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Grubb & Ellis Revenue Falls

A special to NREI from

Grubb & Ellis Company (NYSE: GBE) reported a 21% drop in total revenue in the second quarter compared to a year ago. In its latest financial release, the company reported revenue amounting to $124.6 million for the period versus $158.4 million a year ago. That amounts to a loss of $0.52 per share, compared with a loss of only $0.08 per share in the year-ago period.

For the first half, revenue was also off 21%, dropping to $244.8 million compared with revenue of $310.7 million for the first half of 2008. The loss per share equaled $1.17 versus $0.18 per share for the first half of 2008.

“The current environment is clearly impacting our 2009 results,” said interim CEO Gary H. Hunt in a statement. “Our focus continues to be on serving the needs of our clients and making the right investments to position the company to take advantage of the upswing in the commercial real estate market when it occurs.”

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