Category: REITs

Securities Regulators Find Gaps in Non-GAAP and Distribution Disclosures by REITs and REOCs

April 26, 2018

The Canadian Securities Administrators (CSA) recently issued Staff Notice 52-329 Distribution Disclosures and Non-GAAP Financial Measures in the Real Estate Industry (Staff Notice), providing guidance on disclosure expectations relating to non-GAAP financial measures and distributions for real estate investment trusts and real estate operating companies (collectively, Real Estate Reporting Issuers). NON-GAAP FINANCIAL MEASURES                     The CSA is concerned when Real Estate…

OSC Expects REIT Distributions Disclosure to Yield More Information

February 5, 2015

  In the current low interest rate environment, yield-hungry investors have been particularly attracted to real estate investment trusts (REITs), which, as tax-efficient, flow-through investment vehicles, aim to pay regular cash distributions to their unitholders. The Ontario Securities Commission (OSC) recently reviewed the disclosure provided by 30 REITs to assess the quality and sufficiency of disclosure provided concerning the sustainability…