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Jones Lang Lasalle Inc. – ‘10-Q’ for 3/31/21 – ‘R12’

On:  Thursday, 5/6/21, at 2:02pm ET   ·   For:  3/31/21   ·   Accession #:  1037976-21-22   ·   File #:  1-13145

Previous ‘10-Q’:  ‘10-Q’ on 11/2/20 for 9/30/20   ·   Next:  ‘10-Q’ on 8/4/21 for 6/30/21   ·   Latest:  ‘10-Q’ on 11/2/23 for 9/30/23   ·   2 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 5/06/21  Jones Lang Lasalle Inc.           10-Q        3/31/21   63:8.8M

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    919K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     23K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     23K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     22K 
11: R1          Document and Entity Information                     HTML     71K 
12: R2          Consolidated Balance Sheets (Unaudited)             HTML    155K 
13: R3          Consolidated Balance Sheets (Unaudited)             HTML     48K 
                (Parenthetical)                                                  
14: R4          Consolidated Statements of Comprehensive Income     HTML    115K 
                (Unaudited)                                                      
15: R5          Consolidated Statement of Changes in Equity         HTML     98K 
                (Unaudited)                                                      
16: R6          Consolidated Statements of Cash Flows (Unaudited)   HTML    132K 
17: R7          Interim Information                                 HTML     25K 
18: R8          New Accounting Standards New Accounting Standards   HTML     21K 
19: R9          Revenue Recognition Revenue Recognition (Notes)     HTML     35K 
20: R10         Business Segments                                   HTML     86K 
21: R11         Business Combinations, Goodwill and Other           HTML    139K 
                Intangible Assets                                                
22: R12         Investments in Real Estate Ventures                 HTML     52K 
23: R13         Stock-based Compensation                            HTML     49K 
24: R14         Fair Value Measurements                             HTML     99K 
25: R15         Debt                                                HTML     60K 
26: R16         Commitments and Contingencies                       HTML     32K 
27: R17         Restructuring and Acquisition Charges               HTML     53K 
28: R18         Accumulated Other Comprehensive Income (Loss) by    HTML     44K 
                Component                                                        
29: R19         Subsequent Events                                   HTML     22K 
30: R20         New Accounting Standards New Accounting Standards   HTML     21K 
                (Policies)                                                       
31: R21         Revenue Recognition Disaggregation of Revenue       HTML     32K 
                (Tables)                                                         
32: R22         Business Segments (Tables)                          HTML     80K 
33: R23         Business Combinations, Goodwill and Other           HTML    141K 
                Intangible Assets (Tables)                                       
34: R24         Investments in Real Estate Ventures (Tables)        HTML     51K 
35: R25         Stock-based Compensation (Tables)                   HTML     49K 
36: R26         Fair Value Measurements (Tables)                    HTML     89K 
37: R27         Debt Short-Term Borrowings and Long-Term Debt       HTML     37K 
                (Tables)                                                         
38: R28         Debt Warehouse Facilities (Tables)                  HTML     41K 
39: R29         Commitments and Contingencies (Tables)              HTML     30K 
40: R30         Restructuring and Acquisition Charges               HTML     53K 
                Restructuring and Related Activities (Tables)                    
41: R31         Accumulated Other Comprehensive Income (Loss) by    HTML     43K 
                Component (Tables)                                               
42: R32         Revenue Recognition Revenue Recognition (Details)   HTML     30K 
43: R33         Revenue Recognition Contract Assets & Liabilities   HTML     29K 
                (Details)                                                        
44: R34         Business Segments (Details)                         HTML     81K 
45: R35         Business Combinations (Details)                     HTML     47K 
46: R36         Business Combinations, Goodwill and Other           HTML     34K 
                Intangible Assets Business Combinations, Earn-out                
                Payments (Details)                                               
47: R37         Business Combinations, Goodwill by Segment          HTML     48K 
                (Details)                                                        
48: R38         Business Combinations Other Intangibles by Segment  HTML     81K 
                (Details)                                                        
49: R39         Investments in Real Estate Ventures (Details)       HTML     94K 
50: R40         Stock-based Compensation (Details)                  HTML     61K 
51: R41         Fair Value Measurements (Details)                   HTML     67K 
52: R42         Fair Value Measurements (Assets and Liabilities     HTML     76K 
                Measured on a Recurring Basis) (Details)                         
53: R43         Fair Value Measurements Fair Value Measurements     HTML     54K 
                (Reconciliation of Assets and Liabilities Measured               
                at Fair Value on a Recurring Basis Using                         
                Significant Unobservable Inputs) (Details)                       
54: R44         Debt Short-Term Borrowings and Long-Term Debt       HTML     49K 
                (Details)                                                        
55: R45         Credit Facility (Details)                           HTML     39K 
56: R46         Debt Warehouse Facilities (Details)                 HTML     52K 
57: R47         Commitments and Contingencies (Details)             HTML     35K 
58: R48         Restructuring and Acquisition Charges (Details)     HTML     56K 
59: R49         Accumulated Other Comprehensive Income (Loss) by    HTML     56K 
                Component (Details)                                              
61: XML         IDEA XML File -- Filing Summary                      XML    113K 
10: XML         XBRL Instance -- jll-20210331_htm                    XML   2.24M 
60: EXCEL       IDEA Workbook of Financial Reports                  XLSX     82K 
 6: EX-101.CAL  XBRL Calculations -- jll-20210331_cal                XML    233K 
 7: EX-101.DEF  XBRL Definitions -- jll-20210331_def                 XML    798K 
 8: EX-101.LAB  XBRL Labels -- jll-20210331_lab                      XML   1.61M 
 9: EX-101.PRE  XBRL Presentations -- jll-20210331_pre               XML   1.07M 
 5: EX-101.SCH  XBRL Schema -- jll-20210331                          XSD    157K 
62: JSON        XBRL Instance as JSON Data -- MetaLinks              371±   565K 
63: ZIP         XBRL Zipped Folder -- 0001037976-21-000022-xbrl      Zip    342K

