Wednesday, April 29, 2009

This Should be Good
I heard about accounting issues at Grubb related to NNN's TIC business last week, and now here it is in today's Wall Street Journal's Plots and Ploys column. There is the entire section:
Will Grubb Report?

Two big, commercial real-estate brokerage firms report earnings this week. Will a third?

Grubb & Ellis Co., saddled by a 2007 merger with asset manager NNN Realty Advisors, has delayed its earnings filings twice in recent months. Investors will find out by Thursday if a third delay is coming. (Jones Lang LaSalle Inc. and CB Richard Ellis Group Inc. report their results this week.)

The cause for the reporting delays are accounting errors related to how NNN booked revenues related to its or tenant-in-common, or TIC, products before the merger. (Emphasis mine.)

This will be another interesting 10-K to read.

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