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): April 27, 2011

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 April 26, 2011, Jones Lang LaSalle Incorporated issued a press release and supporting supplemental information announcing its financial results for the first quarter ended March 31, 2011. 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 April 26, 2011 announcing its financial results for the first quarter ended March 31, 2011.
99.2.	Supplemental Information to First Quarter 2011 Earnings Call issued on April 26, 2011.

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: April 27, 2011	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 April 26, 2011 announcing its financial results for the first quarter ended March 31, 2011.
Exhibit 99.2	Supplemental Information to First Quarter 2011 Earnings Call issued on April 26, 2011.

EX-99.1

Exhibit 99.1

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

Jones Lang LaSalle Reports First-Quarter 2011 Results

Revenue of $688 million, up 18 percent from the first quarter of 2010

CHICAGO, April 26, 2011 – Jones Lang LaSalle Incorporated (NYSE: JLL) today reported net income of $1.5 million on a U.S. GAAP basis, or $0.03 per share, for the quarter ended March 31, 2011, compared with net income of $0.2 million on a U.S. GAAP basis, or $0.01 per share, for the quarter ended March 31, 2010. Revenue for the first quarter of 2011 was $688 million, an increase of 18 percent in U.S. dollars, 16 percent in local currency, compared with the first quarter of 2010. The firm’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) were $28 million for the first quarter of 2011 compared with EBITDA of $29 million for the same period in 2010.

First-Quarter 2011 Highlights:

• Solid revenue growth; transaction pipelines strengthening in all regions

• Robust Americas Leasing performance with revenue up 35 percent

• LaSalle Investment Management raised $1.5B of net capital commitments

• Semi-annual dividend increased to $0.15 per share, from $0.10 per share

“Positive year-over-year revenue performance continued in the first quarter with good momentum building in our businesses,” said Colin Dyer, President and Chief Executive Officer of Jones Lang LaSalle. “Our healthy new business pipelines across the globe make us optimistic about our revenue and profit prospects as we move into the seasonally stronger quarters of the year,” Dyer added.

Jones Lang LaSalle Reports First-Quarter 2011 Results – Page 2

Consolidated Business Line Revenue Comparison (in millions)

	Three Months Ended March 31,				Percentage Change
	2011		2010		% in USD			% in LC
Real Estate Services (“RES”)
Leasing	$	210.1	$	170.4		23	%		22	%
Capital Markets & Hotels		66.0		52.3		26	%		22	%
Property & Facility Management		186.5		160.5		16	%		12	%
Project & Development Services		93.7		68.2		37	%		36	%
Advisory, Consulting and Other		64.9		63.9		2	%		0	%
Total RES revenue	$	621.2	$	515.3		21	%		18	%
LaSalle Investment Management
Advisory fees	$	61.3	$	58.4		5	%		2	%
Transaction and Incentive fees		5.4		7.0		(23	%)		(27	%)
Total LaSalle Investment Management	$	66.7	$	65.4		2	%		(1	%)
Total firm revenue	$	687.9	$	580.7		18	%		16	%

Operating expenses were $676 million for the first quarter, an increase of 20 percent, 18 percent in local currency, compared with operating expenses excluding Restructuring charges in 2010. The year-over-year increase was principally driven by variable costs to support revenue growth and by certain unusual expense items. These unusual items, while not classified as Restructuring charges, totaled more than $9 million and included accelerated compensation costs from acquisitions, reserves for third-party claims and a large contribution to Japanese disaster relief. Since the unusual items were incurred in the firm’s seasonally slowest quarter of the year, they impacted operating income and EBITDA margins more significantly than if they had been incurred in a later quarter.

Balance Sheet and Dividend

The firm’s net debt position, which includes deferred acquisition obligations, decreased by $184 million compared with March 31, 2010, to $512 million. Outstanding debt on the firm’s long-term credit facility decreased by $57 million compared with a year ago, to $278 million at quarter end.

