Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 160

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 160
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 1.40%, expires October 23, 2025(1)8.8 400.0 62.3 400.0 Fannie Mae ASAP(2) program, SOFR plus 1.25%75.3 n/a37.3 n/aGross warehouse facilities841.9 3,200.0 663.7 2,300.0 Debt issuance costs(0.9)n/a(1.0)n/aTotal warehouse facilities$841.0 3,200.0 662.7 2,300.0 (1) Warehouse facility has been amended since December 31, 2023. Refer to our previously filed Form 10-K for specific terms of the agreement for the comparative period. (2) As Soon As Pooled ("ASAP") funding program.We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related warehouse receivables. Pursuant to these facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our facilities as of December 31, 2024.

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As a supplement to our lines of credit, we have an uncommitted facility with Fannie Mae under its As Soon As Pooled ("ASAP") funding program. After origination, we sell certain warehouse receivables to Fannie Mae; the proceeds are used to repay the original lines of credit used to fund the loan. The ASAP funding program requires us to repurchase these loans, generally within 45 days, followed by an immediate, ultimate, sale back to Fannie Mae. The difference between the price paid upon the original sale to Fannie Mae and the ultimate sale reflects borrowing costs.

11.     LEASESFor the years ended December 31, 2024, 2023 and 2022, operating lease expense was $191.3 million, $187.4 million and $185.5 million, respectively, and variable and short-term lease expense was $50.3 million, $44.5 million and $38.8 million, respectively. In addition, $169.6 million and $117.3 million of Operating lease right-of-use assets were obtained in exchange for lease obligations during the years ended December 31