8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 27, 2010

JONES LANG LASALLE INCORPORATED

(Exact name of registrant as specified in its charter)

Maryland	001-13145	36-4150422
(State or other jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

200 East Randolph Drive, Chicago, IL	60601
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (312) 782-5800

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On October 26, 2010, Jones Lang LaSalle Incorporated issued a press release and supporting supplemental information announcing its financial results for the third quarter ended September 30, 2010. The full text of the press release and supplemental information are attached as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K and are incorporated by reference herein.

The information contained in this Current Report, including the exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are included with this Report:

99.1. Press release issued by Jones Lang LaSalle Incorporated on October 26, 2010 announcing its financial results for the third quarter ended September 30, 2010.

99.2. Supplemental Information to Third Quarter 2010 Earnings Call issued on October 26, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 27, 2010	JONES LANG LASALLE INCORPORATED
	By:	/S/    LAURALEE E. MARTIN
	Name:	Lauralee E. Martin
	Title:	Executive Vice President, Chief Operating and Financial Officer

EXHIBIT INDEX

Exhibit 99.1	Press release issued by Jones Lang LaSalle Incorporated on October 26, 2010 announcing its financial results for the third quarter ended September 30, 2010.
Exhibit 99.2	Supplemental Information to Third Quarter 2010 Earnings Call issued on October 26, 2010.

EX-99.1

Exhibit 99.1

News Release

Contact:	Lauralee Martin
Title:	Chief Operating and Financial Officer
Phone:	+1 312 228 2073

Jones Lang LaSalle Reports Third-Quarter 2010 Net Income of $37 Million

Revenue of $708 million, up 20 percent in local currency

CHICAGO, October 26, 2010 – Jones Lang LaSalle Incorporated (NYSE: JLL), the leading integrated financial and professional services firm specializing in real estate, today reported net income of $37 million on a U.S. GAAP basis, or $0.84 per share, for the quarter ended September 30, 2010. This compares with net income of $20 million on a U.S. GAAP basis, or $0.46 per share, for the quarter ended September 30, 2009. Adjusting for Restructuring and certain non-cash co-investment charges in the third quarter of 2010, net income would have been $38 million, or $0.86 per share, compared with adjusted net income of $27 million, or $0.61 per share, in 2009. The firm’s adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) were $79 million for the third quarter of 2010 compared with adjusted EBITDA of $66 million for the same period in 2009. Revenue for the third quarter of 2010 was $708 million, compared with $595 million in the third quarter of 2009, an increase of 19 percent in U.S. dollars, 20 percent in local currency.

On a year-to-date basis net income was $69 million, or $1.57 per share, compared with a net loss of $56 million, or $1.50 per share, for the first nine months of 2009. Adjusted EBITDA on a year-to-date basis was $194 million compared with adjusted EBITDA of $126 million in 2009. Revenue for the first nine months of 2010 was $2.0 billion, compared with $1.7 billion in 2009, an increase of 18 percent, 17 percent in local currency.

Third-Quarter 2010 Highlights:

• Steady, broad-based revenue improvement continues

• Leasing revenue up 36 percent in local currency

• Corporate outsourcing growth continues driven by new wins

• Semi-annual dividend declared

Results included less than $1 million of Restructuring charges in the third quarter of 2010, compared with $4 million in 2009. Third-quarter results also included approximately $1 million of non-cash co-investment impairment charges, compared with $4 million in 2009. Restructuring charges are excluded from segment operating results although they are included for consolidated reporting. Non-cash co-investment impairments are included in Equity earnings (losses) at the consolidated and segment reporting levels.

Jones Lang LaSalle Reports Third-Quarter 2010 Net Income – Page 2

On a year-to-date basis, results included $6 million of Restructuring charges, compared with $37 million in 2009, and $10 million of co-investment impairment charges compared with $48 million in 2009.

“We strengthened our market positions and expanded businesses around the world, with healthy revenue growth in both our transactional and annuity businesses,” said Colin Dyer, Chief Executive Officer of Jones Lang LaSalle. “We posted solid results in the third quarter, as the broad market recovery continued.”

Business Line Revenue Comparison (in millions, “LC” = local currency)

	Three Months Ended Sept 30,				% Change In LC			Nine Months Ended Sept 30,				% Change In LC
	2010		2009					2010		2009
Real Estate Services (“RES”)
Leasing	$	235.6	$	174.7		36	%	$	640.7	$	493.0		29	%
Capital Markets & Hotels		74.6		56.4		34	%		190.6		123.5		52	%
Property & Facility Management		170.8		152.5		10	%		499.4		429.7		12	%
Project & Development Services		89.1		72.6		25	%		238.3		220.3		8	%
Advisory, Consulting and Other		73.3		73.2		2	%		210.5		203.3		3	%
Total RES revenue	$	643.4	$	529.4		22	%	$	1,779.5	$	1,469.8		19	%
LaSalle Investment Management
Advisory fees	$	61.7	$	61.2		1	%	$	176.2	$	180.1		(4	%)
Transaction and Incentive fees		3.3		4.7		(30	%)		13.7		15.7		(17	%)
Total Investment Management	$	65.0	$	65.9		(1	%)	$	189.9	$	195.8		(5	%)
Total Firm Revenue	$	708.4	$	595.3		20	%	$	1,969.4	$	1,665.6		17	%

Operating expenses excluding Restructuring charges were $646 million for the third quarter, compared with $546 million in 2009. On a local currency basis, operating expenses excluding Restructuring charges increased 19 percent, primarily as a result of increased incentive compensation related to transactional revenue and costs associated with new business pursuits. Total compensation as a percentage of firm revenue for the third quarter was 65.4 percent, compared with 63.8 percent in the third quarter of last year. The increase resulted from recent Corporate Solutions wins that required start-up hiring and transition costs in the third quarter in advance of revenue generation to begin in the fourth quarter, adding new clients for which reimbursed payroll costs are reported on a “gross” basis, and differences in timing of certain incentive compensation accruals between years.

