Capital Markets JLL Capital Markets Capabilities 2021
Capital Markets overview Consultative real estate capital markets services powered by team culture and data-driven insights. JLL Capital Markets Through our unparalleled market knowledge, consultative mindset and proven expertise, we have earned our place as one of the largest and most successful commercial real estate capital markets intermediaries. With experience in all major property and transaction types, our capital markets advisors draw on their deep understanding of local markets and on the strength of their capital markets relationships to ensure the best outcomes, no matter how complex your needs.
Our unique team approach offers: • Client-centric focus on delivering optimal results • Collaborative culture that fosters teamwork • Shared market intelligence available through our proprietary Capforce data analytics system • Consultative emphasis
Offering services from coast-to-coast
Corporate awards Dow Jones Sustainability Index North America 3rd year in a row
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Top 70 Companies for Executive Women National Association for Female Executives 3rd year in a row
World’s Most Ethical Companies Ethisphere Institute 12th year in a row
Perfect Score on the Human Rights Campaign Foundation’s Corporate Equality Index 5th year in a row
We’ve done this before Representative Capital Markets transactions
951 Willowbrook Road Northampton, PA Industrial Sale: $201,500,000
Phillips Point West Palm Beach, FL Office Sale: $281,850,000
Pittock Block Portland, OR Data Center & Office Sale: $326,000,000
91 Acre Site Indianapolis, IN Land Financing: Confidential
REIT 9 Portfolio Multi-market Seniors housing Sale: $185,000,000
RIM San Antonio, TX Retail Sale, Equity and Financing: Confidential
Riverstone Bolingbrook, IL Affordable Housing Sale: $93,500,000 Financing: $66,907,000
Bell Summit at Flatirons Denver, CO Multi-housing Sale: $154,050,000 Financing: $103,000,000
10-asset MOB Portfolio Multi-market Healthcare Sale and Financing: Confidential Capital Markets |
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Services & property sectors Our services cover the full spectrum of commercial real estate capital markets solutions.
We offer a unified platform serving all property sectors. Healthcare • Medical office buildings • Seniors housing • Life Science/Biotech • Hospitals & Hospital Systems Hotels & Hospitality Industrial
Land Mixed-use Multi-housing • Affordable housing • Student housing Office Retail Self Storage
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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Our advisors play a consultative role during every transaction, securing the best terms for your needs.
Industry position $168B in global capital markets transactions in 2020 Capital Markets global position Americas
EMEA
Asia Pacific
$104B
#1 Ranked
#2 Ranked
2020 Capital Markets volume
Total Debt Originations
U.S. Investment Sales Advisory broker
$50B
#2 Ranked
2020 Capital Markets volume
Investment Advisory
$14B
#3 Ranked
2020 Capital Markets volume
Investment Advisory
Capital Markets U.S. industry position Debt Placement
#1
Total Loan Originations
Equity Placement
#1
Investment Sales Advisory
#1
Insurance Company Originator
Seconds/Mezzanine/ Preferred Equity Structures
M&A and Corporate Advisory
#2
#6
#10
Broker in U.S. overall
M&A and Corporate Advisory Sell-side Advisor
M&A and Corporate Advisory Overall Advisor
U.S. Investment Sales Advisory brokerage rankings by property type
#1
#1
#2
#3
#3
Hotel & Hospitality
Medical Office Building*
Industrial
Multi-housing
Retail
Source: Mortgage Bankers Association, Real Capital Analytics, Real Estate Alert | M&A and Corporate Advisory rankings are SNL Financial ranking for sell side M&A since 2012. Includes legacy HFF, Hentschel & Co. and Gleacher & Company team. *Based on 2018-2020 volume
Capital Markets |
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Historical U.S. Capital Markets volume We bring to every assignment the full resources and manpower of the firm as One Team with a singular goal of exceeding the client’s expectations. JLL Capital Markets is consistently recognized as a top producing firm year after year. JLL historical U.S. Capital Markets transaction volume ($B)
$180
$172.9
$160 $150.0 $140
$154.2
$137.6 $127.9
$120 $108.4 $99.8
$100 $89.3 $80 $63.1
$60
$54.9
$43.5 $40
$31.6 $19.2
$20
$23.0
$19.5 $8.5
$0 2007
2008
2009
Note: 2007-2010 volume is HFF legacy data only.
