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Adjusted EPS of $0.61 per share and adjusted EBITDA of $66 million, excluding Restructuring and certain non-cash co-investment charges
Third-quarter results included $4 million of Restructuring charges as well as $4 million of non-cash co-investment charges. There were $37 million of Restructuring charges and $48 million of non-cash co-investment charges in the first nine months of 2009. Restructuring charges relate primarily to severance and also include integration costs from the 2008 acquisitions of The Staubach Company and Kemper’s. Restructuring charges are excluded from segment operating results although they are included for consolidated reporting. The non-cash charges are primarily impairments of our investments in real estate ventures and are included in Equity losses at the consolidated and segment reporting levels.
“We are pleased with our performance during the third quarter, particularly in our annuity businesses, and with the results of our continued focus on cost control,” said Colin Dyer, Chief Executive Officer of Jones Lang LaSalle. “While real estate fundamentals remain generally weak, we see initial signs of recovery in some markets and industry sectors, and our focus remains on growing market share while providing the superior service that our clients have come to expect.”
LaSalle Investment Management’s third-quarter revenue was $61 million, compared with $81 million in the prior year. On a year-to-date basis, revenue was $144 million compared with $261 million in the first nine months of 2008. Equity losses of $5 million and $52 million, primarily from non-cash charges related to co-investments, were included in third-quarter and year-to-date 2009 revenue, respectively. Advisory fees were $61 million in the quarter, down $10 million from the third quarter of 2008 or 14 percent, 10 percent in local currency. Third-quarter 2009 Advisory fees compared favorably with Advisory fees of approximately $60 million in each of the first and second quarters of 2009 despite valuation decline impacts and market fee pressures.
The business recognized $4 million of Incentive fees in the third quarter of 2009 as a result of liquidating a matured fund, and $12 million in the first nine months of the year. Asset purchases, a key driver of Transaction fees, continued to be limited by the cautious view of the market.
LaSalle Investment Management raised $1.5 billion of equity from clients during the third quarter of 2009, $3.1 billion year to date, and assets under management were $37.6 billion.
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