Year-to-date operating expenses excluding Restructuring charges were $1.8 billion, an increase of 13 percent in local currency compared with the first nine months of 2009. Total compensation as a percent of firm revenue on a year-to-date basis was 65.4 percent in 2010, compared with 66.3 percent for the first nine months of 2009.

Jones Lang LaSalle Reports Third-Quarter 2010 Net Income – Page 3

Adjusted operating income margin improved to 8.8 percent in the third quarter, compared with an 8.2 percent margin in the same period of 2009. Year-to-date adjusted operating income margin was 7.2 percent, up from 4.3 percent in the first nine months of 2009.

Balance Sheet and Dividend

The firm’s outstanding debt on its long-term credit facility was $253 million at September 30, 2010, compared with $292 million at September 30, 2009. During the third quarter, the firm made the first deferred payment related to the Staubach acquisition. The firm also announced it renewed and extended its bank credit facility, increasing the capacity to $1.1 billion from $840 million and extending the maturity to September 2015 from June 2012. The increased capacity provides strength and liquidity to meet current commitments and capitalize on new opportunities, and the maturity extension to 2015 is well past the due date of all deferred acquisition payments.

The Board of Directors declared a semi-annual dividend of $0.10 per share of its common stock, consistent with the semi-annual dividends paid in recent periods. The dividend payment will be made on Wednesday, December 15, 2010, to holders of record at the close of business on Monday, November 15, 2010.

Business Segment Third-Quarter and Year-to-Date Performance Highlights

Americas Real Estate Services

Third-quarter revenue in the Americas region was $309 million, an increase of 29 percent in US dollars and local currency over the prior year, driven by increased transactional activities, both in Leasing, which increased 38 percent in local currency year over year, and Capital Markets and Hotels.

	Three Months Ended Sept 30,				% Change in LC			Nine Months Ended Sept 30,					% Change in LC
Americas (in millions)	2010		2009					2010		2009
Leasing	$	152.6	$	110.9		38	%	$	410.2	$	322.0			27	%
Capital Markets & Hotels		25.2		11.0		127	%		49.0		24.6			97	%
Property & Facility Management		62.6		52.0		20	%		182.7		146.5			24	%
Project & Development Services		40.7		35.0		16	%		110.8		114.5			(4	%)
Advisory, Consulting and Other		28.0		29.9		(6	%)		80.1		80.5			(1	%)
Operating revenue	$	309.1	$	238.8		29	%	$	832.8	$	688.1			21	%
Equity earnings (losses)		0.0		0.0		n/m			0.3		(1.2	)		n/m
Total segment revenue	$	309.1	$	238.8		29	%	$	833.1	$	686.9			21	%

n/m – not meaningful

– more –

Jones Lang LaSalle Reports Third-Quarter 2010 Net Income – Page 4

Operating expenses were $272 million in the third quarter, 29 percent higher in local currency than a year ago, driven primarily by transition costs supporting recent wins from which the firm will begin to earn revenue in the fourth quarter as well as higher incentive compensation expenses related to increased transaction revenue. Year-to-date operating expenses were $754 million, compared with $644 million for the same period in 2009, a 17 percent increase in local currency.

EBITDA for the third quarter of 2010 was $46 million, compared with $39 million for the third quarter of 2009. Year-to-date EBITDA for 2010 was $105 million compared with $82 million for the first nine months of 2009.

EMEA Real Estate Services

EMEA’s third-quarter revenue was $169 million in 2010 compared with $154 million in 2009, an increase of 10 percent, 18 percent in local currency, with the most significant contribution from Leasing. Revenue in France and England was up 32 percent and 28 percent, respectively, in local currency compared with the third quarter of 2009. Year-to-date revenue in the region was $491 million in 2010 compared with $418 million in 2009, an increase of 18 percent, 21 percent in local currency.

	Three Months Ended Sept 30,				% Change in LC			Nine Months Ended Sept 30,					% Change in LC
EMEA (in millions)	2010		2009					2010		2009
Leasing	$	47.8	$	36.0		42	%	$	133.4	$	102.2			34	%
Capital Markets & Hotels		31.1		30.2		11	%		89.3		68.6			34	%
Property & Facility Management		32.6		32.9		6	%		102.3		91.6			13	%
Project & Development Services		29.2		26.7		20	%		82.8		74.3			16	%
Advisory, Consulting and Other		28.6		28.4		8	%		83.6		82.1			5	%
Operating revenue	$	169.3	$	154.2		18	%	$	491.4	$	418.8			20	%
Equity losses		0.0		0.0		n/m			0.0		(0.9	)		n/m
Total segment revenue	$	169.3	$	154.2		18	%	$	491.4	$	417.9			21	%

n/m – not meaningful

Operating expenses were $166 million in the third quarter, an increase of 5 percent from the prior year, 13 percent in local currency, primarily due to increased variable compensation expense related to improved year-over-year performance. Year-to-date operating expenses were $492 million, an increase of 11 percent, 13 percent in local currency.

The region’s EBITDA for the third quarter of 2010 was $7 million, compared with $1 million for the same period last year. Year-to-date EBITDA for 2010 was $13 million compared with an EBITDA loss of $10 million for the first nine months of 2009.

