X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Grubb & Ellis Company (GBE: NYSE), one of the nation’s largest commercial real-estate service providers, reported big increases in net income, revenues and cash flow for the fiscal year 2000, which ended for the company on June 30. Fourth quarter results were equally impressive.

Fiscal 2000 revenues were $413.5 million vs $314.1 million in 1999, while Q4 2000 revenues were up 35% from the same period a year earlier to 107.4 million. Net income soared to $16.2 million vs. $8 million in fiscal 1999, while fourth quarter net also doubled to $4.5 million. Cash flow jumped 97% last fiscal year to $39.5 million.

“We’re capturing a bigger share of the growing corporate outsourcing business, handling larger assignments and expanding our relationships with existing clients,” said Brian Parker, executive vice president at Grubb & Ellis. Revenue growth resulted in strong cash flow gains, which Parker said was evidence of the growing efficiency of the company’s operations.

Advisory services led the way last year at Grubb & Ellis, growing much faster than management and services fees. Analysts say that this is evidence that Grubb & Ellis’s focus on advisory services is paying off. The company announced today that it has signed an advisory services contract with Richmond, VA-based Dominion Resources, a natural gas and integrated power company. The Dominion Resources account will be serviced from Grubb & Ellis’s Pittsburgh and Tyson’s Corner, VA offices. Terms of the deal were not disclosed.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.