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. 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 on a global basis 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 June 30, 2020 , we define the Chief Operating Decision Maker collectively as our Global Executive Board, which comprises the following:  Chief Executive Officer and President  Chief Executive Officers of each of our four business segments  Chief Financial Officer  Chief Executive Officer of Corporate Solutions  Chief Administrative Officer  Chief Executive Officer of Capital Markets  Chief Human Resources Officer  Co-Chief Executive Officers of JLL Technologies Summarized financial information by business segment is as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Americas - Real Estate Services Leasing $ 278.1 491.8 $ 697.0 881.6 Capital Markets 140.8 129.8 388.2 229.9 Property &amp; Facility Management 1,439.5 1,370.9 2,898.3 2,732.9 Project &amp; Development Services 275.3 376.8 581.7 685.5 Advisory, Consulting and Other 95.3 94.3 186.9 183.8 Revenue 2,229.0 2,463.6 4,752.1 4,713.7 Reimbursements (1,345.0 ) (1,403.1 ) (2,738.5 ) (2,754.5 ) Revenue before reimbursements 884.0 1,060.5 2,013.6 1,959.2 Gross contract costs (192.3 ) (191.8 ) (405.1 ) (379.5 ) Net non-cash MSR and mortgage banking derivative activity (8.6 ) (4.8 ) (7.0 ) (4.7 ) Fee revenue 683.1 863.9 1,601.5 1,575.0 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 805.3 913.7 1,815.6 1,724.5 Depreciation and amortization 39.1 26.3 76.5 53.6 Segment operating expenses, excluding reimbursed expenses 844.4 940.0 1,892.1 1,778.1 Gross contract costs (192.3 ) (191.8 ) (405.1 ) (379.5 ) Fee-based segment operating expenses 652.1 748.2 1,487.0 1,398.6 Segment operating income $ 39.6 120.5 $ 121.5 181.1 Equity earnings 2.9 0.4 15.6 0.1 Segment income $ 42.5 120.9 $ 137.1 181.2 EMEA - Real Estate Services Leasing $ 46.7 65.9 $ 94.8 118.1 Capital Markets 50.0 78.5 123.2 142.5 Property &amp; Facility Management 320.5 380.6 695.5 749.9 Project &amp; Development Services 164.3 219.2 367.5 399.7 Advisory, Consulting and Other 44.7 74.1 101.1 131.5 Revenue 626.2 818.3 1,382.1 1,541.7 Reimbursements (168.8 ) (153.7 ) (351.6 ) (318.3 ) Revenue before reimbursements 457.4 664.6 1,030.5 1,223.4 Gross contract costs (189.4 ) (284.7 ) (452.0 ) (527.4 ) Fee revenue 268.0 379.9 578.5 696.0 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 481.8 654.6 1,066.2 1,231.5 Depreciation and amortization 9.0 11.3 18.2 22.6 Segment operating expenses, excluding reimbursed expenses 490.8 665.9 1,084.4 1,254.1 Gross contract costs (189.4 ) (284.7 ) (452.0 ) (527.4 ) Fee-based segment operating expenses 301.4 381.2 632.4 726.7 Segment operating loss $ (33.4 ) (1.3 ) $ (53.9 ) (30.7 ) Equity losses  (1.1 )  (1.0 ) Segment loss $ (33.4 ) (2.4 ) $ (53.9 ) (31.7 ) Continued: Summarized financial information by business segment is as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Asia Pacific - Real Estate Services Leasing $ 33.8 66.2 $ 59.2 102.1 Capital Markets 24.0 48.2 45.7 77.6 Property &amp; Facility Management 515.2 553.4 1,047.2 1,091.2 Project &amp; Development Services 97.2 137.3 192.0 248.2 Advisory, Consulting and Other 45.1 50.1 83.3 84.8 Revenue 715.3 855.2 1,427.4 1,603.9 Reimbursements (327.0 ) (359.6 ) (611.9 ) (700.7 ) Revenue before reimbursements 388.3 495.6 815.5 903.2 Gross contract costs (189.5 ) (232.7 ) (439.0 ) (442.1 ) Fee revenue 198.8 262.9 376.5 461.1 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 362.6 462.6 780.1 863.1 Depreciation and amortization 7.0 6.4 13.6 12.8 Segment operating expenses, excluding reimbursed expenses 369.6 469.0 793.7 875.9 Gross contract costs (189.5 ) (232.7 ) (439.0 ) (442.1 ) Fee-based segment operating expenses 180.1 236.3 354.7 433.8 Segment operating income $ 18.7 26.6 $ 21.8 27.3 Equity earnings (losses) 0.5 0.4 (0.2 ) 0.7 Segment income $ 19.2 27.0 $ 21.6 28.0 LaSalle Advisory fees $ 80.9 79.5 $ 166.5 157.1 Transaction fees &amp; other 4.8 16.3 18.4 29.5 Incentive fees 14.2 33.6 19.9 41.2 Revenue 99.9 129.4 204.8 227.8 Reimbursements (1.1 ) (1.9 ) (2.9 ) (3.8 ) Revenue before reimbursements 98.8 127.5 201.9 224.0 Gross contract costs (3.8 ) (4.2 ) (8.3 ) (7.0 ) Fee revenue 95.0 123.3 193.6 217.0 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 82.9 96.0 170.0 178.9 Depreciation and amortization 1.8 1.5 3.6 3.0 Segment operating expenses, excluding reimbursed expenses 84.7 97.5 173.6 181.9 Gross contract costs (3.8 ) (4.2 ) (8.3 ) (7.0 ) Fee-based segment operating expenses 80.9 93.3 165.3 174.9 Segment operating income $ 14.1 30.0 $ 28.3 42.1 Equity earnings (losses) 11.3 10.5 (29.0 ) 15.4 Segment income (loss) $ 25.4 40.5 $ (0.7 ) 57.5 Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Segment Reconciling Items Fee revenue $ 1,244.9 1,630.0 $ 2,750.1 2,949.1 Gross contract costs 575.0 713.4 1,304.4 1,356.0 Net non-cash MSR and mortgage banking derivative activity 8.6 4.8 7.0 4.7 Revenue before reimbursements 1,828.5 2,348.2 4,061.5 4,309.8 Reimbursements 1,841.9 1,918.3 3,704.9 3,777.3 Revenue $ 3,670.4 4,266.5 $ 7,766.4 8,087.1 Total segment operating expenses, excluding reimbursed expenses &amp; before restructuring and acquisition charges $ 1,789.5 2,172.4 $ 3,943.8 4,090.0 Reimbursed expenses 1,841.9 1,918.3 3,704.9 3,777.3 Total segment operating expenses before restructuring and acquisition charges $ 3,631.4 4,090.7 $ 7,648.7 7,867.3 Operating income before restructuring and acquisition charges $ 39.0 175.8 $ 117.7 219.8 Less: Restructuring and acquisition charges 28.2 25.7 42.3 44.3 Operating income $ 10.8 150.1 $ 75.4 175.5