Jones Lang LaSalle Reports Third-Quarter 2010 Net Income – Page 5

Asia Pacific Real Estate Services

Revenue in the Asia Pacific region was $165 million for the third quarter of 2010, compared with $136 million for the same period in 2009, an increase of 21 percent, 15 percent in local currency. The year-over-year increase was principally driven by transactional revenue improvement across most countries in the region compared with a year ago. Year-to-date revenue in the region was $455 million in 2010, an increase of 26 percent compared with 2009, 17 percent in local currency.

	Three Months Ended Sept 30,				% Change In LC			Nine Months Ended Sept 30,					% Change in LC
Asia Pacific (in millions)	2010		2009					2010		2009
Leasing	$	35.2	$	27.7		21	%	$	97.1	$	68.8			32	%
Capital Markets & Hotels		18.3		15.2		13	%		52.3		30.3			55	%
Property & Facility Management		75.6		67.6		5	%		214.4		191.6			3	%
Project & Development Services		19.2		10.9		69	%		44.7		31.5			33	%
Advisory, Consulting and Other		16.7		15.0		8	%		46.8		40.7			7	%
Operating revenue	$	165.0	$	136.4		15	%	$	455.3	$	362.9			16	%
Equity losses		0.0		0.0		n/m			0.0		(2.4	)		n/m
Total segment revenue	$	165.0	$	136.4		15	%	$	455.3	$	360.5			17	%

n/m – not meaningful

Operating expenses for the region were $158 million for the quarter, compared with $129 million in 2009, an increase of 16 percent year over year in local currency. Operating expenses were $432 million for the first nine months of 2010, compared with $354 million in 2009, an increase of 13 percent in local currency.

The region’s EBITDA for the third quarter of 2010 was $11 million, compared with $10 million for the same period last year. Year-to-date EBITDA for 2010 was $34 million compared with $15 million for the first nine months of 2009.

LaSalle Investment Management

LaSalle Investment Management’s third-quarter Advisory fees were $62 million, up 1 percent compared with last year in both US dollars and local currency. Year-to-date Advisory fees were $176 million, compared with $180 million through the first nine months of 2009, a decrease of 4 percent in local currency.

– more –

Jones Lang LaSalle Reports Third-Quarter 2010 Net Income – Page 6

LaSalle Investment Management	Three Months Ended Sept 30,						% Change in LC			Nine Months Ended Sept 30,						% Change in LC
(in millions)	2010			2009						2010			2009
Advisory fees	$	61.7		$	61.2			1	%	$	176.2		$	180.1			(4	%)
Transaction and Incentive fees		3.3			4.7			(30	%)		13.7			15.7			(17	%)
Operating revenue	$	65.0		$	65.9			(1	%)	$	189.9		$	195.8			(5	%)
Equity losses		(2.0	)		(5.0	)		n/m			(11.2	)		(51.7	)		n/m
Total segment revenue	$	63.0		$	60.9			3	%	$	178.7		$	144.1			21	%

n/m – not meaningful

During the quarter, LaSalle Investment Management raised net capital of $1.0 billion, bringing the year-to-date net capital raise to $5.3 billion. Investments totalled $1.7 billion during the third quarter, $2.5 billion year to date. At the end of the third quarter assets under management were $40.2 billion.

Summary

Throughout the downturn, the firm has strengthened its corporate business and redefined its cost base across transactional businesses. It has maintained steady margin improvements in line with stable revenue growth. LaSalle Investment Management has raised strong levels of capital through the first nine months of the year and remains strategically positioned as opportunities arise. The firm is encouraged by three solid quarters of performance and is well positioned to take advantage of the opportunities that will arise from recovering markets.

– more –

Jones Lang LaSalle Reports Third-Quarter 2010 Net Income – Page 7

Statements in this press release regarding, among other things, future financial results and performance, achievements, plans and objectives, dividend payments 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 which may cause actual results, performance, achievements, plans and objectives of Jones Lang LaSalle to be materially different from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include those discussed under “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures about Market Risk,” and elsewhere in Jones Lang LaSalle’s Annual Report on Form 10-K for the year ended December 31, 2009, and in the Quarterly Report on Form 10-Q for the quarters ended March 31, 2010, and June 30, 2010, and in other reports filed with the Securities and Exchange Commission. There can be no assurance that future dividends will be declared since the actual declaration of future dividends, and the establishment of record and payment dates, remains subject to final determination by the Company’s Board of Directors. Statements speak only as of the date of this release. Jones Lang LaSalle expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in Jones Lang LaSalle’s expectations or results, or any change in events.

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management. For further information, please visit the company’s website, www.joneslanglasalle.com.

200 East Randolph Drive Chicago Illinois 60601   |   22 Hanover Square London W1A 2BN   |   9 Raffles Place #39–00 Republic Plaza Singapore 048619

– more –

Jones Lang LaSalle Reports Third-Quarter 2010 Net Income – Page 8

Conference Call

The firm will conduct a conference call for shareholders, analysts and investment professionals on Wednesday, October 27 at 9:00 a.m. EDT.

To participate in the teleconference, please dial into one of the following phone numbers five to 10 minutes before the start time:

•   U.S. callers:	+1 866 297 4749
•   International callers:	+1 706 679 7364
•   Pass code:	#16895997

Webcast

Follow these steps to listen to the webcast:

1. You must have a minimum 14.4 Kbps Internet connection

2. Log on to http://www.videonewswire.com/event.asp?id=73301 and follow instructions

3. Download free Windows Media Player software: (link located under registration form)

4. If you experience problems listening, send an e-mail to prnwebcast@multivu.com

Supplemental Information

Supplemental information regarding the third quarter 2010 earnings call has been posted to the Investor Relations section of the company’s website: www.joneslanglasalle.com.

