Jones Lang Lasalle Inc - JLL STOCK NEWS

Jones Lang LaSalle reported its 2022 results, revealing fourth-quarter diluted earnings per share of $3.62 and adjusted diluted earnings of $4.36. Full-year diluted EPS was $13.27, down 28% year-on-year. Revenue for the fourth quarter fell 2% to $5.6 billion, with fee revenue declining 16% to $2.2 billion. Strong growth in Work Dynamics offset declines in Capital Markets and Markets Advisory, driven by decreased leasing activity. Net income decreased 59% in Q4 and 32% for the year. Despite the challenges, the company anticipates market recovery in the second half of 2023.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has successfully closed a $120 million loan to refinance a portfolio comprising 12 limited-service hotels across California, Connecticut, and New Jersey. The total loan amount, including a $20 million mezzanine loan from Driftwood Capital, reaches $140 million. This portfolio features 1,313 rooms across chains like Residence Inn and Hilton Garden Inn, with ten properties recently renovated. The transaction marks the sixth collaboration between FBRT and Driftwood, reinforcing their ongoing partnership. FBRT's asset base exceeded $6.3 billion as of September 30, 2022.

JLL's Hotels & Hospitality Group announced the successful sale of the Diplomat Beach Resort in Hollywood, Florida, which features 1,000 rooms and 200,000 square feet of meeting space. The transaction, closed on February 6, 2023, represents the third largest single-asset hotel sale in U.S. history. A joint venture between Credit Suisse Asset Management and Trinity Fund Advisors LLC acquired the resort, which was extensively renovated with a $90 million investment in 2018. The new owners will manage the resort under the Curio Collection by Hilton. This deal highlights the robust recovery of the South Florida lodging market post-COVID.

Jones Lang LaSalle (NYSE: JLL) has scheduled a conference call on February 28, 2023, at 9 a.m. Eastern time to discuss its fourth quarter 2022 results. Investors can access the call by dialing (844) 200-6205 and using conference ID 817036. A live webcast will be available at ir.jll.com, along with presentation slides. A replay will be accessible for 12 months post-event on the same website. JLL is a global leader in real estate and investment management with annual revenue of $19.4 billion and over 102,000 employees worldwide.

JLL's Capital Markets group has secured a $290 million construction loan for a new life sciences facility at 3201 Cuthbert Street in Philadelphia, developed by Gattuso Development Partners and Vigilant Holdings. The 11-story building will be the city's largest lab facility, featuring 519,647 square feet of lab space and 11,908 square feet of retail space. Notably, 45% of the lab space is pre-leased to SmartLabs and Drexel University. This project reflects Philadelphia's growing profile as a life sciences hub, with significant interest expected due to high demand and limited supply in the area.

JLL has been recognized by Frost & Sullivan as the 2022 Asia-Pacific Facility Management Company of the Year, highlighting its strong market leadership and customer confidence. With an impressive average renewal rate of 95% and over 450 customers, JLL's tailored strategies and innovative solutions have led to significant growth. The company emphasizes sustainability through its Canopy platform, which helps clients achieve their environmental goals. JLL's commitment to operational excellence and customer value is underscored by a dedicated workforce of 14,000 across the region.

JLL (NYSE: JLL) hosted an Investor Briefing on Nov. 16, 2022, where leadership discussed the company's long-term growth strategy and set 2025 financial targets. Expected consolidated fee revenue for 2025 is projected between $10 billion and $11 billion, with an adjusted EBITDA margin anticipated between 16% and 19%. JLL aims to maintain a net debt to adjusted EBITDA leverage of 0.0x to 2.0x. The briefing highlights JLL's positioning to capitalize on technological advancements and sustainability trends in the commercial real estate sector.