Exhibit 99.1
 (GRUBB LOGO)
    
    Media Release
 FOR IMMEDIATE RELEASE
    
    Contact:
    
    Janice McDill, 312.698.6707janice.mcdill@grubb-ellis.com
 Grubb & Ellis Company Reports
Second Quarter and First-Half 2008 Results
      




---



##### 



2  2  2
08/05/08
Grubb & Ellis Company Reports Second Quarter and First-Half 2008 Results
 Business Highlights
 
    
    Raised an aggregate of approximately $252 million in the Companys investment programs
during the second quarter, bringing the total equity raised for the year to approximately $516
million.
 
    
    Increased annualized cost saving synergies as a direct result of the merger during the
second quarter to $17.5 million.
 
    
    Completed 21 property acquisitions totaling approximately $497.5 million for the Companys
investment programs during the second quarter of 2008.
 
    
    During the first-half of 2008, the Company entered into selling agreements for the Grubb &
Ellis Healthcare REIT with three of the nations top five independent broker-dealers,
increasing the number of registered representatives marketing this public non-traded REIT by
approximately 50 percent.
 
    
    Enhanced the Companys management team with the addition of seven executives in key
management and operational roles.
 
    
    Grubb & Ellis Board of Directors authorized a share repurchase program of up to $25 million
and suspended quarterly dividend payments following the payment of the second quarter dividend
on July 22, 2008.
 
    
    Appointed Devin Murphy, a 22-year finance and real estate investment banking veteran, to
the Companys Board of Directors.




---



##### 



3  3  3
08/05/08
Grubb & Ellis Company Reports Second Quarter and First-Half 2008 Results
 COMBINED COMPANIES SUPPLEMENTAL DISCLOSURE
  Second Quarter Operations




---



##### 



4  4  4
08/05/08
Grubb & Ellis Company Reports Second Quarter and First-Half 2008 Results
 Six-Month Operations
  OPERATING SEGMENTS
 Transaction Services




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##### 



5  5  5
08/05/08
Grubb & Ellis Company Reports Second Quarter and First-Half 2008 Results
 Investment Management




---



##### 



6  6  6
08/05/08
Grubb & Ellis Company Reports Second Quarter and First-Half 2008 Results
 Management Services
  Rental-Related Operations




---



##### 



7  7  7
08/05/08
Grubb & Ellis Company Reports Second Quarter and First-Half 2008 Results
 Conference Call & Webcast
  About Grubb & Ellis
  www.grubb-ellis.com
 Forward-looking Statement




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##### 



8  8  8
08/05/08
Grubb & Ellis Company Reports Second Quarter and First-Half 2008 Results
 Non-GAAP Financial Information
  TABLES FOLLOW
 ###




---



##### 



Grubb & Ellis Company
Statements of Operations
(in thousands)
(Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,
    
    
    June 30,
    
    
    June 30,2008
    
    
    2007 (1)
    
    
    2008
    
    
    2007 (1)REVENUETransaction services
    
    $
    56,540
    
    
    $
    
    
    
    $
    115,689
    
    
    $
    Investment management (2)
    
    
    35,433
    
    
    
    41,001
    
    
    
    61,527
    
    
    
    70,466Management services
    
    
    60,620
    
    
    
    
    
    
    
    122,376
    
    
    
    Rental related
    
    
    14,372
    
    
    
    4,411
    
    
    
    27,926
    
    
    
    8,060TOTAL REVENUE
    
    
    166,965
    
    
    
    45,412
    
    
    
    327,518
    
    
    
    78,526OPERATING EXPENSECompensation costs
    
    
    38,100
    
    
    
    10,987
    
    
    
    73,095
    
    
    
    22,124Transaction commissions and related costs
    
    
    38,429
    
    
    
    
    
    
    
    78,793
    
    
    
    Reimbursable salaries, wages, and benefits
    
    
    44,125
    
    
    
    3,323
    
    
    
    89,117
    
    
    
    5,777General and administrative
    
    
    22,419
    
    
    
    10,456
    
    
    
    44,110
    
    
    
    19,720Depreciation and amortization
    
    
    13,419
    
    
    
