FINANCE: JLL has delivered a strong Q3 performance, which included “superior results” from LaSalle Investment Management.
The Chicago-headquartered property services firm posted a 19% hike in fee revenue to $1.2bn (£745m) in the three months to the end of September.
Its real estate services business lines delivered a 12% increase on the same period last year to more than $1bn, while LaSalle saw fee revenue rise 8% to $61m and incentive fees of $71m, resulting in total revenue from the fund management division leaping 113% to $142m.
Net income for the period was $105m – up from $67m last year – taking the nine-month total to $198m.
The group’s adjusted earning per share came in at a record $2.3, up 55% on last year.
A global breakdown highlights a steady performance from EMEA real estate services, with a 9% hike in fee revenue for the quarter to $298m with “broad-based” growth.
The capital markets and hotels division delivered the most revenue, £90.8m, although this was up only 5% on last year. JLL said the UK drove this growth, which was “against a third quarter in 2013 that was up 61% on 2012”.
All other divisions recorded double-digit revenue growth – leasing was up 11%, project and development service up 18% and property and facility management up 16% – apart from advisory, consulting and other, which was up only 2%.
The group’s largest region, the Americas, saw fee revenue rise 16% to reach $521m, while Asia Pacific fee revenue rose 7% to $219m.
Colin Dyer, JLL president and chief executive, said: “We completed a record third quarter with broad-based growth in all service lines and superior results from LaSalle Investment Management.
“Market conditions and sentiment remain strong in real estate markets around the world, and the healthy pipelines across our business signal continued growth into 2015.”
