Jones Lang LaSalle Incorporated
) renewed its bank credit facility recently. The move helped the
company increase its borrowing capacity and experience lower
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In particular, with a consortium of 19 lenders, the credit
facility has been elevated to $1.2 billion from $1.1 billion and
the maturity has been pushed further to Oct 2018 from Jun 2016.
Moreover, the pricing for the facility will result in a 0.375%
decline from the prior pricing.
Therefore, for Jones Lang LaSalle, which had $479 million in
borrowings outstanding on the facility as of Jun 30, 2013, the
above move is encouraging, as in addition to lower interest
expenses, it will provide the company the much required financial
flexibility to pursue its growth initiatives.
As part of its efforts to enhance its office property management
capacities, in August Jones Lang acquired a Houston-based
property management company - Means Knaus Partners (MKP). Adding
approximately 16 million square feet to Jones Lang's portfolio
under management, this acquisition will enhance the company's
market share in Chicago, Dallas, Denver, Houston, Los Angeles,
Orlando and Tampa.
Also, early in August, Jones Lang disclosed that it is expanding
in the Kansas City-area through the acquisition of commercial
real estate firm - Capital Realty - that managed approximately 90
properties (5.4 million square feet) across the Kansas City area
for regional and local institutional owners.
Jones Lang currently carries a Zacks Rank #4 (Sell). Some better
performing REITs include
Sotherly Hotels Inc.
E-House (China) Holdings Ltd
Standard Parking Corp.
). While Sotherly Hotels and E-House (China) Holdings carry a
Zacks Rank #1 (Strong Buy), Standard Parking has a Zacks Rank #2