As the U.S. Securities and Exchange Commission preps a rulemaking to relax quarterly reporting mandates, attorneys say numerous factors would ultimately determine whether real estate investment trusts report less frequently. The commission's most recent regulatory agenda released in September indicated it was considering a rule to "rationalize disclosure practices to facilitate material disclosure by companies and shareholders' access to that information." Whether public companies, including publicly listed REITs and non-traded REITs, decide to make quarterly reports does not only depend on whether the SEC requires it. Investors may expect quarterly reporting to continue, according to attorneys who advise REITs. "From my listed clients, it's, 'What will the market demand, even if the SEC doesn't?'" said David Roberts, a partner at Goodwin. "As of now, the expectation is that the investment community will want the quarterly info, whether it's required or not."
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