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Sydnee Gatewood
Sydnee Gatewood
Articles (3380) 

John Rogers Comments on Jones Lang LaSalle

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January 21, 2021 | About:
After being a bottom contributor last quarter, shares of real estate expert Jones Lang LaSalle (NYSE:JLL) reversed course and traded higher. Despite headwinds for commercial real estate transaction activity, the company continues to prudently manage expenditures to preserve cash and delivered margin expansion in the quarter. We believe the company's diverse business model and annuity like non-transaction revenue mix, such as corporate outsourcing, will continue to help offset weakness in the cyclical leasing business until wide-spread distribution of the vaccine. For instance, clients are engaged in discussions around bringing employees back to their office spaces, potential space re-configurations, increased cleaning and security and more advisory and technology-led solutions. At current levels, JLL is trading at a 9% discount to our estimate of private market value.

From John Rogers (Trades, Portfolio)' Ariel Fund fourth-quarter 2020 shareholder commentary.


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