Conference Call Replay

Available: 12:00 p.m. EDT Wednesday, October 27 through 11:59 p.m. EDT Wednesday, November 3 at the following numbers:

•   U.S. callers:	+1 800 642 1687
•   International callers:	+1 706 645 9291
•   Pass code:	#16895997

Web Audio Replay

Audio replay will be available for download or stream. This information and link is also available on the company’s website: www.joneslanglasalle.com.

If you have any questions, call Yvonne Peterson of Jones Lang LaSalle’s Investor Relations department at +1 312 228 2919.

###

JONES LANG LASALLE INCORPORATED

Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2010 and 2009

(in thousands, except share data)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009
Revenue	$	708,379		$	595,302		$	1,969,361		$	1,665,651
Operating expenses:
Compensation and benefits		463,065			380,029			1,288,854			1,103,960
Operating, administrative and other		165,336			147,744			484,830			426,020
Depreciation and amortization		17,743			18,720			52,989			64,608
Restructuring charges		385			4,181			5,501			36,608
Total operating expenses		646,529			550,674			1,832,174			1,631,196
Operating income		61,850			44,628			137,187			34,455
Interest expense, net of interest income		11,490			16,304			35,738			43,590
Equity losses from unconsolidated ventures		(2,014	)		(4,960	)		(10,937	)		(56,230	)
Income (loss) before income taxes and noncontrolling interest		48,346			23,364			90,512			(65,365	)
Provision (benefit) for income taxes		11,120			3,505			20,817			(9,806	)
Net income (loss)		37,226			19,859			69,695			(55,559	)
Net income attributable to noncontrolling interest		101			88			347			290
Net income (loss) attributable to the Company	$	37,125		$	19,771		$	69,348		$	(55,849	)
Net income (loss) attributable to common shareholders	$	37,125		$	19,771		$	69,130		$	(56,135	)
Basic earnings (loss) per common share	$	0.87		$	0.47		$	1.64		$	(1.50	)
Basic weighted average shares outstanding		42,568,764			41,762,451			42,175,393			37,432,242
Diluted earnings (loss) per common share	$	0.84		$	0.46		$	1.57		$	(1.50	)
Diluted weighted average shares outstanding		44,088,989			43,299,868			44,064,294			37,432,242
EBITDA	$	77,478		$	58,300		$	178,674		$	42,257

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Segment Operating Results

For the Three and Nine Months Ended September 30, 2010 and 2009

(in thousands)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009
REAL ESTATE SERVICES
AMERICAS
Revenue:
Operating revenue	$	309,063		$	238,734		$	832,748		$	688,122
Equity earnings (losses)		40			30			280			(1,181	)
		309,103			238,764			833,028			686,941
Operating expenses:
Compensation, operating and administrative expenses		263,140			199,816			727,806			605,390
Depreciation and amortization		8,697			9,672			26,415			38,111
		271,837			209,488			754,221			643,501
Operating income	$	37,266		$	29,276		$	78,807		$	43,440
EBITDA	$	45,963		$	38,948		$	105,222		$	81,551
EMEA
Revenue:
Operating revenue	$	169,275		$	154,223		$	491,442		$	418,814
Equity earnings (losses)		(12	)		19			(45	)		(940	)
		169,263			154,242			491,397			417,874
Operating expenses:
Compensation, operating and administrative expenses		161,858			152,909			478,672			428,225
Depreciation and amortization		4,222			5,265			13,249			15,641
		166,080			158,174			491,921			443,866
Operating income (loss)	$	3,183		$	(3,932	)	$	(524	)	$	(25,992	)
EBITDA	$	7,405		$	1,333		$	12,725		$	(10,351	)
ASIA PACIFIC
Revenue:
Operating revenue	$	164,968		$	136,431		$	455,317		$	362,904
Equity losses		—			—			—			(2,371	)
		164,968			136,431			455,317			360,533
Operating expenses:
Compensation, operating and administrative expenses		153,981			126,076			421,573			345,131
Depreciation and amortization		3,616			3,205			9,948			9,198
		157,597			129,281			431,521			354,329
Operating income	$	7,371		$	7,150		$	23,796		$	6,204
EBITDA	$	10,987		$	10,355		$	33,744		$	15,402
LASALLE INVESTMENT MANAGEMENT
Revenue:
Operating revenue	$	65,073		$	65,915		$	189,854		$	195,811
Equity losses		(2,042	)		(5,010	)		(11,172	)		(51,738	)
		63,031			60,905			178,682			144,073
Operating expenses:
Compensation, operating and administrative expenses		49,422			48,972			145,633			151,235
Depreciation and amortization		1,208			578			3,377			1,657
		50,630			49,550			149,010			152,892
Operating income (loss)	$	12,401		$	11,355		$	29,672		$	(8,819	)
EBITDA	$	13,609		$	11,933		$	33,049		$	(7,162	)
Total segment revenue		706,365			590,342			1,958,424			1,609,421
Reclassification of equity losses		(2,014	)		(4,960	)		(10,937	)		(56,230	)
Total revenue	$	708,379		$	595,302		$	1,969,361		$	1,665,651
Total operating expenses before restructuring charges		646,144			546,493			1,826,673			1,594,588
Operating income before restructuring charges	$	62,235		$	48,809		$	142,688		$	71,063

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Consolidated Balance Sheets

September 30, 2010, December 31, 2009 and September 30, 2009

(in thousands)

