Jones Lang LaSalle Incorporated provides global commercial real estate services and investment management through JLL and LaSalle Investment Management. News about JLL commonly covers leasing advisory, workplace, project and property management, capital markets assignments, investment sales, debt advisory, hotel and hospitality transactions, and mandates tied to office, industrial, hotel, multi-family, retail and data center properties.
Company updates also include quarterly operating results, margin and revenue trends across advisory and recurring service lines, capital allocation actions such as share repurchases, strategy briefings, and JLL research on real estate markets. LaSalle Investment Management updates relate to client investment activity across private assets and publicly traded real estate securities.
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Boomi has appointed Larry Quinlan, former CIO of Deloitte, to its Board of Directors as an independent non-executive member. Quinlan brings over 35 years of experience in driving innovation for Fortune 500 companies and technology organizations, including overseeing technology strategy for a $45B firm. He currently serves on the boards of ServiceNow and Jones Lang LaSalle. Boomi is recognized as a leader in the integration platform market, boasting the largest customer base among vendors and a global network of about 800 partners. This strategic addition is aimed at enhancing Boomi's leadership team.
Clarion Partners Real Estate Income Fund has expanded its portfolio by acquiring three fully leased warehouse and distribution buildings in Chino, CA, totaling 109,644 square feet. This acquisition underscores the fund's growth strategy in a high-demand distribution hub within the Inland Empire West, known for its strong logistics infrastructure. The properties are centrally located, providing efficient access to major highways and airports. The management team plans to invest in maintenance enhancements, reflecting a commitment to property quality and potential future revenue growth.
Tractor Supply Company (NASDAQ: TSCO) has announced the groundbreaking of its largest distribution center in Maumelle, Arkansas, investing $128 million. This 1.2 million-square-foot facility is expected to create nearly 500 full-time jobs and will service over 300 stores at full capacity. Designed for high energy efficiency, it aims for LEED Gold certification and features a rooftop solar array that will generate an estimated 6 million kW of electricity annually, achieving net-zero energy. Hiring for the new center will begin in October 2023.
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Clarion Partners Real Estate Income Fund has acquired the Rojas East Distribution Center in El Paso, Texas, adding two fully leased warehouse buildings totaling 369,310 square feet. The transaction, facilitated by JLL Capital Markets and Hunt Southwest, positions CPREIF to benefit from El Paso's strong international trade ties, with over $123 billion in cross-border commerce in 2021. The property offers Class A specifications and is strategically located near key logistics routes, enhancing its potential for future growth.
Jones Lang LaSalle reported a 17% revenue growth to $5.3 billion in Q2 2022, with a 19% increase in fee revenue to $2.1 billion. Diluted EPS rose to $3.90 from $3.82 year-over-year. Key drivers included a 28% rise in Capital Markets and 23% in Markets Advisory. However, despite strong revenue growth, net income was $193.9 million, down 3% year-over-year. Share repurchases amounted to nearly $300 million. Free cash flow showed an outflow of $626.3 million for the first half of 2022, reflecting higher compensation expenses.
JLL's Capital Markets group secured $585 million in construction financing for the Allston LabWorks project in Boston, which will include 580,905 square feet of mixed-use space comprising lab, retail, and housing. Developed by a joint venture of King Street Properties, Brookfield, and Mugar Enterprises, the project features 534,000 square feet of lab space, 20,000 square feet of retail, and 35 housing units with 26% affordable housing. The location benefits from proximity to Harvard University and a robust life sciences market, which receives 30% of U.S. life sciences funding.
On July 26, 2022, JLL (NYSE: JLL) announced the acquisition of Berlin-based Envio Systems, enhancing its capabilities in smart and sustainable building operations. Envio specializes in integrating data from various building systems, utilizing predictive analytics to optimize operations. This move underscores JLL's commitment to addressing evolving workforce needs and promoting sustainability. The acquisition aims to create a differentiated platform, enhancing JLL's technology-enabled service delivery and supporting clients in managing their real estate with greater efficiency and flexibility.
Jones Lang LaSalle (NYSE: JLL) will announce its Q2 2022 earnings on August 3, 2022, at 7:30 a.m. Eastern Time. A live webcast and teleconference will follow at 9 a.m. Eastern Time, accessible via the Investor Relations website. JLL, a Fortune 500 company, reported annual revenue of $19.4 billion and operates in over 80 countries with a workforce exceeding 100,000. Registration for the call is recommended one day in advance or at least 10 minutes before the start. The webcast replay will be available for 12 months.