating income $ 2,898 $ 8,062 $ 2,204 $ 6,214
LASALLE INVESTMENT MANAGEMENT
Revenue:
Transaction services $ 3,886 $ 8,989 $ 14,935 $ 10,891
Advisory Fees 43,084 32,518 81,353 60,768
Incentive Fees 117,766 1,381 131,310 3,757
Equity earnings 7,911 4,674 6,821 3,783
Intersegment revenue (29) - (58) -
172,618 47,562 234,361 79,199
Operating expenses:
Compensation, operating and
administrative 94,468 34,787 142,280 62,436
Depreciation and
amortization 319 347 663 690
94,787 35,134 142,943 63,126
Operating income $ 77,831 $ 12,428 $ 91,418 $ 16,073
Total segment revenue 519,881 329,958 856,198 569,531
Intersegment revenue
eliminations (498) (240) (662) (529)
Reclassification of equity
earnings (9,595) (4,630) (8,649) (3,738)
Total revenue $ 509,789 $ 325,088 $ 846,887 $ 565,264
Total segment operating
expenses 426,139 295,674 755,187 546,421
Intersegment operating
expense eliminations (498) (240) (662) (529)
Total operating
expenses before
restructuring credits $ 425,641 $ 295,434 $ 754,526 $ 545,892
Operating income before
restructuring credits $ 84,148 $ 29,654 $ 92,361 $ 19,372
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Consolidated Balance Sheets
June 30, 2006, December 31, 2005 and June 30, 2005
(in thousands)
June 30, December 31, June 30,
2006 2005 2005
------------ ------------ ------------
(Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 23,879 $ 28,658 $ 21,339
Trade receivables, net of
allowances 516,669 415,087 269,024
Notes and other receivables 24,140 15,231 13,970
Prepaid expenses 28,365 22,442 24,705
Deferred tax assets 21,836 35,816 26,282
Other assets 14,342 13,864 9,437
Total current assets 629,231 531,098 364,757
Property and equipment, at cost,
less accumulated depreciation 98,507 82,186 71,475
Goodwill, with indefinite useful
lives, at cost, less accumulated
amortization 500,342 335,731 339,352
Identified intangibles, with
definite useful lives, at cost,
less accumulated
amortization 41,412 4,391 7,055
Investments in real estate ventures 114,035 88,710 78,752
Long-term receivables 25,726 20,931 14,646
Deferred tax assets 72,651 59,262 41,870
Other assets 26,330 22,460 22,743
$ 1,508,234 $ 1,144,769 $ 940,650
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 143,660 $ 155,741 $ 96,277
Accrued compensation 245,268 300,847 127,660
Short-term borrowings 15,192 18,011 13,778
Deferred tax liabilities 2,993 400 643
Deferred income 29,939 20,823 20,814
Other liabilities 34,933 26,813 15,569
Total current liabilities 471,985 522,635 274,741
Long-term liabilities:
Credit facilities 284,955 26,697 139,194
Deferred tax liabilities 2,910 3,079 -
Deferred compensation 22,219 15,988 14,789
Minimum pension liability 17,457 16,753 2,111
Deferred business acquisition
obligations 32,854 - -
Other liabilities 30,242 23,614 23,817
Total liabilities 862,622 608,766 454,652
Stockholders' equity:
Common stock, $.01 par value per
share, 100,000,000 shares authorized;
35,841,474, 35,199,744 and 34,229,868
shares issued and outstanding as of
June 30, 2006, December 31, 2005
and June 30,2005, respectively 358 352 341
Additional paid-in capital 643,878 606,001 575,241
Retained earnings 162,282 100,141 21,065
Stock held by subsidiary (153,026) (132,791) (101,754)
Stock held in trust (935) (808) (530)
Accumulated other comprehensive loss (6,945) (36,892) (8,365)
Total stockholders' equity 645,612 536,003 485,998
$ 1,508,234 $ 1,144,769 $ 940,650
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Summarized Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2006 and 2005
(in thousands)
(Unaudited)
Six Months Ended June 30,
----------------------------
2006 2005
------------ ------------
Cash provided by earnings $ 115,788 $ 47,405
Cash used in working capital (147,829) (104,470)
Cash used in operating activities (32,041) (57,065)
Cash used in investing activities (223,011) (27,198)
Cash provided by financing activities 250,273 75,459
Net decrease in cash and cash equivalents (4,779) (8,804)
Cash and cash equivalents, beginning of period 28,658 30,143
Cash and cash equivalents, end of period $ 23,879 $ 21,339
Please reference attached financial statement notes.
