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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2021
Or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____ to _____
Commission File Number 1-13145
Jones Lang LaSalle Incorporated
(Exact name of registrant as specified in its charter)
Maryland36-4150422
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 East Randolph DriveChicago,IL60601
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code:(312)782-5800
Former name, former address and former fiscal year, if changed since last report: Not Applicable
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01JLLThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The number of shares outstanding of the registrant's common stock (par value $0.01) as of the close of business on April 29, 2021 was 51,307,170.



Table of Contents
Part I 
Item 1.
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 6.
2

Table of Contents
Part I. Financial Information
Item 1. Financial Statements
JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)March 31, 2021December 31, 2020
Assets(unaudited)
Current assets:  
Cash and cash equivalents$456.6 574.3 
Trade receivables, net of allowance of $70.2 and $66.5
1,477.4 1,636.1 
Notes and other receivables399.9 469.9 
Reimbursable receivables1,430.1 1,461.3 
Warehouse receivables832.1 1,529.2 
Short-term contract assets, net of allowance of $2.1 and $1.8
264.7 265.8 
Prepaid & other412.9 517.1 
Total current assets5,273.7 6,453.7 
Property and equipment, net of accumulated depreciation of $834.9 and $806.2
682.0 663.9 
Operating lease right-of-use assets706.5 707.4 
Goodwill4,201.7 4,224.7 
Identified intangibles, net of accumulated amortization of $312.3 and $295.3
687.0 679.8 
Investments in real estate ventures, including $435.4 and $340.3 at fair value
545.1 430.8 
Long-term receivables249.7 231.1 
Deferred tax assets, net293.9 296.5 
Deferred compensation plan480.2 446.3 
Other186.6 182.3 
Total assets$13,306.4 14,316.5 
Liabilities and Equity  
Current liabilities:  
Accounts payable and accrued liabilities$1,108.7 1,229.8 
Reimbursable payables1,016.6 1,154.5 
Accrued compensation & benefits1,031.4 1,433.2 
Short-term borrowings90.6 62.0 
Short-term contract liabilities and deferred income181.0 192.9 
Short-term acquisition-related obligations72.4 91.7 
Warehouse facilities833.5 1,498.4 
Short-term operating lease liabilities159.1 165.7 
Other198.5 299.6 
Total current liabilities4,691.8 6,127.8 
Credit facility, net of debt issuance costs of $7.7 and $8.7
342.3 (8.7)
Long-term debt, net of debt issuance costs of $2.3 and $2.5
684.0 702.0 
Deferred tax liabilities, net114.6 120.0 
Deferred compensation461.8 450.0 
Long-term acquisition-related obligations22.7 26.2 
Long-term operating lease liabilities692.4 683.9 
Other582.1 597.5 
Total liabilities7,591.7 8,698.7 
Redeemable noncontrolling interest7.8 7.8 
Company shareholders' equity:  
Common stock, $0.01 par value per share, 100,000,000 shares authorized; 52,073,440 and 51,970,307 shares issued; 51,306,200 and 51,105,417 outstanding
0.5 0.5 
Additional paid-in capital2,015.5 2,023.3 
Retained earnings4,078.9 3,975.9 
Treasury stock, at cost, 767,240 and 864,890 shares
(85.7)(96.1)
Shares held in trust(5.4)(5.6)
Accumulated other comprehensive loss(383.6)(377.2)
Total Company shareholders’ equity5,620.2 5,520.8 
Noncontrolling interest86.7 89.2 
Total equity5,706.9 5,610.0 
Total liabilities, redeemable noncontrolling interest and equity$13,306.4 14,316.5 
    See accompanying notes to Condensed Consolidated Financial Statements.
