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California State Teachers Retirement System increased its position in shares of Jones Lang LaSalle Incorporated (NYSE:JLL – Free Report) by 30,596.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,836,174 shares of the financial services provider’s stock after buying an additional 16,781,326 shares during the period. California State Teachers Retirement System owned about 36.59% of Jones Lang LaSalle worth $5,218,372,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in JLL. Sunbelt Securities Inc. purchased a new stake in shares of Jones Lang LaSalle in the 3rd quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Jones Lang LaSalle during the 2nd quarter worth $26,000. International Assets Investment Management LLC acquired a new position in shares of Jones Lang LaSalle during the fourth quarter worth $29,000. Johnson Financial Group Inc. purchased a new position in Jones Lang LaSalle in the second quarter valued at $34,000. Finally, Hilton Head Capital Partners LLC acquired a new stake in Jones Lang LaSalle in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 94.80% of the company’s stock.

Jones Lang LaSalle Stock Performance Shares of JLL stock opened at $346.44 on Thursday. The stock’s 50-day moving average is $352.34 and its two-hundred day moving average is $323.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.40 and a current ratio of 2.40. Jones Lang LaSalle Incorporated has a 1 year low of $259.83 and a 1 year high of $393.84. The firm has a market cap of $15.94 billion, a price-to-earnings ratio of 16.60 and a beta of 1.24.

Jones Lang LaSalle (NYSE:JLL – Get Free Report) last posted its earnings results on Thursday, July 30th. The financial services provider reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.56 by $0.70. The business had revenue of $6.93 billion during the quarter, compared to the consensus estimate of $6.88 billion. Jones Lang LaSalle had a return on equity of 13.99% and a net margin of 3.64%.The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business earned $3.30 EPS. Analysts predict that Jones Lang LaSalle Incorporated will post 25.05 earnings per share for the current year. Analyst Upgrades and Downgrades JLL has been the subject of several analyst reports. Barclays upped their price objective on Jones Lang LaSalle from $368.00 to $401.00 and gave the stock an “equal weight” rating in a research report on Monday, August 17th. Weiss Ratings raised Jones Lang LaSalle from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 18th. Keefe, Bruyette & Woods upped their price target on Jones Lang LaSalle from $375.00 to $415.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Raymond James Financial reiterated a “strong-buy” rating and issued a $500.00 price target on shares of Jones Lang LaSalle in a research note on Thursday, July 30th. Finally, Zacks Research cut shares of Jones Lang LaSalle from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $433.60.

Check Out Our Latest Stock Analysis on JLL

Insider Activity at Jones Lang LaSalle In other Jones Lang LaSalle news, CEO Christian Ulbrich sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $385.53, for a total value of $771,060.00. Following the completion of the sale, the chief executive officer owned 138,418 shares in the company, valued at approximately $53,364,291.54. The trade was a 1.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Larry Quinlan sold 402 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $301.73, for a total value of $121,295.46. Following the completion of the sale, the director directly owned 4,369 shares of the company’s stock, valued at $1,318,258.37. The trade was a 8.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 6,402 shares of company stock worth $2,392,355. 0.91% of the stock is currently owned by corporate insiders.

Jones Lang LaSalle Profile (Free Report)

Jones Lang LaSalle Incorporated (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. The company provides a broad range of services including leasing, advisory, property and asset management, capital markets, project and development services, and valuation. Through its integrated platform, JLL serves corporate occupiers, institutional investors, real estate owners and developers, offering tailored solutions that span the entire real estate lifecycle.

Founded in 1783 in London as Jones Lang Wootton, the firm established a reputation for expertise in property management and brokerage.

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Stock to Watch: Jones Lang LaSalle (JLL - Free Report) Chicago-based Jones Lang LaSalle Incorporated, popularly known as JLL, is a leading full-service real estate firm that provides corporate, financial and investment management services to corporations and other real estate owners, users and investors worldwide.

JLL is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.

Momentum investors should take note of this Finance stock. JLL has a Momentum Style Score of A, and shares are up 1.4% over the past four weeks.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $2.02 to $25.05 per share. JLL also boasts an average earnings surprise of +16.2%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, JLL should be on investors' short list.

Jones Lang LaSalle earns stable revenue from regular service contracts, reducing dependence on volatile transaction activity. Q2 2026 showed strong operating leverage: revenue up 11%, adjusted EBITDA up 32%, and adjusted EPS up 59%. JLL trades at 15.1x 2026 consensus EPS, with a base case price target of ~$440, offering ~16% upside and a Buy rating.

Jones Lang LaSalle is upgraded to a strong buy, driven by robust Q2 earnings, diversified growth, and a compelling capital-light model. JLL demonstrates upward-trending ROE, sector-leading profit margins, and a durable operating cash flow profile, supporting the capital growth thesis. Momentum in leasing, office, industrial, and data center segments underpins JLL's earnings recovery and sustained top-line growth.

Deutsche Bank AG bought a new stake in shares of Jones Lang LaSalle Incorporated (NYSE:JLL – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 20,984 shares of the financial services provider’s stock, valued at approximately $6,504,000.

Other institutional investors have also bought and sold shares of the company. Sunbelt Securities Inc. bought a new position in shares of Jones Lang LaSalle in the third quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Jones Lang LaSalle in the second quarter worth $26,000. International Assets Investment Management LLC bought a new position in Jones Lang LaSalle in the fourth quarter valued at $29,000. Activest Wealth Management raised its position in Jones Lang LaSalle by 1,720.0% during the fourth quarter. Activest Wealth Management now owns 91 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 86 shares in the last quarter. Finally, Hilton Head Capital Partners LLC bought a new stake in Jones Lang LaSalle during the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 94.80% of the company’s stock.

Insiders Place Their Bets In other Jones Lang LaSalle news, Director Larry Quinlan sold 403 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $295.14, for a total transaction of $118,941.42. Following the transaction, the director directly owned 4,771 shares of the company’s stock, valued at approximately $1,408,112.94. The trade was a 7.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Christian Ulbrich sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $385.53, for a total transaction of $771,060.00. Following the completion of the sale, the chief executive officer directly owned 138,418 shares of the company’s stock, valued at approximately $53,364,291.54. This represents a 1.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 6,805 shares of company stock worth $2,511,297. Insiders own 0.91% of the company’s stock.

Wall Street Analysts Forecast Growth Several analysts have weighed in on the stock. Barclays boosted their price target on shares of Jones Lang LaSalle from $368.00 to $401.00 and gave the stock an “equal weight” rating in a research note on Monday, August 17th. Raymond James Financial reiterated a “strong-buy” rating and issued a $500.00 price objective on shares of Jones Lang LaSalle in a report on Thursday, July 30th. Weiss Ratings raised Jones Lang LaSalle from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 18th. Zacks Research cut shares of Jones Lang LaSalle from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods upped their price target on shares of Jones Lang LaSalle from $375.00 to $415.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $423.33. Get Our Latest Research Report on Jones Lang LaSalle

Key Stories Impacting Jones Lang LaSalle Here are the key news stories impacting Jones Lang LaSalle this week:

Positive Sentiment: Zacks upgraded JLL to Rank #2 (Buy), citing improving earnings prospects. The upgrade could support the shares by signaling greater analyst optimism about the company’s near-term fundamentals. Jones Lang LaSalle Upgraded to Buy: Here’s Why Positive Sentiment: JLL led the $435 million sale of One Marina Park Drive, a 494,938-square-foot trophy office tower in Boston’s Seaport District. The transaction highlights JLL’s capital-markets capabilities and suggests institutional investors are returning to premium, supply-constrained office properties. Trophy Seaport office tower trades for $435M Positive Sentiment: Several Zacks reports identify JLL as attractive for growth, momentum and “momentum at a bargain” investors. These screens may reinforce buying interest, particularly after the company’s recent earnings beat and revenue growth. Why Growth Investors Should Buy JLL Now Neutral Sentiment: Coverage also reviews forecasts for JLL’s fiscal 2026 earnings and third-quarter results, but the supplied reports do not provide new forecast figures or a material estimate change. Zacks Research’s Forecast for JLL FY2026 Earnings Neutral Sentiment: The Boston sale is encouraging for premium office demand, but a single trophy-asset transaction may not signal a broad recovery across weaker office properties. What Does JLL Boston Tower Deal Mean For Office Demand? Jones Lang LaSalle Trading Up 0.1% JLL opened at $387.62 on Tuesday. Jones Lang LaSalle Incorporated has a one year low of $259.83 and a one year high of $393.84. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.40 and a quick ratio of 2.40. The business has a 50 day simple moving average of $337.48 and a two-hundred day simple moving average of $319.34. The firm has a market capitalization of $17.83 billion, a price-to-earnings ratio of 18.57 and a beta of 1.24.

Jones Lang LaSalle (NYSE:JLL – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The financial services provider reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.56 by $0.70. Jones Lang LaSalle had a return on equity of 13.99% and a net margin of 3.64%.The firm had revenue of $6.93 billion for the quarter, compared to analyst estimates of $6.88 billion. During the same period last year, the company earned $3.30 EPS. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Analysts predict that Jones Lang LaSalle Incorporated will post 24.59 EPS for the current year.

(Free Report)

Jones Lang LaSalle Incorporated (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. The company provides a broad range of services including leasing, advisory, property and asset management, capital markets, project and development services, and valuation. Through its integrated platform, JLL serves corporate occupiers, institutional investors, real estate owners and developers, offering tailored solutions that span the entire real estate lifecycle.

Founded in 1783 in London as Jones Lang Wootton, the firm established a reputation for expertise in property management and brokerage.

See Also Five stocks we like better than Jones Lang LaSalle Visa Just Put Hims & Hers in the Penalty Box—Here’s Why It Matters Treasury Yields Are Surging Again: 3 Stocks That Could Feel the Pain Snowflake Could Be Headed for New Highs Despite Insider Selling MongoDB Is Surging—And the Next Catalyst Is Almost Here Want to see what other hedge funds are holding JLL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Jones Lang LaSalle Incorporated (NYSE:JLL – Free Report).

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Bank of New York Mellon Corp acquired a new stake in shares of Jones Lang LaSalle Incorporated (NYSE:JLL – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 282,848 shares of the financial services provider’s stock, valued at approximately $87,669,000. Bank of New York Mellon Corp owned approximately 0.61% of Jones Lang LaSalle at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of JLL. Sunbelt Securities Inc. bought a new stake in Jones Lang LaSalle in the 3rd quarter valued at $25,000. International Assets Investment Management LLC bought a new position in Jones Lang LaSalle during the 4th quarter worth about $29,000. Activest Wealth Management raised its stake in shares of Jones Lang LaSalle by 1,720.0% in the 4th quarter. Activest Wealth Management now owns 91 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 86 shares during the period. Hilton Head Capital Partners LLC bought a new stake in shares of Jones Lang LaSalle in the fourth quarter valued at about $35,000. Finally, Manchester Capital Management LLC boosted its position in shares of Jones Lang LaSalle by 3,320.0% during the fourth quarter. Manchester Capital Management LLC now owns 171 shares of the financial services provider’s stock worth $58,000 after buying an additional 166 shares during the period. 94.80% of the stock is owned by institutional investors.

Analyst Ratings Changes JLL has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lifted their target price on Jones Lang LaSalle from $375.00 to $415.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Weiss Ratings raised Jones Lang LaSalle from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 18th. Barclays lifted their price objective on shares of Jones Lang LaSalle from $368.00 to $401.00 and gave the company an “equal weight” rating in a report on Monday, August 17th. Raymond James Financial reissued a “strong-buy” rating and issued a $500.00 price objective on shares of Jones Lang LaSalle in a research report on Thursday, July 30th. Finally, Zacks Research downgraded shares of Jones Lang LaSalle from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $433.60.

View Our Latest Stock Analysis on Jones Lang LaSalle Jones Lang LaSalle Trading Up 1.4% Shares of NYSE:JLL opened at $392.62 on Wednesday. Jones Lang LaSalle Incorporated has a 52-week low of $259.83 and a 52-week high of $393.84. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.40 and a current ratio of 2.40. The company has a market capitalization of $18.06 billion, a P/E ratio of 18.81 and a beta of 1.25. The company has a 50-day simple moving average of $339.28 and a 200 day simple moving average of $319.76.

Jones Lang LaSalle (NYSE:JLL – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.56 by $0.70. Jones Lang LaSalle had a return on equity of 13.99% and a net margin of 3.64%.The firm had revenue of $6.93 billion for the quarter, compared to the consensus estimate of $6.88 billion. During the same quarter in the previous year, the business earned $3.30 earnings per share. The business’s revenue was up 10.8% compared to the same quarter last year. Sell-side analysts forecast that Jones Lang LaSalle Incorporated will post 24.59 earnings per share for the current year.

Insider Buying and Selling at Jones Lang LaSalle In other Jones Lang LaSalle news, CEO Christian Ulbrich sold 2,000 shares of Jones Lang LaSalle stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $385.53, for a total transaction of $771,060.00. Following the completion of the transaction, the chief executive officer directly owned 138,418 shares of the company’s stock, valued at $53,364,291.54. The trade was a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Larry Quinlan sold 402 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $301.73, for a total transaction of $121,295.46. Following the completion of the transaction, the director directly owned 4,369 shares in the company, valued at $1,318,258.37. The trade was a 8.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 6,805 shares of company stock valued at $2,511,297 in the last ninety days. Insiders own 0.91% of the company’s stock.

