SANTA ANA, CA (May 28, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has filed its 2008 Annual Report on Form 10-K with the Securities and Exchange Commission.The filing follows the company’s March 18, 2009 announcement that its 2008 10-K would be delayed to provide time to restate certain previously issued financial statements.
The company also filed with the SEC amended Form 10-Qs for the first three quarters of 2008 to reflect the restatement.
The restatement was necessary to correct accounting errors related to the timing of revenue recognition relating to certain tenant-in-common investment programs sponsored by NNN Realty Advisors and its subsidiaries prior to the company’s merger with NNN Realty Advisors in December 2007.
The 2008 10-K includes the restatement of Grubb & Ellis’ previously issued financial statements for the years ended December 31, 2007 and 2006.
The company reported 2008 fourth quarter revenue of $156.0 million, and 2008 revenue of $611.8 million. The company reported a net loss of $262.9 million, or $4.15 per share, for the fourth quarter, and a net loss of $330.9 million, or $5.21 per share, for 2008.
The company reported 2008 fourth quarter revenue of $156.0 million, and 2008 revenue of $611.8 million. The company reported a net loss of $262.9 million, or $4.15 per share, for the fourth quarter, and a net loss of $330.9 million, or $5.21 per share, for 2008.
For a complete copy of the company's news release, please contact:
Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com
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