    483
    
    
    
    18,475
    
    
    
    1,006Rental related
    
    
    9,479
    
    
    
    3,137
    
    
    
    18,615
    
    
    
    6,056Interest
    
    
    4,438
    
    
    
    1,963
    
    
    
    10,124
    
    
    
    3,485Merger related costs
    
    
    4,691
    
    
    
    61
    
    
    
    7,560
    
    
    
    61Total operating expense
    
    
    175,100
    
    
    
    30,410
    
    
    
    339,889
    
    
    
    58,229OPERATING (LOSS) INCOME
    
    
    (8,135
    )
    
    
    15,002
    
    
    
    (12,371
    )
    
    
    20,297OTHER (EXPENSE) INCOMEEquity in (losses) earnings of unconsolidated entities
    
    
    (184
    )
    
    
    310
    
    
    
    (6,198
    )
    
    
    479Interest income
    
    
    217
    
    
    
    722
    
    
    
    523
    
    
    
    1,267Other (expense) income
    
    
    (1,971
    )
    
    
    937
    
    
    
    (1,988
    )
    
    
    1,068Total other (expense) income
    
    
    (1,938
    )
    
    
    1,969
    
    
    
    (7,663
    )
    
    
    2,814(Loss) income from continuing operations before
income tax provision
    
    
    (10,073
    )
    
    
    16,971
    
    
    
    (20,034
    )
    
    
    23,111Income tax benefit (provision)
    
    
    4,943
    
    
    
    (6,895
    )
    
    
    9,088
    
    
    
    (9,384
    )(Loss) income from continuing operations
    
    
    (5,130
    )
    
    
    10,076
    
    
    
    (10,946
    )
    
    
    13,727Loss from discontinued operations
    
    
    16
    
    
    
    158
    
    
    
    (36
    )
    
    
    144NET (LOSS) INCOME
    
    $
    (5,114
    )
    
    $
    10,234
    
    
    $
    (10,982
    )
    
    $
    13,871Basic earnings per share:(Loss) income from continuing operations
    
    $
    (0.08
    )
    
    $
    0.24
    
    
    $
    (0.17
    )
    
    $
    0.33Loss from discontinued operations
    
    
    0.00
    
    
    
    0.00
    
    
    
    (0.00
    )
    
    
    0.00Net (loss) earnings per share
    
    $
    (0.08
    )
    
    $
    0.24
    
    
    $
    (0.17
    )
    
    $
    0.33Diluted earnings per share:(Loss) income from continuing operations
    
    $
    (0.08
    )
    
    $
    0.24
    
    
    $
    (0.17
    )
    
    $
    0.33Loss from discontinued operations
    
    
    0.00
    
    
    
    0.00
    
    
    
    (0.00
    )
    
    
    0.00Net (loss) earnings per share
    
    $
    (0.08
    )
    
    $
    0.24
    
    
    $
    (0.17
    )
    
    $
    0.33Shares used in computing basic net earnings per share
    
    
    63,600
    (3)
    
    
    41,943
    
    
    
    63,561
    (3)
    
    
    41,943Shares used in computing diluted net earnings per share
    
    
    63,600
    
    
    
    42,056
    
    
    
    63,561
    
    
    
    42,022
 
 (1)
    
    In accordance with Generally Accepted Accounting Principles (GAAP), the operating
results for the three and six months ended June 30, 2007 only includes the results of
legacy NNN Realty Advisors.(2)
    
    The investment management segment represents legacy NNN Realty Advisors transaction,
management and dealer-manager businesses.(3)
    
    The affect of common stock equivalents were excluded from the computation of diluted
earnings per share as they were anti-dilutive. Page 9




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##### 



Grubb & Ellis Company
Condensed Balance Sheet Data
(in thousands)
(Unaudited)
 June 30,
    
    December 31,2008
    
    2007Cash and cash equivalents
    
    $
    29,702
    
    
    $
    49,072Real estate held for investment and other related assets, net
    
    
    324,858
    
    
    
    341,279Goodwill and identified intangible assets, net *
    
    
    274,901
    
    
    
    274,791Total assets
    
    
    869,179
    
    
    
