Real estate services and investment firm Grubb & Ellis Co. has reported $16.8 million in net income for the fourth quarter of 2009, primarily the result of a $21.9 million gain realized on the repayment of debt and $3.5 million of income from discontinued operations related to the disposal of two real estate assets.

In the comparable 2008 period, the company reported a net loss of $262.9 million.

For 2009, the company reported a net loss of $78.8 million, compared with a net loss of $330.9 million for the same period in 2008.

"Although Grubb & Ellis’ overall fourth-quarter results were short of our expectations, the company did report better than expected performance in its management services and investment management businesses. Our transaction services business, however, continues to reflect the challenges in the commercial real estate sales and leasing markets," said Thomas P. D’Arcy, president and chief executive officer of Grubb & Ellis. "During the fourth quarter we strengthened our balance sheet and grew our core businesses by continuing to recruit key industry talent, increasing square feet under management and adding to our mix of investment products. We believe these initiatives provide a strong foundation for the company’s long term growth prospects."