JLL - Earnings call transcript Q3 2024 | Jones Lang LaSalle Incorporated

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Operator

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Third Quarter 2024 Jones Lang LaSalle Incorporated Earnings Conference Call. Today's conference is being recorded. [Operator Instructions] . At this time, I would like to turn the conference over to Brian Hogan, Investor Relations Officer. ahead. go Please

Unknown Executive

his good materials Earnings and visit Earlier to Third Relations our our along the morning, and of Excel Thank to section available tend Call morning. on for ir.jll.com. XXXX supplement with release earnings Conference issued remarks. Incorporated. Please presentation Jones Quarter and we file These you, prepared our Welcome slide are Lang website. this Investor LaSalle the

we presentation the for non-GAAP reference release and of presentation. file, our to accompanying During earnings believe investors. information in the measures GAAP reconciliations certain slide measures, useful and we call include which non-GAAP financial financial slide and our Excel in provide We

earnings and revenues, in reference release. we resilience also We transactional of which define our the footnotes

being to our today's and of As live recording and is recorded. website. posted conference transcript a call be this reminder, webcast will A call

report about made a our Actual statements and fiscal statements. plans XX, performance forward-looking those our or the in any update and Any statements the to are from performance year filed statements. undertaking Form results on objectives discussed in future forward-looking with any differ XXXX The of reports XX-K SEC. factors forward-looking revise December publicly and expectations results and may result company annual disclaims as for

are Finally, the a local prior that otherwise percentage noted. against currency, reminder variances year unless period in

call opening turn to Ulbrich, and Christian the now over remarks. for I Executive will Officer, our President Chief

Christian Ulbrich

position market with across and leasing, strong and our In management results, ability continues are results, announced in LaSalle Hello, acceleration our recovery our to momentum third our Brian. saw debt and work X segment which to quarter. in largest These capital stages expectations. results Web financial Thank advisory you, leverage and exceed our strengthen in strength property equity and delivered business and actions delivered advisory, in growth clients, dynamics, and drive double-digit that still we earnings third and business to our clients. welcome financial platform, all operating sales, growth lines. Beginning our the strategic leasing markets, to the XXXX our in Dynamics reflect our quarter, continued JLL expanding in quarter call. our services but early We revenue our the markets our investment transaction of demonstrated

Importantly, operating demonstrated focus we continued across EPS and platform on cost XX% a adjusted have growth. to management. by process efficiency our enterprise consolidated ability drive delivered leverage The EBITDA XX% through increased and adjusted our

quarter, platform client and our the people to Race to supplement recently clients platform. Estate to digital technology-powered brokerage solutions acquired Real real During a leasing using that JLL's technology, estate provides our we leasing improve strategic announced we transformative offering further Commercial enable Francisco, to enhance actions tools. San To existing

to technology, market-leading innovative and management the platform with and products and elite Race to strengthens engineers from transaction leasing for full JLL's build portfolio lease brokers seasoned analytics. life workplace cycle

In operations, capitalize addition, will one client all across management platform XXXX, better under building to segment and experience. in together on innovation bring groups we synergies

business Management the Murray, report of will World As a CEO. Leo Property Dynamic result this realignment, our to

X, management, renamed be include Following will Real and advisory, management, segment services. Estate Dynamics Services our this shift January and segment management, our on renamed market workplace Work will be portfolio and project Management leasing advisory property

core open-ended Property innovative JLL worth an for demand high Trust. is product fund investors, within net for there Income high offering Finally, LaSalle's U.S.

growth vehicle management a assets of funds a XXXX used which be exchange $XXX flagship in million accelerate committed and syndicated to acquire multiple the time. be that to expected have syndication offerings. We to across vehicles under recycled assets investment These over to fund, are incremental will the

year I detail provide on and full financial our more outlook. our to to Karen results will the turn now call over

Karen Brennan

Thank you, Christian.

