Jones Lang LaSalle Incorporated (JLL), a leading real estate investment trust (REIT), has recently increased its $840 million credit facility to $1.1 billion to strengthen its liquidity. The new facility consists of $900 million of revolving credit and a $200 million term loan.
Jones Lang also extended the maturity of the credit facility from June 2012 to September 2015. The borrowings under the new credit facility will bear interest in the range of LIBOR plus 1.5% to 3.0%. Jones Lang has historically maintained a conservative balance sheet and pursued a strategy of financial flexibility that enables it to pay a steady dividend to its shareholders. The new credit facility also optimizes the borrowing capabilities of the company in accordance with the current capital plan.
Jones Lang provides corporate, financial and investment management services pertaining to real estate to corporations and other real estate owners, users and investors worldwide. The company operates as a single-source provider of real estate solutions with a broad range of real estate products and services, and an extensive knowledge of domestic and international real estate markets.
Jones Lang continually invests in industry-leading research to identify emerging trends and anticipate future conditions to respond to the shifting market and business trends of its clients. This enables the company to develop new investment products and services tailored to the specific investment goals and objectives of its clients, thereby maintaining profitable long-term relationships during challenging market conditions.
We maintain our Neutral rating on Jones Lang, which currently has a Zacks #2 Rank that translates into a short-term Buy recommendation, and indicates that the stock is expected to outperform the overall U.S. equity market for the next 1–3 months.
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