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    <title>Disclosure in scheme offer document</title>
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    <description>Regulation 26S requires SM REIT scheme offer documents to provide material, true and non misleading disclosures, prohibit guaranteed returns, disclose lease rental income for each proposed property with valuer certified comparable rents, state leverage status and, if without leverage, include an undertaking against future leverage, and disclose the total expense ratio. Investment managers must maintain ongoing KIT disclosures, publish material change addenda on the SM REIT website and file KIT updates and addenda with the Board and stock exchanges as specified, while the Board may set further automated disclosure requirements.</description>
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      <description>Regulation 26S requires SM REIT scheme offer documents to provide material, true and non misleading disclosures, prohibit guaranteed returns, disclose lease rental income for each proposed property with valuer certified comparable rents, state leverage status and, if without leverage, include an undertaking against future leverage, and disclose the total expense ratio. Investment managers must maintain ongoing KIT disclosures, publish material change addenda on the SM REIT website and file KIT updates and addenda with the Board and stock exchanges as specified, while the Board may set further automated disclosure requirements.</description>
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