    975,732Line of credit
    
    
    63,000
    
    
    
    8,000Mortgage loans secured by real estate held for investment
    
    
    227,500
    
    
    
    257,500Total liabilities
    
    
    469,109
    
    
    
    548,362Stockholders equity
    
    
    391,141
    
    
    
    408,645
 
 *
    
    Excludes identified intangible assets related to real estate held for investmentReal estate held for investment primarily consists of five properties previously held for sale
known as Danbury Corporate Center, 6400 Shafer, Abrams Centre, 200 Galleria and Avallon. These
properties generated combined revenue of approximately $10.3 million and $19.7 million,
rental-related expenses of approximately $5.4 million and $10.2 million and interest expense of
approximately $3.2 million and $8.0 million, for the three and six months ended June 30, 2008,
respectively. The Company also recorded depreciation and amortization expense related to these
properties of approximately $9.6 million during the six months ended June 30, 2008 which
included an $8.9 million charge for catch-up depreciation and amortization for those assets
previously classified as held for sale. Page 10




---



##### 



Grubb & Ellis Company
Combined Statements of Operations
(in thousands)
 Three Months Ended
    
    
    Three Months EndedJune 30, 2008
    
    
    June 30, 2007(Unaudited)
    
    
    (Unaudited)Grubb & Ellis
    
    
    NNN Realty
    
    
    Grubb & Ellis
    
    
    CombinedCompany
    
    
    Advisors
    
    
    Company
    
    
    Companies (1)REVENUETransaction services
    
    $
    56,540
    
    
    $
    
    
    
    $
    82,377
    
    
    $
    82,377Investment management (2)
    
    
    35,433
    
    
    
    41,001
    
    
    
    
    
    
    
    41,001Management services
    
    
    60,620
    
    
    
    
    
    
    
    52,873
    
    
    
    52,873Rental related
    
    
    14,372
    
    
    
    4,411
    
    
    
    2,046
    
    
    
    6,457TOTAL REVENUE
    
    
    166,965
    
    
    
    45,412
    
    
    
    137,296
    
    
    
    182,708OPERATING EXPENSESCompensation costs
    
    
    38,100
    
    
    
    10,987
    
    
    
    23,183
    
    
    
    34,170Transaction commissions and related costs
    
    
    38,429
    
    
    
    
    
    
    
    54,495
    
    
    
    54,495Reimbursable salaries, wages, and benefits
    
    
    44,125
    
    
    
    3,323
    
    
    
    37,616
    
    
    
    40,939General and administrative
    
    
    22,419
    
    
    
    10,456
    
    
    
    12,548
    
    
    
    23,004Depreciation and amortization
    
    
    13,419
    
    
    
    483
    
    
    
    2,434
    
    
    
    2,917Rental related
    
    
    9,479
    
    
    
    3,137
    
    
    
    1,252
    
    
    
    4,389Interest
    
    
    4,438
    
    
    
    1,963
    
    
    
    1,459
    
    
    
    3,422Merger related costs
    
    
    4,691
    
    
    
    61
    
    
    
    2,337
    
    
    
    2,398Total operating expense
    
    
    175,100
    
    
    
    30,410
    
    
    
    135,324
    
    
    
    165,734OPERATING (LOSS) INCOME
    
    
    (8,135
    )
    
    
    15,002
    
    
    
    1,972
    
    
    
    16,974OTHER (EXPENSE) INCOMEEquity in (losses) earnings of
unconsolidated entities
    
    
    (184
    )
    
    
    310
    
    
    
    74
    
    
    
    384Interest income
    
    
    217
    
    
    
    722
    
    
    
    97
    
    
    
    819Other (expense) income
    
    
    (1,971
    )
    
    
    937
    
    
    
    
    
    
    
    937Total other (expense) income
    
    
    (1,938
    )
    
    
    1,969
    
    
    
    171
    
    
    
    2,140(Loss) income from continuing operations before
income tax provision
    
    
    (10,073
    )
    
    
    16,971
    
    
    
    2,143
    
    
    
    19,114Income tax benefit (provision)
    
    
    4,943
    
    
    
    (6,895
    )
    