The firm announced that its Board of Directors declared a semi-annual dividend of $0.15 per share, an increase from the $0.10 per share dividend payment made in December 2010. The dividend payment will be made on June 15, 2011, to holders of record at the close of business on May 16, 2011.

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Jones Lang LaSalle Reports First-Quarter 2011 Results – Page 3

Business Segment First-Quarter Performance Highlights

Americas Real Estate Services

First-quarter revenue in the Americas region was $288 million, an increase of $60 million, or 26 percent, over the prior year. Leasing revenue grew 35 percent, demonstrating the strength and scale of Americas’ leasing business. Capital Markets and Hotels also generated strong growth in the quarter, more than doubling to $20 million.

	Three Months Ended March 31,				Percentage Change
Americas (in millions)	2011		2010		% in USD			% in LC
Leasing	$	143.1	$	106.2		35	%		34	%
Capital Markets & Hotels		19.8		9.5		108	%		107	%
Property & Facility Management		66.7		58.2		15	%		14	%
Project & Development Services		37.2		31.5		18	%		18	%
Advisory, Consulting and Other		20.7		22.8		(9	%)		(10	%)
Operating revenue	$	287.5	$	228.2		26	%		26	%
Equity earnings		0.6		0.2		n/m			n/m
Total segment revenue	$	288.1	$	228.4		26	%		26	%

n/m – not meaningful

Operating expenses were $279 million in the first quarter, 27 percent higher than a year ago. The increase was largely due to higher incentive compensation expense and, to a lesser extent, the accounting treatment of approximately $3 million of accelerated compensation costs associated with acquisitions. Variable operating expenses such as Travel & Entertainment and Marketing also were higher as revenue-generating activities increased commensurate with stronger pipelines of future business. EBITDA increased to $19 million from $18 million in the first quarter of 2010.

EMEA Real Estate Services

EMEA’s revenue in the first quarter of 2011 was $168 million compared with $151 million in 2010, an increase of 11 percent, 10 percent in local currency. The most significant component of the revenue increase was in Project & Development Services (“PDS”), which includes the Tetris fit-out business where gross contracts include subcontractor costs. Market recoveries across the region continued to be mixed, resulting in varied performance from one country to the next. Performance in our three biggest countries, Germany, England and France, continued to be strong.

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Jones Lang LaSalle Reports First-Quarter 2011 Results – Page 4

	Three Months Ended March 31,					Percentage Change
EMEA (in millions)	2011			2010		% in USD			% in LC
Leasing	$	37.2		$	38.8		(4	%)		(5	%)
Capital Markets & Hotels		28.7			26.2		10	%		6	%
Property & Facility Management		35.9			34.5		4	%		2	%
Project & Development Services		38.4			26.0		48	%		47	%
Advisory, Consulting and Other		28.0			25.9		8	%		7	%
Operating revenue	$	168.2		$	151.4		11	%		10	%
Equity losses		(0.1	)		—		n/m			n/m
Total segment revenue	$	168.1		$	151.4		11	%		10	%

n/m – not meaningful

Operating expenses were $181 million in the first quarter, an increase of 13 percent from the prior year, 11 percent in local currency. Subcontractor costs related to the PDS business line increased by more than $8 million compared to the prior year. Variable compensation, driven by higher revenue, and operating costs, driven by a greater level of revenue-generating activities, also contributed to the increase. EBITDA was a loss of $8 million, compared with a loss of $5 million in the first quarter of 2010.

Asia Pacific Real Estate Services

Revenue in Asia Pacific was $165 million for the first quarter of 2011, compared with $136 million for the same period in 2010, an increase of 22 percent, 15 percent in local currency. The year-over-year increase was largely driven by growth in India, Greater China and Australia.