	September 30, 2010 (Unaudited)			December 31, 2009			September 30, 2009 (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	71,717		$	69,263		$	56,611
Trade receivables, net of allowances		638,111			669,993			572,981
Notes and other receivables		79,607			73,984			77,874
Prepaid expenses		37,665			35,689			36,668
Deferred tax assets		75,174			82,793			129,177
Other		25,279			8,196			15,175
Total current assets		927,553			939,918			888,486
Property and equipment, net of accumulated depreciation		192,405			213,708			216,115
Goodwill, with indefinite useful lives		1,438,038			1,441,951			1,447,611
Identified intangibles, with finite useful lives, net of accumulated amortization		31,306			36,791			39,947
Investments in real estate ventures		178,567			167,310			157,093
Long-term receivables		44,940			52,941			54,009
Deferred tax assets		137,431			139,406			74,733
Other		113,824			104,908			115,415
Total assets	$	3,064,064		$	3,096,933		$	2,993,409
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	311,091		$	347,650		$	305,711
Accrued compensation		404,666			479,628			313,999
Short-term borrowings		29,182			23,399			57,161
Deferred tax liabilities		1,164			1,164			3,357
Deferred income		48,561			38,575			35,160
Deferred business acquisition obligations		165,885			106,330			101,794
Other		92,017			98,349			84,951
Total current liabilities		1,052,566			1,095,095			902,133
Noncurrent liabilities:
Credit facilities		253,000			175,000			292,286
Deferred tax liabilities		10,091			3,210			4,511
Deferred compensation		18,035			27,039			28,191
Pension liabilities		6,534			8,210			4,360
Deferred business acquisition obligations		132,862			287,259			290,518
Minority shareholder redemption liability		32,372			32,475			45,914
Other		79,146			86,031			84,770
Total liabilities		1,584,606			1,714,319			1,652,683
Company shareholders’ equity:
Common stock, $.01 par value per share, 100,000,000 shares authorized; 42,645,979, 41,843,947 and 41,834,319 shares issued and outstanding as of September 30, 2010, December 31, 2009, and September 30, 2009, respectively		426			418			418
Additional paid-in capital		869,062			854,227			841,430
Retained earnings		596,314			531,456			483,654
Shares held in trust		(6,290	)		(5,196	)		(5,276	)
Accumulated other comprehensive income (loss)		17,069			(1,976	)		16,688
Total Company shareholders’ equity		1,476,581			1,378,929			1,336,914
Noncontrolling interest		2,877			3,685			3,812
Total equity		1,479,458			1,382,614			1,340,726
Total liabilities and equity	$	3,064,064		$	3,096,933		$	2,993,409

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Summarized Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2010 and 2009

(in thousands)

(Unaudited)

	Nine Months Ended September 30,
	2010			2009
Cash provided by operating activities	$	108,072		$	43,861
Cash used in investing activities		(160,782	)		(71,665	)
Cash provided by financing activities		55,164			38,522
Net increase in cash and cash equivalents		2,454			10,718
Cash and cash equivalents, beginning of period		69,263			45,893
Cash and cash equivalents, end of period	$	71,717		$	56,611

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Financial Statement Notes

1. Charges excluded from GAAP net income (loss) to arrive at adjusted net income for the quarters and year- to- date periods ended September 30, 2010, and September 30, 2009, respectively, are primarily severance costs and non-cash co-investment charges. Below are reconciliations of GAAP net income (loss) to adjusted net income and calculations of earnings (loss) per share (“EPS”) for each net income (loss) total (in millions after tax, except per share):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2010		2009		2010		2009
GAAP net income (loss)	$	37.1	$	19.8	$	69.1	$	(56.1	)
Shares (in 000s)		44,089		43,300		44,064		37,432
GAAP earnings (loss) per share	$	0.84	$	0.46	$	1.57	$	(1.50	)
GAAP net income (loss)	$	37.1	$	19.8	$	69.1	$	(56.1	)
Restructuring, net of tax		0.3		3.6		4.2		31.1
Non-cash co-investment charges, net of tax		0.7		3.2		7.4		40.4
Adjusted net income		38.1		26.6		80.7		15.4
Shares (in 000s)		44,089		43,300		44,064		38,880
Adjusted earnings per share	$	0.86	$	0.61	$	1.83	$	0.40

Basic shares outstanding were used in the calculation of GAAP EPS for the nine months ended September 30, 2009, as the use of dilutive shares outstanding would have caused that EPS calculation to be anti-dilutive.

2. Adjusted EBITDA represents EBITDA adjusted for Restructuring and non-cash co-investment charges. EBITDA represents earnings before interest expense, net of interest income, income taxes, depreciation and amortization. Although adjusted EBITDA and EBITDA are non-GAAP financial measures, they are used extensively by management and are useful to investors and lenders as metrics for evaluating operating performance and liquidity. The firm believes that adjusted EBITDA and EBITDA are indicators of ability to service existing debt, to sustain potential future increases in debt and to satisfy capital requirements. EBITDA is also used in the calculations of certain covenants related to the firm’s revolving credit facility. However, adjusted EBITDA and EBITDA should not be considered as alternatives either to net income (loss) or net cash provided by operating activities, both of which are determined in accordance with GAAP. Because adjusted EBITDA and EBITDA are not calculated under GAAP, the firm’s adjusted EBITDA and EBITDA may not be comparable to similarly titled measures used by other companies.

