SANTA ANA, Calif., Nov. 11 /PRNewswire-FirstCall/ -- Grubb &
Ellis Company (NYSE:GBE), a leading real estate services and
investment firm, today reported revenue of $136.1 million for the
third quarter of 2009, compared with revenue of $153.2 million for
the third quarter of 2008. The company reported revenue of $385.1
million for the first nine months of 2009, compared with revenue of
$468.8 million for the comparable 2008 period. The net loss
attributable to the company for the third quarter of 2009 was $21.4
million, or $0.34 per share, compared with a net loss of $56.3
million, or $0.88 per share, for the same period a year ago. For
the first nine months of 2009, the company reported a net loss of
$95.7 million, or $1.51 per share, compared with a net loss of
$68.0 million, or $1.07 per share, for the first nine months of
2008. Company Highlights -- Closed a $90 million preferred equity
transaction that allowed the company to repay in full its senior
secured credit facility and provided approximately $44 million in
working capital. -- Announced that Thomas P. D'Arcy, non-executive
chairman of Inland Real Estate Corporation, will join the company
as president, chief executive officer and a member of the board,
effective Nov. 16. -- Initiated public offering of Grubb &
Ellis Healthcare REIT II. -- Transaction volume grew 6 percent over
the second quarter. -- Recruited 17 senior-level brokerage sales
professionals during the quarter, bringing to 86 the number of top
brokerage sales professionals who have joined since July 2008. --
Won eight significant Corporate Services new business and renewal
assignments. -- Awarded 30 new property and facilities management
assignments during third quarter totaling approximately 8.1 million
square feet. "With a significantly strengthened balance sheet that
resulted from the company's $90 million preferred equity
transaction and the appointment of Tom D'Arcy as chief executive
officer, Grubb & Ellis is positioned to grow and take advantage
of the opportunities that will arise as market conditions improve,"
said C. Michael Kojaian, the company's chairman. Adjusted earnings
before interest, taxes, depreciation and amortization (adjusted
EBITDA) for the third quarter of 2009 was $674,000, compared with
adjusted EBITDA of $7.4 million in the same period a year ago. The
2009 third-quarter adjusted EBITDA results excluded the following
charges, which will be recorded in the company's GAAP financials:
-- $7.2 million related to the company's investment management
programs, -- $2.4 million in real estate-related impairments, and
-- $4.4 million of stock-based compensation and amortization of
signing bonuses. For the first nine months of 2009, the company
reported negative adjusted EBITDA of $25.1 million, compared with
positive adjusted EBITDA of $27.4 million in the same period a year
ago. The 2009 nine-month negative adjusted EBITDA results excluded
the following charges: -- $21.6 million related to the company's
investment management programs, -- $16.6 million in real
estate-related impairments, and -- $14.4 million of stock-based
compensation and amortization of signing bonuses. The adjusted
EBITDA charges are detailed in the Reconciliation of Net Loss to
Adjusted EBITDA in the tables following this release. On Nov. 6,
the company closed a $90 million equity transaction upon the sale
of 900,000 shares of a new issuance of a 12 percent cumulative
participating perpetual convertible preferred stock. The company
estimates that the proceeds from the offering were approximately
$85 million after deducting estimated offering expenses and giving
effect to the conversion of the $5 million of subordinated debt
provided in October 2009 by an affiliate of the company's largest
stockholder. The company used the proceeds to repay in full its
credit facility at the agreed reduced principal amount equal to
approximately 65 percent of the principal amount outstanding under
such facility. The balance of the offering proceeds will be used
for general working capital purposes. "Our third quarter results
were encouraging. We saw an increase in transaction volume over the
second quarter, an indication that the investments we have made to
attract top-tier talent are paying off. The market - albeit still
difficult - showed signs of improvement versus the first half of
the year," said Richard W. Pehlke, executive vice president and
chief financial officer. "Our focus remains steadfast on providing
superior solutions to our clients' real estate needs, maximizing
value for investors, attracting and retaining exceptional
professional talent throughout our service and investment
offerings, and creating shareowner value." OPERATING SEGMENTS
Management Services Management Services revenue includes asset and
property management fees as well as reimbursed salaries, wages and
benefits from the company's captive management and third party
property management and facilities outsourcing services, along with
business services fees. Management Services revenue was $67.5
million for the third quarter of 2009, up 6.3 percent from $63.5
million for the same period a year ago. Management Services revenue
was $199.6 million for the first nine months of 2009, a 7.4 percent
increase from revenue of $185.9 million during the same period a
year ago. The company continues to grow its client roster and
management portfolio. During the third quarter of 2009, Grubb &
Ellis was awarded 30 new property and facilities management
assignments totaling approximately 8.1 million square feet of
property. At Sept. 30, 2009, the company managed approximately
238.2 million square feet of commercial real estate and multi
housing property, including 41.4 million square feet of Grubb &
Ellis Realty Investors' captive property portfolio. Transaction
Services Transaction Services revenue for the third quarter of
2009, including brokerage commission, valuation and consulting
revenue, was $46.3 million, compared with $57.5 million in the same
period a year ago. The Transaction Services segment generated
revenue of $118.8 million during the first nine months of 2009,
down 31.4 percent from revenue of $173.2 million for the same
period in 2008. The Transaction Services business continues to be
negatively impacted by the current economic environment,
specifically the contracting job market and stalled investment
sales market. Through the first nine months of 2009, the company's
leasing revenue was down 15 percent, while investment sales revenue
declined by 61 percent, compared with the same period for 2008.
This compares with an industry wide decline of 33 percent and 66
percent, year-over-year, in leasing and investment sales,
respectively, according to industry statistics as well as the
company's analysis. Despite the continued difficult economic
environment, the company did see some favorable
quarter-over-quarter trends. Third quarter 2009 revenue grew by 19
percent from the second quarter, while the number of transactions
executed grew by 6 percent quarter-over-quarter. In the comparable
2008 quarter-over-quarter comparison, revenue grew only 2 percent.
Investment Management Investment Management revenue for the third
quarter of 2009, which includes transaction fees, captive
management fees and dealer-manager fees, totaled $14.8 million,
compared with fees of $24.1 million in the same period a year ago.
For the first nine months of 2009, Investment Management revenue
was $43.9 million, compared with $84.5 million in the same period a
year earlier. The decreases in both the current quarter and
year-to-date revenue can be attributed to the current market
environment, which has significantly slowed investment sales
activity. The year-over-year decreases in acquisition, loan and
disposition fees generated by the company's investment programs
were 34 percent and 87 percent during the third quarter and
nine-month periods, respectively. During the first three quarters
of 2009, approximately $533.0 million in equity was raised for the
company's investment programs, compared with $760.5 million in the
first nine months of 2008. This $227.5 million decrease was due
primarily to a decrease in capital raised for tenant-in-common and
private client wealth management programs, which was offset, in
part, by an increase of $121.9 million of capital raised for the
public non-traded REITs sponsored by the company. On Sept. 20, the
company completed the transition of its advisory services for its
first sponsored public non-traded healthcare REIT, which is now
self-advised. Sales of Grubb & Ellis Healthcare REIT II, the
company's second public non-traded healthcare REIT, commenced on
Sept. 21, 2009, and on October 15, 2009, Healthcare REIT II had
raised the $2 million minimum. At Sept. 30, 2009, the company had
assets under management of $5.8 billion, down from $6.9 billion at
June 30, 2009 primarily due to the fact that the company is no
longer providing advisory services to the first public non-traded
healthcare REIT. Rental-Related Operations Rental-related revenue
and rental-related expense includes pass-through revenue and
expenses for master lease accommodations related to the company's
tenant-in-common programs. Rental-related revenue and
rental-related expense also includes results from two properties
held for investment. Conference Call & Webcast The company will
host an earnings conference call to review its 2009 third quarter
results on Wednesday, November 11, at 10:30 a.m. Eastern Standard
Time. A live webcast will be accessible through the Investor
Relations section of the company's Web site at
http://www.grubb-ellis.com/. The direct dial-in number for the
conference call is 1.866.510.0712 for domestic callers and
1.617.597.5380 for international callers. The conference call ID
number is 54972050. An audio replay will be available beginning at
1 p.m. EST on Wednesday, November 11, until 7 p.m. EST on
Wednesday, November 18 and can be accessed by dialing
1.888.286.8010 for domestic callers and 1.617.801.6888 for
international callers and entering conference call ID 78476912. In
addition, the conference call audio will be archived on the
company's Web site following the call. About Grubb & Ellis
Named to The Global Outsourcing 100(TM) in 2009 by the
International Association of Outsourcing Professionals(TM), Grubb
& Ellis Company (NYSE: GBE) is one of the largest and most
respected commercial real estate services and investment companies
in the world. Our 6,000 professionals in more than 130
company-owned and affiliate offices draw from a unique platform of
real estate services, practice groups and investment products to
deliver comprehensive, integrated solutions to real estate owners,
tenants and investors. The firm's transaction, management,
consulting and investment services are supported by highly regarded
proprietary market research and extensive local expertise. Through
its investment subsidiaries, the company is a leading sponsor of
real estate investment programs that provide individuals and
institutions the opportunity to invest in a broad range of real
estate investment vehicles, including public non-traded real estate
investment trusts (REITs), tenant-in-common (TIC) investments
suitable for tax-deferred 1031 exchanges, mutual funds and other
real estate investment funds. For more information, visit
http://www.grubb-ellis.com/. Forward-Looking Statements Certain
statements included in this press release may constitute
forward-looking statements regarding, among other things, the
ability of future revenue growth, market trends, new business
opportunities and investment programs, certain combined financial
information regarding Grubb & Ellis Company and NNN Realty
Advisors, new hires, results of operations, changes in expense
levels and profitability and effects on the company of changes in
the real estate markets. These statements involve known and unknown
risks, uncertainties and other factors that may cause the company's
actual results and performance in future periods to be materially
different from any future results or performance suggested by these
statements. Such factors which could adversely affect the company's
ability to obtain these results include, among other things: (i) a
continued or further slowdown in the volume and the decline in
transaction values of sales and leasing transactions; (ii) the
general economic downturn and recessionary pressures on businesses
in general; (iii) a prolonged and pronounced recession in real
estate markets and values; (iv) the unavailability of credit to
finance real estate transactions in general and the company's
tenant-in-common programs, in particular;(v) the ability of the
company to return to compliance with the NYSE's continued listing
standards; (vi) an increase in expenses related to new initiatives,
investments in people, technology and service improvements; (vii)
the success of current and new investment programs; (viii) the
success of new initiatives and investments; (ix) the inability to
attain expected levels of revenue, performance, brand equity and
expense synergies resulting from the merger of Grubb & Ellis
Company and NNN Realty Advisors in general, and in the current
macroeconomic and credit environment, in particular and (x) ) other
factors described in the company's annual report on Form 10-K/A for
the fiscal year ending December 31, 2008, Form 10-Q for the
three-month periods ending March 31, 2009 and June 30, 2009 and in
other current reports on Form 8-K filed with the Securities and
Exchange Commission (the "SEC"). The company does not undertake any
obligation to update forward-looking statements. Non-GAAP Financial
Information In addition to the results reported in accordance with
U.S. generally accepted accounting principles (GAAP) included
within this press release, Grubb & Ellis Company has provided
certain information, which includes non-GAAP financial measures.
Such information is reconciled to its closest GAAP measure in
accordance with the Securities and Exchange Commission rules and is
included in the attached supplemental data. Management believes
that these non-GAAP financial measures are useful to both
management and the company's stockholders in their analysis of the
business and operating performance of the company. Management also
uses this information for operational planning and decision-making
purposes. Non-GAAP financial measures are not and should not be
considered a substitute for any GAAP measures. Additionally,
non-GAAP financial measures as presented by Grubb & Ellis
Company may not be comparable to similarly titled measures reported
by other companies. TABLES FOLLOW Grubb & Ellis Company
Consolidated Statements of Operations (in thousands) (Unaudited)
Three Months Ended Nine Months Ended
------------------------------------------------------- September
30, September 30, September 30, September 30, 2009 2008 2009 2008
------------- ------------- ------------- ------------- REVENUE
Management services $67,456 $63,479 $199,636 $185,855 Transaction
services 46,321 57,502 118,793 173,191 Investment management 14,829
24,116 43,912 84,480 Rental related 7,498 8,119 22,754 25,302
------------- ------------- ------------- ------------- TOTAL
REVENUE 136,104 153,216 385,095 468,828 ------------- -------------
------------- ------------- OPERATING EXPENSE Compensation costs
34,055 35,355 107,034 112,166 Transaction commissions and related