	Three Months Ended March 31,				Percentage Change
Asia Pacific (in millions)	2011		2010		% in USD			% in LC
Leasing	$	29.8	$	25.4		17	%		11	%
Capital Markets & Hotels		17.5		16.6		5	%		(1	%)
Property & Facility Management		83.9		67.8		24	%		16	%
Project & Development Services		18.1		10.7		69	%		62	%
Advisory, Consulting and Other		16.2		15.2		7	%		1	%
Operating revenue	$	165.5	$	135.7		22	%		15	%
Equity earnings		—		—		n/m			n/m
Total segment revenue	$	165.5	$	135.7		22	%		15	%

n/m – not meaningful

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Jones Lang LaSalle Reports First-Quarter 2011 Results – Page 5

Operating expenses for the region were $160 million for the quarter, an increase of 23 percent, 15 percent in local currency on a year-over-year basis. The increase was principally due to staff and vendor costs that related to a higher volume of PDS work as well as other corporate client activities. Unusual expense items related to the region included the firm’s $1.3 million donation for disaster relief in Japan. EBITDA totaled $8 million, consistent with the first quarter of 2010.

LaSalle Investment Management

LaSalle Investment Management’s first-quarter Advisory fees were $61 million, 5 percent higher compared with the first quarter of 2010, primarily related to favorable valuation increases in the securities business. The business also recognized $2 million of Transaction fees from asset purchases in the first quarter of 2011.

LaSalle Investment Management	Three Months Ended March  31,						Percentage Change
(in millions)	2011			2010			% in USD			% in LC
Advisory fees	$	61.3		$	58.4			5	%		2	%
Transaction and Incentive fees		5.4			7.0			(23	%)		(27	%)
Operating revenue	$	66.7		$	65.4			2	%		(1	%)
Equity losses		(2.5	)		(6.3	)		n/m			n/m
Total revenue	$	64.2		$	59.1			9	%		5	%

n/m – not meaningful

During the quarter, LaSalle Investment Management raised $1.5 billion of net equity, primarily in equity commitments from separate account clients and in the public securities business. Assets under management were $43.0 billion, compared with $41.3 billion at December 31, 2010. EBITDA was $10 million, an increase from $9 million in the first quarter of 2010.

Summary

The firm’s revenue growth momentum continued in the first quarter of 2011 and prospects for the remainder of 2011 are positive. The firm’s corporate clients are showing increased confidence to make decisions, pipelines are robust and LaSalle continues to perform well and raise capital. The balance sheet remains strong and the firm is well positioned to take advantage of a consolidating industry.

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Jones Lang LaSalle Reports First-Quarter 2011 Results – Page 6

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 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from 1,000 locations worldwide, including 185 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 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 more than $43 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

Statements in this press release regarding, among other things, future financial results and performance, achievements, plans and objectives and dividend payments 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, 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.

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Jones Lang LaSalle Reports First-Quarter 2011 Results – Page 7

Conference Call

The firm will conduct a conference call for shareholders, analysts and investment professionals on Wednesday, April 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:	+1 877 800 0896
•    International callers:	+1 706 679 7364
•    Pass code:	59542775

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=78464 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 first quarter 2011 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, April 27 through 11:59 p.m. EDT May 4 at the following numbers:

•    U.S. callers:	+1 800 642 1687
•    International callers:	+1 706 645 9291
•    Pass code:	59542775

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 Months Ended March 31, 2011 and 2010

(in thousands, except share data)

(Unaudited)

	Three Months Ended March 31,
	2011			2010
Revenue	$	687,864		$	580,662
Operating expenses:
Compensation and benefits		461,357			387,381
Operating, administrative and other		196,126			156,453
Depreciation and amortization		18,315			17,713
Restructuring charges		—			1,120
Total operating expenses		675,798			562,667
Operating income		12,066			17,995
Interest expense, net of interest income		7,963			11,330
Equity losses from unconsolidated ventures		(1,971	)		(6,127	)
Income before income taxes and noncontrolling interest		2,132			538
Provision for income taxes		533			124
Net income		1,599			414
Net income attributable to noncontrolling interest		109			168
Net income attributable to the Company	$	1,490		$	246
Net income attributable to common shareholders	$	1,490		$	246
Basic earnings per common share	$	0.03		$	0.01
Basic weighted average shares outstanding		42,846,799			41,913,100
Diluted earnings per common share	$	0.03		$	0.01
Diluted weighted average shares outstanding		44,359,055			43,949,850
EBITDA	$	28,301		$	29,413

