Thoughts on Grubb & Ellis (GBE) 2009 Results and 2010 Outlook

Grubb & Ellis (GBE) reported its Q4 2009 results, which were consistent with what I discussed last week.

Their 2010 outlook is for $10 million to $15 million in adjusted EBITDA. That's based on a 25 to 30 percent increase in investment sales activity and a 10 to 15 percent increase in and leasing activity, plus substantial cost cuts.

In short, there's nothing in the detailed press release that has changed my opinion that GBE is a good short and worth substantially less than current levels.