SANTA ANA, CA /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm, has reported revenue of $167.0 million for the second quarter of 2008. Revenue for the six-month period ended June 30, 2008 was $327.5 million.The Company reported a net loss of $5.1 million, or $0.08 per share, for the second quarter. The net loss for the first six months of 2008 was $11.0 million, or $0.17 per share, which included a second quarter non-cash charge of $8.9 million for catch-up depreciation and amortization related to the reclassification of assets held for sale to assets held for investment.
"We continue to execute on our strategy and leverage our strong brand to maximize Company performanc
e, despite very challenging market conditions," said Gary Hunt, (top right photo) interim Chief Executive Officer.
e, despite very challenging market conditions," said Gary Hunt, (top right photo) interim Chief Executive Officer."Our solid results and continued financial strength highlight the benefits associated with, and need for, the expansion of our platform and revenue stream that we achieved through the merger. Going forward, we will continue to identify synergies and eliminate redundancies throughout the organization, further streamlining the business to operate efficiently in a turbulent environment."
."We remain on track with the integration process and continue to see additional value in the combination of the two companies," said Richard W. Pehlke, (top left photo) Executive Vice President and Chief Financial Officer.
"We are a much stronger organization, both operationally and financially, than we were a year ago, and remain excited about the opportunities ahead.
"With sustained strength in key areas, including the Healthcare REIT, we continue to expect that our diversified platform will position the Company to reach an adjusted EBITDA for fiscal 2008 that meets or exceeds the combined companies' adjusted EBITDA of $74.8 million for 2007 on a non-GAAP basis."
For a complete detailed copy of the company's news release, please contact Janice McDill of Grubb & Ellis Company, +1-312-698-6707, janice.mcdill@grubb-ellis.com
Web site: http://www.grubb-ellis.com/
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