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Segment Operating Results

For the Three Months Ended March 31, 2011 and 2010

(in thousands)

(Unaudited)

	Three Months Ended March 31,
	2011			2010
REAL ESTATE SERVICES
AMERICAS
Revenue:
Operating revenue	$	287,445		$	228,199
Equity earnings		653			205
		288,098			228,404
Operating expenses:
Compensation, operating and administrative expenses		269,557			210,450
Depreciation and amortization		9,908			8,856
		279,465			219,306
Operating income	$	8,633		$	9,098
EBITDA	$	18,541		$	17,954
EMEA
Revenue:
Operating revenue	$	168,245		$	151,405
Equity losses		(113	)		(18	)
		168,132			151,387
Operating expenses:
Compensation, operating and administrative expenses		176,310			156,259
Depreciation and amortization		4,909			4,719
		181,219			160,978
Operating loss	$	(13,087	)	$	(9,591	)
EBITDA	$	(8,178	)	$	(4,872	)
ASIA PACIFIC
Revenue:
Operating revenue	$	165,450		$	135,645
Equity earnings		—			—
		165,450			135,645
Operating expenses:
Compensation, operating and administrative expenses		156,999			127,099
Depreciation and amortization		2,945			3,239
		159,944			130,338
Operating income	$	5,506		$	5,307
EBITDA	$	8,451		$	8,546
LASALLE INVESTMENT MANAGEMENT
Revenue:
Operating revenue	$	66,724		$	65,413
Equity losses		(2,511	)		(6,314	)
		64,213			59,099
Operating expenses:
Compensation, operating and administrative expenses		54,618			50,026
Depreciation and amortization		552			899
		55,170			50,925
Operating income	$	9,043		$	8,174
EBITDA	$	9,595		$	9,073
Total segment revenue		685,893			574,535
Reclassification of equity losses		(1,971	)		(6,127	)
Total revenue	$	687,864		$	580,662
Total operating expenses before restructuring charges		675,798			561,547
Operating income before restructuring charges	$	12,066		$	19,115

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Consolidated Balance Sheets

March 31, 2011, December 31, 2010 and March 31, 2010

(in thousands)

