What key document outlines a REIT's investment strategy?

The prospectus is a crucial document that provides essential information about a Real Estate Investment Trust (REIT) and outlines its investment strategy. It serves as a formal declaration of the REIT’s intentions, detailing how it plans to invest, the types of properties it will acquire, and its overall business objectives. This document is typically prepared and distributed to potential investors before the REIT shares are offered for sale, ensuring that investors have a comprehensive understanding of what the REIT aims to achieve and the associated risks.

In contrast, while the annual report provides an overview of the REIT’s performance over the past year, including financial results and operational highlights, it does not primarily focus on the investment strategy. The financial statement provides detailed financial data but lacks the strategic overview necessary for understanding the REIT's investment goals. Lastly, the tenant lease agreement pertains specifically to the terms and conditions between the REIT and its tenants, which is not related to outlining the overall investment strategy of the REIT itself.