Mr. Leupp: Grubb & Ellis AGA was purchased as Alesco Global Advisors in November of 2007. We've been a registered investment advisor for just under two years, after my 12-year career as a REIT analyst on Wall Street. Our charter is to rollout a family of Grubb & Ellis (GBE) branded REIT mutual funds. We manage three REIT mutual funds, all are open-ended: Grubb & Ellis AGA Realty Income Fund (GBEIX), Grubb & Ellis AGA US Realty Fund (GBEUX) and Grubb & Ellis AGA International Fund (GBEWX), the W is for worldwide. The Income Fund is focused on investing in both preferreds and common, and paying out a high current dividend. The US Realty Fund is focused on total returns, so dividends plus capital appreciation, and it invests both in REIT common and preferred as well as other types of real estate companies exclusively in the United States. The third fund invests exclusively outside of the United States, so it invests in real estate investment trusts and real estate operating companies in markets around the world, and it's designed for investors who want exposure outside of the US. So we give investors the three core strategies of REIT investing: income, US total return and then exposure outside of the US. We're coming up on the one-year anniversary of GBEIX in July of this year and the other two funds were launched December 31 and have been operating exclusively in 2009. We use what we call the Grubb & Ellis Advantage. We are one of the few firms that has access to 1,800 commercial real estate brokers in the United States to access real estate property data - transactions data, leases, sales, purchases as well as trend data, occupancies and rents - to do our stock picking. The whole idea is to access information that's available within our system before it's available to the public; it is available in the local market, because we are typically talking with local Grubb & Ellis senior brokers who are actually involved in these transactions. We use that data to identify where the best investments are in the REIT space, where the fundamentals are improving which asset classes are the strongest - apartments, retail, office, industrial - and what geographies are seeing the best results or are getting ready to turn. Or on the negative side, avoiding or lightening up positions where real estate fundamentals maybe have been strong and are starting to turn negative. The whole idea is that we're making these investments ahead of our competitors and providing our clients with what we call the Grubb & Ellis Advantage to our real estate stock picking. As a team we have 15 years of experience picking stocks in the public markets, three years as a money manager but before that, 12 years as the real estate equity research team for Roberts & Stevens and Royal Bank of Canada (RY). And what's unique about our team is that we actually have direct commercial real estate experience. My five years before becoming a REIT analyst were spent at the Trammell Crow Company building apartments in Florida and in California, and the Staubach Company, which is a commercial real estate firm now owned by Jones Lang LaSalle (JLL), doing office and industrial leasing, and acquisitions as a commercial real estate broker.
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