	March 31, 2011 (Unaudited)			December 31, 2010			March 31, 2010 (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	100,951		$	251,897		$	59,720
Trade receivables, net of allowances		698,292			721,486			595,767
Notes and other receivables		89,703			76,374			83,131
Warehouse receivables		113,257			—			—
Prepaid expenses		38,577			41,195			31,963
Deferred tax assets		78,359			82,740			79,634
Other		15,889			21,149			14,286
Total current assets		1,135,028			1,194,841			864,501
Property and equipment, net of accumulated depreciation		202,774			198,685			200,674
Goodwill, with indefinite useful lives		1,479,418			1,444,708			1,422,745
Identified intangibles, with finite useful lives, net of accumulated amortization		29,189			29,025			33,833
Investments in real estate ventures		178,158			174,578			168,750
Long-term receivables		59,263			42,735			50,168
Deferred tax assets		144,081			149,020			139,565
Other		119,719			116,269			101,557
Total assets	$	3,347,630		$	3,349,861		$	2,981,793
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	335,228		$	400,681		$	299,556
Accrued compensation		354,898			554,841			275,747
Short-term borrowings		42,517			28,700			46,669
Deferred tax liabilities		3,942			3,942			1,164
Deferred income		44,506			45,146			32,646
Deferred business acquisition obligations		153,540			163,656			97,577
Warehouse facility		113,257			—			—
Other		117,467			99,346			108,815
Total current liabilities		1,165,355			1,296,312			862,174
Noncurrent liabilities:
Credit facilities		278,000			197,500			334,999
Deferred tax liabilities		18,103			15,450			5,504
Deferred compensation		9,963			15,130			18,776
Pension liabilities		4,741			5,031			6,854
Deferred business acquisition obligations		138,784			134,889			275,619
Minority shareholder redemption liability		33,775			34,118			32,918
Other		83,882			79,496			78,427
Total liabilities		1,732,603			1,777,926			1,615,271
Company shareholders' equity:
Common stock, $.01 par value per share, 100,000,000 shares authorized;
42,910,988, 42,659,999 and 42,033,336 shares issued and outstanding as of
March 31, 2011, December 31, 2010, and March 31, 2010, respectively		429			427			420
Additional paid-in capital		889,118			883,046			861,898
Retained earnings		677,887			676,397			531,703
Shares held in trust		(6,270	)		(6,263	)		(5,003	)
Accumulated other comprehensive income (loss)		50,709			15,324			(26,164	)
Total Company shareholders' equity		1,611,873			1,568,931			1,362,854
Noncontrolling interest		3,154			3,004			3,668
Total equity		1,615,027			1,571,935			1,366,522
Total liabilities and equity	$	3,347,630		$	3,349,861		$	2,981,793

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Summarized Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2011 and 2010

(in thousands)

(Unaudited)

	Three Months Ended March 31,
	2011			2010
Cash used in operating activities	$	(197,179	)	$	(146,332	)
Cash used in investing activities		(31,587	)		(23,784	)
Cash provided by financing activities		77,820			160,573
Net decrease in cash and cash equivalents		(150,946	)		(9,543	)
Cash and cash equivalents, beginning of period		251,897			69,263
Cash and cash equivalents, end of period	$	100,951		$	59,720
Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Financial Statement Notes

1. EBITDA represents earnings before interest expense, net of interest income, income taxes, depreciation and amortization. Although EBITDA is a non-GAAP financial measure, it is used extensively by management and is useful to investors and lenders as a metric for evaluating operating performance and liquidity. The firm believes that EBITDA is an indicator 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, EBITDA should not be considered as an alternative either to net income or net cash used in operating activities, both of which are determined in accordance with GAAP. Because EBITDA is not calculated under GAAP, the firm’s EBITDA may not be comparable to similarly titled measures used by other companies.

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

	Three Months Ended March 31,
	2011		2010
Net income	$	1,490	$	246
Add:
Interest expense, net of interest income		7,963		11,330
Provision for income taxes		533		124
Depreciation and amortization		18,315		17,713
EBITDA	$	28,301	$	29,413

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

	Three Months Ended March 31,
	2011			2010
Net cash used in operating activities	$	(197,179	)	$	(146,332	)
Add:
Interest expense, net of interest income		7,963			11,330
Change in working capital and non-cash expenses		216,984			164,291
Provision for income taxes		533			124
EBITDA	$	28,301		$	29,413

2. 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.

3. 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.

4. 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 March 31, 2011, to be filed with the Securities and Exchange Commission shortly.

5. EMEA refers to Europe, Middle East, and Africa. MENA refers to Middle East and North Africa. Greater China includes China, Hong Kong, Macau and Taiwan.

