| Business Segments |
Effective January 1, 2025, we report Property Management (historically included in Markets Advisory, which was renamed Leasing Advisory) within Real Estate Management Services (formerly referred to as Work Dynamics). Prior period financial information was recast to conform with this presentation. Additionally, Capital Markets, LaSalle and JLL Technologies were renamed to Capital Markets Services, Investment Management, and Software and Technology Solutions, respectively. We manage and report our operations as five global business segments: (1) Real Estate Management Services, (2) Leasing Advisory, (3) Capital Markets Services, (4) Investment Management and (5) Software and Technology Solutions. Real Estate Management Services business provides a broad suite of integrated services to occupiers of real estate, including facility and property management, project management, and portfolio and other services. Leasing Advisory offers agency leasing and tenant representation, as well as advisory and consulting services. Capital Markets Services offerings include investment sales, debt and equity advisory, value and risk advisory, and loan servicing. Investment Management provides services on a global basis to institutional investors and high-net-worth individuals, while our Software and Technology Solutions segment offers various software products and services to our clients. We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate functional costs across the globe, which we allocate to the business segments using an expense-specific driver-based methodology. Adjusted EBITDA does not include (i) Restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) Equity earnings/losses for Investment Management and Software and Technology Solutions, (v) credit losses on convertible note investments, (vi) net non-cash MSR and mortgage banking derivative activity, (vii) Interest expense, net of interest income, (viii) Income tax provision and (ix) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income. The Other segment items caption includes (i) other income/loss, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) credit losses on convertible note investments, (v) net non-cash MSR and mortgage banking derivative activity, (vi) net income/loss attributable to noncontrolling interest, (vii) the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders and (viii) the noncontrolling interest portion of Equity earnings/losses which are not attributable to common shareholders. The Chief Operating Decision Maker ("CODM") of JLL measures and evaluates the segment results based on Adjusted EBITDA for purposes of making decisions about allocating resources and assessing performance. Our CODM is not provided with total asset information by segment and accordingly does not measure or allocate resources based on total assets information. Therefore, we have not disclosed asset information by segment. As of June 30, 2025, we continue to define our Global Executive Board, collectively, as our CODM. Summarized financial information by business segment is as follows.
| | | | | | | | | | | | | | | | | | | Real Estate Management Services | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | | 2025 | 2024 | | Workplace Management | $ | 3,349.1 | | 3,021.1 | | | $ | 6,612.7 | | 5,892.8 | | | Project Management | 971.6 | | 788.1 | | | 1,719.1 | | 1,444.5 | | | Property Management | 454.4 | | 436.6 | | | 900.0 | | 866.3 | | | Portfolio Services and Other | 118.9 | | 124.1 | | | 231.6 | | 235.5 | | | Revenue | $ | 4,894.0 | | 4,369.9 | | | $ | 9,463.4 | | 8,439.1 | | | Less: | | | | | | | Platform compensation and benefits | $ | 465.8 | | 416.5 | | | $ | 897.4 | | 817.0 | | | Platform operating, administrative and other | 147.5 | | 146.8 | | | 286.7 | | 275.4 | | | Gross contract costs | 4,173.0 | | 3,717.1 | | | 8,103.3 | | 7,186.2 | | | Add: | | | | | | | Equity earnings | 0.5 | | 0.3 | | | 0.9 | | 1.4 | | | Other segment items | (1.6) | | (1.2) | | | (4.0) | | (1.9) | | | Adjusted EBITDA | $ | 106.6 | | 88.6 | | | $ | 172.9 | | 160.0 | | Depreciation and amortization(1) | $ | 29.2 | | 28.3 | | | $ | 59.8 | | 56.3 | |
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
| | | | | | | | | | | | | | | | | | | Leasing Advisory | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | | 2025 | 2024 | | Leasing | $ | 651.5 | | 619.1 | | | $ | 1,217.6 | | 1,116.4 | | | Advisory, Consulting and Other | 25.3 | | 23.1 | | | 45.3 | | 46.2 | | | Revenue | $ | 676.8 | | 642.2 | | | $ | 1,262.9 | | 1,162.6 | | | Less: | | | | | | | Platform compensation and benefits | $ | 479.3 | | 460.7 | | | $ | 906.1 | | 842.5 | | | Platform operating, administrative and other | 74.2 | | 61.3 | | | 134.6 | | 118.9 | | | Gross contract costs | 3.3 | | 8.3 | | | 5.3 | | 14.7 | | | Add: | | | | | | | Equity earnings | — | | 0.1 | | | — | | 0.1 | | | Other segment items | 0.4 | | 0.1 | | | 0.5 | | 0.3 | | | Adjusted EBITDA | $ | 120.4 | | 112.1 | | | $ | 217.4 | | 186.9 | | | Depreciation and amortization | $ | 11.0 | | 9.0 | | | $ | 23.0 | | 18.1 | |
