CHICAGO—JLL yesterday reported 2014 adjusted earnings per share of $8.69, up from the $6.32 it reported in 2013. And its full-year fee revenue of $4.7 billion was up 18%.
"We completed an excellent fourth quarter and full-year 2014, with strong revenue growth across all service lines and geographies, record profit, and record levels of new capital raised by LaSalle,” said Colin Dyer, president and chief executive officer of JLL.
LaSalle Investment Management raised a record $8.9 billion in equity over the past year, JLL reported. Other solid numbers included the firm's adjusted EBITDA margin, which the firm calculated on a fee revenue basis was 13.8% for the year, compared with 12.4% in 2013. Adjusted EBITDA margin calculated on a fee revenue basis was 19.1% for the fourth quarter, compared with 17.1% last year.
Furthermore, in December 2014, Standard & Poor's raised the firm's investment-grade rating to BBB, which aligns with the firm's investment-grade rating from Moody's of Baa2.
The firm reduced total net debt to $163 million from $437 million last year due to strong cash generation. Net interest expense for 2014 was $28.3 million, down from $34.7 million in 2013. JLL officials say the firm continues to benefit from both lower cost of debt after renewing its bank credit facility in October 2013 and lower average borrowing.
“In 2015, we will continue our consistent policy of investing in our platform to continuously improve the quality and scope of our services, and build the long-term value of our company,” said Dyer.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
