Jones Lang LaSalle Inc. (JLL, Financial) filed Quarterly Report for the period ended 2010-09-30.
Jones Lang Lasalle Inc. has a market cap of $3.58 billion; its shares were traded at around $85.38 with a P/E ratio of 27.9 and P/S ratio of 1.4. The dividend yield of Jones Lang Lasalle Inc. stocks is 0.2%. Jones Lang Lasalle Inc. had an annual average earning growth of 13.9% over the past 10 years. GuruFocus rated Jones Lang Lasalle Inc. the business predictability rank of 2.5-star.JLL is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Chuck Royce of Royce& Associates, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
We include costs and earnings in excess of billings on uncompleted construction contracts of $13.2 million and $5.9 million in Trade receivables, and billings in excess of costs and earnings on uncompleted construction contracts of $3.1 million and $3.9 million in Deferred income, respectively, in our September 30, 2010 and December 31, 2009 consolidated balance sheets.
Most of our service contracts use the latter structure and we account for them on a net basis. We have always presented reimbursable contract costs on a net basis in accordance with U.S. GAAP. These costs aggregated approximately $288.7 million and $242.3 million for the three months ended September 30, 2010 and 2009, respectively, and approximately $904.1 million and $823.1 million for the nine months ended September 30, 2010 and 2009, respectively. This treatment has no impact on operating income, net income or cash flows.
In the first nine months of 2010, we made a total of $113.3 million of payments related to various business combination matters. Of the total, we paid $101.4 million to satisfy deferred business acquisition obligations for acquisitions completed in prior years, including the scheduled third quarter payment of approximately $78 million related to the 2008 Staubach acquisition. We also paid (i) $9.0 million to purchase a portion of the minority interest in our Indian operations, (ii) $1.2 million for contingent consideration consisting primarily of earn-out payments, and (iii) $1.7 million for various other acquisition-related activities, including the third quarter acquisition of certain U.S. mall management operations from General Growth Properties, Inc.
The General Growth Properties operations we acquired consists of the management and leasing contracts for a portfolio of 18 regional shopping malls and community centers in 11 states, totaling more than 11 million square feet. This acquisition resulted in $1.5 million of goodwill and $3.3 million of identifiable intangibles that will be amortized over four years.
We have $1.5 billion of unamortized intangibles and goodwill as of September 30, 2010. A significant portion of these unamortized intangibles and goodwill are denominated in currencies other than U.S. dollars, which means that a portion of the movements in the reported book value of these balances are attributable to movements in foreign currency exchange rates. The tables below detail the foreign exchange impact on intangible and goodwill balances. Of the $1.5 billion of unamortized intangibles and goodwill, we will amortize the $31.3 million of identifiable intangibles over their remaining finite useful lives, and the remaining balance represents goodwill with indefinite useful lives, which we do not amortize.
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Jones Lang Lasalle Inc. has a market cap of $3.58 billion; its shares were traded at around $85.38 with a P/E ratio of 27.9 and P/S ratio of 1.4. The dividend yield of Jones Lang Lasalle Inc. stocks is 0.2%. Jones Lang Lasalle Inc. had an annual average earning growth of 13.9% over the past 10 years. GuruFocus rated Jones Lang Lasalle Inc. the business predictability rank of 2.5-star.JLL is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Chuck Royce of Royce& Associates, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Construction management fees, which are gross construction services revenues net of subcontract costs, were $2.1 million and $2.2 million for the three months ended September 30, 2010 and 2009, respectively, and $5.7 million and $7.8 million for the nine months ended September 30, 2010 and 2009, respectively. Gross construction services revenues totaled $36.3 million and $35.1 million for the three months ended September 30, 2010 and 2009, respectively, and $110.3 million and $119.9 million for the nine months ended September 30, 2010 and 2009, respectively. Subcontract costs totaled $34.2 million and $32.9 million for the three months ended September 30, 2010 and 2009, respectively, and $104.6 million and $112.1 million for the nine months ended September 30, 2010 and 2009, respectively.We include costs and earnings in excess of billings on uncompleted construction contracts of $13.2 million and $5.9 million in Trade receivables, and billings in excess of costs and earnings on uncompleted construction contracts of $3.1 million and $3.9 million in Deferred income, respectively, in our September 30, 2010 and December 31, 2009 consolidated balance sheets.
Most of our service contracts use the latter structure and we account for them on a net basis. We have always presented reimbursable contract costs on a net basis in accordance with U.S. GAAP. These costs aggregated approximately $288.7 million and $242.3 million for the three months ended September 30, 2010 and 2009, respectively, and approximately $904.1 million and $823.1 million for the nine months ended September 30, 2010 and 2009, respectively. This treatment has no impact on operating income, net income or cash flows.
In the first nine months of 2010, we made a total of $113.3 million of payments related to various business combination matters. Of the total, we paid $101.4 million to satisfy deferred business acquisition obligations for acquisitions completed in prior years, including the scheduled third quarter payment of approximately $78 million related to the 2008 Staubach acquisition. We also paid (i) $9.0 million to purchase a portion of the minority interest in our Indian operations, (ii) $1.2 million for contingent consideration consisting primarily of earn-out payments, and (iii) $1.7 million for various other acquisition-related activities, including the third quarter acquisition of certain U.S. mall management operations from General Growth Properties, Inc.
The General Growth Properties operations we acquired consists of the management and leasing contracts for a portfolio of 18 regional shopping malls and community centers in 11 states, totaling more than 11 million square feet. This acquisition resulted in $1.5 million of goodwill and $3.3 million of identifiable intangibles that will be amortized over four years.
We have $1.5 billion of unamortized intangibles and goodwill as of September 30, 2010. A significant portion of these unamortized intangibles and goodwill are denominated in currencies other than U.S. dollars, which means that a portion of the movements in the reported book value of these balances are attributable to movements in foreign currency exchange rates. The tables below detail the foreign exchange impact on intangible and goodwill balances. Of the $1.5 billion of unamortized intangibles and goodwill, we will amortize the $31.3 million of identifiable intangibles over their remaining finite useful lives, and the remaining balance represents goodwill with indefinite useful lives, which we do not amortize.
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