| | | | | | | | | | | | | | | | | | | Capital Markets Services | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | | 2025 | 2024 | | Investment Sales, Debt/Equity Advisory and Other | $ | 380.6 | | 320.3 | | | $ | 693.2 | | 579.0 | | | Value and Risk Advisory | 97.7 | | 95.8 | | | 179.3 | | 176.0 | | | Loan Servicing | 42.0 | | 41.5 | | | 83.1 | | 80.2 | | | Revenue | $ | 520.3 | | 457.6 | | | $ | 955.6 | | 835.2 | | | Less: | | | | | | | Platform compensation and benefits | $ | 374.1 | | 341.1 | | | $ | 703.6 | | 628.7 | | | Platform operating, administrative and other | 95.0 | | 83.3 | | | 165.7 | | 144.1 | | | Gross contract costs | 1.7 | | 11.8 | | | 2.8 | | 25.4 | | | Add: | | | | | | | Equity earnings | 0.8 | | 0.5 | | | 2.4 | | 0.6 | | | Other segment items | 4.4 | | 11.9 | | | 17.4 | | 21.2 | | | Adjusted EBITDA | $ | 54.7 | | 33.8 | | | $ | 103.3 | | 58.8 | | | Depreciation and amortization | $ | 17.5 | | 17.3 | | | $ | 36.4 | | 33.7 | |
| | | | | | | | | | | | | | | | | | | Investment Management | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | | 2025 | 2024 | | Advisory fees | $ | 93.3 | | 93.1 | | | $ | 182.6 | | 185.4 | | | Transaction fees and other | 6.5 | | 6.9 | | | 15.0 | | 15.8 | | | Incentive fees | 3.3 | | 2.6 | | | 4.0 | | 4.8 | | | Revenue | $ | 103.1 | | 102.6 | | | $ | 201.6 | | 206.0 | | | Less: | | | | | | | Platform compensation and benefits | $ | 60.9 | | 59.0 | | | $ | 119.2 | | 120.3 | | | Platform operating, administrative and other | 17.5 | | 20.5 | | | 33.8 | | 33.4 | | | Gross contract costs | 8.3 | | 8.8 | | | 16.5 | | 17.2 | | | Add: | | | | | | | Other segment items | (0.1) | | 8.4 | | | — | | 8.6 | | | Adjusted EBITDA | $ | 16.3 | | 22.7 | | | $ | 32.1 | | 43.7 | | | Depreciation and amortization | $ | 2.8 | | 2.0 | | | $ | 5.7 | | 4.0 | | | Equity losses | $ | (1.3) | | (7.3) | | | $ | (7.4) | | (11.2) | |
| | | | | | | | | | | | | | | | | | | Software and Technology Solutions | Three Months Ended June 30, | | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | | 2025 | 2024 | | Revenue | $ | 55.9 | | 56.4 | | | $ | 113.0 | | 110.3 | | | Less: | | | | | | | Platform compensation and benefits | $ | 47.1 | | 53.5 | | $ | 92.6 | | 100.8 | | Platform operating, administrative and other | 15.5 | | 12.4 | | 30.0 | | 22.9 | | Gross contract costs | 0.5 | | 1.4 | | 1.2 | | 2.6 | | | Add: | | | | | | | Other segment items | 0.9 | | — | | | 1.6 | | — | | | Adjusted EBITDA | $ | (6.3) | | (10.9) | | | $ | (9.2) | | (16.0) | | | Depreciation and amortization | $ | 6.2 | | 4.8 | | | $ | 12.5 | | 9.3 | | | Equity losses | $ | (27.4) | | (9.0) | | | $ | (48.9) | | (10.0) | |
The following table is a reconciliation of segment revenue to consolidated revenue. | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | 2025 | 2024 | | Real Estate Management Services | $ | 4,894.0 | | 4,369.9 | | 9,463.4 | | 8,439.1 | | | Leasing Advisory | 676.8 | | 642.2 | | 1,262.9 | | 1,162.6 | | | Capital Markets Services | 520.3 | | 457.6 | | 955.6 | | 835.2 | | | Investment Management | 103.1 | | 102.6 | | 201.6 | | 206.0 | | | Software and Technology Solutions | 55.9 | | 56.4 | | 113.0 | | 110.3 | | | Total Revenue | $ | 6,250.1 | | 5,628.7 | | 11,996.5 | | 10,753.2 | |
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders. | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | (in millions) | 2025 | 2024 | 2025 | 2024 | | Adjusted EBITDA - Real Estate Management Services | $ | 106.6 | | 88.6 | | $ | 172.9 | | 160.0 | | | Adjusted EBITDA - Leasing Advisory | 120.4 | | 112.1 | | 217.4 | | 186.9 | | | Adjusted EBITDA - Capital Markets Services | 54.7 | | 33.8 | | 103.3 | | 58.8 | | | Adjusted EBITDA - Investment Management | 16.3 | | 22.7 | | 32.1 | | 43.7 | | | Adjusted EBITDA - Software and Technology Solutions | (6.3) | | (10.9) | | (9.2) | | (16.0) | | | Adjusted EBITDA - Consolidated | $ | 291.7 | | 246.3 | | $ | 516.5 | | 433.4 | | | Adjustments: | | | | | | Restructuring and acquisition charges | $ | (21.3) | | (11.5) | | $ | (41.0) | | (13.2) | | | | | | | | Interest on employee loans, net of forgiveness | 2.0 | | 1.3 | | 3.6 | | 2.3 | | Equity losses - Investment Management and Software and Technology Solutions(1) | (27.0) | | (16.3) | | (55.7) | | (21.2) | | | Credit losses on convertible note investments | (0.2) | | — | | (0.7) | | — | | | Net non-cash MSR and mortgage banking derivative activity | (4.2) | | (11.8) | | (17.1) | | (20.8) | | | Interest expense, net of interest income | (35.3) | | (41.7) | | (59.9) | | (72.2) | | | Income tax provision | (26.7) | | (20.5) | | (40.7) | | (36.4) | | Depreciation and amortization(1) | (66.7) | | (61.4) | | (137.4) | | (121.4) | | | Net income attributable to common shareholders | $ | 112.3 | | 84.4 | | $ | 167.6 | | 150.5 | |
(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.
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