on focus differentiating strong efficiency. Our our performance and JLL quarter improving platform operating services the in reflects

and long-term driving creating are value. clients superior Our value and for investments are talented our business teams we stakeholder our in making the

operating will geographies, generated acceleration quarter growth and I U.S., by U.K. the size sector, by volumes Beginning driven asset our notably saw The leasing, increase review revenue was with most in double-digit and now all increased segment. primarily in across XX% and classes. Advisory. The performance which with the nearly which growth. India in transaction the the deal Markets led office both

declines to average. flat as where we've and Globally, increase, size sector to rebounded. in quarter, deal including sector property Pacific incremental pre-pandemic growth. Large had multi-quarter below a the still management are of revenue was expenses, historically expansions though a higher prior led Portfolio the weighting industrial the year Americas continue Asia in ending trend transactions the pass-through proportionately the

continue are tenant the of drove in general Advisory The OECD in positively earlier and Combined of year revenue activity. active Market for high-quality compensation combined in timing our the The see growth for EBITDA. year-over-year pickup XX% year, continued incentive accruals we with optimistic also leasing We with adjusted the impacted requirements demand cost prior Index assets. Confidence to this Business continued stability since increase discipline, profitability. growth,

nearly growth noncash and debt Markets by MSR industrial. Capital an U.S. with across most increase geographies, Revenue activity. sales sentiment all grew the and classes equity hotels, segment. asset improved led in and as interest investor and rate pent-up Europe contributed and central significant excluding with reductions office investment Revenue all debt to powder and in many along dry advisory, increased notable our to demand, availability banks, XX% improved from Shifting

and market Capital transactional revenues The respective Our sales revenue, in their notably by driven predominantly performed grew U.S. higher nearly cost by which continued than better recorded growth, revenue was JLL discipline. segment EBITDA adjusted accounted Research. activity global investment XX% Markets for and Europe XX%. quarter, of the The

ahead, debt high equity engagements single to this Looking continue year, is last the time and sales up compared increase. global and advisory digits investment with pipeline client

as led from mix and continued Moving U.S. the mandate shifts largely associated was was by grew management, transaction absence Revenue higher-margin management mid-single-digit demonstrated XX% year. growth costs, a prior next to Project fees to referenced. large pass-through business on Work focus projects which Christian workplace overshadowed by increase services expansion, growth, in a Dynamics. in in a as mostly of Portfolio growth Management lower offset fees. revenue led in the which with

client EBITDA accruals. of attributable third Work The adjusted revenue to timing Dynamics in was growth. to quarter. workplace the of than started impacts increase large the management primarily negative expense from in which the the the lap certain more revenue-related offset XXXX new wins onboarding We

sustained XX% So stacked basis of a X-year the exceeded growth expectations. on our has

remain mandates. additional focused securing project we In on management,

rates. spending corporate However, of the near-term level current CapEx growth may dampen

Turning to JLL Technologies.

lower the through past few revenue software over more the Adjusted the which decline year drove from offset revenue. incremental incentive by benefit and solutions Continued over declined bookings ago, than in was were compensation efficiency the benefit true-up cost $X EBITDA from discipline by year the XX a quarter. past in than as a operating months quarters, and the more growth lower million in gains prior offset revenue

was million with Spark interest in there accruals venture carried $X addition, funds. increase our associated year-over-year In a

We are as progressing segment drive to sustain to profitability within growth. investing we the balance

a deployment era on prior but likely contraction under true-up the quarters. the we moderated, to were adjusted quarter. year-over-year, management over assets balance quarter incentive LaSalle's as benefited absence to as continue declines levels, in EBITDA the Though we year was fees months year of up changes foreign that from previous than by mix earlier. Valuation seeing the and revenue indications of investor have compared in X% and the interest. through are past compensation discussed management lower normalized business movements, XXXX. the Revenue valuation impact the our are headwinds of Now well early structural in XX in The increased the within Absent assets under is driven to and lower our currency LaSalle. decreased muted in exchange raising an lower capital of

