Disclosure Expectations Outlined For Real Estate Reporting Issuers

Canada's securities regulators have published a staff notice discussing the quality of disclosure by real estate reporting issuers, focusing on distribution disclosure and non-GAAP financial measures.

What You Need To Know

• Staff reviewed the disclosure of 47 real estate reporting issuers. The staff notice provides guidance on how these issuers can make their disclosure more useful and transparent to investors.
• Staff's view is that the quality and completeness of disclosure of distributions and non-GAAP financial measures needs improvement. Disclosure in these areas will continue to be assessed during continuous disclosure and prospectus reviews.
• We encourage all real estate reporting issuers to take a fresh look at their continuous disclosure and investor presentations in order to avoid adverse regulatory implications (which may include the requirement to re-file non-compliant periodic disclosure documents).