Key Stories Impacting Jones Lang LaSalle Here are the key news stories impacting Jones Lang LaSalle this week:

Positive Sentiment: JLL reported that bidding activity strengthened significantly, with July producing the second-highest number of unique bidders in the history of its Global Bid Intensity Index. Credit-provider competition also remains above previous records, suggesting improving liquidity and a more active transactions market that could support JLL’s capital-markets and advisory businesses. Robust credit market liquidity powers increasingly competitive transactions market Positive Sentiment: JLL completed the $435 million sale of One Marina Park Drive, a 494,938-square-foot trophy office tower in Boston’s Seaport District. Strong buyer interest and Oxford Properties’ acquisition point to returning institutional capital for premier, supply-constrained office properties, while highlighting JLL’s ability to win and execute major brokerage mandates. Trophy Seaport office tower trades for $435M Positive Sentiment: Zacks upgraded JLL to Rank #2, or “Buy,” citing improving earnings prospects. Separate Zacks screens also identified JLL as a growth, momentum and value-oriented candidate, reinforcing the near-term bullish sentiment around the stock. Jones Lang LaSalle Upgraded to Buy Neutral Sentiment: Coverage is also examining what the Boston tower transaction means for broader office demand and whether JLL’s recent upgrade and deal activity warrant further investor action. These reports provide context but do not add a new company-specific financial forecast. What Does Jones Lang LaSalle Boston Tower Deal Mean For Office Demand? (Free Report)

Jones Lang LaSalle Incorporated (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. The company provides a broad range of services including leasing, advisory, property and asset management, capital markets, project and development services, and valuation. Through its integrated platform, JLL serves corporate occupiers, institutional investors, real estate owners and developers, offering tailored solutions that span the entire real estate lifecycle.

Founded in 1783 in London as Jones Lang Wootton, the firm established a reputation for expertise in property management and brokerage.

Featured Articles Five stocks we like better than Jones Lang LaSalle Pathward’s Credit Scare Tests Its Comeback Story Wiring the AI Boom: Rumble’s $13.7B Pivot StoneX: Too Far Too Fast? DICK’s Sporting Goods Faces Pain Now for a Bigger Prize Want to see what other hedge funds are holding JLL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Jones Lang LaSalle Incorporated (NYSE:JLL – Free Report).

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Nuveen Green Capital closes $281M C-PACE loan for The Millennium Residences, alongside a $575M loan for The Offices at Winthrop Center, the world's largest Passive House Office Building

Key Takeaways:

JLL advises on $856M in total financing for Winthrop Center, including a $281M C-PACE residential inventory loan and a $575M securitized office loan Winthrop Center was developed by Millennium Partners and consists of 823,856 square feet of Class A Passive House-certified office space and 317 luxury residential units The financing reflects strong institutional lender appetite for high quality, irreplaceable assets backed by best-in-class sponsorship , /PRNewswire/ -- JLL's Capital Markets group announced today that it has advised Millennium Partners on the $281M financing for The Millennium Residences and the $575M loan for The Offices at Winthrop Center, Boston's landmark $1.3 billion mixed-use tower.

JLL worked on behalf of the borrower to arrange the 20-year, C-PACE residential inventory loan through Nuveen Green Capital and the five-year, $575M securitized financing through Morgan Stanley and Barclays for the office component of the project.

Winthrop Center At 691 feet, Winthrop Center is the tallest building in Boston's downtown core and has achieved global recognition as the world's largest Passive House office building, totaling approximately 823,856 square feet, and setting a new standard for next-generation workplace centered on sustainability, wellness and performance. The Millennium Residences at Winthrop Center comprise 510,000 square feet of luxury residences, delivering an elevated residential experience defined by exceptional design, world-class amenities and services, and panoramic views of the Boston skyline, Charles River and Boston Harbor.

Winthrop Center is at the epicenter of Downtown Boston offering unparalleled access to South Station, 28 million square feet of Class A office space and Boston's most distinguished shopping, dining and entertainment destinations.

"This financing is a key milestone that reflects the confidence that leading institutional partners continue to place in Winthrop Center," said Christopher M. Jeffries, Founder of Millennium Partners. "Winthrop Center was conceived as a landmark building for Boston with significance well beyond the city, setting a global standard for sustainable mixed-use development. We are proud to see that vision recognized from our financial partners."

JLL Capital Market's Debt Advisory team representing the borrower was led by Executive Managing Director Riaz Cassum, Managing Director Andrew Gray, Vice President Robyn King and Analyst David Mega.

"This transaction reflects the convergence of exceptional sponsorship, irreplaceable product and structural market dynamics that institutional lenders seek in today's environment," said Cassum. "Millennium Partners has an unmatched track record in Boston's luxury residential market. Winthrop Center represents the most evolved living and work experience the sponsor has ever created, combining world-class sustainability, five-star services, and extraordinary amenities for both residents and commercial occupants. This sizeable commitment from institutional lenders is a testimony to proven sponsorship, the asset's quality and the fundamental strength of both Boston's ultra-luxury condominium and trophy office markets."

"It was a pleasure to partner with JLL and Millennium Partners to capitalize this landmark project, which marks the largest C-PACE-financed transaction in New England," said Mike Doty, Senior Director of Originations for Nuveen Green Capital. "Through C-PACE's cost-effective financing, the sponsor was able to recapitalize the residences portion of the property alongside $575 million in financing from Morgan Stanley and Barclays for the offices, delivering an innovative capital structure that adds long-term value, while helping to ensure the success of The Millennium Residences and The Offices at Winthrop Center."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL's Capital Markets group has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom. 

About JLL 
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

About Millennium Partners
Founded in 1991, Millennium Partners is an internationally recognized developer of luxury mixed-use properties, responsible for landmark developments in some of the nation's most dynamic urban locations. The firm has created an unparalleled portfolio of properties that bring together luxury condominiums, state-of-the-art entertainment complexes, world-class spa and fitness facilities, Class-A office space, and five-star hotel brands, including The Ritz-Carlton Hotel Company LLC and Four Seasons Hotels and Resort.

In Boston, Millennium Partners has been instrumental in shaping Downtown through projects including the record-setting Millennium Tower and Millennium Place, and most recently, Winthrop Center. Winthrop Center is a next-generation mixed-use tower and the world's largest Passive House-certified office building, designed with a focus on sustainability and workplace wellness. Together, these projects reflect Millennium Partners' continued commitment to thoughtful development and long-term investment in the city. For more information, please visit millenniumptrs.com.

About Nuveen Green Capital
With over $6 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+1 asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation's first successful statewide C-PACE program2, has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house. To learn more, visit: Nuveen.com/greencapital

Contact: Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 543 4873
Email: [email protected]

________________________________

1 Total assets under management (AUM) as of 1/1/2025

2 The United States Department of Energy: 2016 C-PACE Report lists the Connecticut C-PACE program as the first statewide C-PACE program in the U.S.

SOURCE JLL

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Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

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Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

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Stock to Watch: Jones Lang LaSalle (JLL - Free Report) Chicago-based Jones Lang LaSalle Incorporated — popularly known as JLL — is a leading full-service real estate firm that provides corporate, financial and investment management services to corporations and other real estate owners, users and investors worldwide.

JLL is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. JLL has a Growth Style Score of A, forecasting year-over-year earnings growth of 30.8% for the current fiscal year.

Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $1.75 to $24.59 per share. JLL boasts an average earnings surprise of +16.2%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, JLL should be on investors' short list.

Jones Lang LaSalle (JLL - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.

The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.

Therefore, the Zacks rating upgrade for Jones Lang LaSalle basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Jones Lang LaSalle, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Jones Lang LaSalleFor the fiscal year ending December 2026, this financial and professional services company is expected to earn $24.59 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Jones Lang LaSalle. Over the past three months, the Zacks Consensus Estimate for the company has increased 8.8%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Jones Lang LaSalle to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."

Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, investors find themselves loaded up on expensive shares with limited to no upside or even a downside. So, going all-in on momentum could be risky at times.

It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score (part of the Zacks Style Scores system), which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.

Jones Lang LaSalle (JLL - Free Report) is one of the several great candidates that made it through the screen. While there are numerous reasons why this stock is a great choice, here are the most vital ones:

Investors' growing interest in a stock is reflected in its recent price increase. A price change of 19% over the past four weeks positions the stock of this financial and professional services company well in this regard.

While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. JLL meets this criterion too, as the stock gained 37.2% over the past 12 weeks.

Moreover, the momentum for JLL is fast paced, as the stock currently has a beta of 1.24. This indicates that the stock moves 24% higher than the market in either direction.

Given this price performance, it is no surprise that JLL has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.

In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped JLL earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Most importantly, despite possessing fast-paced momentum features, JLL is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. JLL is currently trading at 0.65 times its sales. In other words, investors need to pay only 65 cents for each dollar of sales.

So, JLL appears to have plenty of room to run, and that too at a fast pace.

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Great Lakes Advisors LLC acquired a new position in Jones Lang LaSalle Incorporated (NYSE:JLL – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 1,569 shares of the financial services provider’s stock, valued at approximately $486,000.

A number of other hedge funds have also bought and sold shares of the business. Integrated Wealth Concepts LLC bought a new stake in shares of Jones Lang LaSalle in the first quarter worth approximately $546,000. Empowered Funds LLC boosted its holdings in Jones Lang LaSalle by 203.1% in the first quarter. Empowered Funds LLC now owns 4,046 shares of the financial services provider’s stock worth $1,003,000 after purchasing an additional 2,711 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Jones Lang LaSalle by 33.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 499 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 126 shares during the period. Cresset Asset Management LLC raised its stake in Jones Lang LaSalle by 28.4% during the 2nd quarter. Cresset Asset Management LLC now owns 1,673 shares of the financial services provider’s stock valued at $428,000 after buying an additional 370 shares during the last quarter. Finally, Frontier Capital Management Co. LLC purchased a new stake in Jones Lang LaSalle during the 2nd quarter valued at $211,000. Hedge funds and other institutional investors own 94.80% of the company’s stock.

Jones Lang LaSalle Trading Up 0.1% Shares of JLL stock opened at $387.68 on Monday. Jones Lang LaSalle Incorporated has a 1 year low of $259.83 and a 1 year high of $393.84. The firm has a fifty day moving average price of $335.69 and a 200-day moving average price of $318.94. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.40 and a quick ratio of 2.40. The company has a market cap of $17.84 billion, a price-to-earnings ratio of 18.58 and a beta of 1.24.

Jones Lang LaSalle (NYSE:JLL – Get Free Report) last announced its earnings results on Thursday, July 30th. The financial services provider reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.56 by $0.70. The company had revenue of $6.93 billion for the quarter, compared to analysts’ expectations of $6.88 billion. Jones Lang LaSalle had a return on equity of 13.99% and a net margin of 3.64%.Jones Lang LaSalle’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the firm earned $3.30 EPS. As a group, equities analysts predict that Jones Lang LaSalle Incorporated will post 24.59 earnings per share for the current year. Insider Activity In other news, Director Larry Quinlan sold 402 shares of Jones Lang LaSalle stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $301.73, for a total transaction of $121,295.46. Following the transaction, the director directly owned 4,369 shares of the company’s stock, valued at $1,318,258.37. The trade was a 8.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Christian Ulbrich sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $385.53, for a total value of $771,060.00. Following the transaction, the chief executive officer owned 138,418 shares of the company’s stock, valued at approximately $53,364,291.54. This trade represents a 1.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 6,805 shares of company stock valued at $2,511,297 in the last three months. 0.91% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets A number of equities analysts have recently issued reports on JLL shares. Raymond James Financial restated a “strong-buy” rating and issued a $500.00 price target on shares of Jones Lang LaSalle in a research note on Thursday, July 30th. Zacks Research cut Jones Lang LaSalle from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 23rd. Weiss Ratings raised Jones Lang LaSalle from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 18th. Barclays raised their target price on Jones Lang LaSalle from $368.00 to $401.00 and gave the stock an “equal weight” rating in a research report on Monday, August 17th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Jones Lang LaSalle from $375.00 to $415.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Jones Lang LaSalle currently has an average rating of “Moderate Buy” and an average target price of $423.33.

View Our Latest Stock Analysis on JLL

(Free Report)

Jones Lang LaSalle Incorporated (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. The company provides a broad range of services including leasing, advisory, property and asset management, capital markets, project and development services, and valuation. Through its integrated platform, JLL serves corporate occupiers, institutional investors, real estate owners and developers, offering tailored solutions that span the entire real estate lifecycle.

Founded in 1783 in London as Jones Lang Wootton, the firm established a reputation for expertise in property management and brokerage.

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On June 30, 2026, John Rogers (Trades, Portfolio), founder of Ariel Investment, LLC, increased the firm's stake in Core Laboratories Inc (NYSE:CLB) by 904,557 shares. The transaction was executed at a price of $11.65 per share, bringing the firm's total holdings to 14,074,945 shares. This addition represents a 0.12% impact on the overall portfolio, with the position now accounting for 1.83% of the firm's total assets under management. The trade also increased the firm's ownership percentage in Core Laboratories to 30.50% of the company's outstanding shares, reinforcing Ariel Investment's position as the largest institutional holder of the stock.

Ariel Investment's Value-Driven Approach John Rogers (Trades, Portfolio) founded Ariel Investment, LLC in 1983 and has since managed small and mid-cap institutional portfolios, including the Ariel Fund (ARGFX) and Ariel Appreciation Fund (CAAPX). The firm's investment philosophy centers on identifying undervalued small and medium-sized companies with high barriers to entry, sustainable competitive advantages, and predictable fundamentals. Rogers seeks companies trading at a price-to-earnings ratio below 13x forward cash earnings or at a 40% discount to private market value, emphasizing patience, independent thinking, and a long-term outlook as essential to achieving good returns.

Ariel Investment currently holds 108 stocks in its portfolio, with top positions including Affiliated Managers Group Inc (NYSE:AMG), Charles River Laboratories International Inc (NYSE:CRL), and Jones Lang LaSalle Inc (NYSE:JLL). The firm's equity assets under management stand at approximately $10.03 billion, with a focus on the financial services and consumer cyclical sectors. The firm's concentrated approach and patient capital allocation strategy have been hallmarks of its investment process for over four decades.

Core Laboratories: A Key Player in Oil & Gas Services Core Laboratories Inc, listed on the NYSE under the symbol CLB, is a U.S.-based provider of proprietary reservoir description and production enhancement services to the oil and gas industry. The company operates through two primary segments: Reservoir Description, which generates the majority of revenue, and Production Enhancement, offering data analytics and lab equipment to optimize hydrocarbon recovery. With a market capitalization of $563.921 million, the stock currently trades at $12.29, reflecting a 5.49% gain since the transaction date.

