Shares of Santa Ana-based Grubb & Ellis Co. fell as much as 10% before rebounding Thursday after the real estate brokerage and investment company reported a bigger loss and lower revenue for the second quarter.
The company’s shares ended trading down 3% Thursday with a market value $80 million.
Grubb & Ellis posted a net loss of $32.8 million for the quarter, compared to a loss of $5.4 million a year earlier.
Second-quarter revenue was $124.6 million, a 21% drop from a year earlier.
“The current environment is clearly impacting our 2009 results,” said Gary Hunt, Grubb’s interim chief executive, in a statement.
The company brokers sales and leases of commercial real estate and also runs real estate investment funds.
For the first six months of 2009, the company’s brokerage business saw leasing revenue drop by 21%, while investment sales revenue declined by 69%.
In the second quarter, Grubb raised about $208 million to invest in real estate.
The company’s focus now is on serving clients and positioning the company to take advantage of the upswing in the commercial real estate market when it occurs, Hunt said.