Below is a reconciliation of net income (loss) to EBITDA and adjusted EBITDA (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2010		2009		2010		2009
Net income (loss)	$	37,125	$	19,771	$	69,130	$	(56,135	)
Add (Deduct):
Interest expense, net of interest income		11,490		16,304		35,738		43,590
Provision (Benefit) for income taxes		11,120		3,505		20,817		(9,806	)
Depreciation and amortization		17,743		18,720		52,989		64,608
EBITDA	$	77,478	$	58,300	$	178,674	$	42,257
Add:
Restructuring		385		4,181		5,501		36,608
Non-cash co-investment charges		876		3,728		9,532		47,575
Adjusted EBITDA	$	78,739	$	66,209	$	193,707	$	126,440

Below is a reconciliation of net cash from operating activities, the most comparable cash flow measure on the consolidated statements of cash flows, to EBITDA and adjusted EBITDA (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010		2009
Net cash provided by operating activities	$	188,435		$	129,632		$	108,072	$	43,861
Add (Deduct):
Interest expense, net of interest income		11,490			16,304			35,738		43,590
Change in working capital and non-cash expenses		(133,567	)		(91,141	)		14,047		(35,388	)
Provision (Benefit) for income taxes		11,120			3,505			20,817		(9,806	)
EBITDA	$	77,478		$	58,300		$	178,674	$	42,257
Add:
Restructuring		385			4,181			5,501		36,608
Non-cash co-investment charges		876			3,728			9,532		47,575
Adjusted EBITDA	$	78,739		$	66,209		$	193,707	$	126,440

3. For purposes of segment operating results, the allocation of restructuring charges to the segments has been determined to not be meaningful to investors, so the performance of segment results has been evaluated without allocation of these charges.

4. Each geographic region offers the firm’s full range of Real Estate Services businesses consisting primarily of tenant representation and agency leasing; capital markets; property management and facilities management; project and development services; and advisory, consulting and valuations services. The Investment Management segment provides investment management services to institutional investors and high-net-worth individuals.

5. The consolidated statements of cash flows are presented in summarized form. For complete consolidated statements of cash flows, please refer to the firm’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, to be filed with the Securities and Exchange Commission shortly.

6. EMEA refers to Europe, Middle East, and Africa. MENA refers to Middle East and North Africa.

7. Certain prior year amounts have been reclassified to conform to the current presentation.

EX-99.2

Supplemental Information 

Third Quarter         

Earnings Call

2010

Exhibit 99.2

Market & Financial Overview

London,

Washington DC

Paris,

Seoul

Hong Kong,

Shanghai

Beijing

Capital Value

growth slowing

Capital Value

growth

accelerating

Capital Value

bottoming out

Capital Value

falling

Americas

EMEA

Asia Pacific

Hong Kong

Detroit

Brussels,

Dallas

Shanghai

Capital Values

Q3 2009

Q3 2010

Capital Value

growth slowing

Capital Value

falling

Capital Value

growth

accelerating

Capital Value

bottoming out

Singapore, Toronto

As of Q3 2010

The

Jones

Lang

LaSalle

Property

Clocks

SM

Amsterdam, Milan, Sao Paulo,

Sydney

Berlin,

Mumbai,

New

York,

San

Francisco

Stockholm

Brussels, Moscow,

Paris,

Washington

DC

Amsterdam,

Milan,

Mumbai,

Sydney

Moscow,

New York,

Sao Paulo

Chicago, San Francisco,

Singapore,

Toronto

Beijing, London,

Seoul

Berlin,

Philadelphia,

Stockholm,

Tokyo

Detroit, Philadelphia

Chicago, Dallas

Tokyo

3

Paris, Stockholm

Rental growth

slowing

Rental growth

falling

Rental

growth

accelerating

Rents

bottoming

out

Americas

EMEA

Asia Pacific

Leasing Market Fundamentals

Q3 2009

London, Sydney

Amsterdam, Berlin,

Dallas,

Milan,

San Francisco

Los Angeles, New York

Hong Kong,

Mumbai

Atlanta, Detroit, Seoul

Shanghai

Q3 2010

Beijing,

Hong Kong

London

,

Shanghai

Milan

Chicago,

Rome,

Seoul

Rental growth

slowing

Rental growth

falling

Rental

growth

accelerating

Rents

bottoming

out

Detroit

Los Angeles,

New York

As of Q3 2010

The

Jones

Lang

LaSalle

Property

Clocks

SM

Brussels

Amsterdam,

Atlanta,

Dallas

Berlin, Mumbai,

San Francisco,

Sydney, Tokyo

Moscow,

Singapore,

Washington DC

Chicago,

Rome

Stockholm,

Washington DC

Brussels,

Singapore

Beijing,

Paris

Moscow,

Tokyo

4

Demonstrating Competitive Strength

5

Achieving Results on 2010 Priorities

•

Grow market share

–

Leasing

momentum

continues;

Q3

revenue

up

>

20%

in

local

currency

across

all

regions

–

Project & Development Services revenue up 25% in Q3

•

Improve operating income margins and maintain cost discipline

–

Adjusted operating income margin of 7.2% YTD, 4.3% in 2009

–

Compensation as a % of revenue is 65.4% YTD, 66.3% in 2009

–

Operating, administration and other as a % of revenue decreased 1.5% in Q3 and 1.0% YTD

•

Continue to build annuity revenue

–

Expand

corporate

outsourcing

leadership;

81

new

wins,

expansions

and

renewals

YTD

–

Property & Facility Management revenue up 10% in Q3 driven by 20% growth in Americas

•

LaSalle Investment Management: leverage global scale and market reputation

–

Strong pace of capital raised, $5.3 billion in net new capital commitments YTD

–

Well-positioned for emerging opportunities; $2.5 billion of investments made YTD, $1.7 billion in Q3