The company's GF Value is estimated at $17.04, indicating the stock is modestly undervalued at a price-to-GF-Value ratio of 0.72. This suggests a potential upside of approximately 28% from current levels. The GF Value represents the current intrinsic value of a stock derived from historical multiples, GuruFocus adjustment factors based on past returns and growth, and future estimates of business performance. The stock's GF Value Rank of 8/10 further reinforces the assessment that shares are trading at a favorable valuation relative to historical multiples.

Financial Health and Performance Metrics Core Laboratories has a GF-Score of 66/100, suggesting poor future performance potential, with notable weaknesses in growth and momentum ranks. The company's Financial Strength ranks 6/10, while Profitability Rank stands at 7/10, supported by a return on equity of 9.09% and a return on assets of 4.13%. Growth metrics show a 3-year revenue growth of 2.30%, EBITDA growth of 6.40%, and earnings growth of 9.60%, though the Growth Rank remains low at 3/10.

The stock's Altman Z score is 2.94, indicating a relatively stable financial position, while the cash-to-debt ratio stands at 0.14, reflecting limited liquidity buffers. The interest coverage ratio of 3.74 provides some reassurance regarding the company's ability to service its debt obligations. Additionally, the Piotroski F-Score of 5 suggests moderate financial health, while the Operating Margin growth of -1.60% indicates some pressure on operational efficiency.

Valuation and Market Positioning The current price-to-earnings ratio stands at 21.95, which is above the firm's typical threshold of 13x forward cash earnings, yet the GF Value suggests a 28% upside potential. Year-to-date, the stock has declined 27.49%, while the momentum index over the past 6 months is -39.25, indicating significant recent underperformance. Despite these challenges, the stock has gained 309.67% since its IPO in 1995, demonstrating long-term value creation for patient investors.

The GF Value Rank of 8/10 suggests the stock is trading at a favorable valuation relative to its historical multiples, reinforcing the modestly undervalued assessment. However, the Momentum Rank of 2/10 indicates weak recent price performance, which may present both risks and opportunities for value-oriented investors. The stock's RSI readings (50.90 for 5-day, 57.92 for 9-day, and 56.51 for 14-day) suggest neutral momentum, with no clear overbought or oversold signals.

Comparative Guru Activity and Market Sentiment Ariel Investment, LLC is the largest holder of Core Laboratories, with a 30.50% stake, underscoring the firm's conviction in the company's long-term prospects. Other notable investors holding the stock include Ken Fisher (Trades, Portfolio) and HOTCHKIS & WILEY, indicating broad institutional interest despite recent price volatility. According to GuruFocus's premium 13F ownership data, 4 gurus currently hold the stock, with 2 adding and 4 trimming positions in recent quarters. This net trimming activity among other notable investors provides a nuanced picture of market sentiment.

The transaction's influence on the stock and the guru's portfolio is significant given the scale of the position. With the position now representing 1.83% of Ariel Investment's total assets under management and 30.50% of Core Laboratories' outstanding shares, the firm has demonstrated a strong conviction in the company's recovery potential. The interest coverage ratio of 3.74 and a profitability rank of 7/10 provide some reassurance, though the low growth and momentum ranks warrant caution for value investors. As of August 21, 2026, the stock trades at $12.29, reflecting a 5.49% gain since the transaction date, suggesting early signs of market validation for Rogers's increased commitment.

Also check out:

John Rogers Undervalued Stocks John Rogers Top Growth Companies John Rogers High Yield stocks, and Stocks that John Rogers keeps buyingThis stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

On June 30, 2026, John Rogers (Trades, Portfolio), through Ariel Investment, LLC, executed a significant reduction in the firm's position in Sphere Entertainment Co (NYSE:SPHR). The transaction involved the sale of 796,983 shares at a price of $173.03 per share, representing a -32.37% change in the position and a -1.54% impact on the firm's overall portfolio. Following this strategic adjustment, Ariel Investment retains 1,665,326 shares, which now account for 3.28% of the firm's total portfolio and 5.80% of the company's outstanding shares.

This reduction comes at a time when Sphere Entertainment's stock has experienced substantial appreciation, trading at levels that GuruFocus's proprietary valuation model suggests are significantly above intrinsic worth. The transaction reflects a disciplined approach to portfolio management, particularly given the stock's current price-to-GF-Value ratio of 2.06, indicating that shares are trading at more than double their estimated fair value of $75.84.

Ariel Investment's Value-Driven Strategy John Rogers (Trades, Portfolio) founded Ariel Investment, LLC in 1983 and has since built a reputation as a patient, value-oriented investor. The firm manages small and mid-cap institutional portfolios, including the Ariel Fund (ARGFX) and Ariel Appreciation Fund (CAAPX). Rogers has also served as a long-term Forbes columnist, writing the "Patient Investor" column, which reflects the firm's commitment to long-term thinking and independent analysis.

Ariel Investment's investment philosophy centers on identifying undervalued small and medium-sized companies that possess high barriers to entry, sustainable competitive advantages, and predictable fundamentals. The firm seeks to purchase companies trading at a price-to-earnings ratio below 13 times forward cash earnings or at a 40% discount to private market value. This disciplined approach emphasizes patience and a long-term outlook, allowing the firm to capitalize on market inefficiencies over extended periods.

Currently, Ariel Investment holds 108 stocks in its portfolio with a total equity of $10.03 billion. The firm's top holdings include Affiliated Managers Group Inc (NYSE:AMG), Charles River Laboratories International Inc (NYSE:CRL), and Jones Lang LaSalle Inc (NYSE:JLL), reflecting a focus on financial services and consumer cyclical sectors.

Sphere Entertainment's Business and Financial Landscape Sphere Entertainment Co is a live entertainment and media company that creates, writes, casts, produces, and tours shows and events. The firm operates through two reportable segments: Sphere and MSG Networks. The Sphere segment represents a next-generation entertainment medium, while MSG Networks operates two regional sports and entertainment networks, along with direct-to-consumer and authenticated streaming products.

Listed on the USA market since April 9, 2020, Sphere Entertainment currently has a market capitalization of $5.61 billion and a stock price of $156.23. The company's financial health presents a mixed picture, with a Financial Strength rank of 5/10, Profitability Rank of 4/10, and Growth Rank of 4/10. The company reports negative return on equity of -3.15% and return on assets of -1.69%, indicating ongoing profitability challenges.

Despite these concerns, Sphere Entertainment demonstrates notable financial resilience with a Piotroski F-Score of 8, suggesting strong financial strength across multiple metrics. However, the Altman Z-Score of 2.09 indicates some financial distress risk, while the cash-to-debt ratio of 0.60 reflects a moderate liquidity position. The company's GF-Score of 56/100 points to poor future performance potential, warranting caution among value investors.

Valuation Analysis Points to Significant Overvaluation According to GuruFocus's GF Value methodology, Sphere Entertainment is currently significantly overvalued. The stock's GF Value stands at $75.84, while the current price of $156.23 translates to a price-to-GF-Value ratio of 2.06. This indicates that shares are trading at more than double their estimated intrinsic value, leaving no margin of safety for value-oriented investors.

The GF Value Rank of 1/10 reflects poor valuation attractiveness, while the overall GF Score of 56/100 suggests limited potential for future outperformance. Since the transaction date, the stock has declined by 9.71%, yet it remains up 238.39% since its IPO and 65.67% year-to-date, highlighting significant volatility and momentum-driven price action.

Momentum Indicators Show Mixed Signals Sphere Entertainment exhibits strong short-term momentum, with a 6-1 month momentum index of 20.40 and a 12-1 month momentum index of 243.76, ranking 116 among tracked stocks. These figures indicate robust price appreciation over the past year, reflecting substantial investor interest and market enthusiasm.

However, recent technical indicators suggest weakening momentum. The 5-day RSI stands at 34.09, the 9-day RSI at 45.60, and the 14-day RSI at 49.55, indicating the stock is approaching neutral or oversold territory. The Momentum Rank of 6/10 contrasts sharply with the GF Value Rank of 1/10, underscoring a significant disconnect between price performance and fundamental value.

The company's revenue growth over three years stands at 14.80%, ranking 190, but earnings growth over the same period is negative at -1.50%, reflecting ongoing profitability challenges. The Operating Margin growth of 0.00% further highlights the company's struggle to convert revenue into sustainable profits.

Institutional Holdings and Market Context Ariel Investment, LLC stands as the largest institutional holder of Sphere Entertainment, with the recent reduction reflecting a strategic portfolio adjustment rather than a fundamental deterioration in the company's business prospects. The transaction's timing, following a substantial run-up in the stock price, suggests a prudent rebalancing move designed to lock in gains when prices exceed intrinsic value estimates.

Other notable investors holding the stock include Mario Gabelli (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), and Jefferies Group (Trades, Portfolio), indicating continued interest from value-oriented and event-driven managers. According to GuruFocus's premium 13F ownership data, 7 gurus currently hold the stock, with 1 adding and 6 trimming positions in recent quarters. This net trimming signal provides valuable insight into institutional sentiment, a differentiator that platforms like Simply Wall St and Morningstar cannot offer.

The reduction by Rogers aligns with the firm's disciplined approach to value investing, which emphasizes purchasing undervalued securities and selling when prices exceed intrinsic worth. With the stock trading at more than double its GF Value, the decision to reduce exposure appears well-timed, allowing the firm to reallocate capital to more attractive opportunities within its portfolio.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

The Zacks Real Estate Operations industry faces problems, including geopolitical instability and macroeconomic uncertainties. Amid this, investors demand greater price discovery, causing a delay in the closing timeline for transactions. Moreover, higher costs continue to weigh on the industry’s activity.

Despite these challenges, the industry constituents are poised to benefit from the increased adoption of outsourced real estate services and other emerging trends. Strategic investments in AI and data tools provide a competitive edge. Companies like CBRE Group, Inc. (CBRE - Free Report) , Jones Lang LaSalle (JLL - Free Report) and Newmark Group, Inc. (NMRK - Free Report) are set to benefit from these favorable trends.

About the Industry
The Zacks Real Estate Operations industry comprises companies that provide leasing, property management, investment management, valuation, development services, facility management, project management, transaction and consulting services, among others. However, real estate investment trusts or REITs, are excluded from this group. Economic trends and government policies impact the real estate market (both global and regional), which determines the industry’s performance. Economic activity, employment growth, office-based employment, interest-rate levels, costs and availability of credit, tax and regulatory policies and the geopolitical environment are the major factors shaping the real estate market’s fate. Also, pandemic-induced public health challenges and geopolitical issues have affected property sales and the leasing lines of businesses.

What's Shaping the Real Estate Operations Industry's Future?
Global Tensions Disrupt Supply Chains and Growth: Geopolitical instability and macroeconomic uncertainty continue to weigh on industry performance. The Ukraine-Russia war and conflicts in the Middle East have disrupted energy markets and global supply chains, while Strait of Hormuz disruptions have intensified energy prices, freight costs and shipping availability. These challenges, along with U.S. tariffs on imported materials and tighter immigration enforcement, have affected international relations and constrained labor availability. Persistent supply-chain constraints and longer lead times for certain materials and equipment can delay project schedules. Against this uncertain economic backdrop, clients remain cautious, while investors seek greater clarity around pricing and valuations, further contributing to longer transaction timelines.

Higher Costs Weigh on U.S. Real Estate Activity: High borrowing and development costs continue to constrain U.S. real estate activity. Elevated interest rates, higher construction costs, insurance premiums, regulatory expenses and other operating costs are increasing the capital required to acquire, build and reposition properties, making project economics more challenging for developers and owners. These pressures are most acute where expected rents, occupancy or asset values cannot support higher costs, prompting some developers to defer, resize or reconsider marginal projects. In the residential market, affordability remains constrained. Home prices remained near record levels, limiting purchasing power and contributing to subdued transaction activity. For commercial real estate clients, particularly across office, retail, industrial, hotels and mixed-use projects, higher financing, construction and operating costs are driving up total project costs and altering the underlying economics of development and investment decisions.

Outsourcing in the Real Estate Market to Gain Further Momentum: Corporations, public sector organizations, healthcare providers and firms across finance, industrials, life sciences and technology are increasingly opting to outsource their real estate needs. They are relying on third-party real estate experts to improve execution and efficiency. More companies are seeking strategic advice on reshaping their workplaces and operations to strengthen culture, attract top talent and improve overall performance. These trends are opening up opportunities for real estate operations participants. Leading players in the industry are capitalizing on this shift by winning new clients and expanding relationships with existing ones. In addition, companies in the industry are making significant investments in proptech, AI and data tools to boost efficiency, enhance client service and gain market share.

Zacks Industry Rank Indicates Bleak Prospects
The Zacks Real Estate Operations industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #173, which places it in the bottom 30% of 246 Zacks industries.

The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates bleak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of the downward earnings per share (EPS) outlook for the constituent companies in aggregate. Looking at the aggregate EPS estimate revisions, it appears that of late, analysts are losing confidence in this group’s growth potential. Since March 2026, the industry’s EPS estimates for 2026 have moved up 2%.

Before we present a few stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.

Industry Underperforms Sector & S&P 500
The Zacks Real Estate Operations industry has underperformed the broader Zacks Finance sector and the S&P 500 composite over the past year.

The industry has declined 5.6% during this period compared with the S&P 500’s return of 22% and the broader Finance sector’s growth of 13.7%.

One-Year Price Performance

Industry's Current Valuation
On the basis of the forward 12-month price-to-earnings, which is a commonly used multiple for valuing Real Estate Operations stocks, we see that the industry is currently trading at 12.57X compared with the S&P 500’s forward 12-month price-to-earnings (P/E) of 20.69X. The industry is trading below the Finance sector’s forward 12-month P/E of 17.11X. This is shown in the chart below.

Forward 12-Month Price-To-Earnings Ratio

Over the last five years, the industry has traded as high as 23.09X and as low as 9.52X, with a median of 13.68X.