JONES LANG LASALLE INCORPORATED
Financial Statement Notes
1. EBITDA represents earnings before interest expense, net of interest income,
income taxes, depreciation and amortization. Although EBITDA is a non-GAAP
financial measure, it is used extensively by management and is useful to
investors as one of the primary metrics for evaluating operating performance
and liquidity. The firm believes that an increase in EBITDA is an indicator
of improved ability to service existing debt, to sustain potential future
increases in debt and to satisfy capital requirements. EBITDA is also used
in the calculations of certain covenants related to the firm's revolving
credit facility. However, EBITDA should not be considered as an alternative
either to net income or net cash provided by operating activities, both of
which are determined in accordance with GAAP. Because EBITDA is not
calculated under GAAP, the firm's EBITDA may not be comparable to similarly
titled measures used by other companies.
Below is a reconciliation of net income to EBITDA (in thousands):
Six Months Ended June 30,
----------------------------
2006 2005
------------ ------------
Net income $ 70,776 $ 16,169
Add:
Interest expense, net of interest income 7,687 1,686
Depreciation and amortization 20,354 16,645
Provision for income taxes 24,397 5,505
EBITDA $ 123,214 $ 40,005
Below is a reconciliation of net cash provided by operating activities, the
most comparable cash flow measure on the consolidated statements of cash
flows, to EBITDA (in thousands):
Six Months Ended June 30,
----------------------------
2006 2005
------------ ------------
Net cash used in operating activities $ (32,041) $ (57,065)
Add:
Interest expense, net of interest income 7,687 1,686
Change in working capital and non-cash expenses 123,171 89,879
Provision for income taxes 24,397 5,505
EBITDA $ 123,214 $ 40,005
2. Net debt represents the aggregate of 'Short-term borrowings' and 'Credit
facilities,' less 'Cash and cash equivalents.'
3. For purposes of segment operating results, the allocation of restructuring
charges (credits) to our segments has been determined to not be meaningful
to investors. Additionally, the performance of segment results has been
evaluated without these charges (credits) being allocated.
4. The consolidated statements of cash flows are presented in summarized form.
For complete consolidated statements of cash flows, please refer to the
firm's Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, to
be filed with the Securities and Exchange Commission shortly.
5. Beginning in 2006, we have renamed 'Implementation Services' to 'Transaction
Services.'
6. Earnings per common share is calculated by dividing net income available to
common shareholders by weighted average shares outstanding. Dividend
equivalents to be paid on outstanding but unvested shares of restricted
stock units are deducted from net income in the period the dividend is
declared when calculating net income available to common shareholders.
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ----------------------------
2006 2005 2006 2005
------------ ------------ ------------ ------------
Net income before
cumulative effect of
change in accounting
principle $ 66,216 $ 24,751 $ 69,596 $ 16,169
Cumulative effect of change
in accounting principle - - 1,180 -
Net income 66,216 24,751 70,776 16,169
Dividends on unvested
common stock 521 - 521 -
Net income available
to common shareholders $ 65,695 $ 24,751 $ 70,254 $ 16,169
Basic weighted average
shares outstanding 31,688,327 31,039,575 31,600,591 31,153,475
Basic income per common share before
cumulative effect of change in
accounting principle and dividends
on unvested common stock $ 2.09 $ 0.80 $ 2.20 $ 0.52
Cumulative effect of
change in accounting
principle - - 0.04 -
Dividends on unvested
common stock 0.02 - 0.02 -
Basic earnings per common
share $ 2.07 $ 0.80 $ 2.22 $ 0.52
Diluted weighted average
shares outstanding 33,821,945 33,512,356 33,796,465 33,624,487
Diluted income per common
share before cumulative
effect of change in
accounting principle
and dividends on
unvested common stock $ 1.96 $ 0.74 $ 2.06 $ 0.48
Cumulative effect of change
in accounting principle - - 0.03 -
Dividends on unvested
common stock 0.02 - 0.01 -
Diluted earnings per
common share $ 1.94 $ 0.74 $ 2.08 $ 0.48
SOURCE Jones Lang LaSalle Incorporated
-0- 07/25/2006
/CONTACT: Lauralee E. Martin, Chief Operating and Financial Officer of
Jones Lang LaSalle Incorporated, +1-312-228-2073/
/Web site: http://www.joneslanglasalle.com
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(JLL)