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JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions, except share and per share data) (unaudited)Three Months Ended March 31,
20212020
Revenue:
Revenue before reimbursements$2,129.6 2,233.0 
Reimbursements1,907.5 1,863.0 
Total revenue$4,037.1 4,096.0 
Operating expenses:  
Compensation and benefits$1,334.4 1,324.5 
Operating, administrative and other644.3 774.8 
Reimbursed expenses1,907.5 1,863.0 
Depreciation and amortization53.0 55.0 
Restructuring and acquisition charges17.2 14.1 
Total operating expenses$3,956.4 4,031.4 
Operating income$80.7 64.6 
Interest expense, net of interest income10.4 14.6 
Equity earnings (losses)48.5 (28.3)
Other income11.8 0.9 
Income before income taxes and noncontrolling interest130.6 22.6 
Income tax provision28.2 5.0 
Net income102.4 17.6 
Net (loss) income attributable to noncontrolling interest(0.6)12.3 
Net income attributable to common shareholders$103.0 5.3 
Basic earnings per common share$2.01 0.10 
Basic weighted average shares outstanding (in 000's)51,173 51,612 
Diluted earnings per common share$1.97 0.10 
Diluted weighted average shares outstanding (in 000's)52,175 52,458 
Net income attributable to common shareholders$103.0 5.3 
Change in pension liabilities, net of tax(0.2) 
Foreign currency translation adjustments(6.2)(143.4)
Comprehensive income attributable to common shareholders$96.6 (138.1)
See accompanying notes to Condensed Consolidated Financial Statements.
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JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020
 Company Shareholders' Equity  
Common StockAdditionalShares
(in millions, except share and
per share data) (unaudited)
OutstandingPaid-InRetainedHeld inTreasuryTotal
SharesAmountCapitalEarningsTrustStock
AOCI(1)
NCI(2)
Equity
December 31, 202051,105,417 $0.5 2,023.3 3,975.9 (5.6)(96.1)(377.2)89.2 $5,610.0 
Net income (loss)   103.0    (0.6)102.4 
Shares issued under stock-based compensation programs290,563  (15.6)  15.9   0.3 
Shares repurchased for payment of taxes on stock-based compensation(89,780) (9.7)  (5.5)  (15.2)
Amortization of stock-based compensation  17.5      17.5 
Shares held in trust    0.2    0.2 
Change in pension liabilities, net of tax      (0.2) (0.2)
Foreign currency translation adjustments      (6.2) (6.2)
Decrease in amounts attributable to noncontrolling interest       (1.9)(1.9)
March 31, 202151,306,200 $0.5 2,015.5 4,078.9 (5.4)(85.7)(383.6)86.7 $5,706.9 
Company Shareholder's Equity
AdditionalShares
(in millions, except share and
per share data) (unaudited)
Common StockPaid-InRetainedHeld inTreasuryTotal
SharesAmountCapitalEarningsTrustStock
AOCI(1)
NCI(2)
Equity
December 31, 201951,549,654 $0.5 1,962.8 3,588.3 (5.7) (427.8)86.6 $5,204.7 
Net income— — — 5.3 — — — 12.3 17.6 
Shares issued under stock-based compensation programs363,308 — 4.4 — — — — — 4.4 
Shares repurchased for payment of taxes on stock-based compensation(102,370)— (16.2)— — — — — (16.2)
Amortization of stock-based compensation— — 18.6 — — — — — 18.6 
Shares held in trust— — — — 0.1 — — — 0.1 
Cumulative effect from adoption of new accounting for credit losses— — — (14.9)— — — — (14.9)
Repurchase of common stock(187,753)— — — — (25.0)— — (25.0)
Foreign currency translation adjustments— — — — — — (143.4)— (143.4)
Decrease in amounts attributable to noncontrolling interest— — — — — — — (17.0)(17.0)
March 31, 202051,622,839 $0.5 1,969.6 3,578.7 (5.6)(25.0)(571.2)81.9 $5,028.9 
(1) AOCI: Accumulated other comprehensive income (loss)
(2) NCI: Noncontrolling interest
See accompanying notes to Condensed Consolidated Financial Statements.
