| LaSalle Partners Incorporated | |||
| Ticker: | LAP | 200 East Randolph Drive | |
| Exchange: | New York Stock Exchange | Chicago, IL 60601 | |
| Industry: | Financial (SIC Code 6531) | (312) 782-5800 | |
| Type of Shares: | Common Shares | Filing Date: | 4/24/97 | |
| U.S. Shares: | 3,200,000 | Offer Date: | 7/16/97 | |
| Non-U.S. Shares: | 800,000 | Filing Range: | $19.00 - $21.00 | |
| Primary Shares: | 4,000,000 | Offer Price: | $23.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.61 | |
| Offering Amount: | $80,000,000 | Selling: | $0.93 | |
| Expenses: | $2,000,000 | Reallowance: | $0.10 | |
| Shares Out After: | 16,200,000 |
| Manager | Tier | Phone |
| Morgan Stanley Dean Witter Discover & Co. | Lead Manager | (212) 761-5900 |
| Montgomery Securities | Co-manager | (415) 627-2100 |
| William Blair & Company | Co-manager | (312) 364-8990 |
| Issuer's Law Firm: | Skadden, Arps, Slate, Meagher & Flom |
| Bank's Law Firm: | Sidley & Austin |
| Auditor: | KPMG Peat Marwick |
| Registrar/Transfer Agent: | Harris Trust & Savings Bank |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 3/31/97 | 3/31/96 | 3/31/97 | ||
| Revenue: | $175.97 | $36.02 | $27.29 | Assets: | $124.08 |
| Net Income: | $19.96 | -$4.72 | -$5.79 | Curr Assets: | |
| EPS: | Liabilities: | $109.43 | |||
| Prior EPS: | -$7.89 | -$4.68 | Curr Liabilities: | ||
| Cash Flow/Oper: | $13.96 | Equity: | $14.65 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a leading full-service real estate firm that provides management services, corporate and financial services and investment management services to corporations and other real estate owners, users and investors worldwide. By offering a broad range of real estate products and services, and through its extensive knowledge of domestic and international real estate markets, the company is able to serve as a single source provider of solutions for its clients' full range of real estate needs. Based on published industry data and its industry knowledge, the company believes that it holds a leading market position in each of its primary businesses. For example, the company believes it is the largest property manager of office buildings in the United States, one of the largest outsource service providers for corporate occupied facilities and the third largest manager of institutional equity capital invested in domestic real estate assets and securities. The company is also the fourth largest manager of institutional real estate equity investments in the United Kingdom. |
| Competition |
| The market for commercial real estate services provided by the company is both highly fragmented and highly competitive. In each of its business disciplines, the company competes on the basis of the skill and quality of its personnel, the variety of services offered, the cost of the services offered, the ability to enhance asset values, the breadth of geographic coverage and the quality of its infrastructure, including training and technology. Based on industry experience, the company believes it has a strong reputation for the quality of its services as well as its client oriented approach. The company believes that its experienced employees, broad range of services provided, local and broad market expertise, and operating infrastructure enable it to compete effectively in each of its business disciplines. |
| Business Plan |
| The company is pursuing a growth strategy which capitalizes on existing client relationships and emerging industry trends. Key components of its growth strategy include: (I) Expanding Client Relationships, (ii) Broadening International Presence, (iii) Selectively Pursuing Strategic Acquisitions and (iv) Pursuing Co-investment Opportunities. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay indebtedness and for general corporate purposes. |
| Name of Shareholder | % Owned Before | % Owned After |
| Del-LPL Limited Partnership | 41.40% | 31.20% |
| DSA-LSPL, Inc. | 15.60% | 11.70% |
| DEL/LaSalle Finance Company, L.L.C. | 15.00% | 11.30% |
| Galbreath Holdings, LLC | 14.20% | 10.70% |
| DEL-LPAML Limited Partnership | 7.30% | 5.50% |
| Officer Name | Title | Age |
| Stuart L. Scott | Chairman of the Board of Directors and Chief Executive Officer | 58 |
| Lizanne Galbreath | Chairman, LaSalle Partners Management Services, Inc. and Director | 39 |
| Daniel W. Cummings | Co-President--LaSalle Advisors Capital Management, In. and Director | 44 |
| Lynn C. Thurber | Co-President--LaSalle Advisors Capital Management, Inc. and Director | 50 |
| William E. Sullivan | Executive Vice President, Chief Financial Officer and Director | 42 |
| Earl E. Webb | Managing Director, Investment Banking Division--LaSalle Partners Corporate & Financial Services, Inc. and Director | 40 |
| Charles K. Esler, Jr. | President and Chief Executive Officer--LaSalle Partners Management Services, Inc. and Director | 50 |
| Robert C. Spoerri | President, Chief Operating Officer and Director | 48 |
| M.G. Rose | President, Tenant Representation Division--LaSalle Partners Corporate & Financial Services, Inc. and Director | 57 |