Regulatory filings play a vital role in providing investors with transparency into a REIT’s financial performance, risk exposure, operational metrics, and strategy execution. These disclosures are legally required by the U.S. Securities and Exchange Commission (SEC) and are essential tools for evaluating a REIT’s health, income reliability, and future prospects. Below are five core filings that offer detailed visibility into REIT operations and performance.
1. Form 10-K (Annual Report)
- Filed annually and includes audited financial statements, management discussion and analysis (MD&A), and risk disclosures.
- Provides insight into property portfolio composition, income sources, leasing activity, and debt levels.
- Offers full-year summaries of Funds From Operations (FFO) and Adjusted FFO (AFFO)—key REIT performance metrics.
- Includes information on tenant concentration, development pipeline, and capital allocation.
- Essential for long-term investment evaluation and risk assessment.
2. Form 10-Q (Quarterly Report)
- Filed three times per year (excluding the 10-K quarter) and provides unaudited financial updates.
- Includes quarterly income statements, balance sheets, and cash flow data.
- Offers updated commentary on leasing progress, asset acquisitions, dispositions, and development milestones.
- Highlights any recent changes in market conditions, operational strategies, or financial position.
- Supports ongoing performance tracking between annual reports.
3. Form 8-K (Material Event Disclosure)
- Filed in response to significant corporate events such as mergers, major acquisitions, property sales, or executive changes.
- Discloses dividend declarations, capital raises, credit facility amendments, or governance actions.
- Offers real-time insight into developments that may affect valuation, strategy, or compliance.
- Often includes press releases and investor presentation materials for context.
- Keeps investors informed of changes that may not be reflected in scheduled reports.
4. Proxy Statement (Form DEF 14A)
- Filed annually ahead of shareholder meetings to disclose executive compensation, board elections, and governance matters.
- Includes details on REIT management structure, related-party transactions, and voting proposals.
- Important for evaluating corporate stewardship, shareholder alignment, and transparency.
- Provides background on director independence, audit practices, and incentive structures.
- Useful for institutional investors and governance-focused stakeholders.
5. Supplemental Operating and Financial Reports
- While not mandated by the SEC, many REITs publish supplemental packages alongside their earnings releases.
- Include property-level data, lease maturity schedules, tenant breakdowns, and geographic exposure.
- Break out NOI, FFO, AFFO, and same-property performance by asset type or region.
- Offer granular visibility that goes beyond standard GAAP disclosures.
- Used by analysts and investors to model NAV, estimate future cash flows, and benchmark against peers.