‘R12’   —   Investments in Real Estate Ventures

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.21.1
Investments in Real Estate Ventures
 3 Months Ended
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Real Estate Ventures INVESTMENTS IN REAL ESTATE VENTURES
As of March 31, 2021 and December 31, 2020, we had Investments in real estate ventures of $545.1 million and $430.8 million, respectively.
Approximately 90% of our investments, as of March 31, 2021, are primarily (i) direct investments in 50 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement and (ii) investments by JLL Technologies in early-stage proptech companies. The remaining 10% of our Investments in real estate ventures, as of March 31, 2021, were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest, generally, in certain real estate ventures that own and operate real estate. Of our investments attributable to investment vehicles, the majority was invested in LaSalle Investment Company II ("LIC II"), in which we held an effective ownership interest of 48.78%.
We have maximum potential unfunded commitments to direct investments or investment vehicles of $309.9 million as of March 31, 2021. Of this amount, while we remain contractually obligated, we do not expect a call on the $60.4 million relating to our investment in LIC II as its fund life terminated in January 2020.
We evaluate our less-than-wholly-owned investments to determine whether the underlying entities are classified as variable interest entities ("VIEs"); we assess each identified VIE to determine whether we are the primary beneficiary. We have determined that we are the primary beneficiary of certain VIEs and accordingly, we have consolidated such entities. The assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities and the mortgage loans of the consolidated VIEs are non-recourse to JLL.
Summarized financial information for our consolidated VIEs is presented in the following tables.
(in millions)March 31, 2021December 31, 2020
Property and equipment, net$154.0 117.4 
Investments in real estate ventures9.2 9.0 
Other assets11.2 21.0 
Total assets$174.4 147.4 
Other current liabilities$1.8 1.9 
Mortgage indebtedness (included in Other liabilities)89.6 60.3 
Total liabilities91.4 62.2 
Members' equity (included in Noncontrolling interest)83.0 85.2 
Total liabilities and members' equity$174.4 147.4 
Three Months Ended March 31,
(in millions)20212020
Revenue$2.6 4.3 
Operating and other expenses(3.2)(4.3)
Net gains on sale of investments(1)
— 12.2 
Net (loss) income$(0.6)12.2 
(1) The 2020 gain was included in Equity earnings.
We allocate the members' equity and net income of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on our Condensed Consolidated Balance Sheets and as Net income attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income, respectively.
Impairment
There were no significant other-than-temporary impairment charges on Investments in real estate ventures for the three months ended March 31, 2021 and 2020.
Fair Value
We report a majority of our investments in real estate ventures at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. The table below shows the movement in our investments in real estate ventures reported at fair value.
(in millions)20212020
Fair value investments as of January 1,$340.3 328.6 
Investments55.8 28.9 
Distributions(3.3)(16.0)
Change in fair value, net45.7 (35.2)
Foreign currency translation adjustments, net(3.1)(4.3)
Fair value investments as of March 31,$435.4 302.0 
See Note 8, Fair Value Measurements, for additional discussion of our investments in real estate ventures reported at fair value.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:5/6/21
For Period end:3/31/214
12/31/2010-K,  4
3/31/2010-Q,  4
 List all Filings 

2 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/16/21  Jones Lang LaSalle Inc.           8-K:1,8,9   4/14/21   14:66M
 3/04/21  Jones Lang LaSalle Inc.           8-K:5,9     3/03/21   13:2.4M
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Filing Submission 0001037976-21-000022   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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