    
    (1,113
    )
    
    
    (8,008
    )(Loss) income from continuing operations
    
    
    (5,130
    )
    
    
    10,076
    
    
    
    1,030
    
    
    
    11,106Loss from discontinued operations
    
    
    16
    
    
    
    158
    
    
    
    
    
    
    
    158NET (LOSS) INCOME
    
    $
    (5,114
    )
    
    $
    10,234
    
    
    $
    1,030
    
    
    $
    11,264
 
 (1)
    
    To provide additional insight into its underlying results of operations, the Company
has also presented selected non-GAAP financial measures intended to reflect its results of
operations on a combined basis and such numbers are exclusive of the total financial or
accounting impact associated with the merger transaction, such as amortization associated
with purchase price adjustments or identified intangible assets. These non-GAAP combined
results do not purport to show the results as if the companies were merged as of January 1,
2007, but rather is an arithmetic combination of the results of the two companies, Grubb &
Ellis and NNN Realty Advisors. Results do not reflect the elimination of transactions
between the two companies and certain estimated synergies and expenses related to the
combination of the two companies for the periods presented.(2)
    
    The investment management segment represents legacy NNN Realty Advisors transaction,
management and dealer-manager businesses. Page 11




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##### 



Grubb & Ellis Company
Reconciliation of Combined Net Income to Adjusted EBITDA
(in thousands)
 Three Months Ended
    
    
    Three Months EndedJune 30, 2008
    
    
    June 30, 2007(Unaudited)
    
    
    (Unaudited)Grubb & Ellis
    
    
    NNN Realty
    
    
    Grubb & Ellis
    
    
    CombinedCompany
    
    
    Advisors
    
    
    Company
    
    
    Companies (1)Net (loss) income
    
    $
    (5,114
    )
    
    $
    10,234
    
    
    $
    1,030
    
    
    $
    11,264Interest expense
    
    
    4,438
    
    
    
    1,963
    
    
    
    1,459
    
    
    
    3,422Interest income
    
    
    (217
    )
    
    
    (722
    )
    
    
    (97
    )
    
    
    (819
    )Depreciation and amortization
    
    
    13,419
    
    
    
    483
    
    
    
    2,434
    
    
    
    2,917Taxes
    
    
    (4,943
    )
    
    
    6,895
    
    
    
    1,113
    
    
    
    8,008EBITDA (2)
    
    
    7,583
    
    
    
    18,853
    
    
    
    5,939
    
    
    
    24,792Stock based compensation
    
    
    3,150
    
    
    
    1,155
    
    
    
    988
    
    
    
    2,143Loss (gain) on marketable securities
    
    
    1,524
    
    
    
    (974
    )
    
    
    
    
    
    
    (974
    )Merger related costs
    
    
    4,691
    
    
    
    61
    
    
    
    2,337
    
    
    
    2,398Amortization of contract rights
    
    
    563
    
    
    
    1,014
    
    
    
    
    
    
    
    1,014Real estate operations
    
    
    (4,943
    )
    
    
    (1,455
    )
    
    
    (794
    )
    
    
    (2,249
    )Other
    
    
    (125
    )
    
    
    362
    
    
    
    (75
    )
    
    
    287Adjusted EBITDA (2)
    
    $
    12,443
    
    
    $
    19,016
    
    
    $
    8,395
    
    
    $
    27,411
 
 (1)
    
    To provide additional insight into its underlying results of operations, the Company
has also presented selected non-GAAP financial measures intended to reflect its results of
operations on a combined basis and such numbers are exclusive of the total financial or
accounting impact associated with the merger transaction, such as amortization associated
with purchase price adjustments or identified intangible assets. These non-GAAP combined
results do not purport to show the results as if the companies were merged as of January 1,
2007, but rather is an arithmetic combination of the results of the two companies, Grubb &
Ellis and NNN Realty Advisors. Results do not reflect the elimination of transactions
between the two companies and certain estimated synergies and expenses related to the
combination of the two companies for the periods presented.(2)
    
