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Business Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
We manage and report our operations as 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, debt and equity advisory, value and risk advisory, and loan servicing. 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.
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. 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 JLL Technologies and LaSalle, (v) net non-cash MSR and mortgage banking derivative activity, (vi) Interest expense, net of interest income, (vii) Income tax provision (benefit) and (viii) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income.
In the first quarter of 2024, we revised the definition of segment Adjusted EBITDA to exclude certain Equity earnings/losses from investments. The impact of this revision is limited to the JLL Technologies and LaSalle segments. Comparable periods have been recast to conform to the revised presentation. Equity earnings/losses from unconsolidated operating ventures (not investments) remain included in Adjusted EBITDA.
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 June 30,Six Months Ended June 30,
(in millions)2024202320242023
Markets Advisory  
Leasing$619.1 591.4 $1,116.4 1,078.4 
Property Management436.6 409.9 866.3 810.1 
Advisory, Consulting and Other23.1 24.1 46.2 43.3 
Revenue$1,078.8 1,025.4 $2,028.9 1,931.8 
Depreciation and amortization(1)
$16.5 16.5 $32.9 32.6 
Equity (losses) earnings$— (0.1)$0.4 0.2 
Adjusted EBITDA$129.6 99.4 $224.9 171.0 
Capital Markets  
Investment Sales, Debt/Equity Advisory and Other$320.3 319.5 $579.0 560.1 
Value and Risk Advisory95.8 89.5 176.0 168.6 
Loan Servicing41.5 39.0 80.2 76.4 
Revenue$457.6 448.0 $835.2 805.1 
Depreciation and amortization$17.3 16.2 $33.7 32.1 
Equity earnings$0.5 4.8 $0.6 5.4 
Adjusted EBITDA$33.8 36.0 $58.8 46.7 
Work Dynamics
Workplace Management$3,021.1 2,553.4 $5,892.8 5,050.6 
Project Management788.1 703.2 1,444.5 1,379.5 
Portfolio Services and Other124.1 118.0 235.5 220.7 
Revenue$3,933.3 3,374.6 $7,572.8 6,650.8 
Depreciation and amortization$20.8 19.9 $41.5 39.2 
Equity earnings$0.4 0.8 $1.1 1.2 
Adjusted EBITDA$71.1 56.2 $122.0 81.9 
JLL Technologies
Revenue$56.4 60.6 $110.3 122.0 
Depreciation and amortization$4.8 4.1 $9.3 8.0 
Adjusted EBITDA(2)
$(10.9)(1.3)$(16.0)(19.5)
Equity losses$(9.0)(103.9)$(10.0)(99.0)
LaSalle  
Advisory fees$93.1 103.1 $185.4 203.6 
Transaction fees and other6.9 5.0 15.8 15.4 
Incentive fees2.6 35.8 4.8 39.3 
Revenue$102.6 143.9 $206.0 258.3 
Depreciation and amortization$2.0 2.3 $4.0 3.6 
Adjusted EBITDA(2)
$22.7 34.8 $43.7 57.9 
Equity losses$(7.3)(5.1)$(11.2)(13.9)
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
(2) JLL Technologies and LaSalle Adjusted EBITDA excludes Equity earnings/losses.
The following table is a reconciliation of Adjusted EBITDA to Net income (loss) attributable to common shareholders.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Adjusted EBITDA - Markets Advisory$129.6 99.4 $224.9 171.0 
Adjusted EBITDA - Capital Markets33.8 36.0 58.8 46.7 
Adjusted EBITDA - Work Dynamics71.1 56.2 122.0 81.9 
Adjusted EBITDA - JLL Technologies(10.9)(1.3)(16.0)(19.5)
Adjusted EBITDA - LaSalle22.7 34.8 43.7 57.9 
Adjusted EBITDA - Consolidated$246.3 225.1 $433.4 338.0 
Adjustments:
Restructuring and acquisition charges$(11.5)(11.8)$(13.2)(47.5)
Net loss on disposition— (1.8)— (1.8)
Interest on employee loans, net of forgiveness1.3 0.9 2.3 0.7 
Equity earnings (losses) - JLL Technologies and LaSalle(16.3)(109.0)(21.2)(112.9)
Net non-cash MSR and mortgage banking derivative activity(11.8)(0.6)(20.8)(2.4)
Interest expense, net of interest income(41.7)(40.5)(72.2)(66.8)
Income tax (provision) benefit(20.5)(0.8)(36.4)1.5 
Depreciation and amortization(1)
(61.4)(59.0)(121.4)(115.5)
Net income (loss) attributable to common shareholders$84.4 2.5 $150.5 (6.7)
(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.