Why Is a 10-Q SEC Form Important in Commercial Real Estate?

By Published On: November 19, 20211.8 min read

All U.S. public companies are required to disclose information to the Securities and Exchange Commission (SEC) pertaining to their finances via the 10-Q Form, which is an unaudited report filed for each of the first three quarters of the company’s fiscal year.

What Information is Included on the 10-Q SEC Form?

The 10-Q Form contains information such as financial statements, management analysis and internal controls. Particulars pertaining to legal proceedings, unregistered sales of equity securities, etc. are included as well. The 10-Q Form comprises a financial snapshot about the health of every public company, allowing investors to make informed decisions regarding their holdings.

When is the 10-Q filed?

The 10-Q must be filed with the SEC within 40 or 45 days of the end of their first three quarters. Whether the time limit is 40 or 45 days is determined by the size of its public float, or the amount of stock in the hands of the public as opposed to owners, officers or the government. Companies filing a 10-Q are split into one of three groups:

  • Large Accelerated Filers: must have at least $700 million in public float; they have 40 days after the close of the quarter to file their 10-Q
  • Accelerated Filers: must have at least $75 million in public float (but less than $700 million); they also have 40 days from the close of the quarter to file their 10-Q
  • Non-Accelerated Filers: have less than $75 million of public float; they have 45 days from the end of the quarter to file their 10-Q

After the fourth quarter, each company must file a 10-K Form, which is an audited annual report and is more detailed than the 10-Q.

Who Can See the 10-Q SEC Forms?

Information on companies’ 10-Q Forms is public, and is available via a search on the SEC’s Electronic Data Gathering, Analysis, and Retrieval system, or EDGAR database. Companies will also often post their 10-Qs to their own sites.

How Might A Commercial Real Estate Investor Use Information Available from the 10-Q Form?

An investor interested in Commercial Real Estate might use information from Commercial Real Estate companies’ 10-Q forms to track the performance of those they are potentially investing in, as well as the performance of their competitors.

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