3 Real Estate - Operation Stocks to Consider
Newmark Group, Inc.: Headquartered in New York City, Newmark is a leading commercial real estate advisory and service provider for institutional investors and global corporations. The company continues to capitalize on the fragmented commercial real estate market, achieving significant gains in management services, leasing and capital markets. It reported record second-quarter 2026 total revenues of $888.4 million, up 17% year over year, marking its eighth consecutive quarter of double-digit top-line growth.

By investing in advanced technology, expanding its international footprint and focusing on high-growth sectors such as data centers, Newmark remains positioned to capture emerging growth opportunities and deliver consistent performance for its shareholders. It expects 2026 adjusted EPS to be within $1.87-$1.98, reflecting a 15-22% rise year over year.

Newmark Group currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for its 2026 adjusted EPS increased 6 cents to $1.97. This suggests an increase of 21.6% year over year. The stock has gained 6.5% in the past three months.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

CBRE Group: Headquartered in Dallas, TX, CBRE Group is a commercial real estate services and investment firm. The company provides services spanning advisory, building operations, project management and real estate investments to office, retail, industrial, multi-family and other commercial real estate sectors across major global markets. In the second quarter of 2026, it delivered strong results, with revenues increasing 16% and each of its four business segments generating more than 25% growth in Segment Operating Profit.

Its outsourcing business remains a standout performer, bolstered by a robust pipeline that sets the stage for promising future opportunities. Management raised 2026 core EPS guidance to $7.80 to $7.90 per share, reflecting 23% year-over-year growth at the midpoint.

CBRE Group currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its 2026 EPS is pegged at $7.74, suggesting 21.32% growth year over year. The stock has gained 16.9% in the past three months.

Jones Lang LaSalle Incorporated: Headquartered in Chicago, Jones Lang offers comprehensive commercial real estate and investment management services globally. The company’s commitment to delivering superior client service, paired with strategic investment in cutting-edge technology and innovation, positions it for significant growth in market share and client relationships. Its second-quarter 2026 results showed record revenue of $6.93 billion, rising 11%.

The company continues to maintain a robust balance sheet with sufficient liquidity to support agile operations and seize emerging opportunities. Looking ahead, JLL remains well-positioned to navigate macro uncertainties while continuing to scale its tech-enabled services and advance its global investment management objectives. Management raised its 2026 adjusted EPS outlook to $24.60-$25.90 from the prior range of $21.80-$23.50. The revised guidance reflects 34% year-over-year growth at the midpoint.

Jones Lang LaSalle carries a Zacks Rank of #3 at present. The Zacks Consensus Estimate for 2026 adjusted EPS increased 5.9% to $24.18 over the past three months. This indicates an increase of 28.62% year over year. The stock has gained 28.2% in the past three months.

After reaching an important support level, Jones Lang LaSalle Incorporated (JLL - Free Report) could be a good stock pick from a technical perspective. JLL recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.

There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.

Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.

A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.

Shares of JLL have been moving higher over the past four weeks, up 11%. Plus, the company is currently a #3 (Hold) on the Zacks Rank, suggesting that JLL could be poised for a breakout.

Looking at JLL's earnings expectations, investors will be even more convinced of the bullish uptrend. For the current quarter, there have been 4 changes higher compared to none lower over the past 60 days, and the Zacks Consensus Estimate has moved up as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on JLL for more gains in the near future.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Jones Lang LaSalle (JLL - Free Report) Chicago-based Jones Lang LaSalle Incorporated — popularly known as JLL — is a leading full-service real estate firm that provides corporate, financial and investment management services to corporations and other real estate owners, users and investors worldwide.

JLL is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Momentum investors should take note of this Finance stock. JLL has a Momentum Style Score of B, and shares are up 11.7% over the past four weeks.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $1.38 to $24.18 per share. JLL also boasts an average earnings surprise of +16.2%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, JLL should be on investors' short list.

Posted by Defense World Staff on Aug 9th, 2026

Bank of America Corp DE grew its holdings in shares of Jones Lang LaSalle Incorporated (NYSE:JLL – Free Report) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 303,446 shares of the financial services provider’s stock after purchasing an additional 3,985 shares during the quarter. Bank of America Corp DE owned about 0.65% of Jones Lang LaSalle worth $92,345,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Sunbelt Securities Inc. acquired a new position in shares of Jones Lang LaSalle during the 3rd quarter valued at about $25,000. International Assets Investment Management LLC acquired a new stake in Jones Lang LaSalle in the 4th quarter worth approximately $29,000. Activest Wealth Management boosted its position in Jones Lang LaSalle by 1,720.0% during the fourth quarter. Activest Wealth Management now owns 91 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 86 shares during the period. Hilton Head Capital Partners LLC acquired a new position in Jones Lang LaSalle during the fourth quarter valued at approximately $35,000. Finally, Bayforest Capital Ltd bought a new position in shares of Jones Lang LaSalle in the fourth quarter valued at approximately $55,000. 94.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades JLL has been the subject of several recent analyst reports. Weiss Ratings downgraded shares of Jones Lang LaSalle from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, May 28th. Zacks Research cut shares of Jones Lang LaSalle from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 23rd. UBS Group lifted their price objective on Jones Lang LaSalle from $425.00 to $445.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Keefe, Bruyette & Woods boosted their price objective on Jones Lang LaSalle from $375.00 to $415.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Finally, Barclays increased their target price on Jones Lang LaSalle from $366.00 to $368.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $417.83.

Get Our Latest Report on JLL

Jones Lang LaSalle Stock Performance NYSE:JLL opened at $361.86 on Friday. The firm’s 50-day moving average is $320.35 and its 200-day moving average is $317.93. Jones Lang LaSalle Incorporated has a 52-week low of $259.83 and a 52-week high of $373.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.40 and a current ratio of 2.40. The company has a market cap of $16.65 billion, a price-to-earnings ratio of 17.34 and a beta of 1.25.

Jones Lang LaSalle (NYSE:JLL – Get Free Report) last released its earnings results on Thursday, July 30th. The financial services provider reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.56 by $0.70. Jones Lang LaSalle had a net margin of 3.64% and a return on equity of 13.99%. The business had revenue of $6.93 billion during the quarter, compared to analysts’ expectations of $6.88 billion. During the same quarter last year, the company earned $3.30 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. Equities research analysts anticipate that Jones Lang LaSalle Incorporated will post 24.18 earnings per share for the current year.

Insider Buying and Selling at Jones Lang LaSalle In other news, Director Larry Quinlan sold 402 shares of Jones Lang LaSalle stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $301.73, for a total transaction of $121,295.46. Following the sale, the director owned 4,369 shares of the company’s stock, valued at approximately $1,318,258.37. This trade represents a 8.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.91% of the company’s stock.

About Jones Lang LaSalle (Free Report)

Jones Lang LaSalle Incorporated (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. The company provides a broad range of services including leasing, advisory, property and asset management, capital markets, project and development services, and valuation. Through its integrated platform, JLL serves corporate occupiers, institutional investors, real estate owners and developers, offering tailored solutions that span the entire real estate lifecycle.

Founded in 1783 in London as Jones Lang Wootton, the firm established a reputation for expertise in property management and brokerage.

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It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Jones Lang LaSalle (JLL - Free Report) Chicago-based Jones Lang LaSalle Incorporated — popularly known as JLL — is a leading full-service real estate firm that provides corporate, financial and investment management services to corporations and other real estate owners, users and investors worldwide.

JLL is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. JLL has a Growth Style Score of A, forecasting year-over-year earnings growth of 28.6% for the current fiscal year.

Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $1.38 to $24.18 per share. JLL boasts an average earnings surprise of +16.2%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, JLL should be on investors' short list.

Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.

Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, investors find themselves loaded up on expensive shares with limited to no upside or even a downside. So, going all-in on momentum could be risky at times.

It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score (part of the Zacks Style Scores system), which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.

Jones Lang LaSalle (JLL - Free Report) is one of the several great candidates that made it through the screen. While there are numerous reasons why this stock is a great choice, here are the most vital ones:

A dash of recent price momentum reflects growing interest of investors in a stock. With a four-week price change of 11%, the stock of this financial and professional services company is certainly well-positioned in this regard.

While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. JLL meets this criterion too, as the stock gained 13.4% over the past 12 weeks.

Moreover, the momentum for JLL is fast paced, as the stock currently has a beta of 1.25. This indicates that the stock moves 25% higher than the market in either direction.

Given this price performance, it is no surprise that JLL has a Momentum Score of A, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.

In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped JLL earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Most importantly, despite possessing fast-paced momentum features, JLL is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. JLL is currently trading at 0.61 times its sales. In other words, investors need to pay only 61 cents for each dollar of sales.

So, JLL appears to have plenty of room to run, and that too at a fast pace.

In addition to JLL, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.

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Key Takeaways JLL's Q2 EPS rose 59.4%, beating estimates as revenues climbed 10.8% to $6.93 billion.Leasing Advisory and Capital Markets revenues surged 23.7% and 19.2%, respectively, led by U.S. growth.JLL raised 2026 adjusted EPS guidance to $24.60-$25.90, reflecting 34% growth at the midpoint. Jones Lang LaSalle Incorporated (JLL - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of $5.26, up 59.4% from $3.30 a year ago. The figure surpassed the Zacks Consensus Estimate of $4.41 by 19.27%. Revenues increased 10.8% year over year to $6.93 billion and beat the consensus mark of $6.78 billion by 2.14%.

Results benefited from accelerating Leasing Advisory and Capital Markets Services revenues, along with improved platform leverage. Assets under management (AUM) ended the quarter at $86.8 billion compared with $86.9 billion at March 31, 2026.

JLL’s Management Services Revenues RiseReal Estate Management Services revenues increased 8.5% year over year to $5.37 billion. Workplace Management revenues climbed 10.7% to $3.71 billion, led by mandate expansions and new client wins.

Project Management revenues rose 4.3% to $1.01 billion. The increase reflected low-double-digit management fee growth in the Americas, augmented by higher pass-through costs and partly offset by slower growth in certain other geographies. Property Management revenues advanced 3.1% to $468.6 million.

JLL’s Leasing Momentum AcceleratesLeasing Advisory revenues surged 23.7% year over year to $836.9 million. Growth reflected stronger activity across office, industrial and data center asset classes, with double-digit revenue increases in many geographies. The United States led the improvement, supported by meaningful growth in Japan and the U.K.

Office leasing revenues increased 20%, exceeding the 2% rise in global market volumes reported by JLL Research. U.S. office leasing revenues grew 24% compared with a 12% increase in market volumes.

JLL’s Capital Markets Results StrengthenCapital Markets Services revenues rose 19.2% year over year to $620.2 million. Investment Sales, Debt/Equity Advisory and Other revenues, excluding net non-cash mortgage servicing rights activity, increased 25.4% to $482.5 million.

Debt advisory revenues advanced 44% year over year, while investment sales revenues grew 20% and equity advisory revenues increased 53%. Growth was broad-based across most geographies and was led by the United States, Japan and Australia.

This strength significantly outpaced softness in investment sales in parts of Europe, where transaction timelines elongated. U.S. investment sales revenue growth of more than 53% outpaced the broader market, which grew 22% over the same period, according to JLL Research.

JLL’s Investment Management DeclineRevenues in the Investment Management segment decreased nearly 1% year over year to $102.4 million. Advisory fees grew modestly, reflecting capital raise activity over the trailing 12 months, most notably in North America.

JLL’s Cash Flow & Balance Sheet ImproveCash and cash equivalents totaled $458.2 million as of June 30, 2026, up from $436.2 million at the end of the first quarter. Net debt declined sequentially to $1.19 billion from $1.49 billion, while the net leverage ratio improved to 0.7 times from 1.0 times.

Corporate liquidity was $3.41 billion. JLL repurchased $110 million of shares during the quarter, bringing first-half repurchases to $410 million. The company had $2.6 billion remaining under its share-repurchase authorization at quarter-end.

JLL Increases 2026 EPS OutlookManagement raised its 2026 adjusted EPS outlook to $24.60-$25.90 from the prior range of $21.80-$23.50. The revised guidance reflects 34% year over year growth at the midpoint. The Zacks Consensus Estimate of $22.86 is below the guided range.

JLL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Real Estate Operations Industry StockCBRE Group, Inc. (CBRE - Free Report) reported second-quarter 2026 core earnings of $1.56 per share, beating the Zacks Consensus Estimate of $1.47. The figure increased 30% from $1.20 in the year-ago quarter.

Revenues rose 15.5% year over year to $11.23 billion and surpassed the consensus mark of $11.17 billion. Strong leasing, property sales, critical infrastructure and project-management activity drove growth. CBRE currently carries a Zacks Rank #3.

Upcoming ReleaseIt’s time to look forward to another stock from the real estate operation industry, namely Cushman & Wakefield (CWK - Free Report) . The company is slated to report quarterly numbers on Aug. 5.

The Zacks Consensus Estimate for Cushman & Wakefield’s second-quarter 2026 EPS stands at 36 cents, which suggests an increase of 20% on a year-over-year basis. CWK currently carries a Zacks Rank #2 (Buy).

On July 30, 2026, Jones Lang LaSalle Inc (JLL) shares rose 6.4% to a current price of $361.72, within a 52-week range of $259.83 to $363.89. The recent performa

Jones Lang LaSalle (JLL - Free Report) came out with quarterly earnings of $5.26 per share, beating the Zacks Consensus Estimate of $4.41 per share. This compares to earnings of $3.3 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +19.27%. A quarter ago, it was expected that this financial and professional services company would post earnings of $2.88 per share when it actually produced earnings of $3.43, delivering a surprise of +19.1%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Jones Lang LaSalle, which belongs to the Zacks Real Estate - Operations industry, posted revenues of $6.93 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.14%. This compares to year-ago revenues of $6.25 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Jones Lang LaSalle shares have added about 1.1% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for Jones Lang LaSalle?While Jones Lang LaSalle has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Jones Lang LaSalle was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.52 on $7.07 billion in revenues for the coming quarter and $22.86 on $28.57 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Real Estate - Operations is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Sunrise Realty Trust, Inc. (SUNS - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of -3.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Sunrise Realty Trust, Inc.'s revenues are expected to be $6.09 million, up 7.4% from the year-ago quarter.