    EBITDA represents earnings before net interest expense, interest income, realized gains
or losses on sales of marketable securities, income taxes, depreciation and amortization.
Management believes EBITDA is useful in evaluating our performance compared to that of
other companies in our industry because the calculation of EBITDA generally eliminates the
effects of financing and income taxes and the accounting effects of capital spending and
acquisition, which items may vary for different companies for reasons unrelated to overall
operating performance. As a result, management uses EBITDA as an operating measure to
evaluate the operating performance of the Companys various business lines and for other
discretionary purposes, including as a significant component when measuring performance
under employee incentive programs. However, EBITDA is not a recognized measurement under
U.S. generally accepted accounting principles, or GAAP, and when analyzing the Companys
operating performance, readers should use EBITDA in addition to, and not as an alternative
for, net income as determined in accordance with GAAP. Because not all companies use
identical calculations, our presentation of EBITDA may not be comparable to similarly
titled measures of other companies. Furthermore, EBITDA is not intended to be a measure of
free cash flow for managements discretionary use, as it does not consider certain cash
requirements such as tax and debt service payments. The amounts shown for EBITDA also
differ from the amounts calculated under similarly titled definitions in the Companys debt
instruments, which are further adjusted to reflect certain other cash and non-cash charges
and are used to determine compliance with financial covenants and the Companys ability to
engage in certain activities, such as incurring additional debt and making certain
restricted payments. Page 12




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##### 



Grubb & Ellis Company
Combined Statements of Operations
(in thousands)
 Six Months Ended
    
    
    Six Months EndedJune 30, 2008
    
    
    June 30, 2007(Unaudited)
    
    
    (Unaudited)Grubb & Ellis
    
    
    NNN Realty
    
    
    Grubb & Ellis
    
    
    CombinedCompany
    
    
    Advisors
    
    
    Company
    
    
    Companies (1)REVENUETransaction services
    
    $
    115,689
    
    
    $
    
    
    
    $
    145,558
    
    
    $
    145,558Investment management (2)
    
    
    61,527
    
    
    
    70,466
    
    
    
    
    
    
    
    70,466Management services
    
    
    122,376
    
    
    
    
    
    
    
    104,640
    
    
    
    104,640Rental related
    
    
    27,926
    
    
    
    8,060
    
    
    
    2,524
    
    
    
    10,584TOTAL REVENUE
    
    
    327,518
    
    
    
    78,526
    
    
    
    252,722
    
    
    
    331,248OPERATING EXPENSESCompensation costs
    
    
    73,095
    
    
    
    22,124
    
    
    
    46,282
    
    
    
    68,406Transaction commissions and related costs
    
    
    78,793
    
    
    
    
    
    
    
    96,516
    
    
    
    96,516Reimbursable salaries, wages, and benefits
    
    
    89,117
    
    
    
    5,777
    
    
    
    76,116
    
    
    
    81,893General and administrative
    
    
    44,110
    
    
    
    19,720
    
    
    
    26,481
    
    
    
    46,201Depreciation and amortization
    
    
    18,475
    
    
    
    1,006
    
    
    
    4,856
    
    
    
    5,862Rental related
    
    
    18,615
    
    
    
    6,056
    
    
    
    1,581
    
    
    
    7,637Interest
    
    
    10,124
    
    
    
    3,485
    
    
    
    1,954
    
    
    
    5,439Merger related costs
    
    
    7,560
    
    
    
    61
    
    
    
    2,337
    
    
    
    2,398Total operating expense
    
    
    339,889
    
    
    
    58,229
    
    
    
    256,123
    
    
    
    314,352OPERATING (LOSS) INCOME
    
    
    (12,371
    )
    
    
    20,297
    
    
    
    (3,401
    )
    
    
    16,896OTHER (EXPENSE) INCOMEEquity in (losses) earnings of
unconsolidated entities
    
    
    (6,198
    )
    
    
    479
    
    
    
    209
    
    
    
    688Interest income
    
    
    523
    
    
    
    1,267
    
    
    
    360
    
    
    
    1,627Other (expense) income
    
    
    (1,988
    )
    
    
    1,068
    
    
    
    
    
    
    
    1,068Total other (expense) income
    
    
    (7,663
    )
    
    
    2,814
    
    
    
