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Business Segments
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
On February 28, 2022, we announced a new organizational structure that became effective on January 1, 2022. Under the new structure, we organize our operations around, and publicly report our financial results on, five global business segments:
(1) Markets Advisory,
(2) Capital Markets,
(3) Work Dynamics,
(4) JLL Technologies, and
(5) LaSalle.
Markets Advisory offers a wide range of real estate services, including agency leasing and tenant representation, property management, advisory, and consulting services. Capital Markets service offerings include investment sales, equity and debt advisory, loan servicing, and valuation advisory. Our Work Dynamics business provides a broad suite of integrated services to occupiers of real estate, including facility and project management, as well as portfolio and other services. Our JLL Technologies segment offers software products, solutions and services, while LaSalle provides investment management services on a global basis to institutional investors and high-net-worth individuals.
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) depreciation and amortization, (ii) restructuring and acquisition charges, (iii) interest expense, net of interest income, (iii) provision for income tax, (iv) gain on disposal, (v) net non-cash MSR and mortgage which are otherwise included in Net income on the Condensed Consolidated Statements of Comprehensive Income.
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.
Summarized financial information by business segment is as follows.
Three Months Ended March 31,
(in millions)20222021
Markets Advisory
Leasing$600.9 416.6 
Property Management370.5 347.6 
Advisory, Consulting and Other28.1 28.5 
Revenue$999.5 792.7 
Depreciation and amortization$17.1 15.9 
Equity earnings$0.5 0.4 
Adjusted EBITDA$111.2 66.0 
Capital Markets
Investment Sales, Debt/Equity Advisory and Other$476.1 302.0 
Valuation Advisory84.6 79.7 
Loan Servicing39.9 30.0 
Revenue$600.6 411.7 
Depreciation and amortization$15.6 15.9 
Equity earnings $0.8 0.4 
Adjusted EBITDA$118.2 59.1 
Work Dynamics
Workplace Management$2,320.4 2,048.4 
Project Management612.3 551.8 
Portfolio Services and Other100.9 97.9 
Revenue$3,033.6 2,698.1 
Depreciation and amortization$16.5 16.2 
Equity earnings$0.3 0.1 
Adjusted EBITDA$35.2 24.9 
JLL Technologies
Revenue$49.4 43.4 
Depreciation and amortization$3.8 2.9 
Equity earnings$18.8 34.6 
Adjusted EBITDA$(12.3)14.0 
LaSalle
Advisory fees$97.0 83.5 
Transaction fees and other17.1 7.7 
Incentive fees4.2 — 
Revenue$118.3 91.2 
Depreciation and amortization$1.4 2.1 
Equity (losses) earnings$(1.9)13.0 
Adjusted EBITDA$21.3 26.1 
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
Three Months Ended March 31,
(in millions)20222021
Adjusted EBITDA - Markets Advisory$111.2 66.0 
Adjusted EBITDA - Capital Markets118.2 59.1 
Adjusted EBITDA - Work Dynamics35.2 24.9 
Adjusted EBITDA - JLL Technologies(12.3)14.0 
Adjusted EBITDA - LaSalle21.3 26.1 
Adjusted EBITDA - Consolidated$273.6 190.1 
Adjustments:
Restructuring and acquisition charges$(19.5)(17.2)
Gain on disposition— 12.0 
Net non-cash MSR and mortgage banking derivative activity(3.6)9.7 
Interest expense, net of interest income(10.2)(10.4)
Provision for income taxes(40.3)(28.2)
Depreciation and amortization(54.4)(53.0)
Net income attributable to common shareholders$145.6 103.0