G&E Sees Revenue, Net Loss Increase for Q3

CHICAGO-Grubb & Ellis Co., based here, saw an increase in revenue from $109.2 million for the third quarter of fiscal 2006 to $114.9 million for the third quarter of fiscal 2007, an increase of 5.2%. Grubb & Ellis reported a net loss of $3.1 million for the quarter compared to a net loss of $2.7 million a year ago, executive vice president and chief financial officer Rich Pehlke said during a recent conference call.

“The loss includes the GAAP treatment of the exchange of the company’s preferred shares for common stock in conjunction with the 10-million-share public equity offering that closed in July 2006, as well as a gain from the company’s sale of marketable securities in the second quarter of fiscal 2007,” Pehlke says. Without those, there was a net loss of only $294,000, or 1 cent per diluted share.