from reimbursables repurchase as receivable earnings and this to reimbursable and year-to-date result taxes, offset quarter's more capital the in Turning performance headwinds a of net management growth-related improved taxes, Fannie last the the from cash do cash described was Higher and We by reverse quarter, free than of the from quarter. workplace higher higher flow. loan loan not net working fourth business cash the to repurchase expect Mae in growth. cash headwinds

balance allocation. of capital undrawn $XXX borrowings totaled the with under our million Liquidity quarter, announced of on billion program $X.X proceeds reduce We the $X provide Shifting end including at to previously and facility paper our and billion savings. third sheet expense interest commercial credit issued our facility to credit used capacity.

earlier X.Xx, was adjusted from XX, down year in a reduction to the X.Xx and September higher net reported both months. due trailing XX debt EBITDA a net over of As leverage

middle year of intend the manage to Over a in range. leverage term, to the we average X Xx our the full business medium to

growth towards initiatives capital the million we shares. repurchased During of deployed quarter, and $XX

allocation are SKAE reflective raised Our second M&A within quarter the overall and mid-October of targeted our in capital framework. strategy acquisitions of in our

range growth XXXX of operating full ongoing XXXX solid, million. $XXX business raising efficiency year the target are strong in cost lines by remain on across resilient our adjusted with discipline, while improving activity and performance, end focus geographies. nuanced year improving, is Regarding Together although EBITDA transaction year-to-date outlook, we bottom financial our our our trends full

target X% a year at billion, is increase now to range Our midpoint. billion reflects which $X.XX full the $X.X

of significant and see to financial continue resiliency business, enhance the flow. opportunities our to ahead returns We growth cash

you. back to Christian,

Christian Ulbrich

business range segments reflects target continued in we which expect increase through The will Karen. largest momentum adjusted across XXXX. you, Thank year X our continue our EBITDA full

what are early the institutional activity quarter for proprietary in year, from Intensity first real We stages According half capital in the index, to markets. JLL's of Global transactions. further for in improved the Bid of estate the bid third saw we recovery particularly larger

investments to we Markets powerful in to business and are new also global The expectations. we continue in new in expanding last our delivered quality platform. strongly capitalize We back for our is advice related existing to revenues is achieving workplace mandates XXXX were several XX% have on based commitments. which where against organic enable revenues management, the which scale higher mandates highlight the win Capital of quality of to grow made exceeded which and would on KPIs some full-service as to clients. well like our I largely years, growth contract scope positioned clients, our This and very segment runway believe this with original the the we the data platform people our again over we

listed closing Exchange celebrate anniversary Stock to XX. New bell we XXth will the of be York ringing being on the this XXXX under And occasion, on JLL marks ticker. November the the

a is in would context of Alongside of XXX for JLL. years do shareholder you forward for can we our like are what all to thank driven generate achieve I to clients we strong value. to together. to our company. look colleagues milestone public journey recognize delivering XX is best a While as year short the history, it JLL the nearly important our an I to

Operator, process. please explain the Q&A

Operator

go We'll Instructions]. at Stephen [Operator Sheldon Blair. William first to

Stephen Sheldon

Really nice here. results

I pipeline think capital correctly, it maybe digits. high I heard the if you Karen, First, mentioned markets is up, single

you maybe X So recovery just next think that markets about like? of how X cadence could what capital guys potential the the about thinking curious look to as potentially the are we years,

Christian Ulbrich

It's over steadily couple Christian. pretty the environment has months. improved last Capital markets of

haven't so not because the And the any again up of of going over just pause, also far, we last treasury couple seen XX-year weeks.

will in flood the to but seasonal improvement the no So There a over deals now a fourth of uptick course continuous coming, expect new and we quarter will continue. that then we we XXXX. of expect see kind of be

