4. BUSINESS SEGMENTS We manage and report our operations as four business segments: The three geographic regions of RES including: (1) Americas, (2) Europe, Middle East and Africa ("EMEA"), and (3) Asia Pacific; and (4) LaSalle, which offers investment management services on a global basis. Each geographic region offers our full range of real estate services, including agency leasing and tenant representation, capital markets, property and facility management, project and development management, energy management and sustainability, construction management, and advisory, consulting and valuation services. LaSalle provides investment management services to institutional investors and high-net-worth individuals. Operating income represents total revenue less direct and allocated indirect expenses. We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate global overhead, which we allocate to the business segments based on the budgeted operating expenses of each segment. For segment reporting, (a) gross contract costs and (b) net non-cash MSR and mortgage banking derivative activity are both excluded from revenue in determining "fee revenue". Gross contract costs are excluded from operating expenses in determining "fee-based operating expenses." Excluding these costs from revenue and expenses results in a net presentation which we believe more accurately reflects how we manage our expense base, operating margins, and performance. Refer to Results of Operations, included in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, for a full description of gross contract costs. In addition, our measure of segment results excludes Restructuring and acquisition charges. The Chief Operating Decision Maker of JLL measures and evaluates the segment results excluding (a) gross contract costs, (b) net non-cash MSR and mortgage banking derivative activity, and (c) Restructuring and acquisition charges. As of September 30, 2019 , we define the Chief Operating Decision Maker collectively as our Global Executive Board, which comprises the following:  Global Chief Executive Officer  Chief Executive Officers of each of our four business segments  Global Chief Financial Officer  Global Chief Executive Officer of Corporate Solutions  Global Chief Administrative Officer  Global Chief Executive Officer of Capital Markets Summarized financial information by business segment is as follows. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2019 2018 2019 2018 Americas - Real Estate Services Leasing $ 472.7 424.0 $ 1,354.3 1,151.4 Capital Markets 323.2 115.6 553.1 344.4 Property &amp; Facility Management 1,386.3 1,271.5 4,119.2 3,713.4 Project &amp; Development Services 406.0 304.7 1,091.5 848.8 Advisory, Consulting and Other 99.4 85.8 283.2 237.1 Revenue 2,687.6 2,201.6 7,401.3 6,295.1 Reimbursements (1,430.3 ) (1,251.5 ) (4,184.8 ) (3,659.6 ) Revenue before reimbursements 1,257.3 950.1 3,216.5 2,635.5 Gross contract costs (200.8 ) (170.7 ) (580.3 ) (460.4 ) Net non-cash MSR and mortgage banking derivative activity (12.7 ) (5.3 ) (17.4 ) (9.3 ) Fee revenue 1,043.8 774.1 2,618.8 2,165.8 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 1,045.6 821.2 2,770.1 2,306.8 Depreciation and amortization 35.3 24.5 88.9 77.1 Segment operating expenses, excluding reimbursed expenses 1,080.9 845.7 2,859.0 2,383.9 Gross contract costs (200.8 ) (170.7 ) (580.3 ) (460.4 ) Fee-based segment operating expenses 880.1 675.0 2,278.7 1,923.5 Segment operating income $ 176.4 104.4 $ 357.5 251.6 Equity earnings 1.5 0.1 1.6 0.6 Segment income $ 177.9 104.5 $ 359.1 252.2 EMEA - Real Estate Services Leasing $ 72.2 80.1 $ 190.3 211.9 Capital Markets 106.2 108.9 248.7 288.1 Property &amp; Facility Management 