Mike McTiernan, partner, corporate & finance, at Hogan Lovells US LLP, sat down for a video interview at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, March 24-26.
McTiernan pointed to a “night and day difference” in the SEC’s approach compared to just a few years ago, highlighting a more open and collaborative posture with industry participants. He noted that increased engagement—such as SEC staff participating at conferences—helps regulators better understand how disclosures are prepared and used, ultimately improving oversight.
“There’s a real willingness…to listen to issuers and the people that are in the business of preparing the disclosures,” he said, adding that the agency is exploring ways to reduce burdens while maintaining strong investor protections.
On disclosure trends, McTiernan emphasized that many SEC comment letter themes remain consistent year to year, with continued focus on portfolio metrics and non-GAAP measures. However, he stressed that issues are largely incremental rather than systemic, noting that REIT investors are generally satisfied with current disclosures.
Looking ahead, McTiernan identified executive compensation disclosure as an area ripe for reform. “They’ve just grown totally out of proportion to what they need to be,” he said, citing cost and limited investor utility. He also flagged REIT-specific requirements like Schedule 3 as potential targets for simplification, along with broader efforts to eliminate redundancy across filings.