Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 108

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 108
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4, funding of investments exceeded return of capital by $106.2 million (notably, the $100.0 million invested in JLL IPT as described above) and $54.9 million, respectively. We have maximum potential unfunded commitments to direct investments or investment vehicles of $210.1 million and $7.7 million as of September 30, 2025 for our Investment Management business and Proptech Investments, respectively.

See Note 6, Investments, in the Notes to Consolidated Financial Statements for additional information on our investment activity.

Capital Expenditures

Net capital additions for the nine months ended September 30, 2025 and 2024 were $138.4 million and $126.3 million, respectively. Our capital expenditures in 2025 were primarily for purchased/developed software, technology hardware and leasehold improvements.

Business Acquisitions

The following table details cash payments relating to acquisitions. Payments for current-year acquisitions are included in cash used in investing activities, while payments for prior-year acquisitions are primarily reflected in cash used in financing activities.

Nine Months Ended September 30,(in millions)20252024Payments relating to current-year acquisitions$6.1 $40.8 Payments for deferred business acquisition and earn-out obligations16.3 5.1 Total paid for business acquisitions$22.4 $45.9 

Terms for many of our past acquisitions have typically included cash paid at closing with provisions for additional deferred consideration and earn-out payments subject to certain contract requirements, including the passage of time and performance, respectively. Deferred business acquisition obligations totaled $23.6 million as of September 30, 2025. These obligations represent the current discounted values of payments due to sellers of businesses for which our acquisition had been completed as of the balance sheet date and for which the only remaining condition on those payments is the passage of time. As of September 30, 2025, we had the potential to make earn-out payments for a maximum of $75.2 million on 12 completed acquisitions subject to the achievement of certain performance conditions. Refer to Note 5, Business Combinations, Goodwill and Other Intangible Assets, in the Notes to the Consolidated Financial Statements for further information on Business Acquisitions.

We will continue to consider acquisitions that we believe will strengthen our market position, increase our profitability and supplement our organic growth.

Share Repurchase and Dividend Programs

The number of shares repurchased and cash paid for repurchases is noted in the following table.