JLL achieved a record second-quarter diluted earnings per share of $4.59, up 100% versus the prior-year quarter (in local currency1)

, /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today reported strong operating performance for the second quarter of 2026. Diluted earnings per share was $4.59, up 98% in USD and 100% in local currency (LC), and adjusted diluted earnings per share1 was $5.26, up 59% in USD and 61% in LC. Net income attributable to common shareholders grew 92% in USD and 94% in LC while Adjusted EBITDA increased 32% in USD and 33% in LC to $386.3 million.

The following chart reflects the year-over-year change in revenue for each of the trailing eight quarters (QTD revenues, on a local currency basis). The chart shows the change in Advisory, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Advisory revenues.

Aggregation of Segment Adjusted EBITDA (in millions) Revenue was $6.9 billion, up 11% in USD (10% in LC1), with Advisory4 revenues up 21% in LC and Resilient4 revenues up 8% in LC Real Estate Management Services was up 8% in LC, driven by ongoing strength in Workplace Management Leasing Advisory grew 24% in LC, with increased momentum in office, industrial and data centers globally, most notably in the U.S. Capital Markets Services was up 19% in LC, led by Investment Sales, Debt and Equity Advisory with broad-based growth across sectors Accelerated profit growth and margin expansion driven by higher revenues and incremental platform leverage Share repurchases were $110 million this quarter, bringing the total in the first half of 2026 to $410 million Second-quarter cash inflow from operating activities increased to $488.1 million, up $155.3 million (47%) from the prior-year quarter "JLL's record second-quarter performance is the product of our compelling value proposition and growing demand for our core services. Continued acceleration in Advisory revenues and disciplined execution across JLL drove robust profit growth, margin expansion and cash flow generation," said Christian Ulbrich, JLL CEO. "We continue to deliver superior client outcomes with a One JLL approach. Given our year-to-date performance and strong underlying business momentum, we are raising our full-year Adjusted EPS target range, reflecting 34% year-over-year growth at the mid-point."

Summary Financial Results
   

($ in millions, except per share data, "LC" = local currency)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change
in USD

% Change
in LC

2026

2025

% Change
in USD

% Change
in LC

Revenue

$   6,927.9

$     6,250.1

11 %

10 %

$  13,314.4

$   11,996.5

11 %

10 %

Net income attributable to common shareholders

$      215.6

$       112.3

92 %

94 %

$      374.6

$       167.6

124 %

130 %

Adjusted net income attributable to common shareholders1

246.8

159.4

55

57

410.6

271.0

52

56

Diluted earnings per share

$        4.59

$        2.32

98 %

100 %

$        7.91

$         3.46

129 %

135 %

Adjusted diluted earnings per share1

5.26

3.30

59

61

8.67

5.60

55

59

Adjusted EBITDA1

$      386.3

$       291.7

32 %

33 %

$      659.9

$       516.5

28 %

29 %

Cash flows from operating activities

$      488.1

$       332.8

47 %

n/a

$     (266.9)

$      (434.8)

39 %

n/a

Free Cash Flow6

438.0

288.4

52

n/a

(381.9)

(523.7)

27

n/a

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release.

Consolidated Second-Quarter 2026 Performance Highlights:

Consolidated

($ in millions, "LC" = local currency)

Three Months Ended June 30,

%
Change
in USD

%
Change
in LC

Six Months Ended June 30,

%
Change
in USD

%
Change
in LC

2026

2025

2026

2025

Real Estate Management Services

$         5,368.4

$         4,949.9

8 %

8 %

$        10,434.1

$         9,576.4

9 %

8 %

Leasing Advisory

836.9

676.8

24

24

1,523.2

1,262.9

21

20

Capital Markets Services

620.2

520.3

19

19

1,155.4

955.6

21

19

Investment Management

102.4

103.1

(1)

1

201.7

201.6

—

—

Total revenue

$         6,927.9

$         6,250.1

11 %

10 %

$        13,314.4

$        11,996.5

11 %

10 %

Gross contract costs6

$         4,574.3

$         4,186.8

9 %

9 %

$          8,917.0

$          8,129.1

10 %

8 %

Platform operating expenses, excluding Carried interest

2,037.7

1,847.1

10

10

3,870.8

3,513.9

10

9

Carried interest (benefit) expense(a)

(0.7)

(2.5)

72

74

0.1

(4.9)

n.m.

n.m.

Restructuring and acquisition charges5

25.7

21.3

21

20

31.0

41.0

(24)

(25)

Total operating expenses

$         6,637.0

$         6,052.7

10 %

9 %

$        12,818.9

$        11,679.1

10 %

8 %

Net non-cash MSR and mortgage banking derivative activity1

$             (10.3)

$               (4.2)

(145) %

(143) %

$              (15.8)

$              (17.1)

8 %

8 %

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance Highlights are calculated and presented on a local currency basis, unless otherwise noted.

(a) Carried interest expense/benefit is associated with Equity earnings/losses on Proptech Investments.

Revenue

Revenue increased 10% compared with the prior-year quarter. Collectively, Advisory revenue growth accelerated to 21% and was led by Leasing Advisory, up 24%, and Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 25% (excluding the impact of non-cash MSR and mortgage banking derivative activity). The aggregate 8% increase in Resilient revenues was highlighted by Workplace Management, within Real Estate Management Services, up 10%.

Refer to segment performance highlights for additional detail.

The following chart reflects the year-over-year change in revenue for each of the trailing eight quarters (QTD revenues, on a local currency basis). The chart shows the change in Advisory, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Advisory revenues.

Profitability

($ in millions, except per share data, "LC" = local currency)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change
in USD

% Change
in LC

2026

2025

% Change
in USD

% Change
in LC

Net income attributable to common shareholders

$    215.6

$ 112.3

92 %

94 %

$    374.6

$     167.6

124 %

130 %

Adjusted net income attributable to common shareholders1

246.8

159.4

55

57

410.6

271.0

52

56

Diluted earnings per share

$     4.59

$   2.32

98 %

100 %

$      7.91

$      3.46

129 %

135 %

Adjusted diluted earnings per share1

5.26

3.30

59

61

8.67

5.60

55

59

Adjusted EBITDA1

$    386.3

$ 291.7

32 %

33 %

$    659.9

$     516.5

28 %

29 %

Effective tax rate ("ETR")

19.3 %

19.5 %

(20) bps

n/a

19.3 %

19.5 %

(20) bps

n/a

For the quarter, higher Adjusted EBITDA and margin were primarily driven by Capital Markets Services and Leasing Advisory, reflecting strong revenue growth and enhanced platform leverage. In addition, profit and margin growth included the absence of $14 million of loan loss expense recognized in the prior-year quarter associated with an enhanced loss-share agreement with Fannie Mae for a specific three-loan portfolio.

For the second quarter, the following items were the most meaningful year-over-year differences between net income attributable to common shareholders and related non-GAAP profit measures1:

Equity earnings - Investment Management and Proptech Investments: Aggregate equity losses of $3.0 million this quarter changed notably from the aggregate losses of $27.0 million in the prior-year quarter. Amortization of acquisition-related intangibles: Amortization associated with acquisition-related intangibles decreased from $16.0 million in the prior-year quarter to $5.5 million this quarter. The decline is associated with intangibles that fully amortized in the second half of 2025. As indicated in Note 7, Proptech Investments are presented outside of our reporting segments in "All Other" and not included within segment Adjusted EBITDA. Therefore, the aggregation of segment Adjusted EBITDA does not sum to consolidated totals.

Cash Flows and Capital Allocation:

($ in millions)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change
in USD

2026

2025

% Change
in USD

Cash flows from operating activities

$      488.1

$       332.8

47 %

$     (266.9)

$      (434.8)

39 %

Free Cash Flow6

438.0

288.4

52 %

(381.9)

(523.7)

27 %

The year-over-year improvement in operating cash flows was primarily attributable to higher cash provided by earnings. Free Cash Flow reflected the improvement in operating cash flows as well as higher capital expenditures, primarily associated with technology infrastructure and investments in workspace optimization.

During the second quarter, we completed the $200 million Accelerated Share Repurchase ("ASR") program we initiated in March 2026, resulting in the receipt of approximately 51,200 additional shares (bringing the total shares repurchased under the ASR to 638,400).

Total share repurchases, inclusive of the ASR, are presented below. As of June 30, 2026, $2.6 billion remained authorized for repurchase.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Total number of shares repurchased (in thousands)

405.8

176.5

1,304.1

251.8

Total paid for shares repurchased (in millions)

$                 110.0

$                  41.4

$                 410.0

$                  61.2

Net Debt, Leverage and Liquidity6:

June 30, 2026

March 31, 2026

June 30, 2025

Net Debt (in millions)

$                1,190.3

$                1,489.1

$                1,586.7

Net Leverage Ratio

0.7x

1.0x

1.2x

Corporate Liquidity (in millions)

$                3,413.2

$                3,396.2

$                3,321.4

The lower Net Debt, compared with March 31, 2026, was primarily attributable to positive free cash flow for the second quarter. The Net Debt reduction from June 30, 2025, reflected improved free cash flow over the trailing twelve months ended June 30, 2026, compared with the trailing twelve months ended June 30, 2025.

In addition to the Corporate Liquidity detailed above, we maintain a commercial paper program (the "Program") with $2.5 billion authorized for issuance. As of June 30, 2026, there was $420.0 million outstanding under the Program.

Real Estate Management Services Second-Quarter 2026 Performance Highlights:

Real Estate Management Services

($ in millions, "LC" = local currency)

Three Months Ended June 30,

%
Change
in USD

%
Change
in LC

Six Months Ended June 30,

%
Change
in USD

%
Change
in LC

2026

2025

2026

2025

Revenue

$        5,368.4

$         4,949.9

8 %

8 %

$       10,434.1

$         9,576.4

9 %

8 %

Workplace Management

3,707.7

3,349.1

11

10

7,290.6

6,612.7

10

9

Project Management

1,013.4

971.6

4

3

1,857.4

1,719.1

8

6

Property Management

468.6

454.4

3

3

939.7

900.0

4

3

Portfolio Services and Other

120.6

118.9

1

1

231.5

231.6

0

(1)

Software and Technology Solutions

58.1

55.9

4

4

114.9

113.0

2

1

Segment operating expenses

$        5,294.9

$         4,888.1

8 %

8 %

$       10,327.5

$         9,489.6

9 %

7 %

Segment platform operating expenses

734.0

714.6

3

2

1,435.8

1,385.1

4

2

Gross contract costs6

4,560.9

4,173.5

9

9

8,891.7

8,104.5

10

8

Adjusted EBITDA1

$          107.4

$            97.8

10 %

11 %

$          172.8

$           158.8

9 %

11 %

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance
Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

Compared with the prior-year quarter, Real Estate Management Services achieved revenue growth across all business lines. Continued strong performance in Workplace Management highlighted the top-line increase, led by mandate expansions and complemented with new wins. Project Management revenue growth followed a strong increase in the prior-year quarter (up 22%) and reflected a low double-digit management fee increase in the Americas, augmented by higher pass-through costs due to contract mix, which outpaced slower growth in certain other geographies.

Higher Adjusted EBITDA and margin were primarily attributable to the revenue growth described above and incremental platform leverage.

Leasing Advisory Second-Quarter 2026 Performance Highlights:

Leasing Advisory

($ in millions, "LC" = local currency)

Three Months Ended June 30,

%
Change
in USD

%
Change
in LC

Six Months Ended June 30,

%
Change
in USD

%
Change
in LC

2026

2025

2026

2025

Revenue

$          836.9

$           676.8

24 %

24 %

$        1,523.2

$         1,262.9

21 %

20 %

Segment operating expenses

$          681.9

$           567.8

20 %

20 %

$        1,262.5

$         1,069.0

18 %

17 %

Segment platform operating expenses

678.3

564.5

20

20

1,256.5

1,063.7

18

17

Gross contract costs6

3.6

3.3

9

7

6.0

5.3

13

11

Adjusted EBITDA1

$          166.6

$           120.4

38 %

39 %

$          283.5

$           217.4

30 %

31 %

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance
Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

Compared with the prior-year quarter, higher Leasing Advisory revenue was driven by accelerated momentum in the office, industrial and data center asset classes. Many geographies achieved double-digit revenue increases, highlighted by the U.S. with meaningful growth from Japan and the UK. Broad-based asset class growth across the U.S. was primarily driven by office and industrial - as a significant uptick in average deal size was complemented by higher volume. Office leasing revenue growth outperformed global office volumes (up 20% compared with market volumes up 2% according to JLL Research), highlighted by U.S. revenue outperformance (up 24% compared with market volumes up 12% according to JLL Research).

The increase in Segment platform operating expenses was primarily attributable to higher commission expense, driven by the revenue growth. Consistent with the first quarter, larger average deal size drove a higher average commission rate as higher tiers were achieved earlier this year.

Adjusted EBITDA and margin expansion were driven by revenue growth, net of higher commission expense, coupled with incremental platform leverage.

