Jones Lang LaSalle Inc. on Wednesday reported first quarter profit that was more than triple what was expected, boosted by a $ 34.7 million increase in the estimated value of investments in proptech companies. The shares of the property management and investment company were still inactive in pre-marketing operations. Net income rose to $ 109.7 million, or $ 1.97 per share, from $ 25.8 million, or 10 cents per share, in the same period a year earlier. Excluding one-time items, adjusted earnings per share fell 49 cents to $ 2.10, beating the FactSet consensus by 66 cents. Revenue slipped 1% to $ 4.04 billion, while revenue before repayments fell 5% to $ 2.13 billion, but topped the FactSet consensus by $ 1.85 billion. Fee income fell 4% to $ 1.44 billion, but exceeded expectations by $ 1.34 billion, and rental income fell 9% to $ 49.5 million. The stock is up 28.8% year-to-date, while the S&P 500 is up 10.9%. Visit MarketWatch.com for more information on this news.
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