SANTA ANA, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Grubb & Ellis
Company (NYSE: GBE), a leading real estate services and investment
management firm, today announced that it has amended its $75 million senior
secured revolving credit facility with Deutsche Bank Trust Company
Americas.
The amendment principally modifies and provides for an extension
through March 31, 2009 to dispose of the three real estate assets that the
Company had previously acquired on behalf of Grubb & Ellis Realty Advisors,
Inc.
In addition, select debt covenants for the facility have been modified
to provide additional flexibility to facilitate the Company's 1031
tenant-in-common programs.
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 June 30, 2008, more than $3.6 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
Certain 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, certain combined financial information regarding 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 revenue, performance, brand equity
and 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 fiscal year ending December
31, 2007 and 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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