Global uncertainty in Europe following the Brexit referendum led to disappointing Q2 earnings for top commercial real estate brokerage JLL.

“To summarize our performance, we produced a strong second quarter and first half despite pronounced uncertainty and anxiety in Europe created by political and security challenges,” CEO Colin Dyer (shown) said during the firm’s Q2 conference call.

JLL reported revenue of $1.6B, up 17% compared to a year ago. The company reported adjusted net earnings of $79M, or $1.93/share. However, Wall Street analysts expected earnings of $1.98/share. JLL’s shares have been on a steady decline since the beginning of the year, dropping 31% since the year’s start, the Associated Press reports.

JLL’s disappointing earnings were due in large part to global uncertainty brought on by the Brexit vote and added international tensions, Morningstar analyst Edward Mui said in a recent report.

“Much like peer CBRE, JLL's performance reflected Brexit-related uncertainty, isolated mainly to its EMEA capital markets and leasing businesses. This doesn't surprise us; we would expect market participants to delay such significant capital allocation decisions until there is more clarity in the markets,” the report read.

Edward added once Europe has solidified some things in the marketplace, firms like JLL will continue operations and maintain their relationships in those nations. The analyst maintained his $144/share price tag.