    569
    
    
    
    3,383(Loss) income from continuing operations before
income tax provision
    
    
    (20,034
    )
    
    
    23,111
    
    
    
    (2,832
    )
    
    
    20,279Income tax benefit (provision)
    
    
    9,088
    
    
    
    (9,384
    )
    
    
    777
    
    
    
    (8,607
    )(Loss) income from continuing operations
    
    
    (10,946
    )
    
    
    13,727
    
    
    
    (2,055
    )
    
    
    11,672Loss from discontinued operations
    
    
    (36
    )
    
    
    144
    
    
    
    
    
    
    
    144NET (LOSS) INCOME
    
    $
    (10,982
    )
    
    $
    13,871
    
    
    $
    (2,055
    )
    
    $
    11,816
 
 (1)
    
    To provide additional insight into its underlying results of operations, the Company
has also presented selected non-GAAP financial measures intended to reflect its results of
operations on a combined basis and such numbers are exclusive of the total financial or
accounting impact associated with the merger transaction, such as amortization associated
with purchase price adjustments or identified intangible assets. These non-GAAP combined
results do not purport to show the results as if the companies were merged as of January 1,
2007, but rather is an arithmetic combination of the results of the two companies, Grubb
& Ellis and NNN Realty Advisors. Results do not reflect the elimination of transactions
between the two companies and certain estimated synergies and expenses related to the
combination of the two companies for the periods presented.(2)
    
    The investment management segment represents legacy NNN Realty Advisors transaction,
management and dealer-manager businesses. Page 13




---



##### 



Grubb & Ellis Company
Reconciliation of Combined Net Income to Adjusted EBITDA
(in thousands)
 Six Months Ended
    
    
    Six Months EndedJune 30, 2008
    
    
    June 30, 2007(Unaudited)
    
    
    (Unaudited)Grubb & Ellis
    
    
    NNN Realty
    
    
    Grubb & Ellis
    
    
    CombinedCompany
    
    
    Advisors
    
    
    Company
    
    
    Companies (1)Net (loss) income
    
    $
    (10,982
    )
    
    $
    13,871
    
    
    $
    (2,055
    )
    
    $
    11,816Interest expense
    
    
    10,124
    
    
    
    3,485
    
    
    
    1,954
    
    
    
    5,439Interest income
    
    
    (523
    )
    
    
    (1,267
    )
    
    
    (360
    )
    
    
    (1,627
    )Depreciation and amortization
    
    
    18,475
    
    
    
    1,006
    
    
    
    4,856
    
    
    
    5,862Taxes
    
    
    (9,088
    )
    
    
    9,384
    
    
    
    (777
    )
    
    
    8,607EBITDA (2)
    
    
    8,006
    
    
    
    26,479
    
    
    
    3,618
    
    
    
    30,097Write off of investment in Grubb &
Ellis Realty Advisors, net
    
    
    5,828
    
    
    
    
    
    
    
    
    
    
    
    Stock based compensation
    
    
    5,681
    
    
    
    2,598
    
    
    
    1,155
    
    
    
    3,753Loss (gain) on marketable securities
    
    
    1,614
    
    
    
    (1,112
    )
    
    
    
    
    
    
    (1,112
    )Merger related costs
    
    
    7,560
    
    
    
    61
    
    
    
    2,337
    
    
    
    2,398Amortization of contract rights
    
    
    986
    
    
    
    1,821
    
    
    
    
    
    
    
    1,821Real estate operations
    
    
    (9,512
    )
    
    
    (2,441
    )
    
    
    (943
    )
    
    
    (3,384
    )Other
    
    
    (75
    )
    
    
    738
    
    
    
    (210
    )
    
    
    528Adjusted EBITDA (2)
    
    $
    20,088
    
    
    $
    28,144
    
    
    $
    5,957
    
    
    $
    34,101
 
 (1)
    
