Grubb & Ellis reports smaller loss in third quarter
A rising number of commercial real estate leases and sales brought third-quarter revenue up 6% from a year ago at Grubb & Ellis Co., but the Santa Ana property brokerage still reported a loss.
The company said Tuesday that it lost $14.8 million, or 27 cents a share, an improvement from a loss of $21.4 million, or 34 cents, in the third quarter of 2009. Revenue rose to $144.3 million from $136.1 million last year.
Income from commissions on sales and leases climbed 29% over the same period last year, a reflection of improving market conditions and the company's recruiting success, Grubb & Ellis said.
“Our top priority is achieving sustained profitability, and we made substantive progress toward this goal in the third quarter,” said Thomas P. D'Arcy, president and chief executive. “Investments in our transaction services business yielded significantly higher year-over-year revenue during the quarter, which we will continue to build upon as we move forward.”
Shares of Grubb & Ellis were up 2 cents to $1.10 Tuesday morning after quarterly results were announced.
-- Roger Vincent