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Grubb & Ellis first-quarter financials: down, but not out
The Santa Ana firm’s revenues fell $41.5 million, which is consistent with the industry, but credit is good.
By Susan BelknappPublished: May 28, 2009 11:00 AM
Grubb & Ellis Co., a leading real estate services and investment firm, reported its first quarter 2009 financials Thursday, which show revenue of $118.3 million, compared with first quarter 2008 revenue of $150.4 million.
The net loss attributable to the company was $41.5 million, or $0.65 per share, for the first quarter of 2009, compared with a net loss attributable to the company of $6.3 million, or $0.10 per share, in the same period a year ago.
2009 Highlights
• The company's senior secured credit facility was amended.
• Recruiting momentum continues, with 18 senior-level brokers joining the company in the first quarter, raising the number of top brokerage sales professionals joining the company to 60 in the past nine months.
• Grubb & Ellis ranks as No. 1 public non-traded sponsor real estate investment trust (REIT) based on equity investment sales for the months of February, March and April, with Grubb & Ellis Healthcare REIT surpassing the $1 billion mark in equity raised in April.
• Awarded 26 new property and facilities management assignments during first quarter totaling 16 million square feet of property.
• New cost reduction initiatives result in $5 million annualized savings. Cumulative 2008 and 2009 restructuring and cost reduction actions through March 31, 2009, total $25 million in estimated annualized savings.
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‘OC METRO’ Minute,’ May 26: Construction sector sees continued losses
‘OC METRO Minute,’ May 20: O.C.’s median home price drops slightly in April
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Grubb & Ellis Co., a leading real estate services and investment firm, reported its first quarter 2009 financials Thursday, which show revenue of $118.3 million, compared with first quarter 2008 revenue of $150.4 million. The net loss attributable to the company was $41.5 million, or $0.65 per share, for the first quarter of 2009, compared with a net loss attributable to the company of $6.3 million, or $0.10 per share, in the same period a year ago. 2009 Highlights • The company's senior secured credit facility was amended. • Recruiting momentum continues, with 18 senior-level brokers joining the company in the first quarter, raising the number of top brokerage sales professionals joining the company to 60 in the past nine months. • Grubb & Ellis ranks as No. 1 public non-traded sponsor real estate investment trust (REIT) based on equity investment sales for the months of February, March and April, with Grubb & Ellis Healthcare REIT surpassing the $1 billion mark in equity raised in April. • Awarded 26 new property and facilities management assignments during first quarter totaling 16 million square feet of property. • New cost reduction initiatives result in $5 million annualized savings. Cumulative 2008 and 2009 restructuring and cost reduction actions through March 31, 2009, total $25 million in estimated annualized savings. NEXT PAGE >> Related headlines Grubb & Ellis of Santa Ana: purse strings loosened Voit directs sale of 47,815-square-foot property in Irvine ‘OC METRO’ Minute,’ May 26: Construction sector sees continued losses ‘OC METRO Minute,’ May 20: O.C.’s median home price drops slightly in April |
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