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GMH Files 2005 Report, Extends 1Q Results

NEWTOWN SQUARE, PA-The specialty REIT met its latest deadline for filing 2005 results with the SEC. Full-year net income was $6.1 million on revenues of $224.2 million.

By Marita Thomas | Updated on July 31, 2006

NEWTOWN SQUARE, PA-After several delays, GMH Communities Trust met its latest deadline for filing its 2005 10-K with the SEC, but has not yet filed its first-quarter 2006 report, which it stated earlier would also be filed today. In a statement, the locally based military and student housing REIT says, it “has closed its books and records with respect to the three months ended March 31, 2006,” and expects that filing to “follow shortly.”

GMH ended 2005 with full-year net income of $6.1 million on total revenues of $224.2 million. Because the company went public on Nov. 2, 2004, no perfectly parallel prior-year data exists. However, according to its 2004 full-year SEC filing, it and its predecessor entities had a net income loss of $37 million in 2004, on total revenues of $83.8 million.

With the filing of today’s 2005 report, Gary M. Holloway Sr., chairman, president and CEO, says in a statement, “we look forward to getting back on track with our SEC reporting obligations and the timely release of results of operations to our shareholders.” During the first half of 2006, he says, “substantial attention” was devoted to “identifying weaknesses in our internal control over financial reporting, and placing an effective remediation plan into action. We have learned important lessons from this experience.”

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