SANTA ANA, CA /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm, has reported revenue of $160.6 million for the first quarter of 2008.The Company reported a net loss of $5.9 million, or $0.09 per fully diluted share, for the first quarter. T
he loss is primarily due to charges related to the previously announced write-off of the Company's investment in Grubb & Ellis Realty Advisors, as well as merger-related and integration costs resulting from the Company's recent merger with NNN Realty Advisors, LLC.
he loss is primarily due to charges related to the previously announced write-off of the Company's investment in Grubb & Ellis Realty Advisors, as well as merger-related and integration costs resulting from the Company's recent merger with NNN Realty Advisors, LLC."In a difficult market environment, each of our individual businesses benefited from our ability to leverage the Grubb & Ellis brand as well as synergies created by the expanded platform that resulted from our merger with NNN Realty Advisors," said Scott D. Peters, (top right photo) Chief Executive Officer of Grubb & Ellis Company.
"We believe that our performance as a combined entity was clearly stronger than it would have been as separate entities. We continue to focus on strengthening our market presence, eliminating redundancies and creating operating efficiencies as part of our overall strategy to make Grubb & Ellis a best in class real estate services firm."
(For a detailed copy of the company's news release, please contact Janice McDill, +1-312-698-6707, janice.mcdill@grubb-ellis.com. Web site: http://www.grubb-ellis.com/)
(For a detailed copy of the company's news release, please contact Janice McDill, +1-312-698-6707, janice.mcdill@grubb-ellis.com. Web site: http://www.grubb-ellis.com/)
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