•

Maintain strong financial position

–

Renewed bank credit facility, capacity increased to $1.1 billion; maturity extended to September 2015

–

New pricing at LIBOR + 2.25% (all in ~ 2.50%)

–

Increased capacity provides strength, liquidity to meet current commitments and capitalize on new opportunities

Q3 Selected Business Wins and Expansions

MULTI-

REGIONAL

Sony Electronics 6M sf

Citi 28M sf

Senate Square, Washington DC $78M

International Paper 18M sf

Royal Palm, South Beach FL $126M

BBVA Compass 6M sf

Dassault Systèmes, Waltham MA 320k sf

Ally Financial 5M sf

Verisign, Reston VA 221k sf

Sheraton Chicago Hotel $158M

Southern Union Company, Houston TX 193k sf

Stanley Black & Decker 8M sf

The Lutetia, Paris €145M

O'Parinor Shopping Centre, Paris €223M

Turkish Retail

Grand Buildings, London £173M

Liber/Linklaters/Episerver, Sweden 101k sf

Bicocca, Milan €62M

Australian Federal Police 430k sf

Courtyard by Marriott, Gold Coast Australia $46M

Tyco Electronics, Shanghai 127k sf

HiTi Digital, Taiwan 420k sf

Direct Factory Outlets, Australia $473M

King & Wood PRC Lawyers, Beijing 97k sf

Galaxy Department Store, Taipei $95M

MARG, Chennai 116k sf

IBIS Bencoolen, Singapore

Agriculture Bank of China 328M sf

6

Third Quarter Financial Information

8

Q3 2010 Revenue Performance

Note: Equity losses of $5.0M and $2.0M in 2009 and 2010, respectively, are included in segment results, however, are excluded

from Consolidated totals.

Americas

EMEA

Asia Pacific

$238.8

$309.1

2009

2010

29%

$154.2

$169.3

2009

2010

18%

$136.4

$165.0

2009

2010

15%

$63.0

$60.9

2009

2010

3%

Consolidated

$595.3

$708.4

2009

2010

20%

($ in millions; % change in local currency )

LIM

Asia Pacific

9

Q3 2010 Real Estate Services Revenue

Americas

EMEA

Leasing

Capital Markets &

Hotels

Property & Facility

Management

Project &

Development Services

Advisory, Consulting

& Other

Total RES

Operating Revenue

$152.6

$25.2

$62.6

$40.7

$28.0

$309.1

38%

127%

20%

16%

6%

29%

$47.8

$31.1

$32.6

$29.2

$28.6

$169.3

42%

11%

6%

20%

8%

18%

$35.2

$18.3

$75.6

$19.2

$16.7

$165.0

21%

13%

5%

69%

8%

15%

$235.6

$74.6

$170.8

$89.1

$73.3

$643.4

36%

34%

10%

25%

22%

Total RES

Revenue

2%

($ in millions; % change in local currency over Q3 2009)

Note: Segment and Consolidated Real Estate Services (“RES”) operating revenue exclude Equity earnings (losses).

10

YTD 2010 Revenue Performance

Note: Equity losses of $56.2M and $10.9M in 2009 and 2010, respectively, are included in segment results, however, are

excluded from Consolidated totals.

($ in millions; % change in local currency

)

Americas

EMEA

Asia Pacific

$686.9

$833.1

2009

2010

21%

$417.9

$491.4

2009

2010

21%

$360.5

$455.3

2009

2010

17%

$178.7

$144.1

2009

2010

21%

Consolidated

$1,665.6

$1,969.4

2009

2010

17%

LIM

Asia Pacific

11

YTD 2010 Real Estate Services Revenue

($ in millions; % change in local currency over YTD 2009)

Americas

EMEA

Leasing

Capital Markets &

Hotels

Property & Facility

Management

Project &

Development Services

Advisory, Consulting

& Other

Total RES

Operating Revenue

$410.2

$49.0

$182.7

$110.8

$80.1

$832.8

27%

97%

24%

4%

1%

21%

$133.4

$89.3

$102.3

$82.8

$83.6

$491.4

34%

34%

13%

16%

5%

20%

$97.1

$52.3

$214.4

$44.7

$46.8

$455.3

32%

55%

3%

33%

7%

16%

$640.7

$190.6

$499.4

$238.3

$210.5

$1,779.5

29%

52%

12%

8%

3%

19%

Total RES

Revenue

Note: Segment and Consolidated Real Estate Services (“RES”) operating revenue exclude Equity earnings (losses).

Separate Account

Management

(Firm’s co-investment =

$17.0M)

•

$19.0 billion of assets

under management

(16% increase from 2009)

(1)

AUM data reported on a one quarter lag

Fund Management

(Firm’s co-investment =

$160.0M)

•

$14.1 billion of assets

under management

(13% decline from 2009)

Public Securities

(Firm’s co-investment =

$0.1M)

•

$7.1 billion of assets

under management

(42% increase over 2009)

Q3 2010 Statistics

(1)

Q3 2010

YTD 2010

New Separate Accounts Mandates

$500

$4,200

Net New Equity for Funds and Public Securities

500

1,100

Net New Capital Commitments

$1,000

$5,300

Total AUM

$40.2 billion

Operating Revenue

LaSalle Investment Management

Premier global investment manager

1%

5%

Capital Raising Summary

($ in millions; % change in local currency )

12

Solid Cash Flows and Balance Sheet Position

•

Strong cash from earnings growth

•

Paid first deferred Staubach obligation

of

$76

million

(2)

•

Renewed and extended credit facility

-

Capacity increased to $1.1 billion,

previously $840 million

-

Maturity extended to September 2015

•

Investment grade ratings affirmed:

Standard & Poor’s:

BBB-

(Outlook: Stable)

Moody’s Investor Services:

Baa2 (Outlook: Stable)

YTD 2010 Highlights

Cash Flows

Q3 2010

YTD

Q3 2009

YTD

Cash from Earnings

$192

$135

Working Capital

(84)

(91)

Cash from Operations

$108

$44

Primary Uses

Capital Expenses

(1)

(23)

(31)

Acquisitions & Deferred Payment Obligations

(113)

(15)

Co-Investment

(25)

(26)

Dividends

(4)

(4)

Net Cash Outflows

($165)

($76)

Net Share Activity & Other Financing

(27)

192

Net Debt  (Borrowings) / Repayments

($84)

$160

Balance Sheet

Q3 2010

Q3 2009

Cash

$72

$57

Short Term Borrowings

29             

57

Credit Facilities

253

292           

Net Bank Debt

$210

$292

Deferred Business Obligations

299          

392

Total Net Debt

$509

$684

(1)

YTD Capital Expenditures for 2010 and 2009 net of tenant improvement allowances received were $22 million and $25 million, respectively

(2)

$78 million due less $2 million deferred in accordance with the merger agreement

13

($ in millions; % change in local currency )

Appendix

15

Q3 2010 Adjusted EBITDA

*

Performance

Americas

EMEA

Asia Pacific

LIM

$38.9

$46.0

2009

2010

$1.4

$7.4

2009

2010

$10.4

$11.0

2009

2010

$14.5

$15.6

2009

2010

Consolidated

$66.2

$78.7

2009

2010

*

Refer

to

slide

18

for

Reconciliation

of

GAAP

Net

Income

(Loss)

to

EBITDA

and

adjusted

EBITDA

for

the

three

months

ended

September

30,

2010,

and

2009,

for

details

relative

to

these

adjusted

EBITDA

calculations.

Segment

adjusted

EBITDA

is

calculated

by

adding

the

segment’s

Depreciation

and

amortization

and

non-cash

co-investment

charges

to

its

reported

Operating

income

(loss),

which

excludes

Restructuring

charges.

Consolidated

adjusted

EBITDA

is

the

sum

of

the

adjusted

EBITDA

of

the

four

segments

less

net

income

attributable

to

non-controlling

interests

and

dividends

on

unvested

common

stock.

($ in millions)

16

YTD 2010 Adjusted EBITDA

*

Performance

Americas

EMEA

Asia Pacific

$81.6

$105.2

2009

2010

($9.4)

$12.7

2009

2010

$15.4

$33.7

2009

2010

$42.6

$39.5

2009

2010

Consolidated

$126.4

$193.7

2009

2010

*

Refer

to

slide

18

for

Reconciliation

of

GAAP

Net

Income

(Loss)

to

EBITDA

and

adjusted

EBITDA

for

the

nine

months

ended

September

30,

2010,

and

2009,

for

details

relative

to

these

adjusted

EBITDA

calculations.

Segment

adjusted

EBITDA

is

calculated

by

adding

the

segment’s

Depreciation

and

amortization

and

non-cash

co-investment

charges

to

its

reported

Operating

income

(loss),

which

excludes

Restructuring

charges.

Consolidated

adjusted

EBITDA

is

the

sum

of

the

adjusted

EBITDA

of

the

four

segments

less

net

income

attributable

to

non-controlling

interests

and

dividends

on

unvested

common

stock.

($ in millions)

LIM

17

($ in millions)

Reconciliation of GAAP Net Income (Loss) to

Adjusted Net Income

Note:

Basic

shares

outstanding

are

used

in

the

calculation

of

GAAP

EPS

for

the

nine

months

ending

September

30,

2009,

as

the

use

of

dilutive

shares

outstanding

would

cause

that

EPS

calculation

to

be

anti-dilutive.

2010

2009

2010

2009

GAAP net income (loss)

37.1

$      

19.8

$      

69.1

$      

(56.1)

$     

Shares (in 000's)

44,089

43,300

44,064

37,432

GAAP earnings (loss) per share

0.84

$      

0.46

$      

1.57

$      

(1.50)

$     

GAAP net income (loss)

37.1

$      

19.8

$      

69.1

$      

(56.1)

$     

Restructuring, net of tax

0.3

3.6

4.2

31.1

Non-cash co-investment charges, net of tax

0.7

3.2

7.4

40.4

Adjusted net income

38.1

$      

26.6

$      

80.7

$      

15.4

$      

Shares (in 000's)

44,089

43,300

44,064

38,880

Adjusted earnings per share

0.86

$      

0.61

$      

1.83

$      

0.40

$      

Three Months Ended

September 30,

Nine Months Ended

September 30,

18

($ in millions)

Reconciliation of GAAP Net Income (Loss) to

EBITDA and Adjusted EBITDA

2010

2009

2010

2009

Net income (loss)

37.1

$        

19.8

$        

69.1

$        

(56.1)

$      

Interest expense, net of interest income

11.5

16.3

35.7

43.6

Provision (benefit) for income taxes

11.1

3.5

20.8

(9.8)

Depreciation and amortization

17.7

18.7

53.0

64.6

EBITDA

77.4

$        

58.3

$        

178.6

$      

42.3

$        

Non-cash co-investment charges

0.9

3.7

9.6

47.5

Restructuring

0.4

4.2

5.5

36.6

Adjusted EBITDA

78.7

$        

66.2

$        

193.7

$      

126.4

$      

Three Months Ended

September 30,

September 30,

Nine Months Ended