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JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
(in millions) (unaudited)20212020
Cash flows from operating activities:  
Net income$102.4 17.6 
Reconciliation of net income to net cash provided by operating activities:  
Depreciation and amortization53.0 55.0 
Equity (earnings) losses(48.5)28.3 
Net gain on dispositions(11.4) 
Distributions of earnings from real estate ventures0.4 3.6 
Provision for loss on receivables and other assets(0.5)38.1 
Amortization of stock-based compensation17.5 18.6 
Net non-cash mortgage servicing rights and mortgage banking derivative activity(9.7)1.6 
Accretion of interest and amortization of debt issuance costs1.2 1.4 
Other, net(3.9)(10.8)
Change in:  
Receivables154.0 250.4 
Reimbursable receivables and reimbursable payables(107.6)(58.7)
Prepaid expenses and other assets(32.4)(45.9)
Deferred tax assets, net(2.7)(5.5)
Accounts payable and accrued liabilities(189.2)(187.8)
Accrued Compensation(384.4)(652.0)
Net cash used in operating activities(461.8)(546.1)
Cash flows from investing activities:  
Net capital additions – property and equipment(34.6)(44.4)
Net investment asset activity (less than wholly-owned)(37.2)(3.2)
Business acquisitions, net of cash acquired(0.2) 
Capital contributions to real estate ventures(33.8)(54.0)
Distributions of capital from real estate ventures4.0 13.4 
Other, net4.0 (2.3)
Net cash used in investing activities(97.8)(90.5)
Cash flows from financing activities:  
Proceeds from borrowings under credit facility1,242.0 2,555.0 
Repayments of borrowings under credit facility(892.0)(1,630.0)
Net proceeds from (repayments of) short-term borrowings36.8 6.6 
Payments of deferred business acquisition obligations and earn-outs(21.0)(9.8)
Repurchase of common stock (25.0)
Other, net10.9 (13.5)
Net cash provided by financing activities376.7 883.3 
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash(12.4)(21.1)
Net change in cash, cash equivalents and restricted cash(195.3)225.6 
Cash, cash equivalents and restricted cash, beginning of the period839.8 652.1 
Cash, cash equivalents and restricted cash, end of the period$644.5 877.7 
Supplemental disclosure of cash flow information:  
Restricted cash, beginning of period$265.5 200.2 
Restricted cash, end of period187.9 157.0 
Cash paid during the period for:  
Interest$4.5 9.3 
Income taxes, net of refunds30.5 44.4 
Operating leases49.0 47.1 
Non-cash activities:  
Business acquisitions (including contingent consideration)$3.8  
Non-cash consideration received for disposition 23.9  
See accompanying notes to Condensed Consolidated Financial Statements.
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JONES LANG LASALLE INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1.INTERIM INFORMATION
Readers of this quarterly report should refer to the audited financial statements of Jones Lang LaSalle Incorporated ("JLL," which may also be referred to as "the Company" or as "we," "us" or "our") for the year ended December 31, 2020, which are included in our 2020 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website (www.jll.com), since we have omitted from this quarterly report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to the "Summary of Critical Accounting Policies and Estimates" section within Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates.
Our Condensed Consolidated Financial Statements as of March 31, 2021, and for the three months ended March 31, 2021 and 2020, are unaudited. In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Condensed Consolidated Financial Statements for these interim periods.
Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses. This is the result of a general focus in the real estate industry on completing transactions by calendar year end, while certain expenses are recognized evenly throughout the year. Our LaSalle Investment Management ("LaSalle") segment generally earns investment-generated performance fees on clients' real estate investment returns when assets are sold, the timing of which is geared toward the benefit of our clients, as well as co-investment equity gains and losses, primarily dependent on underlying valuations. Within our Real Estate Services ("RES") segments, revenue from transaction-based activities (e.g. leasing and capital markets) is driven by the size and timing of our clients' transactions and can fluctuate significantly from period to period. In 2020 and the three months ended March 31, 2021, macroeconomic conditions influenced by the COVID-19 pandemic impacted the historical seasonality of our revenue and profits and may continue to do so during the remainder of 2021.