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

EX-99.2

Supplemental Information 

First Quarter          Earnings Call

2011

Exhibit 99.2

Market & Financial Overview

Capital Value

growth slowing

Capital Value

growth

accelerating

Capital Value

bottoming out

Capital Value

falling

Capital Values

Q1 2011

As of Q1 2011

The

Jones

Lang

LaSalle

Property

Clocks

SM

Washington DC

London,

Hong Kong

Capital Value

growth slowing

Capital Value

growth

accelerating

Capital Value

bottoming out

Capital Value

falling

Chicago, Toronto

Mumbai,

Singapore, Sydney

Shanghai

Dallas, Detroit

Amsterdam, Brussels

Q1 2010

San Francisco,

Berlin

Paris,

Seoul

Tokyo

New York,

Moscow

Beijing,

Sao Paulo

Stockholm

Amsterdam,

Hong Kong

Washington DC, Sao Paulo

New York, San Francisco

Toronto,

Moscow

Chicago

Stockholm

Dallas,

Milan

Berlin, Paris,

Sydney

Detroit

Seoul, Tokyo

Brussels,

Mumbai

Shanghai

Beijing

Singapore

London

Americas

EMEA

Asia Pacific

Leasing Market Fundamentals

Q1 2011

As of Q1 2011

The

Jones

Lang

LaSalle

Property

Clocks

SM

Sao Paulo,

Shanghai

Hong Kong

Rental Value

growth slowing

Rental Value

growth

accelerating

Rental Values

bottoming out

Rental Values

falling

Moscow

Milan, Stockholm

Chicago,

Singapore

Washington

DC,

Mumbai

Q1 2010

Rental Value

growth slowing

Rental Value

growth

accelerating

Rental Values

bottoming out

Rental Values

falling

Berlin, Brussels, Paris

San Francisco

Amsterdam

Americas

EMEA

Asia Pacific

Detroit

Dallas, New York

London,

Sydney

Toronto

Seoul

Tokyo

Beijing

Toronto

Beijing, Hong Kong

Washington DC

San Francisco

Singapore

New York,

Shanghai

Chicago

Amsterdam,

Dallas

Sao Paulo

London

Detroit

Seoul

Mumbai

Milan

Sydney

Moscow

Stockholm

Berlin, Paris

Brussels

Tokyo

Q1 Selected Business Wins and Expansions

5

–

Belk

–

28M

sf

–

Continental

Automotive

–

2.5M sf

–

Argonaut

Hotel,

San

Francisco

–

$84M

–

3344

Peachtree,

Atlanta

–

$167M

–

Multi-family

portfolio,

Washington,

D.C.

–

$460M

–

Canon Europe

–

20

Gresham

Street,

London

–

£235M

–

Montevetro,

Dublin

–

€100M+

–

Sapphire

Shopping

Centre,

Istanbul

–

323K sf

–

FedEx

–

883K sf

–

Australian

Customs

Service

–

2.9M sf

–

5

Transactions,

Singapore

–

$810M

–

Mapletree

Tower,

Beijing

–

410K sf

–

Aviapark,

Moscow

–

2.6M sf

–

Syncreon,

Germany

–

215K sf

–

Romagna

Retail

Park

–

€69M

–

Credit

Suisse,

Singapore

–

317K sf

–

HSBC,

Chennai

–

137K sf

–

Akzo

Nobel,

Shanghai

–

160K sf

Americas

EMEA

Asia Pacific

–

Nestlé,

Mexico

City

–

$100M+

–

NASA,

Washington

D.C.

–

600K sf

–

KBR

Inc.,

Houston

–

216K sf

Financial Information

7

Q1 2011 Revenue Performance

Note: Equity losses of $2.0M and $6.1M in 2011 and 2010, respectively, are included in segment results, however, are excluded from Consolidated

totals.

Americas

EMEA

Asia Pacific

$288.1

$228.4

2011

2010

$168.1

$151.4

2011

2010

$165.5

$135.7

2011

2010

$59.1

$64.2

2011

2010

Consolidated

$687.9

$580.7

2011

2010

($ in millions)