Capital Markets Services Second-Quarter 2026 Performance Highlights:

Capital Markets Services

($ in millions, "LC" = local currency)

Three Months Ended June 30,

%
Change
in USD

%
Change
in LC

Six Months Ended June 30,

%
Change
in USD

%
Change
in LC

2026

2025

2026

2025

Revenue

$          620.2

$           520.3

19 %

19 %

$        1,155.4

$           955.6

21 %

19 %

Investment Sales, Debt/Equity Advisory and Other, excluding Net non-cash MSR

482.5

384.8

25

25

890.5

710.3

25

24

Net non-cash MSR and mortgage banking derivative activity

(10.3)

(4.2)

(145)

(143)

(15.8)

(17.1)

8

8

Value and Risk Advisory

102.7

97.7

5

3

192.0

179.3

7

4

Loan Servicing

45.3

42.0

8

8

88.7

83.1

7

7

Segment operating expenses

$          546.7

$           488.3

12 %

11 %

$        1,021.9

$           908.5

12 %

11 %

Segment platform operating expenses

544.7

486.6

12

11

1,019.0

905.7

13

11

Gross contract costs6

2.0

1.7

18

8

2.9

2.8

4

(2)

Adjusted EBITDA1

$            95.2

$            54.7

74 %

74 %

$          172.3

$           103.3

67 %

69 %

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance
Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

Capital Markets Services achieved top-line growth across all sectors, led by debt advisory and investment sales along with robust equity advisory activity. Debt advisory and investment sales grew 44% (71% on a two-year stacked basis) and 20% (30% on a two-year stacked basis), respectively, while equity advisory was up 53% compared with the prior-year quarter (100% on a two-year stacked basis). The increase in segment revenue was broad-based across most geographies and was led by the U.S., Japan and Australia, which significantly outpaced softness in investment sales in parts of Europe as deal timelines elongated. Specific for the U.S., investment sales revenue growth of over 53% outpaced the broader market, which grew 22% over the same period according to JLL Research.

Higher segment platform operating expenses was substantially driven by increased commission expense, correlated with the strong revenue growth. The higher average commission rate, versus the comparative period, reflected both the earlier achievement of higher commission tiers and the geographic mix of revenue. In addition, the company recognized $14 million of incremental expense in the prior-year quarter associated with a specific three-loan portfolio, as noted in the consolidated performance highlights.

Higher Adjusted EBITDA and margin expansion for the quarter were attributable to strong revenue growth, net of higher commission expense, the favorable year-over-year change in loan-related expenses, and platform leverage.

Investment Management Second-Quarter 2026 Performance Highlights:

Investment Management

($ in millions, "LC" = local currency)

Three Months Ended June 30,

%
Change
in USD

%
Change
in LC

Six Months Ended June 30,

%
Change
in USD

%
Change
in LC

2026

2025

2026

2025

Revenue

$          102.4

$           103.1

(1) %

1 %

$          201.7

$           201.6

— %

— %

Advisory fees

94.3

93.3

1

2

184.2

182.6

1

—

Incentive and transaction fees

8.1

9.8

(17)

(13)

17.5

19.0

(8)

(6)

Segment operating expenses

$            88.3

$            89.5

(1) %

(1) %

$          175.4

$           175.2

— %

(1) %

Segment platform operating expenses

80.5

81.2

(1)

(1)

159.0

158.7

—

(1)

Gross contract costs6

7.8

8.3

(6)

(6)

16.4

16.5

(1)

(1)

Adjusted EBITDA1

$            16.4

$            16.3

1 %

8 %

$            31.4

$            32.1

(2) %

1 %

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance
Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

Investment Management revenue was largely consistent with the prior-year quarter. Advisory fees reflected growth associated with continued capital raise momentum over the trailing twelve months, most notably in North America, offset by anticipated lower fees from funds in Asia Pacific, as discussed in the first quarter.

Assets under management (AUM)3 was flat in USD and in local currency during the quarter, and increased 2% in USD and 1% in local currency over the trailing twelve months. Changes in AUM3 are detailed in the tables below (in billions):

Quarter-to-date

Beginning balance (March 31, 2026)

$           86.9

Asset acquisitions/takeovers

2.2

Asset dispositions/withdrawals

(2.5)

Valuation changes

0.7

Foreign currency translation

(0.5)

Change in uncalled committed capital and cash held

—

Ending balance (June 30, 2026)

$           86.8

Trailing Twelve Months

Beginning balance (June 30, 2025)

$           84.9

Asset acquisitions/takeovers

6.9

Asset dispositions/withdrawals

(8.4)

Valuation changes

2.4

Foreign currency translation

0.8

Change in uncalled committed capital and cash held

0.2

Ending balance (June 30, 2026)

$           86.8

About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of nearly 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

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Live Webcast

Conference Call

Management will offer a live webcast for shareholders, analysts and investment professionals on Thursday, July 30, 2026, at 9:00 a.m. Eastern. Following the live broadcast, an audio replay will be available.

The link to the live webcast and audio replay can be accessed at the Investor Relations website: ir.jll.com.

The conference call can be accessed live over the phone by dialing (833) 461-5787; the conference ID number is 876293188. Listeners are asked to please dial in 10 minutes prior to the call start time and provide the conference ID number to be connected.

Supplemental Information

Contact

Supplemental information regarding the second quarter 2026 earnings call has been posted to the Investor Relations section of JLL's website: ir.jll.com.

If you have any questions, please contact Sean Coghlan, Head of Investor Relations.

Phone:

+1 312 252 8943

Email:

[email protected] 

Cautionary Note Regarding Forward-Looking Statements

Statements in this news release regarding, among other things, future financial results and performance, achievements, plans, objectives and share repurchases may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors, the occurrence of which are outside JLL's control which may cause JLL's actual results, performance, achievements, plans, and objectives to be materially different from those expressed or implied by such forward-looking statements. For additional information concerning risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated in forward-looking statements, and risks to JLL's business in general, please refer to those factors discussed under "Risk Factors," "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures about Market Risk," and elsewhere in JLL's Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this release, and except to the extent required by applicable securities laws, JLL expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in expectations or results, new information, developments or any change in events.

JONES LANG LASALLE INCORPORATED

Consolidated Statements of Operations (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except share and per share data)

2026

2025

2026

2025

Revenue

$          6,927.9

$          6,250.1

$          13,314.4

$       11,996.5

Operating expenses:

Compensation and benefits

$          3,134.2

$          2,835.1

$            6,070.3

$         5,509.7

Operating, administrative and other

3,419.9

3,128.6

6,602.6

5,989.1

Depreciation and amortization

57.2

67.7

115.0

139.3

Restructuring and acquisition charges5

25.7

21.3

31.0

41.0

Total operating expenses

$          6,637.0

$          6,052.7

$         12,818.9

$       11,679.1

Operating income

$             290.9

$             197.4

$              495.5

$            317.4

Interest expense, net of interest income

26.4

35.3

43.4

59.9

Equity (losses) earnings

(2.2)

(27.4)

5.3

(53.0)

Other income

3.3

2.5

5.7

4.2

Income before income taxes and noncontrolling interest

265.6

137.2

463.1

208.7

Income tax provision

51.3

26.7

89.4

40.7

Net income

214.3

110.5

373.7

168.0

Net (loss) income attributable to noncontrolling interest

(1.3)

(1.8)

(0.9)

0.4

Net income attributable to common shareholders

$            215.6

$            112.3

$            374.6

$           167.6

Basic earnings per common share

$              4.66

$             2.36

$              8.05

$             3.53

Basic weighted average shares outstanding (in 000's)

46,244

47,483

46,538

47,475

Diluted earnings per common share

$              4.59

$             2.32

$              7.91

$             3.46

Diluted weighted average shares outstanding (in 000's)

46,925

48,334

47,368

48,372

Please reference accompanying financial statement notes.

JONES LANG LASALLE INCORPORATED

Selected Segment Financial Data (Unaudited) (in millions)

Three Months Ended June 30,

Six Months Ended June 30,

Real Estate Management Services

2026

2025

2026

2025

Revenue

$          5,368.4

$           4,949.9

$         10,434.1

$           9,576.4

Platform compensation and benefits

$             527.4

$              515.4

$           1,033.0

$              994.9

Platform operating, administrative and other

172.6

162.8

335.7

316.0

Depreciation and amortization

34.0

36.4

67.1

74.2

Segment platform operating expenses

734.0

714.6

1,435.8

1,385.1

Gross contract costs6

4,560.9

4,173.5

8,891.7

8,104.5

Segment operating expenses

$          5,294.9

$           4,888.1

$         10,327.5

$           9,489.6

Segment operating income

$               73.5

$                61.8

$              106.6

$                86.8

Adjustments:

Equity earnings

0.3

0.5

0.8

0.9

Depreciation and amortization(a)

33.0

35.4

65.2

72.3

Other income

1.1

—

1.1

(0.2)

Gain on disposition

(1.0)

—

(1.0)

—

Net loss (income) attributable to noncontrolling interest

0.5

0.1

0.1

(1.0)

Adjusted EBITDA1

$            107.4

$               97.8

$            172.8

$             158.8

(a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Three Months Ended June 30,

Six Months Ended June 30,

Leasing Advisory

2026

2025

2026

2025

Revenue

$            836.9

$            676.8

$          1,523.2

$           1,262.9

Platform compensation and benefits

$            593.4

$            479.3

$          1,092.0

$              906.1

Platform operating, administrative and other

74.1

74.2

142.2

134.6

Depreciation and amortization

10.8

11.0

22.3

23.0

Segment platform operating expenses

678.3

564.5

1,256.5

1,063.7

Gross contract costs6

3.6

3.3

6.0

5.3

Segment operating expenses

$            681.9

$            567.8

$          1,262.5

$           1,069.0

Segment operating income

$            155.0

$            109.0

$             260.7

$              193.9

Adjustments:

Equity (losses) earnings

—

—

(0.1)

—

Depreciation and amortization

10.8

11.0

22.3

23.0

Other income

1.8

1.7

3.1

2.7

Interest on employee loans, net of forgiveness

(1.0)

(1.3)

(2.5)

(2.2)

Adjusted EBITDA1

$            166.6

$            120.4

$            283.5

$              217.4

JONES LANG LASALLE INCORPORATED

Selected Segment Financial Data (Unaudited) Continued (in millions)

Three Months Ended June 30,

Six Months Ended June 30,

Capital Markets Services

2026

2025

2026

2025

Revenue

$            620.2

$            520.3

$          1,155.4

$            955.6

Platform compensation and benefits

$            451.1

$            374.1

$             841.2

$            703.6

Platform operating, administrative and other

83.5

95.0

157.3

165.7

Depreciation and amortization

10.1

17.5

20.5

36.4

Segment platform operating expenses

544.7

486.6

1,019.0

905.7

Gross contract costs6

2.0

1.7

2.9

2.8

Segment operating expenses

$            546.7

$            488.3

$          1,021.9

$            908.5

Segment operating income

$              73.5

$              32.0

$             133.5

$              47.1

Adjustments:

Equity earnings

0.4

0.8

0.7

2.4

Depreciation and amortization

10.1

17.5

20.5

36.4

Other income

0.4

0.9

1.5

1.7

Net loss attributable to noncontrolling interest

0.8

—

1.6

—

Net non-cash MSR and mortgage banking derivative activity

10.3

4.2

15.8

17.1

     Loss on disposition

0.4

—

0.4

—

Interest on employee loans, net of forgiveness

(0.7)

(0.7)

(1.7)

(1.4)

Adjusted EBITDA1

$              95.2

$              54.7

$            172.3

$            103.3

Three Months Ended June 30,

Six Months Ended June 30,

Investment Management

2026

2025

2026

2025

Revenue

$            102.4

$            103.1

$            201.7

$            201.6

Platform compensation and benefits

$              62.2

$              60.9

$            121.4

$            119.2

Platform operating, administrative and other

16.0

17.5

32.5

33.8

Depreciation and amortization

2.3

2.8

5.1

5.7

Segment platform operating expenses

80.5

81.2

159.0

158.7

Gross contract costs6

7.8

8.3

16.4

16.5

Segment operating expenses

$              88.3

$              89.5

$            175.4

$            175.2

Segment operating income

$              14.1

$              13.6

$              26.3

$              26.4

Adjustments:

Depreciation and amortization

2.3

2.8

5.1

5.7

Other income

—

(0.1)

—

—

Adjusted EBITDA1

$              16.4

$              16.3

$              31.4

$              32.1

Equity earnings (losses)

$                5.1

$               (1.3)

$              10.6

$              (7.4)

JONES LANG LASALLE INCORPORATED

Consolidated Statement of Cash Flows (unaudited)

Six Months Ended
June 30,

Six Months Ended
June 30,

(in millions)

2026

2025

2026

2025

Cash flows from operating activities:

Cash flows from investing activities:

Net income

$ 373.7

$  168.0

Net capital additions – property and equipment

$ (115.0)

$  (88.9)

Business acquisitions, net of cash acquired

(19.2)

(6.1)

Reconciliation of net income to net cash used in operating activities:

Business dispositions, net of cash disposed

12.9

—

   Depreciation and amortization

115.0

139.3

Capital contributions to investments

(26.7)

(132.1)

   Equity (earnings) losses

(5.3)

53.0

Distributions of capital from investments

27.3

27.6

   Distributions of earnings from investments

17.5

9.1

Other, net

(4.8)

(0.9)

   Provision for loss on receivables and other assets

17.8

18.4

Net cash used in investing activities

(125.5)

(200.4)

   Amortization of stock-based compensation

78.1

66.0

Cash flows from financing activities:

   Net non-cash MSRs and mortgage banking derivative activity

15.8

17.1

Proceeds from borrowings under credit facility

3,606.0

5,483.0

   Accretion of interest and amortization of debt issuance costs

2.7

3.2

Repayments of borrowings under credit facility

(3,261.0)

(5,203.0)

   Other, net

7.4

(1.1)

Proceeds from issuance of commercial paper

2,435.0

1,525.0

Change in:

Repayments of commercial paper

(2,015.0)

(1,035.0)

   Receivables

19.0

171.9

Net repayments of short-term borrowings

(10.4)

(47.9)

   Reimbursable receivables and reimbursable payables

(247.0)

(150.9)

Payments of deferred business acquisition obligations and earn-outs

(16.4)

(8.4)

   Prepaid expenses and other assets

35.7

(26.1)

Repurchase of common stock

(409.0)

(59.9)

   Income taxes receivable, payable and deferred

(85.5)

(132.1)

Other, net

(77.4)

(36.3)

   Accounts payable, accrued liabilities and other liabilities

20.4

(82.1)

Net cash provided by financing activities

251.8

617.5

   Accrued compensation (including net deferred compensation)

(632.2)

(688.5)

Effect of currency exchange rate changes on cash, cash equivalents and restricted cash

(21.2)

35.5

Net cash used in operating activities

$ (266.9)

$ (434.8)

Net change in cash, cash equivalents and restricted cash

$ (161.8)

$   17.8

Cash, cash equivalents and restricted cash, beginning of the period

898.9

652.7

Cash, cash equivalents and restricted cash, end of the period

$ 737.1

$  670.5

Please reference accompanying financial statement notes.

