Odd Announcement from Grubb & Ellis (GBE)

Announced today: Grubb & Ellis Equity Advisors is Terminating Relationship with Grubb & Ellis Apartment REIT

"Over the past few months there has been an increasing divergence in perspective between Grubb & Ellis Equity Advisors, as the advisor, and the REIT's board of directors, which has resulted in fundamental differences of opinion as it relates to strategic direction of the REIT. Grubb & Ellis will continue to work constructively with the REIT board over the coming months to ensure that the interests of shareowners are preserved throughout the transition period," said Jeff Hanson, president and chief executive officer of Grubb & Ellis Equity Advisors.

Further: The REIT said it will change its name to Apartment Trust of America Inc. and plans to enter into an advisory agreement with a firm owned by American Realty Capital LLC and ROC REIT Advisors LLC.

This is interesting. I wouldn't say it's bullish.