SANTA ANA, CA (Aug. 6, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported revenue of $124.6 million for the second quarter of 2009, compared with second quarter 2008 revenue of $158.4 million.The company reported first-half 2009 revenue of $244.8 million, compared with revenue of $310.7 million for the comparable 2008 period.
The net loss attributable to the company for the second quarter of 2009 was $32.8 million, or $0.52 per share, compared with a net loss of $5.4 million, or $0.08 per share, in the same period a year ago.
The net loss attributable to the company for the second quarter of 2009 was $32.8 million, or $0.52 per share, compared with a net loss of $5.4 million, or $0.08 per share, in the same period a year ago.
For the first six months of 2009, the company reported a net loss of $74.3 million, or $1.17 per share, compared with a net loss of $11.7 million, or $0.18 per share, in the first six months of 2008.Second Quarter Highlights
--Completed the disposition of Danbury Corporate Center (top right photo) for $72.4 million. Net proceeds from the sale were applied against the company’s revolving credit facility.
--Recruited 13 senior-level brokerage sales professionals during the quarter, bringing to 68 the number of top brokerage sales professionals who have joined in the past 12 months.
--Won three significant Corporate Services portfolio assignments.
--Awarded 20 new property and facilities management assignments during second quarter totaling 4 million square feet of property.
--Ranked by Robert A. Stanger & Co. as the No. 2 public non-traded REIT sponsor based on equity investment sales for the second quarter, with $208.7 million in total equity raised during the three-month period.
The company was ranked as the No. 1 sponsor of public non-traded REITs based on equity investments sales for the first six months of the year with $406.5 million in total equity raised during the period.
Announced the formation of Energy & Infrastructure Advisors, a joint venture with Meridian Companies that intends to sponsor retail and institutional investment products focused on opportunities in the energy and infrastructure sector.
Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) for the second quarter of 2009 was negative $9.3 million, compared with positive adjusted EBITDA of $12.5 million in the same period a year ago.
The 2009 second-quarter adjusted EBITDA results excluded the following charges:
· $9.7 million related to the company’s investment management programs,
· $2.0 million in real estate-related impairments, and
· $5.1 million of stock-based compensation and amortization of signing bonuses.
For the first six months of 2009, the company reported adjusted EBITDA of negative $25.8 million, compared with positive adjusted EBITDA of $20.0 million in the same period a year ago.
· $9.7 million related to the company’s investment management programs,
· $2.0 million in real estate-related impairments, and
· $5.1 million of stock-based compensation and amortization of signing bonuses.
For the first six months of 2009, the company reported adjusted EBITDA of negative $25.8 million, compared with positive adjusted EBITDA of $20.0 million in the same period a year ago.
For a complete copy of the company's news release and financials, please contact Janice McDill , 312.698.6707, janice.mcdill@grubb-ellis.com
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