Santa Ana-based real estate brokerage and investor Grubb & Ellis Co. reported higher fourth-quarter revenue as it handled more deals, though profits proved more elusive.
The company reported a net loss of $10.7 million, versus a profit of $16.8 million a year earlier aided by debt repayment and discounted operations.
Analysts were expecting a loss of $7.6 million on average.
Grubb & Ellis broke even on an earnings before interest, taxes, depreciation and amortization basis.
Revenue was $163.5 million, up 10% from a year earlier.
That topped the $159.9 million Wall Street was expecting.
“Although we are generally pleased with our revenue performance, we clearly have more work to do to translate this revenue growth into profitability,” Chief Executive Thomas D’Arcy said.
A rise in brokered deals spurred the revenue gain.
Grubb & Ellis and other brokerages are seeing more transactions as companies take advantage of commercial real estate that remains cheap.
The company’s transaction services revenue for the quarter rose 45% to $79.4 million.
Leases made up 68% of deal revenue, with building sales at 32%.
The company didn’t provide an outlook for the current quarter in its earnings release.
Grubb & Ellis’ shares closed down 4% to a market value of some $80 million.