A significant portion of our compensation and benefits expense is from incentive compensation plans, which we generally accrue throughout the year based on progress toward annual performance targets. This process can result in significant fluctuations in quarterly compensation and benefits expense from period to period. Non-variable operating expenses, which we recognize when incurred during the year, are relatively constant on a quarterly basis.
We provide for the effects of income taxes on interim financial statements based on our estimate of the effective tax rate for the full year, which we base on forecasted income by country and expected enacted tax rates. As required, we adjust for the impact of discrete items in the quarters in which they occur. Changes in the geographic mix of income can impact our estimated effective tax rate.
As a result of the items mentioned above, the results for the periods ended March 31 are not fully indicative of what our results will be for the full fiscal year.
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2.NEW ACCOUNTING STANDARDS
Recently adopted accounting guidance
In January 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020‑01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), which, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 and clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. This ASU is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The adoption of this guidance did not impact our financial statements and related disclosures.
3.REVENUE RECOGNITION
Revenue excluded from the scope of ASC Topic 606 - Our mortgage banking and servicing operations - such as Mortgage Servicing Rights ("MSR")-related activity, loan origination fees, and servicing income - are excluded from the scope of ASC Topic 606. Such revenue was included entirely within Americas Capital Markets and is presented below.
Three months Ended March 31,
(in millions)20212020
Revenue excluded from scope of ASC Topic 606$70.2 49.3 
Contract assets and liabilities - Our contract assets, net of allowance, are included in Short-term contract assets and Other assets and our contract liabilities are included in Short-term contract liabilities and deferred income on our Condensed Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days. Such contract assets and liabilities are presented below.
(in millions)March 31, 2021December 31, 2020
Contract assets, gross$348.3 347.8 
Contract asset allowance(2.4)(2.1)
Contract assets, net$345.9 345.7 
Contract liabilities$105.4 111.0 
Remaining performance obligations - Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of March 31, 2021, the aggregate amount of transaction price allocated to remaining performance obligations represented less than 5% of our total revenue. In accordance with ASC Topic 606, excluded from the aforementioned remaining performance obligations are (i) amounts attributable to contracts expected to be completed within 12 months and (ii) variable consideration for services performed as a series of daily performance obligations, such as facilities management, property management, and LaSalle contracts. Contracts within these businesses represent a significant portion of our contracts with customers not expected to be completed within 12 months.
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4.BUSINESS SEGMENTS
We manage and report our operations as four business segments:
The three geographic regions of RES including:
(1) Americas,
(2) Europe, Middle East and Africa ("EMEA"), and
(3) Asia Pacific;
and
(4) LaSalle.
Each geographic region offers our full range of real estate services, including agency leasing and tenant representation, capital markets, property and facility management, project and development management, energy management and sustainability, construction management, and advisory, consulting and valuation services. LaSalle provides investment management services on a global basis to institutional investors and high-net-worth individuals.
We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate global overhead, which we allocate to the business segments based on the budgeted operating expenses of each segment.
Segment income does not include (i) restructuring and acquisition charges, (ii) interest expense, net of interest income, (iii) other income, and (iv) provision for income tax, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income.
The Chief Operating Decision Maker of JLL measures and evaluates the segment results based on Segment income for purposes of making decisions about allocating resources and assessing performance.
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Summarized financial information by business segment is as follows.