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2010
2011
2012
2013
2014
2015
Debt Advisory
2016
2017
2018
2019
Investment Sales Advisory
2020 Equity Placement
1Q20
1Q21
Loan Sales
Investment Sales Advisory Our investment sales advisory group is an integral component of our capital markets platform enabling access to a vast global universe of investors with real-time pricing for property sales that maximizes value and improves the certainty of closure.
• Buy-side advisory • Fee and leasehold • Partial interests • Portfolios • Forward sales • Operating platforms • Special assets / REO
#2
sales broker JLL Investment Sales Advisory U.S. Capital Markets transaction volume ($B)
$90
$74.7
$64.7
$75
$68.0
$66.1 $63.3
$52.9
$60
$47.5 $41.5
$45
$30
$27.5
$14.4
$11.8
$15
$0
$25.0
$23.5
$10.7
$8.3
$5.7
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1Q20
1Q21
Note: 2007-2010 volume is HFF legacy data only.
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Debt Advisory Our relationships with insurance companies, commercial and foreign banks, government agencies, CMBS lenders, debt funds, mortgage REITs and foreign and domestic pension funds enable our advisors to secure the best terms in the debt and equity markets.
JLL arranges the following loan types:
We are a full-service Agency/GSE lender maintaining outstanding relationships with Fannie Mae, Freddie Mac and HUD/GNMA. Our team of Agency/GSE(1) lending specialists help navigate the barriers to entry with government sponsored entities to structure and close loans quickly and efficiently. Our market leading transaction volume demonstrates our expertise.
• Permanent
• Acquisition
• Construction
• Forward
• Fixed rate/floating rate
• Tax exempt
• Bridge
• Credit tenant lease
Agency Rankings, 2020 #1 Freddie Mac Affordable Housing Lender #2 Fannie Mae Affordable Housing Lender #3 Freddie Mac Multi-housing lender by volume
#1
debt originations JLL Debt Placement U.S. Capital Markets transaction volume ($B)
$88.2
$90 $75.9 $77.6
$75 $65.8 $57.8
$60
$51.4
$49.0 $45
$37.7 $29.8
$30
$16.0
$11.7
$15
$0
$23.3
$23.4 $10.7 $5.6
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Note: 2007-2010 volume is HFF legacy data only. Mortgage Bankers Association, Fannie Mae, Freddie Mac (1) Agency/GSE lending and loan servicing & asset management are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.Loans made or arranged in California are pursuant to a California Financing Law license.
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$13.8
| Capital Markets
2019
2020
1Q20
1Q21
Equity Placement We have a commanding market share with more volume than its nearest six competitors combined. Equity capital is the most critical component of any real estate transaction. JLL and its affiliate HFF Securities specialize in identifying the most compatible and accretive capital alternatives for any project or portfolio-specific real estate acquisition, development or recapitalization, as well as for any real estate business or strategic plan.
Rank
Firm
1
JLL
2
Newmark Knight Frank
3
• Asset-specific joint ventures • Programmatic joint ventures • Entity-level investments • Discretionary funds & separate accounts • Structured finance transactions • Advisory services
Volume ($M)
Deal Count
Avg. Size ($M)
$5,799
152
$38.2
$1,200
33
$36.4
Marcus & Millichap
$922
120
$7.7
4
George Smith Partners
$875
48
$18.2
5
Meridian Capital
$714
52
$13.7
6
Eastdil Secured
$700
11
$63.6
7
Cushman & Wakefield
$504
7
$71.9
Source: Based on 2020 MBA rankings
Equity placement highlights JLL is a proxy for the market pricing approximately 200 joint ventures at any one time
The equity placement market is highly fragmented
Since 2011, JLL has closed over 1,200 equity transactions and raised approximately $46 billion of equity
In 2020, JLL completed over 140 equity transactions totaling more than $5.7 billion in equity volume
Since its formation in 2004, HFF Securities, the broker-dealer affiliate of JLL, has represented funds that have raised approximately $19 billion of discretionary capital
Since 2011, JLL has arranged transactions with over 130 capital sources in over 300 structured finance transactions
Since 2011, JLL has arranged equity transactions with over 350 capital sources in over 850 joint ventures Capital Markets |
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M&A industry rankings & qualifications JLL and its affiliate HFF Securities excel in providing consultation for large real estate transactions, including mergers and acquisitions. Whether a public or private REIT, a non-traded REIT, a real estate fund or other privately owned real estate debt, Our consultants offer expert insights to ensure your project’s success.