    To provide additional insight into its underlying results of operations, the Company
has also presented selected non-GAAP financial measures intended to reflect its results of
operations on a combined basis and such numbers are exclusive of the total financial or
accounting impact associated with the merger transaction, such as amortization associated
with purchase price adjustments or identified intangible assets. These non-GAAP combined
results do not purport to show the results as if the companies were merged as of January 1,
2007, but rather is an arithmetic combination of the results of the two companies, Grubb &
Ellis and NNN Realty Advisors. Results do not reflect the elimination of transactions
between the two companies and certain estimated synergies and expenses related to the
combination of the two companies for the periods presented.(2)
    
    EBITDA represents earnings before net interest expense, interest income, realized gains
or losses on sales of marketable securities, income taxes, depreciation and amortization.
Management believes EBITDA is useful in evaluating our performance compared to that of
other companies in our industry because the calculation of EBITDA generally eliminates the
effects of financing and income taxes and the accounting effects of capital spending and
acquisition, which items may vary for different companies for reasons unrelated to overall
operating performance. As a result, management uses EBITDA as an operating measure to
evaluate the operating performance of the Companys various business lines and for other
discretionary purposes, including as a significant component when measuring performance
under employee incentive programs. However, EBITDA is not a recognized measurement under
U.S. generally accepted accounting principles, or GAAP, and when analyzing the Companys
operating performance, readers should use EBITDA in addition to, and not as an alternative
for, net income as determined in accordance with GAAP. Because not all companies use
identical calculations, our presentation of EBITDA may not be comparable to similarly
titled measures of other companies. Furthermore, EBITDA is not intended to be a measure of
free cash flow for managements discretionary use, as it does not consider certain cash
requirements such as tax and debt service payments. The amounts shown for EBITDA also
differ from the amounts calculated under similarly titled definitions in the Companys debt
instruments, which are further adjusted to reflect certain other cash and non-cash charges
and are used to determine compliance with financial covenants and the Companys ability to
engage in certain activities, such as incurring additional debt and making certain
restricted payments. Page 14




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##### 



Grubb & Ellis Company
Supplemental Data
(in thousands)
(Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,
    
    
    June 30,
    
    
    June 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Investment management revenue:Acquisition fees
    
    $
    14,046
    
    
    $
    12,775
    
    
    $
    24,928
    
    
    $
    20,669Property and asset management fees
    
    
    9,491
    
    
    
    8,859
    
    
    
    17,315
    
    
    
    17,307Disposition fees (excluding amortization
of intangible contract rights)
    
    
    4,370
    
    
    
    7,920
    
    
    
    5,113
    
    
    
    12,251Amortization of intangible contract rights
    
    
    (563
    )
    
    
    (1,014
    )
    
    
    (986
    )
    
    
    (1,821
    )Other (1)
    
    
    8,089
    
    
    
    12,461
    
    
    
    15,157
    
    
    
    22,060Total investment management revenue
    
    $
    35,433
    
    
    $
    41,001
    
    
    $
    61,527
    
    
    $
    70,466Investment management data:Total properties acquired
    
    
    21
    
    
    
    18
    
    
    
    41
    
    
    
    36Total aggregate purchase price
    
    $
    497,456
    
    
    $
    444,518
    
    
    $
    846,382
    
    
    $
    923,548Total properties disposed
    
    
    5
    
    
    
    8
    
    
    
    7
    
    
    
    15Total aggregate sales value at disposition
    
    $
    143,350
    
    
    $
    267,575
    
    
    $
    179,425
    
    
    $
    521,732Assets under management
    
    $
    6,507,080
    
    
    $
    4,886,032
    
    
    $
    6,507,080
    
    
    $
    4,886,032Equity raise:Tenant-in-common
    
    $
    54,617
    
    
    $
    120,648
    
    
    $
    106,726
    
    
    $
    224,396Non-traded real estate investment trust
    
    
    138,665
    
    
    
    100,505
    
    
    
    212,844
    
    
    
    140,787Wealth management
    
    
    51,073
    
    
    
    
    
    
    
    188,439
    
    
    
    Other
    
    
    7,521
    
    
    
    
    
    
    
    7,521
    
    
    
    Total equity raise
    
    $
    251,876
    
    
    $
    221,153
    
    
    $
    515,530
    
    
    $
    365,183
 
 (1)
    
    Decrease in other investment management revenue a result of lower tenant-in-common equity
raise. Page 15