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Grubb & Ellis will delay filing annual report

The Santa Ana commercial real estate broker also says it will restate financial results for 2006, 2007 and most of 2008 because some revenue was recognized during incorrect time periods.

March 18, 2009|Bloomberg News

Grubb & Ellis Co., a Santa Ana commercial real estate broker, said Tuesday that it would delay filing its annual report as part of a restatement of financial results for 2006, 2007 and most of last year.

Its audit committee concluded that consolidated statements of operations, stockholders' equity and cash flows from 2006 through the third quarter of 2008 couldn't be relied upon because revenue from some investments was recognized during incorrect time periods, Grubb said in a filing with the Securities and Exchange Commission.

Because of the planned restatement, Grubb's annual report for 2008 "could not be filed without unreasonable effort and expense in connection with accurately preparing and presenting all necessary disclosures," the company said.

Grubb also said it was likely to report a "significant decline in operating earnings and net income" for the fourth quarter.

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