JONES LANG LASALLE INCORPORATED

Consolidated Balance Sheets

June 30,

December 31,

June 30,

December 31,

(in millions, except share and per share data)

2026

2025

2026

2025

ASSETS

(unaudited)

LIABILITIES AND EQUITY

(unaudited)

Current assets:

Current liabilities:

Cash and cash equivalents

$         458.2

$         599.1

Accounts payable and accrued liabilities

$       1,243.1

$      1,398.1

Trade receivables, net of allowance

2,233.5

2,302.8

Reimbursable payables

2,283.5

2,539.6

Notes and other receivables

434.9

450.0

Accrued compensation and benefits

1,316.3

1,929.6

Reimbursable receivables

3,090.6

3,105.0

Short-term borrowings

83.4

92.7

Warehouse receivables

700.3

751.2

Current maturities of long-term debt, net

199.9

—

Short-term contract assets, net of allowance

351.3

340.1

Commercial paper, net of debt issuance costs

420.0

(0.2)

Restricted cash, prepaid and other

557.1

631.2

Short-term contract liability and deferred income

270.6

237.2

Total current assets

7,825.9

8,179.4

Warehouse facilities

700.3

759.1

Property and equipment, net of accumulated depreciation

635.5

630.6

Short-term operating lease liability

160.0

166.7

Operating lease right-of-use asset

670.4

712.3

Other

274.4

263.8

Goodwill

4,726.7

4,707.3

Total current liabilities

6,951.5

7,386.6

Identified intangibles, net of accumulated amortization

635.7

666.7

Noncurrent liabilities:

Investments

873.6

892.9

Credit facility, net of debt issuance costs

338.0

(8.5)

Long-term receivables

434.3

419.4

Long-term debt, net of debt issuance costs

596.4

805.9

Deferred tax assets, net

600.7

610.0

Long-term deferred tax liabilities, net

66.5

56.0

Deferred compensation plans

797.2

723.6

Deferred compensation

786.6

737.2

Other

264.2

258.9

Long-term operating lease liability

720.9

774.4

Total assets

$      17,464.2

$      17,801.1

Other

404.0

426.5

Total liabilities

9,863.9

10,178.1

Company shareholders' equity

Common stock

0.5

0.5

Additional paid-in capital

2,057.7

2,068.6

Retained earnings

7,443.3

7,114.0

Treasury stock

(1,434.9)

(1,094.0)

Shares held in trust

(13.8)

(13.8)

Accumulated other comprehensive loss

(591.1)

(572.5)

Total company shareholders' equity

7,461.7

7,502.8

Noncontrolling interest

138.6

120.2

Total equity

7,600.3

7,623.0

Total liabilities and equity

$      17,464.2

$     17,801.1

Please reference accompanying financial statement notes.

JONES LANG LASALLE INCORPORATED
Financial Statement Notes

1.  Management uses certain non-GAAP financial measures to develop budgets and forecasts, measure and reward performance against those budgets and forecasts, and enhance comparability to prior periods. These measures are believed to be useful to investors and other external stakeholders as supplemental measures of core operating performance and include the following:

(i)   Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA"),

(ii)   Adjusted net income attributable to common shareholders and Adjusted diluted earnings per share,

(iii)  Free Cash Flow (refer to Note 6),

(iv)  Net Debt (refer to Note 6) and

(v)   Percentage changes against prior periods, presented on a local currency basis.

However, non-GAAP financial measures should not be considered alternatives to measures determined in accordance with U.S. generally accepted accounting principles ("GAAP"). Any measure that eliminates components of a company's capital structure, cost of operations or investments, or other results has limitations as a performance measure. In light of these limitations, management also considers GAAP financial measures and does not rely solely on non-GAAP financial measures. Because the company's non-GAAP financial measures are not calculated in accordance with GAAP, they may not be comparable to similarly titled measures used by other companies.

Adjustments to GAAP Financial Measures Used to Calculate non-GAAP Financial Measures

Net Non-Cash Mortgage Servicing Rights ("MSR") and Mortgage Banking Derivative Activity consists of the balances presented within Revenue composed of (i) derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity and (ii) gains recognized from the retention of MSR upon origination and sale of mortgage loans, offset by (iii) amortization of MSR intangible assets over the period that net servicing income is projected to be received. Non-cash derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity are calculated as the estimated fair value of loan commitments and subsequent changes thereof, primarily represented by the estimated net cash flows associated with future servicing rights. MSR gains and corresponding MSR intangible assets are calculated as the present value of estimated cash flows over the estimated mortgage servicing periods. The above activity is reported entirely within Revenue of the Capital Markets Services segment. Excluding net non-cash MSR and mortgage banking derivative activity reflects how the company manages and evaluates performance because the excluded activity is non-cash in nature.

Restructuring and Acquisition Charges primarily consist of: (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership or transformation of business processes; (ii) acquisition, transaction and integration-related charges, including fair value adjustments, which are generally non-cash in the periods such adjustments are made, to assets and liabilities recorded in purchase accounting such as earn-out liabilities and intangible assets; and (iii) lease exit charges. Such activity is excluded as the amounts are generally either non-cash in nature or the anticipated benefits from the expenditures would not likely be fully realized until future periods. Restructuring and acquisition charges are excluded from segment operating results and therefore are not line items in the segments' reconciliation to Adjusted EBITDA.

Amortization of Acquisition-Related Intangibles is primarily associated with the fair value ascribed at closing of an acquisition to assets such as acquired management contracts, customer backlog and relationships, and trade name. Such activity is excluded as it is non-cash and the change in period-over-period activity is generally the result of longer-term strategic decisions and therefore not necessarily indicative of core operating results.

Gain or Loss on Disposition reflects the gain or loss recognized on the sale of businesses. Given the low frequency of business disposals by the company historically, the gain or loss directly associated with such activity is excluded as it is not considered indicative of core operating performance. In 2026, the $0.6 million net gain included a $1.0 million gain related to a business disposition within Real Estate Management Services, partially offset by a $0.4 million loss related to a disposition within Capital Markets Services, both during the second quarter.

Interest on Employee Loans, Net of Forgiveness reflects interest accrued on employee loans less the amount of accrued interest forgiven. Certain employees (predominantly in Leasing Advisory and Capital Markets Services businesses) receive cash payments structured as loans, with interest. Employees earn forgiveness of the loan based on performance, generally calculated as a percentage of revenue production. Such forgiven amounts are reflected in Compensation and benefits expense. Given the interest accrued on these employee loans and subsequent forgiveness are non-cash and the amounts perfectly offset over the life of the loan, the activity is not indicative of core operating performance and is excluded from non-GAAP measures.

Equity Earnings/Losses (Investment Management and Proptech Investments) primarily reflects valuation changes on investments reported at fair value. Investments reported at fair value are increased or decreased each reporting period by the change in the fair value of the investment. Where the measurement alternative has been elected, our investment is increased or decreased upon observable price changes. Such activity is excluded as the amounts are generally non‑cash in nature and not indicative of core operating performance.

Note: Equity earnings/losses for segments other than Investment Management represent the results of unconsolidated operating ventures (not investments), and therefore the amounts are included in adjusted profit measures on both a segment and consolidated basis.

Credit Losses on Convertible Note Investments reflects credit impairments associated with pre-equity convertible note investments in early-stage proptech enterprises. Such losses are similar to the equity investment-related losses included in equity earnings/losses for Proptech Investments and are therefore consistently excluded from adjusted measures.

Reconciliation of Non-GAAP Financial Measures

Below are (i) a reconciliation of Net income attributable to common shareholders to Adjusted EBITDA, (ii) a reconciliation to Adjusted net income and (iii) components of Adjusted diluted earnings per share.

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

2026

2025

2026

2025

Net income attributable to common shareholders

$             215.6

$              112.3

$             374.6

$              167.6

Add:

Interest expense, net of interest income

26.4

35.3

43.4

59.9

Income tax provision

51.3

26.7

89.4

40.7

Depreciation and amortization(a)

56.2

66.7

113.1

137.4

Adjustments:

Restructuring and acquisition charges5

25.7

21.3

31.0

41.0

Net (gain) loss on disposition

(0.6)

—

(0.6)

—

Net non-cash MSR and mortgage banking derivative activity

10.3

4.2

15.8

17.1

Interest on employee loans, net of forgiveness

(1.7)

(2.0)

(4.2)

(3.6)

Equity (earnings) losses - Investment Mgmt and Proptech Investments(a)

3.0

27.0

(3.0)

55.7

Credit losses on convertible note investments

0.1

0.2

0.4

0.7

Adjusted EBITDA

$             386.3

$              291.7

$             659.9

$              516.5

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except share and per share data)

2026

2025

2026

2025

Net income attributable to common shareholders

$             215.6

$              112.3

$             374.6

$              167.6

Diluted shares (in thousands)

46,925

48,334

47,368

48,372

Diluted earnings per share

$               4.59

$                2.32

$               7.91

$                3.46

Net income attributable to common shareholders

$             215.6

$              112.3

$             374.6

$              167.6

Adjustments:

Restructuring and acquisition charges5

25.7

21.3

31.0

41.0

Net non-cash MSR and mortgage banking derivative activity

10.3

4.2

15.8

17.1

Amortization of acquisition-related intangibles(a)

5.5

16.0

11.4

32.1

Net (gain) loss on disposition

(0.6)

—

(0.6)

—

Interest on employee loans, net of forgiveness

(1.7)

(2.0)

(4.2)

(3.6)

Equity losses (earnings) - Investment Mgmt and Proptech Investments(a)

3.0

27.0

(3.0)

55.7

Credit losses on convertible note investments

0.1

0.2

0.4

0.7

Tax impact of adjusted items(b)

(11.1)

(19.6)

(14.8)

(39.6)

Adjusted net income attributable to common shareholders

$             246.8

$              159.4

$             410.6

$              271.0

Diluted shares (in thousands)

46,925

48,334

47,368

48,372

Adjusted diluted earnings per share

$               5.26

$                3.30

$               8.67

$                5.60

(a)

This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.

(b)

For all periods presented, the tax impact of adjusted items was calculated using the applicable statutory rates by tax jurisdiction.

Operating Results - Local Currency

In discussing operating results, the company refers to percentage changes in local currency, unless otherwise noted. Amounts presented on a local currency basis are calculated by translating the current period results of foreign operations to U.S. dollars using the foreign currency exchange rates from the comparative period. Management believes this methodology provides a framework for assessing performance and operations excluding the effect of foreign currency fluctuations.

The following table reflects the reconciliation to local currency amounts for consolidated (i) Revenue, (ii) Operating income and (iii) Adjusted EBITDA.

Three Months Ended June 30,

Six Months Ended June 30,

($ in millions)

2026

% Change

2026

% Change

Revenue:

At current period exchange rates

$           6,927.9

11 %

$          13,314.4

11 %

Impact of change in exchange rates

(38.1)

n/a

(160.5)

n/a

At comparative period exchange rates

$           6,889.8

10 %

$          13,153.9

10 %

Operating income:

At current period exchange rates

$             290.9

47 %

$             495.5

56 %

Impact of change in exchange rates

2.4

n/a

9.4

n/a

At comparative period exchange rates

$             293.3

49 %

$             504.9

59 %

Adjusted EBITDA:

At current period exchange rates

$             386.3

32 %

$             659.9

28 %

Impact of change in exchange rates

1.9

n/a

7.6

n/a

At comparative period exchange rates

$             388.2

33 %

$             667.5

29 %

2.  n.m.: "not meaningful," typically represented by a percentage change of greater than 1,000%, favorable or unfavorable.

3.  Assets under management data is primarily reported on a one-quarter lag. In addition, Investment Management raised $1.6 billion in total capital for the quarter ended June 30, 2026.

4.   The company defines "Resilient" revenue as (i) Workplace Management, Project Management, Property Management, and Software and Technology Solutions, within Real Estate Management Services, (ii) Value and Risk Advisory, and Loan Servicing, within Capital Markets Services and (iii) Advisory fees, within Investment Management.

The company defines "Advisory" revenue (previously referred to as "Transactional") as (i) Portfolio Services and Other, within Real Estate Management Services, (ii) Leasing Advisory, (iii) Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services and (iv) Incentive and transaction fees, within Investment Management.

5.  Restructuring and acquisition charges are excluded from the company's measure of segment operating results, although they are included within consolidated Operating income. For purposes of segment operating results, the allocation of Restructuring and acquisition charges to the segments is not a component of management's assessment of segment performance. The table below shows Restructuring and acquisition charges.

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

2026

2025

2026

2025

Severance and other employment-related charges

$              16.6

$              18.0

$              19.5

$              25.4

Restructuring, pre-acquisition and post-acquisition charges

9.1

10.7

11.0

19.1

Fair value adjustments that resulted in a net increase to earn-out liabilities from prior-period acquisition activity

—

(7.4)

0.5

(3.5)

Total Restructuring and acquisition charges

$              25.7

$              21.3

$              31.0

$              41.0

6.  "Gross contract costs" represent certain costs associated with client-dedicated employees and third-party vendors and subcontractors and are directly or indirectly reimbursed through the fees we receive. These costs are presented on a gross basis in Operating expenses (with the corresponding fees in Revenue).

"Net Debt" is defined as the sum of the (i) Credit facility, inclusive of debt issuance costs, (ii) Long-term debt, inclusive of debt issuance costs, (iii) Commercial paper, inclusive of debt issuance costs and (iv) Short-term borrowings liability balances less Cash and cash equivalents.

"Net Leverage Ratio" is defined as Net Debt divided by the trailing twelve-month Adjusted EBITDA. Below is a reconciliation of total debt to Net Debt and the components of Net Leverage Ratio.