LIM

26%

11%

22%

9%

18%

Asia Pacific

Q1 2011 Real Estate Services Revenue

Americas

EMEA

Leasing

Capital Markets &

Hotels

Property & Facility

Management

Project &

Development Services

Advisory, Consulting

& Other

Total RES

Operating Revenue

$143.1

$19.8

$66.7

$37.2

$20.7

$287.5

35%

108%

15%

18%

9%

26%

$37.2

$28.7

$35.9

$38.4

$28.0

$168.2

4%

10%

4%

48%

8%

11%

$29.8

$17.5

$83.9

$18.1

$16.2

$165.5

17%

5%

24%

69%

7%

22%

$210.1

$66.0

$186.5

$93.7

$64.9

$621.2

23%

26%

16%

37%

21%

Total RES

Revenue

2%

($ in millions)

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

8

•

Strong capital raising continues, $1.5 billion of net new capital

commitments in Q1 2011

•

Momentum continues with new separate account mandates

A premier global investment manager

Q1 2011 Highlights

Product

Assets Under

Management

($ in billions)

Average

Performance

Private Equity

U.K.

$11.0

Above benchmark

Continental Europe

$4.3

Return: +1x equity

North America

$10.2

Above benchmark

Asia Pacific

$8.0

Return: +1x equity

Public Securities

$9.5

Above benchmark

Total Q1 2011 AUM

$43.0 B

AUM by Fund type

Note: AUM data reported on a one-quarter lag.

($ in billions)

LaSalle Investment Management

9

Public

Securities

$9.5

Separate

Accounts

$17.2

Fund

Management

$16.3

Solid Cash Flows and Balance Sheet Position

•

Healthy position after Q1 2011

incentive compensation payments

•

Net debt repayment of $184 million

over the last twelve months

•

Cash interest expense of $1.8 million,

down 51% from Q1 2010 expense of

$3.7 million

•

Investment grade ratings:

Standard & Poor’s:

BBB-

(Outlook: Stable)

Moody’s Investor Services:

Baa2 (Outlook: Stable)

Cash Flows

Q1 2011

Q1 2010

Cash from Earnings

$42

$46 

Working Capital

(239)         

(192)        

Cash used in Operations

($197)

($146)

Primary Uses

Capital Expenses

(1)

(17)

(5)

Acquisitions & Deferred Payment Obligations

(25)

(27)

Co-Investment

(2)

(10)

Dividends

-

-

Net Cash Outflows

($44)

($42)

Net Share Activity & Other Financing

(4)            

(5)

Net Bank Debt Borrowings

($245)

($193)

Balance Sheet

Q1 2011

Q1 2010

Cash

$101

$60

Short Term Borrowings

42             

47             

Credit Facility

278           

335           

Net Bank Debt

$219

$322

Deferred Business Obligations

293          

374           

Total Net Debt

$512

$696

($ in millions)

(1)

Capital Expenditures for Q1 2011 and Q1 2010 net of tenant improvement allowances received were $16 million and $4 million, respectively.

Q1 2011 Highlights

10

Appendix

12

Q1 2011 EBITDA Performance

Americas

EMEA

Asia Pacific

LIM

$18.5

$18.0

2011

2010

($8.2)

($4.9)

2011

2010

$8.5

$8.5

2011

2010

$9.6

$9.1

2011

2010

Consolidated

$28.3

$29.4

2011

2010

* Refer to slide 13 for Reconciliation of GAAP Net Income to EBITDA for the three months ended March 31, 2011, and 2010, for details relative to these EBITDA calculations.

Segment

EBITDA

is

calculated

by

adding

the

segment’s

Depreciation

and

amortization

to

its

reported

Operating

income

(loss),

which

excludes

Restructuring

charges.

Consolidated EBITDA is the sum of the EBITDA of the four segments less net income attributable to non-controlling interests, dividends on unvested common stock and

Restructuring charges.

($ in millions)

13

($ in millions)

Reconciliation of GAAP Net Income to EBITDA

Three Months Ended

March 31,

2011

2010

Net Income

$1.5

$0.2

Add:

Interest expense, net of interest income

8.0

11.4

Provision for income taxes

0.5             

0.1             

Depreciation and amortization

18.3

17.7

EBITDA

$ 28.3

$ 29.4