Jones Lang LaSalle Incorporated

After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. At this time, I would like to turn the conference over to Brian Hogan, Investor Relations Officer. Please go ahead.

Thank you, and good morning. Welcome to the third quarter 2024 earnings conference call for Jones Lang LaFalle Incorporated. Earlier this morning, we issued our earnings release, along with a slide presentation and Excel file intended to supplement our prepared remarks. These materials are available on the Investor Relations section of our website. Please visit ir.jll.com. During the call and in our slide presentation and accompanying Excel file, we referenced certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliations of non-GAAP financial measures to GAAP in our earnings release and slide presentation. We also reference resilient and transactional revenues, which we define in the footnotes of our earnings release. As a reminder, today's call is being webcast live and recorded. A transcript and recording of this conference call will be posted to our website. Any statements made about future results and performance, plans, Expectations and objectives are forward-looking statements. Actual results and performance may differ from those forward-looking statements as a result of factors discussed in our annual report on Form 10-K for the fiscal year December 31, 2023, and in our reports filed with the SEC. The company disclaims any undertaking to publicly update or revise any forward-looking statements. Finally, a reminder that percentage variances or against the prior year period in local currency, unless otherwise noted. I will now turn the call over to Christian Olberg, our President and Chief Executive Officer, for opening remarks.

Thank you, Brian. Hello, and welcome to our third quarter 2024 earnings call. In the third quarter, JLL delivered strong financial results, which demonstrated our ability to drive operating leverage across our platform and we announced strategic action that strengthened our position in our leasing, property management, and LaSalle business lines. Beginning with our financial results, our three largest business lines, market advisory, capital markets, and work dynamics, all delivered double-digit revenue growth in the quarter. We saw growth acceleration in leasing and investment sales, debt and equity advisory, and our work dynamic segment continues to exceed our expectations. These results reflect our strength in transaction markets that are still in the early stages of recovery and our continued momentum in expanding our services to clients. Importantly, we have demonstrated our ability to drive operating leverage across our platform through continued focus on process efficiency and cost management. The consolidated enterprise adjusted EBITDA increased by 37% and adjusted EPS delivered 60% growth. During the quarter, we announced strategic actions to further improve our leasing offering to clients and to enable our people to enhance platform tools. To supplement JLL's existing leasing technology, we recently acquired RACE commercial real estate a San Francisco technology-powered brokerage that provides client solutions using a transformative digital real estate platform. RACE strengthens JLL's platform with market-leading technology, seasoned brokers, and elite engineers to build innovative products for the full leasing lifecycle, from transaction and lease management to workplace and portfolio analytics. In addition, in 2025, we will bring together all building management groups under one segment to better capitalize on synergies across platform operations, innovation, and client experience. As a result of this realignment, the property management business will report to Neil Murray, our work dynamic CEO. Following this shift on January 1st, our markets advisory segment will be renamed Leasing Advisory, And our work dynamic segment will be renamed real estate management services and include workplace management, property management, project management, and portfolio services. Finally, there's high demand for an innovative product offering within LaSalle's US open-ended core fund for high net worth investors, JLL Income Property Trust. We have committed a $100 million incremental investment in that fund which will be used to acquire assets to be syndicated to a 1031 exchange vehicle and recycled across multiple syndication offerings. These vehicles are expected to accelerate the growth of the flagship fund's assets under management over time. I will now turn the call over to Karen to provide more detail on our financial results and our full-year outlook.