http://financeservicesnews.com/infrastructure-investment-what-does-it-mean-for-appraisers.htm
percent drop in firsgt quarter revenue as a the recession continues to take its toll onleasintg volumes. Grubb & Ellis (NYSE: GBE) reporteds a first quarter lossof $41.5 millionj on $118.3 million in revenue, or 65 centxs per share. That compares with a firsrt quarter loss in 2008of $6.3 million on $150.r million in revenue, or 10 cents per share. “Ourd results reflect the challenging operating environment as well as the seasonapl nature of the commercial realestate industry,” said Gary H. interim CEO. Brokerage-related revenue droppedr more than 43 percentto $33.r million and investment fees fell 38 percent to $25.43 million for the Santa Ana, Calif.-basedr firm.
Grubb & Ellis is Portland’s seventh-largesgt commercial real estate firm with 20 licensedc agents andthe 16th- largest propertyh management firm with 2.4 million square feet under Its offices are at 1120 N.W. Couch St. in the Pearkl District. Real estate management is an increasingly important piecer of business forGrubb & which manages 241.2 million square feet of commerciak real estate nationwide. Managemen t fees provided $65.5 million in the firsr quarter, nearly 6 percent more than a year ago. The firm added 18 senior level brokersx in thefirst quarter. • It adde d 26 new properties or 16 million squarer feet to itsmanagement portfolio.
• Cost reduction efforts yielded $5 millioh in annualized savings. Shares were down 1 percent in afternoon tradinf to84 cents. They have a 52-week range betweem 25 cents and $6.09.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment