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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
OCTOBER 24, 1994
GRUBB & ELLIS COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE 1-8122 94-1424307
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
ONE MONTGOMERY STREET
TELESIS TOWER
SAN FRANCISCO, CA 94104
(Address of principal executive offices) (Zip Code)
(415) 956-1990
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. OTHER EVENTS
On October 24, 1994, Grubb & Ellis Company issued the press release
attached hereto as Exhibit 1.1, which is incorporated herein by
reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) The following exhibit is filed as part of this Report:
1.1 Press Release of Grubb & Ellis Company dated October 24, 1994.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GRUBB & ELLIS COMPANY
(Registrant)
Date: October 25, 1994 By: /s/ Robert J. Hanlon, Jr.
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Page No.
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1.1 Press Release of Grubb & Ellis Company dated October 24,
1994
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Exhibit 1.1
NEWS RELEASE
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Contact: Molly Davis, Gallen & Associates (415) 268-9848
CONTACT:
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FOR IMMEDIATE RELEASE October 24, 1994
GRUBB & ELLIS ANNOUNCES THIRD QUARTER PROFIT
SAN FRANCISCO -- Grubb & Ellis Company (NYSE:GBE) reported pre-tax income
of $685,000 and net income of $584,000 on gross revenues of $47.2 million
for the third quarter 1994. The third quarter 1994 profit compares
favorably to a pre-tax loss of $538,000 and a net loss of $638,000 on gross
revenues of $50.9 million for the third quarter of 1993.
Excluding those activities which, at the end of 1993, had been closed or
were expected to close, third quarter 1994 gross revenues increased 7.3%
over comparable third quarter 1993 revenues of $43.9 million. Third
quarter pre-tax income of $685,000 included a favorable adjustment of
$519,000 related to special charges and unusual items recorded in the prior
year.
The third quarter profit marks the first time since 1989 that the company
has reported two consecutive profitable quarters. Historically the
company's weakest quarter is the first quarter, and the last quarter is its
strongest. This trend is expected to continue this year. Year to date,
the company reported a net loss of $3.0 million, or $1.18 per common share,
compared to a net loss of $4.8 million, or $1.61 per common share, for the
same period in 1993.
The company recorded a third quarter loss of $.02 per common share, taking
into effect accrued dividends of $658,000 earned on redeemable convertible
senior and junior preferred stock for the quarter. If converted, the
preferred stock will be exchanged for common stock and accrued dividends
will no longer be payable.
With offices nationwide, Grubb & Ellis Company meets the real estate needs
of corporate users, institutional and private investors, providing real
estate brokerage and consulting, property and facilities management
(through its Axiom subsidiary), appraisal, mortgage brokerage and auction
services.