Three Months Ended March 31,
(in millions)20212020
Americas
Leasing$363.7 418.9 
Capital Markets216.9 247.4 
Property & Facility Management1,494.8 1,458.8 
Project & Development Services269.8 306.4 
Advisory, Consulting and Other98.7 91.6 
Revenue$2,443.9 2,523.1 
Depreciation and amortization$33.1 37.4 
Equity earnings$34.5 12.7 
Segment income$145.0 94.6 
EMEA
Leasing$54.4 48.1 
Capital Markets74.2 73.2 
Property & Facility Management344.1 375.0 
Project & Development Services183.7 203.2 
Advisory, Consulting and Other59.8 56.4 
Revenue$716.2 755.9 
Depreciation and amortization$10.9 9.2 
Equity earnings $  
Segment loss$(35.8)(20.5)
Asia Pacific
Leasing$31.4 25.4 
Capital Markets29.3 21.7 
Property & Facility Management575.1 532.0 
Project & Development Services98.3 94.8 
Advisory, Consulting and Other51.7 38.2 
Revenue$785.8 712.1 
Depreciation and amortization$7.3 6.6 
Equity earnings (losses)$1.0 (0.7)
Segment income$17.8 2.4 
LaSalle
Advisory fees$83.5 85.6 
Transaction fees & other7.7 13.6 
Incentive fees 5.7 
Revenue$91.2 104.9 
Depreciation and amortization$1.7 1.8 
Equity earnings (losses)$13.0 (40.3)
Segment income (loss)$19.4 (26.1)
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The following table is a reconciliation of Segment income to consolidated Operating income.
Three Months Ended March 31,
(in millions)20212020
Segment income - Americas$145.0 94.6 
Segment loss - EMEA(35.8)(20.5)
Segment income - APAC17.8 2.4 
Segment income (loss) - LaSalle19.4 (26.1)
Less: Equity (earnings) losses(48.5)28.3 
Add: Restructuring and acquisition charges(17.2)(14.1)
Operating income$80.7 64.6 
5.BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS
2021 Business Combinations Activity
During the three months ended March 31, 2021, we paid $26.2 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years.
2020 Business Combinations Activity
During the year ended December 31, 2020 we completed no new acquisitions.
Earn-Out Payments
($ in millions)March 31, 2021December 31, 2020
Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria24 35 
Maximum earn-out payments (undiscounted)$157.8 $199.2 
Short-term earn-out liabilities (fair value)(1)
59.9 77.2 
Long-term earn-out liabilities (fair value)(1)
8.3 8.5 
(1) Included in Short-term and Long-term acquisition-related obligations on the Condensed Consolidated Balance Sheets.
Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next five years. Refer to Note 8, Fair Value Measurements, and Note 11, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities.
Goodwill and Other Intangible Assets
Goodwill and unamortized intangibles as of March 31, 2021 consisted of: (1) goodwill of $4,201.7 million, (2) identifiable intangibles of $634.9 million amortized over their remaining finite useful lives, and (3) $52.1 million of identifiable intangibles with indefinite useful lives that are not amortized. Notable portions of our goodwill and unamortized intangibles are denominated in currencies other than the U.S. dollar, which means a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates.
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The following tables detail, by reporting segment, movements in goodwill.
 Real Estate Services  
(in millions)AmericasEMEAAsia PacificLaSalleConsolidated
Balance as of December 31, 2020$2,878.0 959.7 329.2 57.8 $4,224.7 
Dispositions(11.0)(0.7)  (11.7)
Impact of exchange rate movements0.3 (8.6)(3.0) (11.3)
Balance as of March 31, 2021$2,867.3 950.4 326.2 57.8 $4,201.7 
 Real Estate Services  
(in millions)AmericasEMEAAsia PacificLaSalleConsolidated
Balance as of December 31, 2019$2,877.6 915.9 317.6 57.1 $4,168.2 
Impact of exchange rate movements(2.9)(46.6)(13.4)(1.0)(63.9)
Balance as of March 31, 2020$2,874.7 869.3 304.2 56.1 $4,104.3 
The following tables detail, by reporting segment, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles.
