On Wednesday, the real estate and brokerage firm Grubb & Ellis Co. announced a small loss in the third-quarter. The loss was a result of the measures used by the company to cut down costs and write-downs in the real estate prices. A net loss of $21.4 million was reported by Grubb, which was lower in comparison with the previous year’s loss of $56.3 million. The analysts had not announced any specific amount for the net loss.

The administrative expenses saw a 36% downfall at $22.5 million from the previous year and the write-downs came down to $2.4 million from last year’s $35 million. A decline in revenue of around 11% was also seen, though the revenue for the real estate brokerage and consulting was up by 6% from the second-quarter. Executive vice president and chief financial officer, Richard W. Pehlke said that the investments made in the first half of the year are actually paying off now at this time of the year.

This is the worst downturn faced by the real estate firm till date. In October only, the company paid off its 2 credit lines with the help of $900 million from institutional investors.

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