Stephen Sheldon

across plan profit That's to RES. -- -- any does detail come Maybe you talk general it. to nice existing leverage what on the see material acquisition of And is Or capabilities you about then some helpful. can revenue? there? leasing that implementations those business? the with over then any And how your Got

Christian Ulbrich

workflow is brokers but over leasing course for platform. tool it to changes experience uniqueness fairly to LaSalle U.S. of productive, clients. Yes. will a clients. next They attractiveness is also But the provides have leasing the that RES brokerage not are in XX our all make all of going over but a is business, firm. as our tenant direct representation out a tool, we developed for for active across by that the leasing but the digital are experience also technology that markets primarily amount brokers a the the roll that own a small couple of nice our workflow months. a And so revenue them far. much is And platform they so it coming to is use meaningful the which more

Karen Brennan

Yes.

you do -- did part the on bit a it around add just me with second Let of question profitability. the we revenue about come any and asked think the how

making approaching fee out overall entire of revenue how overall we across expense in it platform on So is we on from were this, as roll leasing, a making that margins cutting achieving amount into overall this we're other relatively but our for investments absorb given the focus perspective, revenues room around focus is attractive business previously to leasing profile our by small this to our JLL. and to X% desire

our So cost with we ROIC attractive from will ROIC hurdles perspective our we're minimum onwards. offsets, generate within making X from And a then very X years. year achieved

Operator

to Paolone Anthony We'll go next JPMorgan. at

Anthony Paolone

Nice quarter.

I like terms it's So backing just just XXs margins. year shaking be good looks a your that And on year margin. of guidance it to mean you'll out the this year. land question a pretty into in for just in the

to Your long-term XX% range is XX%.

to what the And could like in level was just just, still the market if should you happen get thinking right think over wondering X, needs be time? to I tell broader feels so of you we And that one, if do terms us about there?

Karen Brennan

start little we're on full bit the a range the color I more providing. year maybe on commenting in by First, that

we're we a typical on business So there -- workplace leasing a capital that Slightly is we've and we're that's and seasonality and of of strong our that in seen calling midpoint of given markets. our just midpoint. some in the have range business wins also lines trends range, then the seasonality which point, in our out really reflects growth and at based new Resilient management client this suppressed the mindful were continuation pipelines transaction lapping

in that's experiencing end date in activity any of and If notably transaction in And could then range, contemplating to our in think that transaction of we're that about coming market macroeconomic you or the interest high the from geopolitical the what slowdown activity, a leasing. contemplates rate in from manifest meaningful risk result a the weeks. low end range pickup most our more

on based year full quarter. after for the fourth momentum XXXX we're about do and how we're expect give specifics seeing expectations thinking that's We trends overall going we'll XXXX continued on So XXXX. into today, more the

I the will recovery transactional in call did of midterm previously assume margin out communicated And level that overall. lines that range some the we business

Anthony Paolone

Okay.

that need recovery recently but a as still that seeing of think $XX to million and -- we've leasing kind should -- So still sort needing in capital you beyond about $XX further we what markets? million of been

Karen Brennan

Yes.

Anthony Paolone

this see Okay. And your point? then and using just about where maybe talk cash you can you capital allocation at

Karen Brennan

Yes.

We're select previously capital So reinvest to to our from leverage perspective, on midpoint to focused reduce change to communicated business and continuing allocation on and a of the to our no overall we've what range share repurchases. pursue organically that M&A topic. target in our then

Operator

at We'll go Michael next to Griffin Citi.

