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First impressions: disclosure update for real estate

First impressions: disclosure update for real estate

A summary of the recent CSA Staff Notice related to real estate entities


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KPMG has prepared this summary of the CSA Staff Notice 52-329 Distribution Disclosures and Non-GAAP Financial Measures in the Real Estate Industry. The Notice highlighted shortfalls in two important areas of disclosure for real estate investment trusts (REITs) and real estate operating companies (REOCs): distributions and non-GAAP financial measures. The CSA Staff's review indicates that the quality and completeness of disclosures pertaining to non-GAAP financial measures and distributions in the real estate industry need improvement, and these areas will continue to be assessed in their continuous disclosure and prospectus reviews. The CSA Staff cautioned that they will monitor certain issuers to ensure commitments to prospective changes and enhancements requested have been made.

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