costs 31,575 39,186 85,360 117,979 Reimbursable salaries, wages,
and benefits 50,709 46,224 149,678 135,343 General and
administrative 25,464 40,258 83,801 84,387 Depreciation and
amortization 3,504 4,884 8,368 13,692 Rental related 4,961 4,337
16,159 15,384 Interest 3,741 2,947 12,490 9,928 Merger related
costs - 2,657 - 10,217 Real estate related impairments 2,393 34,778
16,615 34,778 Goodwill and intangible assets impairment 583 - 583 -
------------- ------------- ------------- ------------- Total
operating expense 156,985 210,626 480,088 533,874 -------------
------------- ------------- ------------- OPERATING LOSS (20,881)
(57,410) (94,993) (65,046) ------------- -------------
------------- ------------- OTHER INCOME (EXPENSE) Equity in losses
of unconsolidated entities (224) (5,859) (1,635) (10,602) Interest
income 188 234 472 757 Other income (expense) 272 (508) 394 (3,801)
------------- ------------- ------------- ------------- Total other
income (expense) 236 (6,133) (769) (13,646) -------------
------------- ------------- ------------- Loss from continuing
operations before income tax (provision) benefit (20,645) (63,543)
(95,762) (78,692) Income tax (provision) benefit (277) 15,943 (587)
23,124 ------------- ------------- ------------- ------------- Loss
from continuing operations (20,922) (47,600) (96,349) (55,568) Loss
from discontinued operations (535) (15,126) (1,005) (18,690)
------------- ------------- ------------- ------------- Net loss
$(21,457) $(62,726) $(97,354) $(74,258) ============= =============
============= ============= Less: Net income (loss) attributable to
the noncontrolling interests (98) (6,444) (1,686) (6,298)
============= ============= ============= ============= Net loss
attributable to Grubb & Ellis Company $(21,359) $(56,282)
$(95,668) $(67,960) ============= ============= =============
============= Earnings per share - basic and diluted: Loss from
continuing operations attributable to Grubb & Ellis Company
$(0.33) $(0.65) $(1.49) $(0.79) Loss from discontinued operations
attributable to Grubb & Ellis Company (0.01) (0.23) (0.02)
(0.28) ------------- ------------- ------------- ------------- Net
loss per share $(0.34) $(0.88) $(1.51) $(1.07) =============
============= ============= ============= Weighted average shares
outstanding, basic and diluted 63,628 63,601 63,618 63,574
============= ============= ============= ============= Amounts
attributable to Grubb & Ellis Company shareholders: Loss from
continuing operations, net of tax $(20,824) $(41,156) $(94,663)
$(49,270) Loss from discontinued operations, net of tax (535)
(15,126) (1,005) (18,690) ------------- ------------- -------------
------------- Net loss $(21,359) $(56,282) $(95,668) $(67,960)
============= ============= ============= ============= Grubb &
Ellis Company Consolidated Balance Sheets (in thousands)
(Unaudited) September 30, December 31, 2009 2008 -----------
----------- ASSETS Cash and cash equivalents $9,444 $32,985
Restricted cash 12,476 36,047 Investment in marketable securities
631 1,510 Current portion of accounts receivable from related
parties - net 7,756 22,630 Current portion of advances to related
parties - net 26 2,982 Note receivable from related party - net
9,100 9,100 Services fees receivable - net 22,208 26,987 Current
portion of professional service contract - net 3,372 4,326 Real
estate deposits and pre-acquisition costs 4,127 5,961 Properties
held for sale including investments in unconsolidated real estate -
net 22,468 78,708 Identified intangible assets and other assets
held for sale - net 4,823 25,751 Prepaid expenses and other current
assets 14,115 23,620 ----------- ----------- TOTAL CURRENT ASSETS
110,546 270,607 Accounts receivable from related parties - net
13,819 11,072 Advances to related parties - net 6,897 11,499
Professional service contracts - net 8,613 10,320 Investments in
unconsolidated entities 3,341 8,733 Properties held for investment
- net 82,808 88,699 Property, equipment and leasehold improvements
- net 14,078 14,016 Identified intangible assets - net 96,455
100,631 Other assets - net 5,621 4,700 ----------- -----------
TOTAL ASSETS $342,178 $520,277 =========== =========== LIABILITIES
AND STOCKHOLDERS' (DEFICIT) EQUITY Accounts payable and accrued
expenses $61,179 $ 70,222 Due to related parties 1,992 2,447
Current portion of line of credit 62,709 63,000 Current portion of
notes payable and capital lease obligations 984 333 Notes payable
