Grubb & Ellis (GBE) Results Improved But Still Bad; Stock Unchanged

Today Grubb & Ellis (GBE) reported first quarter 2010 revenue of $132.5 million, an increase of 8 percent compared with revenue of $122.2 million for the first quarter of 2009. GBE reported a net loss of $23.8 million, or $0.41 per common share, for the first quarter of 2010, compared with a net loss of $41.5 million, or $0.65 per common share, for the first quarter of 2009.

Adjusted EBITDA for the first quarter of 2010 was negative $11.1 million, compared with negative adjusted EBITDA of $16.5 million in the same period a year ago, reflecting an improvement of more than 33 percent from the year ago period.

GBE also sold $30.0 million aggregate principal of unsecured convertible senior notes due in 2015 in an offering led by JMP Securities.

The company reiterated its guidance for 2010 of total revenue of $550 million to $575 million and adjusted EBITDA of $10 million to $15 million.