Disclosure obligations for REITs require timely periodic reports and stock exchange disclosure of material price sensitive information. Managers must ensure offer document disclosures follow prescribed schedules and Board guidance; deliver annual and half yearly reports to unit holders within specified timelines containing mandated disclosures; and make periodical filings under the listing agreement. Managers must disclose to designated stock exchanges, unit holders and the Board all information bearing on REIT operations or price sensitive information, including material property acquisitions or disposals, significant borrowings affecting REIT asset value, additional unit issues, credit rating matters, matters requiring unit holder approval, major legal proceedings, meeting notices and results, regulatory non compliance and other material issues.