of properties held for sale 31,613 108,959 Liabilities of
properties held for sale - net 2,376 9,257 Other liabilities 41,117
37,550 Deferred tax liability 4,822 2,080 TOTAL CURRENT LIABILITIES
206,792 293,848 Senior notes 16,277 16,277 Notes payable and
capital lease obligations 107,953 107,203 Other long-term
liabilities 11,262 11,875 Deferred tax liability 15,664 17,298
TOTAL LIABILITIES 357,948 446,501 Common stock 651 654 Additional
paid-in capital 411,913 402,780 Accumulated deficit (428,931)
(333,263) Other comprehensive loss (43) - ----------- -----------
Total Grubb & Ellis Company stockholders' (deficit) equity
(16,410) 70,171 Noncontrolling interests 640 3,605 -----------
----------- TOTAL (DEFICIT) EQUITY (15,770) 73,776 -----------
----------- TOTAL LIABILITIES & (DEFICIT) EQUITY $342,178
$520,277 =========== =========== Grubb & Ellis Company
Reconciliation of Net Loss to Adjusted EBITDA (in thousands)
(Unaudited) Three Months Ended Nine Months Ended
------------------------------------------------------- September
30, September 30, September 30, September 30, 2009 2008 2009 2008
------------- ------------- ------------- ------------- Net loss
attributable to Grubb & Ellis Company $(21,359) $(56,282)
$(95,668) $(67,960) Discontinued operations 535 15,126 1,005 18,690
Interest expense 3,741 2,947 12,490 9,928 Interest income (188)
(234) (472) (757) Depreciation and amortization 3,504 4,884 8,368
13,692 Goodwill and intangible assets impairment 583 - 583 - Taxes
277 (15,943) 587 (23,124) ------------- ------------- -------------
------------- EBITDA (1) (12,907) (49,502) (73,107) (49,531)
Charges related to sponsored programs 7,183 16,296 21,604 16,296
Real estate related impairment 2,393 34,778 16,615 34,778 Write off
of investment in Grubb & Ellis Realty Advisors, net - - - 5,828
Stock based compensation 2,552 2,851 8,733 8,484 Amortization of
signing bonuses 1,888 1,891 5,703 5,635 Loss on marketable
securities - 169 - 1,783 Merger related costs - 2,657 - 10,217
Amortization of contract rights - 193 - 1,179 Real estate
operations (1,689) (2,157) (5,988) (7,438) Other 1,254 187 1,348
111 ------------- ------------- ------------- -------------
Adjusted EBITDA (1) $674 $7,363 $(25,092) $27,343 =============
============= ============= ============= (1) EBITDA represents
earnings before net interest expense, interest income, realized
gains or losses on sales of marketable securities, income taxes,
depreciation, amortization, discontinued operations and impairments
related to goodwill and intangible assets. Management believes
EBITDA is useful in evaluating our performance compared to that of
other companies in our industry because the calculation of EBITDA
generally eliminates the effects of financing and income taxes and
the accounting effects of capital spending and acquisition, which
items may vary for different companies for reasons unrelated to
overall operating performance. As a result, management uses EBITDA
as an operating measure to evaluate the operating performance of
the Company's various business lines and for other discretionary
purposes, including as a significant component when measuring
performance under employee incentive programs. However, EBITDA is
not a recognized measurement under U.S. generally accepted
accounting principles, or GAAP, and when analyzing the Company's
operating performance, readers should use EBITDA in addition to,
and not as an alternative for, net income as determined in
accordance with GAAP. Because not all companies use identical
calculations, our presentation of EBITDA may not be comparable to
similarly titled measures of other companies. Furthermore, EBITDA
is not intended to be a measure of free cash flow for management's
discretionary use, as it does not consider certain cash
requirements such as tax and debt service payments. The amounts
shown for EBITDA also differ from the amounts calculated under
similarly titled definitions in the Company's debt instruments,
which are further adjusted to reflect certain other cash and
non-cash charges and are used to determine compliance with
financial covenants and the Company's ability to engage in certain
activities, such as incurring additional debt and making certain
restricted payments. Grubb & Ellis Company Supplemental Data
(in thousands except for properties acquired/disposed) (Unaudited)
Three Months Ended Nine Months Ended
------------------------------------------------------- September
