To reproduce:

    Sub New()

        InitializeComponent()

        Dim intItem As New PropertyStoreItem(GetType(Integer), "Integer", 1)
        Dim floatItem As New PropertyStoreItem(GetType(Single), "Float", 1.0F, "Property storing a floating point value.")
        Dim stringItem As New PropertyStoreItem(GetType(String), "String", "telerik", "Property storing a string value", "Telerik")
        Dim fontItem As New PropertyStoreItem(GetType(Font), "Font", New Font("Arial", 12, FontStyle.Italic), "Property containing Font value")

        fontItem.Attributes.Add(New ReadOnlyAttribute(True))
        floatItem.Attributes.Add(New ReadOnlyAttribute(True))
        Dim store As New RadPropertyStore
        store.Add(intItem)
        store.Add(floatItem)
        store.Add(stringItem)
        store.Add(fontItem)
        Me.RadPropertyGrid1.SelectedObject = store
    End Sub

Try to edit either the "Float" or the "Font" property. The editor will be activated although it doesn't have to.

Workaround: cancel the Editing event

    Private Sub RadPropertyGrid1_Editing(sender As Object, e As PropertyGridItemEditingEventArgs)
        If e.Item.Name = "Font" Then
            e.Cancel = True
        End If 
    End Sub