Common Tagging Errors in Schedule III – Real Estate and Accumulated Depreciation

Sept. 9, 2026 —Regulation S-X Rules 5-04 and 12–28 require certain real estate companies to provide a detailed supplemental schedule of real estate and accumulated depreciation, which must be tagged in accordance with Regulation S-T Rule 405(e) (“Schedule III”). Staff in the Commission’s Division of Economic and Risk Analysis have completed an assessment of the tagging of Schedule III in Forms 10-K for fiscal year 2025. Staff have observed the following common tagging issues:

• Applying incorrect dimensions when tagging property level information. Examples include using us-gaap:BusinessAcquisitionAxis, us-gaap:RealEstatePropertiesAxis, us-gaap: PropertyPlantAndEquipmentByTypeAxis, and srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis. The appropriate dimension for this schedule is srt: RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis. When needed, property type and location can be tagged with dimensions of srt: MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis and srt:StatementGeographicalAxis, respectively.
• Creating custom elements when standard elements are available. Unnecessary custom elements were observed for initial cost of land, cost capitalized subsequent to acquisition for land only, cost capitalized subsequent to acquisition for land and buildings, real estate gross amount at the end of period including improvements and net carrying amount of properties. Other common facts that were tagged with unnecessary custom elements include the number of properties and the aggregate cost for federal income tax purposes. The standard elements are us-gaap:NumberOfRealEstateProperties and srt:RealEstateFederalIncomeTaxBasis, respectively. Additionally, certain filers incorrectly used srt:SECScheduleIIIRealEstateNumberOfUnits, which represents the number of units within one property, to tag the number of properties.

The Generally Accepted Accounting Principles (“GAAP”) Financial Reporting Taxonomy and the SEC Reporting Taxonomy (collectively, the “GAAP Taxonomy”) presentation group– 993200 – Disclosure – SEC Schedule, Article 12-28, Real Estate and Accumulated Depreciation include all the elements needed to tag Schedule III. Filers are encouraged to review their tagging of Schedule III and make necessary corrections. For more data quality reminders, see Staff Observations and Guidance.