30, September 30, September 30, September 30, 2009 2008 2009 2008
------------- ------------- ------------- ------------- Investment
management revenue: Acquisition and loan fees $4,454 $6,269 $7,487
$30,538 Property and asset management fees 7,932 9,883 24,909
28,404 Disposition fees (excluding amortization of intangible
contract rights) - 695 - 5,808 Amortization of intangible contract
rights - (193) - (1,179) Other 2,443 7,462 11,516 20,909
------------- ------------- ------------- ------------- Total
investment management revenue $14,829 $24,116 $43,912 $84,480
------------- ------------- ------------- ------------- Investment
management data: Total properties acquired 1 6 6 46 Total aggregate
purchase price $162,820 $209,850 $240,324 $1,046,533 Total
properties disposed 1 2 6 9 Total aggregate sales value at
disposition $11,250 $46,350 $103,384 $225,775 Total square feet
under management 41,402 46,324 41,402 46,324 Assets under
management (1) $5,807,964 $6,660,015 $5,807,964 $6,660,015 Equity
raise: Non-traded real estate investment trust (2) $111,476
$183,279 $517,997 $396,123 Tenant-in-common 500 46,218 12,991
152,944 Private client accounts - 4,851 - 193,290 Other 30 10,622
2,032 18,143 ------------- ------------- -------------
------------- Total equity raise $112,006 $244,970 $533,020
$760,500 ------------- ------------- ------------- -------------
(1) The value of assets under management is based on the original
acquisition price of such assets. (2) Excludes capital raised
through the dividend reinvestment program. Grubb & Ellis
Company Segment Data (in thousands) (Unaudited) Three Months Ended
Nine Months Ended
------------------------------------------------------- September
30, September 30, September 30, September 30, 2009 2008 2009 2008
------------- ------------- ------------- ------------- MANAGEMENT
SERVICES Revenue $67,456 $63,479 $199,636 $185,855 Compensation
costs 9,315 8,118 27,702 28,550 Transaction commissions and related
costs 2,192 2,062 7,346 6,625 Reimbursable salaries, wages, and
benefits 48,333 44,391 142,601 131,084 General and administrative
2,357 2,033 8,043 6,356 ------------- ------------- -------------
------------- Segment operating income (loss) 5,259 6,875 13,944
13,240 TRANSACTION SERVICES Revenue 46,321 57,502 118,793 173,191
Compensation costs 11,216 11,743 32,986 36,423 Transaction
commissions and related costs 29,376 37,103 77,981 111,337
Reimbursable salaries, wages, and benefits 1 - 1 - General and
administrative 7,705 8,466 25,459 26,975 -------------
------------- ------------- ------------- Segment operating income
(loss) (1,977) 190 (17,634) (1,544) INVESTMENT MANAGEMENT Revenue
14,829 24,116 43,912 84,480 Compensation costs 6,229 7,289 20,888
22,944 Transaction commissions and related costs 6 18 31 18
Reimbursable salaries, wages, and benefits 2,376 1,946 7,077 4,372
General and administrative 10,250 22,103 32,593 31,524
------------- ------------- ------------- ------------- Segment
operating income (loss) (4,032) (7,240) (16,677) 25,622
RECONCILIATION TO CONSOLIDATED NET LOSS: Total segment operating
(loss) income (750) (175) (20,367) 37,318 Non-segment: Rental
Operations, net of rental related expenses 2,537 3,782 6,595 9,918
Corporate overhead (compensation, general and administrative costs)
(12,447) (15,751) (43,165) (43,667) Other operating expenses
(10,221) (45,266) (38,056) (68,615) Other income (expense) 236
(6,133) (769) (13,646) ------------- ------------- -------------
------------- Loss from continuing operations before income tax
(provision) benefit (20,645) (63,543) (95,762) (78,692) Income tax
(provision) benefit (277) 15,943 (587) 23,124 -------------
------------- ------------- ------------- Loss from continuing
operations (20,922) (47,600) (96,349) (55,568) Loss from
discontinued operations (535) (15,126) (1,005) (18,690)
------------- ------------- ------------- ------------- Net loss
$(21,457) $(62,726) $(97,354) $(74,258) ============= =============
============= ============= Less: Net income (loss) attributable to
the noncontrolling interests (98) (6,444) (1,686) (6,298)
------------- ------------- ------------- ------------- Net loss
attributable to Grubb & Ellis Company $(21,359) $(56,282)
$(95,668) $(67,960) ============= ============= =============
============= DATASOURCE: Grubb & Ellis CONTACT: Janice McDill
of Grubb & Ellis Company, +1-312-698-6707, Web Site:
http://www.grubb-ellis.com/
Copyright