We have extensive experience across a variety of different mandates
Rank
Firm
1
Goldman Sachs
$88.2
2
Citigroup
$74.0
3
Bank of America Merrill Lynch
$63.8
4
Morgan Stanley
$47.9
5
Wells Fargo
$43.7
6
JLL (1)
$39.7
7
Barclays
$31.1
8
Lazard Freres & Co.
$28.3
9
UBS
$19.8
10
JP Morgan
$19.8
(1) SNL Financial ranking for sell side M&A since 2012. Includes Legacy HFF, Hentschel & Co. and Gleacher & Company team
M&A / Strategic Advisory Committee
Special Committee
Fairness / Opinion Valuation
$5.9B
$4.0B
$2.2B
4-Reit roll-up
NTR advisory
American Realty Capital
Cole Credit
$1.25B
Hospitality Trust
Property Trust IV
MOB portfolio sale CNL
$1.8B Parkway
$1.8B Cottonwood Residential
$825M Sentio Healthcare Properties 10 | Capital Markets
$600M FREIT
$129B
$700M Jernigan Capital
$250M Cottonwood
$1.8B
$1.4B
Playa Hotels & Resorts
$207M
$3.2B
Resource Capital Corp.
Asset-level Capital Raise
Entity-level Capital Raise
$1.0B
$500M
Equus Capital
$1.75B
Benchmark
$500M
United Wholesale Mortgage
$600M MACK Real Estate Group
Steadfast Companies
ANNALY
Realty Finance Trust
Volume ($B)
Gables Residential
$420M
$900M
Stoltz
Confidential
$420M
$300M
Equus Capital
$415 M
Phillips Edison & Company
CIP Real Estate
$250M Sherman Associates
Loan Sales Our loan sales team has significant experience providing advisory services pertaining to the workout and disposition of Performing, Sub- and Non-Performing loans (single and portfolio basis) and Real Estate Owned assets on behalf of a variety of clients including banks, life companies, special servicers, opportunity funds, debt funds, CMBS/CLO bond holders, and governmental entities. The team has also completed or participated in numerous receivership sales, 363 bankruptcy processes and UCC foreclosures. Our team’s exceptional track record is a direct result of its comprehensive valuation and marketing approach. The loan sale team
leverages our own expertise coupled with the micromarket sales expertise of our investment sales advisory platform for each transaction to deliver best-in-class advisory services. • Performing, sub- and non-performing loans
• Participations • REO sales
• All asset classes
• UCC Foreclosures • All geographic locations • Portfolio or stand-alone • CMBS kick-out loans transactions • A/B note structures and mezzanine loans
$2.2B Loan Sale and REO Investment Advisory transactions (2018 – 2020) 5% 20%
30%
Bank Debt Fund
Seller Type
Insurance Company
25% 25%
1% Non-performing
12% 12%
Performing
Loans By Performance
Special Servicer
44%
Misc Higher Risk Performing Well-performing
26%
Foreclosed/REO
Select transactional experience
$357M
$255M
$173M
Life insurance company Performing loan portfolio Various property types Located throughout U.S.
Bank Performing loan portfolio Hotel assets Located throughout U.S.
