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.

Los Angeles Times