Grubb & Ellis Reports Improved Second Quarter 2010 Results

SANTA ANA, Calif. (Aug. 10, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported second quarter 2010 revenue of $140.7 million, an increase of 11 percent, compared with revenue of $126.8 million for the second quarter of 2009.

For the first six months of 2010, the company reported revenue of $273.2 million, an approximate 10 percent increase over revenue of $249.0 million for the comparable period of 2009.

The company reported a net loss attributable to Grubb & Ellis Company on a GAAP basis of $17.5 million, or $0.31 per common share, for the second quarter of 2010, compared with a net loss of $32.8 million, or $0.52 per common share, for the second quarter of 2009.

For the first six months of 2010, the company reported a net loss attributable to Grubb & Ellis Company of $41.2 million, or $0.73 per common share, compared with a net loss of $74.3 million, or $1.17 per common share, in the first six months of 2009.

“Grubb & Ellis continued to make meaningful progress toward our financial goals and strategic initiatives in the second quarter as reflected by the 43 percent improvement in adjusted EBITDA,” said Thomas P. D’Arcy,(top right photo) president and chief executive officer of Grubb & Ellis.

 “Our Transaction Services business generated robust revenue growth again this quarter, a reflection of our recruiting success and the continued recovery of the market.

"This performance offset slower than expected growth in our Investment Management business. However, I am confident in the direction of the Investment Management business, especially in light of our newest selling agreement with LPL Financial.”
For a complete copy of the company's news release and financials, please contact Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com