Special servicer Non-performing loan Office Dania Beach, FL Capital Markets | 11
Loan Servicing & Asset Management Unmatched servicing platform
$125.2B 5,600+
unpaid principal balance
Loan Servicing offices: • Bethesda, MD • Clearwater, FL • Grapevine, TX
loans
• Houston, TX • Pittsburgh, PA • St Paul, MN
Third-party designations:
135
professionals
85+
lending partners
• Fitch Ratings (primary servicer) • Freddie Mac Optigo Lender • Fannie Mae DUS® Lender • FHA Approved Lender • FHA Map Approved Lender • FHA Map Approved Healthcare
Unpaid principal balance
Number of loans
($B)
$150 4,798
$125
$100
3,230 3,240 3,098 3,190
$75
$50
$25
$0
3,377
3,720
3,777 4,022
2002
2004
2006
$113
$35.0 $29.3 $30.9 $32.2 $32.3
$39.7 $41.9
6,000
5,000
$108 4,000
3,000
$64.7 $48.9
2,000
1,000
2008
2010
2012
2014
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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$124.7 $125.2
$76.2
2,000 1,931 2,112
$19.1 $22.4 $13.4 $15.3 $16.5
4,499
5,657
$90.9
2,356 1,760
4,254
5,124
5,327
5,649
2016
2018
2020 3/31/21
0
Corporate Finance & Net Lease We are a recognized leader in the single-tenant sector with net lease investment sales advisory, sale leaseback, and build-to-suit transaction experience. Our Corporate Finance platform bridges the world between real estate and finance by developing strategies that align capital, occupancy and growth decisions for corporate and institutional clients. Through in-depth financial analysis, we evaluate strategic solutions to help you make the most of the buildings you own. Our Net Lease experts help clients unlock real estate value by leveraging sophisticated technology and unparalleled access to the marketplace. We ensure successful execution in the purchase, recapitalization and sale of single-tenant net lease properties.
Build-to-suit • Source and structure project financing • Developer and capital provider selection • Corporate finance advisory • Secure economic incentives • Lease agreement negotiation and execution
Net Lease Sales • Investment property sales • Acquisition/disposition underwriting and structuring • Value realization strategies • Sell and buy-side advisory
Sale-leaseback • Own versus lease analysis • Corporate finance advisory • Transaction underwriting and structuring • Capital provider selection • Lease agreement negotiation and execution
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Derivative Consulting JLL partners with a team of expert advisors JLL joined forces with Kensington Capital Advisors to provide even greater access to advanced analytics, risk management consultation and hedging tools. The partnership is based around a shared commitment to transparency and a focus on delivering advisory services that generate optimal outcomes without conflicts of interest or breaches in confidentiality. JLL’s clients benefit from direct access to Kensington’s senior professionals, each of whom possesses extensive market experience gained from working with financial institutions across the world. Like JLL, Kensington does not represent
lenders providing hedges or receive undisclosed payments, thereby avoiding conflicts of interest that might complicate transactions. The partnership strengthens the already exemplary customer service JLL clients receive, while preserving the high levels of confidentiality that characterize both organizations. • Hedge advisory • CMBS Defeasance • Analytics
Client Technology
Bidding Services
Advisory Services
Cap Escrow Servicing
Rate Cap Contracts
Municipal Finance
Hedge Accounting
Defeasance Escrows
Legal Expert
Derivative Valuation
Bond Proceeds Investment
CMBS/Muni Defeasance
Yield Maintenance Defeasance Monitoring
Bond/Securities Financing
Debt/Loan Calculation
Risk/Hedging
Debt Management System Custom Portals
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Derivative Advisory Analysis
Global connectivity & coverage One team reporting from global locations Capital Markets Global Executive Oversight • Mark Gibson • Richard Bloxam • Matt Richards • Stuart Crow
Americas • Jon Geanakos • Miyeon Lee • Simon Graff Canada • Matt Picken Latin America • Manny DeZárraga • Max LaCava
Global International Capital Lead • Riaz Cassum
Europe • Fraser Bowen • Alice Buckingham
North Asia • Darren Xia
Middle East • Fadi Moussalli • Mor Ziv - Israel
South Asia • Tim Graham • Heather Liew
China • Kitty Liu - Beijing • Alvin Leung - Hong Kong
South Africa • Tom Mundy
Korea • Kimin Chung • Jayme Han
Australia • Kate Low
EMEA
Americas
Japan • Sumihiro Hiratsuka • Ken Sakuramoto • Naoki Hasegawa
Asia-Pacific
1,525 CM Professionals
956 CM Professionals
509 CM Professionals
74 Offices
40 Offices
26 Countries
14 Countries
59 Offices 5 Countries
Source: JLL employment totals March 2021
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To learn more about JLL Capital Markets, please contact:
jllcapitalmarkets@am.jll.com
us.jll.com/capitalmarkets © 2021 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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