Michael Griffin

Just now, couple from up can then for kicking their quarter, footprint? noticing more coming not space is of expectation for makers, on top Are quality maybe market some office particularly of could road around for years the portion. for And office of needs space? has office incremental the Or this the a they've wondering demand they the most have you been been the product? get I leasing the down demand your the from if there have decision higher numbers context, firmed the

Karen Brennan

Yes.

several a there. the U.S. trend to in is what quarters. really quality this on over broadly one quarter? we by meaningful different increase we're did in still we've in a persisted So trends do at the over that's the XX% XXX,XXX about that this uptick guess certainly, pre-pandemic historical notable office, So more last we had and square but are XX%, in see few of highest that we is look still overall. quarter. They still that feet That's if see around are I thing questions seeing sizes you muted. see first below averages assets, office a of continuing the been remain transactions, focus has a office One something about they talked transaction larger the

notable So overall you second I'm question, that's it. which trend in of the a sorry, forgot part could I repeat? the

Michael Griffin

problem. no Yes,

confident more road? kicking opposed tenants can if station the noticed have you down signing Just leases as are the in to

Karen Brennan

Yes.

what what the signed of look been So more the signed, I has confidence. we're relative overall of at rate to The been guess then have seen some what overall vacancy rate. at and we sort a outlook. they're different of we has looking signs the is things couple availability

that not So signed, leases been include the commenced. rate but availability have will yet

Importantly, include net expansions, So leasing has the U.S., both pandemic. rate that will downsizing new first in overall time the right, availability since for the the decreased

So we find notable that really to and encouraging. be

Michael Griffin

activity. to me. U.S. just seeing into in you of from markets out U.S. I seems color And appreciate some strong anything to maybe have pretty it perspective there. called interest that other that might investor capital you're that the year-over-year. I a about then to the the growth was insights XX% mean, contributed up or That regions? more relative

Christian Ulbrich

Sure. market I reacting the the of market, mean, is the fastest is which usually on in kind U.S. the first and any foremost, environment. change market

first, went And come down up it it so first. and will

you markets there the unfortunately international they to into will if of at out at look tremendous invest invest is point into are time. shrinking from more markets the capital in the investable other And Secondly, from market and a a so global world. in U.S., perspective, look the investors, capital than amount this any probably there

So investors into and coming will U.S. market, be type support a XXXX. this strong demand those we from see the that of significant into

starting kind product is this the the far, very see bifurcation we to that in asset The is increase. there there classes. Multifamily interest but of the that market. the is is new now We coming to still have strongest, challenge by between different still, offices little

of type come focus and now market. when the of a much products more high-quality those see for we competitive is products, there so to environment super And a on they

Operator

to We'll at Alex UBS. Kramm move next

Alex Kramm

so you've year. And mentioned I times Christian, the a couple that XXXX. some lapping place of dynamics, a you in things of far here know your I had you in put think, that expectations about work this on benefiting from you're Just exceeded really comment the made think you I onboarding.

So the about you here just next about in wondering space you if you well? over maybe that can general talk the expectations -- forward competition how think year, if look you in and as

Christian Ulbrich

I exceeding mean, very, expectations. strong the performance trend Dynamics business our the forward and again, workplace business overall quarter, of in has The underlying still frankly, the going very management positive. own been work Sure. our specifically third is very

competitive the You environment. are about asking

provide can The amount limited. companies is really our of very who clients to global a experience

continuous existing clients, outlook, our in so And very and but from have that quarter, put to services expect forward. we a going to happy emphasis the continue we'll and again about on from as and third clients demand focus of from strong are coming market, seen lot just so we the business we a new lot of

Alex Kramm

All of an particular the markets. capital maybe And right. side, little a Fair bit integrity here enough. question then in on margin in

think would year-over-year. the I better Given expected have will I the be performance, strong a bit little incrementals

certainly really leasing the I in think was but strong, capital softer. markets,

is there? quarter strong in should obviously So is has And which on -- incremental couple very about think going similarly expectations? we for there a fourth quarter, the one-timers the that anything markets

Karen Brennan

Yes.

are which particular margin quarter. mix could then expenses, markets. of level business that in and of So can average from margins certainly, incremental see in true some service impact you The capital lines, timing certain holds the that certainly quarter-to-quarter, experienced we profile a impact anomaly and in by can the longer-term business, things for both geography and a really of by that line it

which to around XX% really the If in at expenses incrementals is you $XX with is Fannie you Mae more over historical line XX% loan XX%. the and Capital out of year-to-date look year-to-date, million average for Markets for just adjust