($ in millions)

June 30, 2026

March 31, 2026

June 30, 2025

Total debt

$                 1,648.5

$                 1,925.3

$                 1,988.1

Less: Cash and cash equivalents

458.2

436.2

401.4

Net Debt

$                 1,190.3

$                 1,489.1

$                 1,586.7

Divided by: Trailing twelve-month Adjusted EBITDA

$                 1,596.3

$                 1,501.7

$                 1,269.4

Net Leverage Ratio

0.7x

1.0x

1.2x

"Corporate Liquidity" is defined as the unused portion of the company's Credit facility plus Cash and cash equivalents.

"Free Cash Flow" is defined as cash provided by/used in operating activities less net capital additions - property and equipment. Below is a reconciliation of net cash provided by/used in operating activities to Free Cash Flow.

Six Months Ended June 30,

(in millions)

2026

2025

Net cash used in operating activities

$                  (266.9)

$                  (434.8)

Net capital additions - property and equipment

(115.0)

(88.9)

Free Cash Flow

$                  (381.9)

$                  (523.7)

7.  Our investments (inclusive of convertible notes receivable) in proptech funds and early to mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment but are included in our consolidated results. As a result of this "All Other" presentation, tables and graphics presenting segment-level measures may not sum to consolidated totals.

Appendix: Additional Segment Detail

Three Months Ended June 30, 2026

(in millions)

Real Estate Management Services

Capital Markets Services

Workplace
Mgmt

Project
Mgmt

Property
Mgmt

Portfolio
Services
and Other

Software
and Tech
Solutions

Total Real
Estate
Mgmt
Services

Leasing
Advisory

Invt Sales,
Debt/Equity
Advisory
and Other

Value and
Risk
Advisory

Loan
Servicing

Total
Capital
Markets
Services

Investment
Mgmt

Revenue(a)

$ 3,707.7

1,013.4

468.6

120.6

58.1

$ 5,368.4

$   836.9

$   472.2

102.7

45.3

$   620.2

$    102.4

Gross contract costs6

$ 3,443.2

723.8

335.3

57.9

0.7

$ 4,560.9

$       3.6

$     1.2

0.8

—

$       2.0

$        7.8

Platform operating expenses

$    734.0

$   678.3

$   544.7

$      80.5

Adjusted EBITDA1

$    107.4

$   166.6

$     95.2

$      16.4

(a)

Included in Revenue is Net non-cash MSR and mortgage banking derivative activity of $10.3 million for the three months ended June 30, 2026 within Investment Sales, Debt/Equity Advisory and Other.

Three Months Ended June 30, 2025

(in millions)

Real Estate Management Services

Capital Markets Services

Workplace
Mgmt

Project
Mgmt

Property
Mgmt

Portfolio
Services
and Other

Software
and Tech
Solutions

Total Real
Estate
Mgmt
Services

Leasing
Advisory

Invt Sales,
Debt/Equity
Advisory
and Other

Value and
Risk
Advisory

Loan
Servicing

Total
Capital
Markets
Services

Investment
Mgmt

Revenue(a)

$ 3,349.1

971.6

454.4

118.9

55.9

$ 4,949.9

$   676.8

$   380.6

97.7

42.0

$   520.3

$    103.1

Gross contract costs6

$ 3,100.4

700.2

315.7

56.7

0.5

$ 4,173.5

$       3.3

$       0.8

0.9

—

$       1.7

$        8.3

Platform operating expenses

$    714.6

$   564.5

$   486.6

$      81.2

Adjusted EBITDA1

$      97.8

$   120.4

$     54.7

$      16.3

(a)

Included in Revenue is Net non-cash MSR and mortgage banking derivative activity of $4.2 million for the three months ended June 30, 2025 within Investment Sales, Debt/Equity Advisory and Other.

Appendix: Additional Segment Detail (continued)

Six Months Ended June 30, 2026

(in millions)

Real Estate Management Services

Capital Markets Services

Workplace
Mgmt

Project
Mgmt

Property
Mgmt

Portfolio
Services
and Other

Software
and Tech
Solutions

Total Real
Estate
Mgmt
Services

Leasing
Advisory

Invt Sales,
Debt/Equity
Advisory
and Other

Value and
Risk
Advisory

Loan
Servicing

Total
Capital
Markets
Services

Investment
Mgmt

Revenue(a)

$ 7,290.6

1,857.4

939.7

231.5

114.9

$ 10,434.1

$ 1,523.2

$   874.7

192.0

88.7

$ 1,155.4

$    201.7

Gross contract costs6

$ 6,782.0

1,315.6

674.0

118.8

1.3

$   8,891.7

$        6.0

$       1.7

1.2

—

$        2.9

$      16.4

Platform operating expenses

$   1,435.8

$ 1,256.5

$ 1,019.0

$    159.0

Adjusted EBITDA1

$      172.8

$    283.5

$    172.3

$      31.4

(a)

Included as a reduction to Revenue is Net non-cash MSR and mortgage banking derivative activity of $15.8 million for the six months ended June 30, 2026 within Investment Sales, Debt/Equity Advisory and Other.

Six Months Ended June 30, 2025

(in millions)

Real Estate Management Services

Capital Markets Services

Workplace
Mgmt

Project
Mgmt

Property
Mgmt

Portfolio
Services
and Other

Software
and Tech
Solutions

Total Real
Estate
Mgmt
Services

Leasing
Advisory

Invt Sales,
Debt/Equity
Advisory
and Other

Value and
Risk 
Advisory

Loan
Servicing

Total
Capital
Markets
Services

Investment
Mgmt

Revenue(a)

$ 6,612.7

1,719.1

900.0

231.6

113.0

$ 9,576.4

$ 1,262.9

$   693.2

179.3

83.1

$   955.6

$    201.6

Gross contract costs6

$ 6,141.0

1,220.2

628.1

114.0

1.2

$ 8,104.5

$        5.3

$       1.3

1.5

—

$       2.8

$      16.5

Platform operating expenses

$ 1,385.1

$ 1,063.7

$   905.7

$    158.7

Adjusted EBITDA1

$    158.8

$    217.4

$   103.3

$      32.1

(a)

Included as a reduction to Revenue is Net non-cash MSR and mortgage banking derivative activity of $17.1 million for the six months ended June 30, 2025 within Investment Sales, Debt/Equity Advisory and Other.

SOURCE JLL-IR

Posted by Defense World Staff on Jul 22nd, 2026

Bank of New York Mellon Corp decreased its position in shares of Jones Lang LaSalle Incorporated (NYSE:JLL – Free Report) by 0.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 305,753 shares of the financial services provider’s stock after selling 2,547 shares during the quarter. Bank of New York Mellon Corp owned about 0.66% of Jones Lang LaSalle worth $93,047,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. State of Michigan Retirement System increased its position in shares of Jones Lang LaSalle by 1.8% during the first quarter. State of Michigan Retirement System now owns 11,311 shares of the financial services provider’s stock worth $3,442,000 after buying an additional 200 shares during the period. Principal Financial Group Inc. lifted its holdings in Jones Lang LaSalle by 279.6% in the first quarter. Principal Financial Group Inc. now owns 429,418 shares of the financial services provider’s stock valued at $130,683,000 after buying an additional 316,299 shares during the period. Procyon Advisors LLC lifted its holdings in Jones Lang LaSalle by 3.6% in the first quarter. Procyon Advisors LLC now owns 1,554 shares of the financial services provider’s stock valued at $473,000 after buying an additional 54 shares during the period. Diversify Wealth Management LLC boosted its position in Jones Lang LaSalle by 39.1% during the first quarter. Diversify Wealth Management LLC now owns 2,251 shares of the financial services provider’s stock valued at $685,000 after acquiring an additional 633 shares during the last quarter. Finally, Citizens Financial Group Inc. RI grew its holdings in Jones Lang LaSalle by 54.4% during the 1st quarter. Citizens Financial Group Inc. RI now owns 1,161 shares of the financial services provider’s stock worth $353,000 after acquiring an additional 409 shares during the period. 94.80% of the stock is owned by institutional investors.

Insider Transactions at Jones Lang LaSalle In other Jones Lang LaSalle news, Director Larry Quinlan sold 402 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $301.73, for a total transaction of $121,295.46. Following the completion of the sale, the director owned 4,369 shares in the company, valued at approximately $1,318,258.37. The trade was a 8.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.91% of the company’s stock.

Wall Street Analyst Weigh In A number of research analysts have recently issued reports on the company. Zacks Research raised Jones Lang LaSalle from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, June 24th. Weiss Ratings cut Jones Lang LaSalle from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, May 28th. Barclays lifted their target price on Jones Lang LaSalle from $348.00 to $366.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 13th. Finally, UBS Group increased their price target on Jones Lang LaSalle from $425.00 to $445.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $394.00.

Read Our Latest Analysis on JLL

Jones Lang LaSalle Stock Performance Shares of JLL opened at $324.55 on Wednesday. Jones Lang LaSalle Incorporated has a one year low of $253.21 and a one year high of $363.06. The company has a market cap of $15.06 billion, a PE ratio of 17.45 and a beta of 1.27. The stock has a 50-day moving average of $305.27 and a 200-day moving average of $317.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.35 and a quick ratio of 2.35.

Jones Lang LaSalle (NYSE:JLL – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The financial services provider reported $3.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.01 by $0.42. The business had revenue of $6.39 billion for the quarter, compared to analyst estimates of $6 billion. Jones Lang LaSalle had a return on equity of 13.01% and a net margin of 3.35%.The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.31 earnings per share. On average, equities research analysts predict that Jones Lang LaSalle Incorporated will post 22.83 EPS for the current fiscal year.

Jones Lang LaSalle Company Profile (Free Report)

Jones Lang LaSalle Incorporated (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. The company provides a broad range of services including leasing, advisory, property and asset management, capital markets, project and development services, and valuation. Through its integrated platform, JLL serves corporate occupiers, institutional investors, real estate owners and developers, offering tailored solutions that span the entire real estate lifecycle.

Founded in 1783 in London as Jones Lang Wootton, the firm established a reputation for expertise in property management and brokerage.

Further Reading Five stocks we like better than Jones Lang LaSalle Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding JLL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Jones Lang LaSalle Incorporated (NYSE:JLL – Free Report).

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JLL research finds real estate demand is being reshaped by AI's impact on a market and its ability to adapt

, /PRNewswire/ -- Across the U.S., the markets defined by sectors most exposed to AI-driven job displacement are also seeing the strongest real estate demand from AI companies, according to new research from JLL (NYSE: JLL). The finding challenges the assumption that AI will uniformly compress commercial real estate footprint. The research, conducted in partnership with MIT's Sloan School of Management and Center for Real Estate, instead shows that AI is creating deep divergence across markets, industries, and asset classes, separating those with the capacity to adapt from those without.

This divergence is already stark. The Where AI is Changing Jobs and What it Means For Real Estate research finds that even as overall U.S. tech employment declined by 1.5% in early 2026, office leasing demand in the sector continues to rebound, demonstrating a clear decoupling of AI growth from broader trends in tech and other office-using industries.

This is in part due to how AI operates through three simultaneous forces on labor markets: augmenting existing roles without reducing headcount, selectively displacing specific job types, and creating entirely new categories of work. While five percent of job cuts in 2025 identify AI as a primary driver, over one million AI-related jobs were created between 2023 and 2025. The balance of these forces varies significantly by geography and industry, creating diverging real estate trends.

In San Francisco, for example, nearly 30% of total leasing has come from AI companies since 2025, while the city carries among the highest exposure to AI-driven job dislocation risks in the U.S. This trend demonstrates that a market's capacity to adapt, capitalize on new opportunities, and redeploy the workforce is more critical to real estate performance than exposure risk alone.

"We are seeing this split play out in real time. The winning real estate strategies will be those that look beyond the headlines about job losses and focus on a market and industry's ability to adapt," said Alexandra Bryant, Global CEO, Value & Risk Advisory. "It's no longer about whether a market has AI exposure. It's about whether it has the right mix of talent, infrastructure, and quality real estate to capitalize on the opportunities AI creates."

These combined forces are already reshaping demand across markets, defining four clear trajectories:

High Negative Disruption in markets where automation in back-office and administrative roles shrinks teams, reducing the need for traditional office space. Low Disruption Augmentation in markets where AI assists skilled knowledge workers, driving companies to upgrade to higher-quality, collaborative offices. High Offsetting Disruption as industries restructure and companies relocate roles, creating a geographic redistribution of space demand without decreasing total demand size. AI Boom Upside in innovation hubs and AI-native sectors, which creates competition for premium buildings. A market's industry composition and employment structure are the primary factors determining the trajectory it tracks.

At the industry level, this divergence runs equally deep. Logistics and healthcare are using AI to augment their workforces while keeping core growth drivers intact. Professional services and data centers, by contrast, are restructuring delivery models around AI to produce more with leaner teams. Even as some sectors restructure toward smaller teams, headcount is not contracting in total, as globally, 60% of companies still plan to expand their workforces in the next 3–5 years, according to JLL's 2026 Future of Work Survey.

Another key point to note is that AI's impact on jobs does not automatically flow through to real estate. Supply conditions and the broader economy can offset, delay, or amplify that impact, which is in part why markets and properties with similar labor exposure can still perform very differently. Office construction activity in U.S. and Europe is hitting a historic low, pushing trophy asset rents to all-time highs. 

"Outperformance in this cycle won't only come from yield compression. It will come from driving value at an asset level through better understanding how these thematics will translate into asset and submarket impact," Bryant said. "The winners will be the investors who act on these signals now, ahead of the data."

Ultimately, navigating the AI-driven shift requires a new playbook. For investors, success now means acting on early labor market signals before transaction data can confirm the trend. For occupiers, it demands moving beyond static headcount to plan space around how work is actually performed — a more dynamic approach for a more dynamic era.

For more information, download the full Where AI is Changing Jobs and What it Means For Real Estate research.

About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Contact: Allison Olp
Phone: + 1 312 228 3128
Email: [email protected]

SOURCE JLL