387.1 336.3 1,137.0 1,078.9 Project &amp; Development Services 234.2 220.1 633.9 663.5 Advisory, Consulting and Other 62.9 60.2 194.4 193.4 Revenue 862.6 805.6 2,404.3 2,435.8 Reimbursements (174.1 ) (171.0 ) (492.4 ) (480.0 ) Revenue before reimbursements 688.5 634.6 1,911.9 1,955.8 Gross contract costs (287.5 ) (237.9 ) (814.9 ) (820.4 ) Fee revenue 401.0 396.7 1,097.0 1,135.4 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 664.6 611.7 1,896.1 1,931.4 Depreciation and amortization 10.1 11.8 32.7 34.7 Segment operating expenses, excluding reimbursed expenses 674.7 623.5 1,928.8 1,966.1 Gross contract costs (287.5 ) (237.9 ) (814.9 ) (820.4 ) Fee-based segment operating expenses 387.2 385.6 1,113.9 1,145.7 Segment operating income (loss) $ 13.8 11.1 $ (16.9 ) (10.3 ) Equity losses   (1.0 )  Segment income (loss) $ 13.8 11.1 $ (17.9 ) (10.3 ) Continued: Summarized financial information by business segment is as follows. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2019 2018 2019 2018 Asia Pacific - Real Estate Services Leasing $ 59.4 69.3 $ 161.5 165.2 Capital Markets 50.6 39.5 128.2 122.2 Property &amp; Facility Management 539.4 529.2 1,630.6 1,590.6 Project &amp; Development Services 145.7 108.7 393.9 309.8 Advisory, Consulting and Other 38.7 43.3 123.5 126.4 Revenue 833.8 790.0 2,437.7 2,314.2 Reimbursements (343.6 ) (330.0 ) (1,044.3 ) (1,007.8 ) Revenue before reimbursements 490.2 460.0 1,393.4 1,306.4 Gross contract costs (225.3 ) (207.7 ) (667.4 ) (608.4 ) Fee revenue 264.9 252.3 726.0 698.0 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 452.9 432.6 1,316.0 1,245.1 Depreciation and amortization 6.5 5.6 19.3 17.0 Segment operating expenses, excluding reimbursed expenses 459.4 438.2 1,335.3 1,262.1 Gross contract costs (225.3 ) (207.7 ) (667.4 ) (608.4 ) Fee-based segment operating expenses 234.1 230.5 667.9 653.7 Segment operating income $ 30.8 21.8 $ 58.1 44.3 Equity earnings 0.7 1.0 1.4 2.0 Segment income $ 31.5 22.8 $ 59.5 46.3 LaSalle Advisory fees $ 79.9 68.0 $ 237.0 205.0 Transaction fees &amp; other 14.2 9.8 43.7 33.2 Incentive fees 17.5 94.8 58.7 145.4 Revenue 111.6 172.6 339.4 383.6 Reimbursements (1.8 ) (3.6 ) (5.6 ) (13.2 ) Revenue before reimbursements 109.8 169.0 333.8 370.4 Gross contract costs (4.1 ) (0.7 ) (11.1 ) (3.2 ) Fee revenue 105.7 168.3 322.7 367.2 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 87.5 110.9 266.4 265.9 Depreciation and amortization 1.7 0.8 4.7 2.3 Segment operating expenses, excluding reimbursed expenses 89.2 111.7 271.1 268.2 Gross contract costs (4.1 ) (0.7 ) (11.1 ) (3.2 ) Fee-based segment operating expenses 85.1 111.0 260.0 265.0 Segment operating income $ 20.6 57.3 $ 62.7 102.2 Equity earnings 14.9 2.3 30.3 24.6 Segment income $ 35.5 59.6 $ 93.0 126.8 Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2019 2018 2019 2018 Segment Reconciling Items Fee revenue $ 1,815.4 1,591.4 $ 4,764.5 4,366.4 Gross contract costs 717.7 617.0 2,073.7 1,892.4 Net non-cash MSR and mortgage banking derivative activity 12.7 5.3 17.4 9.3 Revenue before reimbursements 2,545.8 2,213.7 6,855.6 6,268.1 Reimbursements 1,949.8 1,756.1 5,727.1 5,160.6 Revenue $ 4,495.6 3,969.8 $ 12,582.7 11,428.7 Total segment operating expenses, excluding reimbursed expenses &amp; before restructuring and acquisition charges $ 2,304.2 2,019.1 $ 6,394.2 5,880.3 Reimbursed expenses 1,949.8 1,756.1 5,727.1 5,160.6 Total segment operating expenses before restructuring and acquisition charges $ 4,254.0 3,775.2 $ 12,121.3 11,040.9 Operating income before restructuring and acquisition charges $ 241.6 194.6 $ 461.4 387.8 Restructuring and acquisition charges (credits) 70.0 3.7 114.3 (6.7 ) Operating income $ 171.6 190.9 $ 347.1 394.5