Operator

next Abramowitz Peter go We'll Jefferies. to at

Peter Abramowitz

a on Is quarter that's we kind dive potentially what should I advisory to investment you're to deeper pipeline little wanted trying 'XX? the revenue for sales and of about thinking how digits. that single you're think around then into into about comment the kind fourth just I up how guess just and building into high that. debt of Karen's frame equity Yes, growth and

Christian Ulbrich

that well Well, is our as as -- that is continuously investment overall it improving is environment sales markets the true we business, for before, side. side the for advisory as and the capital said in

share specific not quite that where continue capital question -- I'm markets business, to your I the here that areas is in more on outlook So have to completely in it's business. us and want very our we sure get positive all win be you to market

Peter Abramowitz

quarter to sort line of Right. whether I high expect I'm say be for up fourth a that you digits? understand single your what just you in guess when trying revenues proxy that's to in the

Christian Ulbrich

No, no, it's not.

Peter Abramowitz

fears Got put it. deals the from of -- And one this I especially it on it. think of one that sidelines office, the side, then banking themes in fears. of in coming Okay. is sort of 'XX, leasing earlier the regional year in from were the demand off pent-up Got was whether aside recession

market So of leasing, to as XXXX. expecting? how office of thinking be segment whether themes the we into should you're about just thinking around any 'XX curious helped that you sustainable about the what sort other seems guess of I that's have sort for in and plan in you're that 'XX that's something

Karen Brennan

Yes.

So if time in the and of we look steady. to being tends lot X-quarter in we largely period leading to demand terms we're are that is a pent-up That's people because decisions the will now, pushing X- of be taken. confidence at things happen of terms the what indicator a initial OECD index one new through take decisions of the to for holding of think

few has quarters, we last we're and So feel seeing positive that for the and good it that, continue. been about

a Some X.X the per for of increased continued from ago the to average RTO X.X days week to Fortune to at see companies, return week. requirements we year office expect what is days impacts per XXX had

positive some see to well. momentum as see more And so we there -- expect

is we any we're expect trends is happening leasing which in to from moment. stage, at this seeing major the at And different the deviation office, so industrial what's don't, falling in

Peter Abramowitz

if guess And I one it. Got could I ask more.

leasing? I leasing weaker expectations Sort know industrial that of Joe. the are a what side, spot your on around maybe

the on in we should you deck, delivery, how side. thoughts any -- to mentioned that frame know supply industrial so But I should slide about the into help other leasing think -- just 'XX? So declining

Karen Brennan

leasing, growth because X Yes. extremely interesting but off point. starting an levels, an it's it's and there's high slowing Industrial reduced we're of it's saying

so moderate. work activity line outlook long-term to And pull has demand though, with back. down, averages is favorable Right remains some leasing are continues we through of the moderated the as in current volumes now, pre-pandemic and and demand

For seeing the the there. And U.S. a specifically, the of little but volumes and color, just bit in in are So rates construction, Rental we're give uptick X.X%, still improved a XX% an quarter more over rose pre-leasing and around new to to just it's U.S. right? under at X%. we're at still the pre-leasing down in of construction, year-over-year, still vacancy modestly space growth the leasing slightly, rate then healthy XX% vacancy they're positive.

it's a to will markets. bit. that but relative where we industrial softness been longer-term in here expect change to expect for that some the no we So meaningful and persist medium strength

Operator

at Rahmani KBW. question Jade from next comes Our

Jade Rahmani

recovery see modest you seeing Based the where would you're rates potentially on past lower, interest very as real far, did cycles estate we so outlook sharp what recovery. or characterize commercial for were strong

just you a want about? I for get to So how think sense

Christian Ulbrich

That's but for outlook would middle. It's the place and it a than between the modest, strong, I very positive but is it's wouldn't I pretty strong, range better exactly into XXXX. very modest certainly wide say

