SANTA ANA, Calif., July 11 /PRNewswire-FirstCall/ -- Grubb & Ellis
Company (NYSE: GBE), a leading real estate services and investment firm,
today announced that its Board of Directors has authorized a new share
repurchase program under which the Company may repurchase up to $25 million
of its common stock through the end of 2009.
"The Board of Directors believes that the program will return greater
value to shareholders than would a cash dividend at this time," stated
Richard W. Pehlke, Chief Financial Officer. "Management agrees that
utilizing the Company's liquidity to repurchase shares in the current
market environment represents a good investment for the Company. Both the
Board and management believe that the stock repurchase program will further
enhance shareholder value over the long-term."
Under the repurchase program, shares of the company's common stock may
be repurchased from time to time at prevailing market prices through open
market transactions or privately negotiated transactions, and will be
subject to restrictions related to volume, price, timing, market conditions
and applicable Securities and Exchange Commission rules and regulations.
The repurchase program may be limited or terminated at any time without
prior notice. The timing and actual number of shares repurchased will
depend on a variety of factors including price, corporate requirements and
market conditions.
In conjunction with the share repurchase program, the Board also
authorized the suspension of future dividend payments; however the payment
of the second quarter dividend of $0.1025 per common share payable on or
about July 22, 2008 to stockholders of record as of July 7, 2008 shall be
made as previously announced.
About Grubb & Ellis
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most
respected commercial real estate services and investment companies. With
more than 130 owned and affiliate offices worldwide, Grubb & Ellis offers
property owners, corporate occupants and investors comprehensive integrated
real estate solutions, including transaction, management, consulting and
investment advisory services supported by proprietary market research and
extensive local market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real estate
investment programs that provide individuals and institutions the
opportunity to invest in a broad range of real estate investment vehicles,
including tax-deferred 1031 tenant-in-common (TIC) exchanges; public
non-traded real estate investment trusts (REITs) and real estate investment
funds. As of March 31, 2008, more than $3.4 billion in investor equity has
been raised for these investment programs. The company and its subsidiaries
currently manage a growing portfolio of more than 218 million square feet
of real estate. In 2007, Grubb & Ellis was selected from among 15,000
vendors as Microsoft Corporation's Vendor of the Year. For more information
regarding Grubb & Ellis Company, please visit http://www.grubb-ellis.com.
Forward-looking Statement
Except for historical information, statements included in this
announcement may constitute forward-looking statements regarding, among
other things, future revenue growth, market trends, new business
opportunities and investment programs, synergies resulting from the merger
of Grubb & Ellis Company and NNN Realty Advisors, new hires, results of
operations, changes in expense levels and profitability and effects on the
Company of changes in the real estate markets. These statements involve
known and unknown risks, uncertainties and other factors that may cause the
Company's actual results and performance in future periods to be materially
different from any future results or performance suggested by these
statements. Such factors which could adversely affect the Company's ability
to obtain these results include, among other things: (i) the volume of
sales and leasing transactions and prices for real estate in the real
estate markets generally; (ii) a general or regional economic downturn that
could create a recession in the real estate markets; (iii) the Company's
debt level and its ability to make interest and principal payments; (iv) an
increase in expenses related to new initiatives, investments in people,
technology and service improvements; (v) the success of current and new
investment programs; (vi) the success of new initiatives and investments;
(vii) the inability to attain expected levels of expense synergies
resulting from the merger of Grubb & Ellis Company and NNN Realty Advisors;
and (viii) other factors described in the Company's annual report on Form
10-K for the year ending December 31, 2007, and Form 10-Q for the quarter
ended March 31, 2008 filed with the SEC.
SOURCE Grubb & Ellis Company
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Related links:
http://www.grubb-ellis.com
http://www.prnewswire.com/comp/136726.html/
CONTACT:
Janice McDill of Grubb & Ellis Company,
+1-312-698-6707, janice.mcdill@grubb-ellis.com
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