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NEWTOWN SQUARE, PA-GMH Communities Trust again delays the filing of its 2005 annual report on Form 10-K with the SEC while an independent audit by Ernst & Young continues. According to a statement from the locally based specialty REIT, it expects to file the 10-K no later than May 15. For previous GlobeSt.com coverage, click here.

The same statement reports that Bradley Harris, CFO, has been terminated from employment and replaced by Dennis J. O'Leary as interim CFO. O'Leary, a certified public accountant, has been a member of the GMH board since the company's initial public offering in late 2004. On March 13, as CFO, Harris initiated the events leading to the audit in a letter to the company's audit committee in which he alleged "a 'tone at the top' problem with company management." The letter has not been made public.

GMH has further defined its 2005 guidance. On March 13, it said funds from operations would not exceed 72 cents a share. It now expects FFO to range between 65 cents and 70 cents a share, and expects earning per diluted share to fall between 17 cents and 21 cents a share.