SM REIT initial offer conditions require public issue, specified subscription thresholds and asset linked use of proceeds. SM REIT schemes must make initial offers by public issue and disclose identified real estate assets in the draft scheme offer document. The initial offer must be completed within the period after Board observations or a fresh draft must be filed. Minimum subscription thresholds vary by leverage choice and the investment manager must deposit funds to meet minimum unitholding into a cash escrow before the offer opens. Issue proceeds must be used only for disclosed asset acquisitions, and failure to acquire disclosed assets requires refund of the entire amount raised as specified by the Board.