 MSRsOther Intangibles 
(in millions)AmericasAmericasEMEAAsia PacificLaSalleConsolidated
Gross Carrying Amount     
Balance as of December 31, 2020$572.1 265.8 55.7 23.6 57.9 $975.1 
Additions, net of adjustments (1)
40.0  3.8   43.8 
Adjustment for fully amortized intangibles(6.7)(7.9)(0.9)(2.2) (17.7)
Impact of exchange rate movements 0.1 0.2 (0.4)(1.8)(1.9)
Balance as of March 31, 2021$605.4 258.0 58.8 21.0 56.1 $999.3 
Accumulated Amortization     
Balance as of December 31, 2020$(147.8)(94.1)(39.5)(8.6)(5.3)$(295.3)
Amortization, net (2)
(21.6)(10.5)(1.8)(0.3)(0.4)(34.6)
Adjustment for fully amortized intangibles6.7 7.9 0.9 2.2  17.7 
Impact of exchange rate movements  (0.1)0.1 (0.1)(0.1)
Balance as of March 31, 2021$(162.7)(96.7)(40.5)(6.6)(5.8)$(312.3)
Net book value as of March 31, 2021$442.7 161.3 18.3 14.4 50.3 $687.0 
(1) Included in this amount for MSRs was (i) $3.1 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights.
(2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income.
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 MSRsOther Intangibles 
(in millions)AmericasAmericasEMEAAsia PacificLaSalleConsolidated
Gross Carrying Amount     
Balance as of December 31, 2019$480.4 285.7 55.9 21.4 54.0 $897.4 
Additions, net of adjustments (1)
16.9   0.5  17.4 
Adjustment for fully amortized intangibles(12.7) (0.2)  (12.9)
Impact of exchange rate movements (0.5)(3.4)(2.1)(1.1)(7.1)
Balance as of March 31, 2020$484.6 285.2 52.3 19.8 52.9 $894.8 
Accumulated Amortization     
Balance as of December 31, 2019$(104.0)(68.3)(33.1)(6.7)(2.7)$(214.8)
Amortization, net (2)
(22.6)(11.6)(1.8)(0.4)(0.7)(37.1)
Adjustment for fully amortized intangibles12.7  0.2   12.9 
Impact of exchange rate movements 0.2 2.1 0.5 0.1 2.9 
Balance as of March 31, 2020$(113.9)(79.7)(32.6)(6.6)(3.3)$(236.1)
Net book value as of March 31, 2020$370.7 205.5 19.7 13.2 49.6 $658.7 
(1) Included in this amount for MSRs was $5.9 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights.
(2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income.
6.INVESTMENTS IN REAL ESTATE VENTURES
As of March 31, 2021 and December 31, 2020, we had Investments in real estate ventures of $545.1 million and $430.8 million, respectively.
Approximately 90% of our investments, as of March 31, 2021, are primarily (i) direct investments in 50 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement and (ii) investments by JLL Technologies in early-stage proptech companies. The remaining 10% of our Investments in real estate ventures, as of March 31, 2021, were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest, generally, in certain real estate ventures that own and operate real estate. Of our investments attributable to investment vehicles, the majority was invested in LaSalle Investment Company II ("LIC II"), in which we held an effective ownership interest of 48.78%.
We have maximum potential unfunded commitments to direct investments or investment vehicles of $309.9 million as of March 31, 2021. Of this amount, while we remain contractually obligated, we do not expect a call on the $60.4 million relating to our investment in LIC II as its fund life terminated in January 2020.
We evaluate our less-than-wholly-owned investments to determine whether the underlying entities are classified as variable interest entities ("VIEs"); we assess each identified VIE to determine whether we are the primary beneficiary. We have determined that we are the primary beneficiary of certain VIEs and accordingly, we have consolidated such entities. The assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities and the mortgage loans of the consolidated VIEs are non-recourse to JLL.
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Summarized financial information for our consolidated VIEs is presented in the following tables.
(in millions)March 31, 2021December 31, 2020
Property and equipment, net$154.0 117.4 
Investments in real estate ventures9.2 9.0 
Other assets11.2 21.0 
Total assets$174.4 147.4