XML 25 R10.htm IDEA: XBRL DOCUMENT v3.25.1
Business Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
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 March 31, 2025, we define our Global Executive Board, collectively, as our CODM.
Summarized financial information by business segment is as follows.

Real Estate Management ServicesThree Months Ended March 31,
(in millions)20252024
Workplace Management$3,263.6 2,871.7 
Project Management747.5 656.4 
Property Management445.6 429.7 
Portfolio Services and Other112.7 111.4 
Revenue$4,569.4 4,069.2 
Less:
Platform compensation and benefits$431.6 400.5 
Platform operating, administrative and other139.2 128.6 
Gross contract costs3,930.3 3,469.1 
Add:
Equity earnings0.4 1.1 
Other segment items(2.4)(0.7)
Adjusted EBITDA$66.3 71.4 
Depreciation and amortization(1)
$30.6 28.0 
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Leasing AdvisoryThree Months Ended March 31,
(in millions)20252024
Leasing$566.1 497.3 
Advisory, Consulting and Other20.0 23.1 
Revenue$586.1 520.4 
Less:
Platform compensation and benefits$426.8 381.8 
Platform operating, administrative and other60.4 57.6 
Gross contract costs2.0 6.4 
Add:
Equity losses— — 
Other segment items0.1 0.2 
Adjusted EBITDA$97.0 74.8 
Depreciation and amortization$12.0 9.1 
Capital Markets ServicesThree Months Ended March 31,
(in millions)20252024
Investment Sales, Debt/Equity Advisory and Other$312.6 258.7 
Value and Risk Advisory81.6 80.2 
Loan Servicing41.1 38.7 
Revenue$435.3 377.6 
Less:
Platform compensation and benefits$329.5 287.6 
Platform operating, administrative and other70.7 60.8 
Gross contract costs1.1 13.6 
Add:
Equity earnings1.6 0.1 
Other segment items13.0 9.3 
Adjusted EBITDA$48.6 25.0 
Depreciation and amortization$18.9 16.4 

Investment ManagementThree Months Ended March 31,
(in millions)20252024
Advisory fees$89.3 92.3 
Transaction fees and other8.5 8.9 
Incentive fees0.7 2.2 
Revenue$98.5 103.4 
Less:
Platform compensation and benefits$58.3 61.3 
Platform operating, administrative and other16.3 12.9 
Gross contract costs8.2 8.4 
Add:
Other segment items0.1 0.2 
Adjusted EBITDA$15.8 21.0 
Depreciation and amortization$2.9 2.0 
Equity losses$(6.1)(3.9)

Software and Technology SolutionsThree Months Ended March 31,
(in millions)20252024
Revenue$57.1 53.9 
Less:
Platform compensation and benefits$45.5 47.3
Platform operating, administrative and other14.5 10.5
Gross contract costs0.7 1.2 
Add:
Other segment items0.7 — 
Adjusted EBITDA$(2.9)(5.1)
Depreciation and amortization$6.3 4.5 
Equity losses$(21.5)(1.0)
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
Three Months Ended March 31,
(in millions)20252024
Adjusted EBITDA - Real Estate Management Services$66.3 71.4 
Adjusted EBITDA - Leasing Advisory97.0 74.8 
Adjusted EBITDA - Capital Markets Services48.6 25.0 
Adjusted EBITDA - Investment Management15.8 21.0 
Adjusted EBITDA - Software and Technology Solutions(2.9)(5.1)
Adjusted EBITDA - Consolidated$224.8 187.1 
Adjustments:
Restructuring and acquisition charges$(19.7)(1.7)
Interest on employee loans, net of forgiveness1.6 1.0 
Equity losses - Investment Management and Software and Technology Solutions(1)
(28.7)(4.9)
Credit losses on convertible note investments(0.5)— 
Net non-cash MSR and mortgage banking derivative activity(12.9)(9.0)
Interest expense, net of interest income(24.6)(30.5)
Income tax provision(14.0)(15.9)
Depreciation and amortization(1)
(70.7)(60.0)
Net income attributable to common shareholders$55.3 66.1 
(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.