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JLL reports Q1 earnings

Inside JLL’s NYC HQ (Credit: JNN)

JLL reported a net operating income of $5.3 million during the first three months of 2020, compared to $21.3 million a year ago. Total net debt was $1.5 billion at the end of the quarter, representing an increase of $650 million from year-end, which reflects the debt taken on by the HFF acquisition. 

  • The worst is yet to come: JLL’s Asia-Pacific region was hit hardest by the coronavirus pandemic during the first quarter, with revenue falling by 2 percent year over year. Its business in the Americas — which wasn’t shaken by the pandemic until mid-March — saw a 13 percent uptick in revenue.
  • Share buybacks: The global brokerage has halted its $200 million share buyback program, and only bought $25 million worth of shares early this year. JLL’s shares are down 42% year to date. (EarningsTranscript+Financials)

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