CHICAGO, August 6, 2019 — Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for the second quarter of 2019 with diluted earnings per share of $2.40 and adjusted diluted EPS¹ of $2.94.

• Record Real Estate Services revenue and fee revenue up 9% (11% local currency) and 7% (10% local currency), respectively
• Americas Leasing exceptional performance continued
• Corporate Solutions growth across all geographies strengthened annuity base
• Capital Markets investment sales outperformed decline in market volumes
• Margin increase reflected LaSalle contribution and continued expansion in Real Estate Services
• Record LaSalle AUM $68.4B drove excellent advisory fee performance
• Transformative HFF acquisition completed on July 1

“Once again we have grown revenue and expanded margins to deliver record results, with notable contribution from LaSalle and continued expansion in our Real Estate Services business," said Christian Ulbrich, JLL CEO. "Looking forward, we see strong pipelines contributing to another highly successful year for JLL.”

Americas Second-Quarter 2019 Performance Highlights:

Americas revenue growth of 15% was strong and broad-based across all service lines, led by Property & Facility Management primarily due to the ramp-up of recent wins and expansion of existing facilities management relationships with U.S. Corporate Solutions clients. Leasing led segment fee revenue growth, driven by the southeast and mid-Atlantic U.S. markets and across all major asset classes. Capital Markets reflected solid growth in both investment sales and debt placement.

Adjusted EBITDA margin, calculated on a fee-revenue basis, was 16.5% in USD for the quarter (16.4% in local currency), compared with 16.7% in 2018. The profitability reflected strong fee revenue growth offset by incremental investments in platform and client-facing technology.

EMEA Second-Quarter 2019 Performance Highlights:

EMEA’s revenue and fee revenue both reflected marginal increases as solid annuity growth in Project & Development Services and Property & Facility Management was partially offset by softness in Capital Markets and Leasing. The change in Capital Markets compared favorably to a 20% decline in regional capital markets volumes, from the prior-year quarter, as reported by JLL Research.

Adjusted EBITDA margin, calculated on a fee-revenue basis, was 2.5% in USD (2.4% in local currency) for the quarter, compared with 2.9% last year. The profitability decrease primarily reflected the shift in business mix toward annuity revenues.

LaSalle Second-Quarter 2019 Performance Highlights:

LaSalle's substantial revenue increase was driven by higher incentive fees, associated with real estate dispositions in Asia Pacific on behalf of clients, and notable growth in advisory fees, achieving a record level. More than half of the advisory fees growth was from strong private equity capital raising with the balance attributable to recently acquired assets under management.

Equity earnings were primarily driven by net valuation increases in Asia Pacific, while the prior year was driven by net valuation increases in Europe and Asia Pacific.

Adjusted EBITDA margin was 33.7% in USD and local currency for the quarter, compared with 28.5% last year. The increase in profitability reflected higher incentive fees and equity earnings.

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