Jade Rahmani

higher multifamily? expect And to dampen haven't from impact pipeline. particularly higher do you so for you outlook, treasury the you transaction treasury far, rates seen rates commented any But on that

Christian Ulbrich

goes from longer retail that other is points the higher will for will probably all of driven large alluded the very that a rates. view, But impact it rates XX domestic investors less I multifamily do then I think or may U.S. of couple to for point office, treasury an investors. are and lower. far, to business. impacted, much I sector, demand the At interest allocation if they by is our classes don't impact see also too we have quarters, on earlier, rates that are international markets any hand, interesting from asset capital the increased industrial they on to term, the Whatever across as which expect next and basis very an because coming is for an have least up still interest whether are higher and negative

Jade Rahmani

the focus announcement strategic the to and on into leasing what terms you about the operations explain building thinking there? digital In more went of strengthen could rationale? If capabilities,

Christian Ulbrich

our management realignment? about property you're So talking

Jade Rahmani

Yes.

Christian Ulbrich

sits any We is our a to design become are are capture and looking because productive synergies across as to client better constantly goal what doing management drive for as workplace further a frankly, clients which similar is primary here. to more opportunities organizational this at also And management we our experience expertise our those exactly similar synergies platform, drive provides has and a The innovation and property pretty experience our and to model business work business, pretty within a our operating dynamics. platform. and

leadership one reasoning makes just it the we X putting P&L. to similar understand easier that under under we operationally believe why that's together and grouped also And now businesses are JLL these are that so because

Jade Rahmani

XX% to XX%, you if think quarter. growth to is at do least expectations, know of wondering sustainable? are extrapolate? quarter reasonable this capital Lastly that next growth you think assuming do leasing what most in would be you you'll in year. growth any similar something I just I markets haven't around saw for around outlook, But the I'm we terms XXXX. think is given and next just

Karen Brennan

we'd extrapolate -- before we results rates to comment year don't growth see to XXXX. the Why the on into of Yes. full prefer

from we're baseline clear all the for on we're conversation. that So starting

tuned. So stay

Operator

at move We'll to James. next O'Shaughnessy Raymond Patrick

Patrick O'Shaughnessy

the rate end the Can to importance curve of you versus the speak end long relative of to short the of the the industry curve.

in recent long right, about industry? Fed the cutting funds net does end up moving to that we of the as continue So of think but the impact impact weeks, the how expectation

Christian Ulbrich

the are a core answer the I'm relevant a rates more high-yielding versus are interest high-end scientific that. of the opportunistic market, kind That's assets, obviously end. to They long-term great to development. relevant very long-term that not holders any the for question. anybody has products sure Short-term on so are so more relating

amount that translate So difficult from expect are business we that the rate for and it interest so how can into to relevant those they makes movements of us.

couple go said I to and favorable line XX-year though weeks, of I wouldn't markets the Overall, But overly see get interest that over the we see but to that on uptick would about is around rates be we concerned I we rates the that even back the looking environment, expect the trend earlier. last what capital the case for forward. recovery of

Patrick O'Shaughnessy

$XXX of and took down little then methodology your most out borrowing rationale Got Can bit? your you it. the borrowed paid to -- million the or switching commercial of speak a credit quarter you in you And facility. of paper

Karen Brennan

I'll take XX on That basis outstanding that. borrowings. interest reduce It's the in really differential Sure. points our benefit. approximately overall to rate was

Operator

And will conference over our Christian for remarks. session. to back I the Ulbrich Q&A closing concludes now turn that

Christian Ulbrich

questions, Thank following behalf further JLL you of with the team, we quarter. I today. for entire call on participating speaking the we will fourth that. you forward you With all to Karen thank no today's for again close call. the and On look

Operator

call. Thank participation. today's your you for concludes this And conference

You now disconnect. may

Jones Lang LaSalle (JLL) 6 Nov 242024 Q3 Earnings call transcript