UPREIT / REIT Tax Services & Structuring

Developing REIT and UPREIT Investment Structures

Cendrowski Corporate Advisors are considered innovators in developing Real Estate Investment Trust (REIT) and Umbrella Partnership Real Estate Investment Trusts (UPREIT) investment structures.

The diversity of our clients and our extensive experience in the real estate industry and taxation provides us with a thorough understanding of REIT structure business objectives, issues, and concerns of:

  • Owners and investors
  • Institutions and entrepreneurs
  • Buyers and sellers of real estate
  • Borrowers and lenders
  • Developers
  • Property managers
  • Financial advisors
  • Public/private REITs and partnerships

UPREIT & REIT Tax Structure Considerations

REITs and UPREITs require consideration of complex tax structure questions and compliance concerns, including but not limited to:

  • Choice of entity considerations including the use of taxable REIT subsidiaries.
  • Due diligence in mergers and acquisitions with an emphasis on REIT qualification.
  • Understanding of the taxation of partnerships and REITs.
  • Analysis of revenue streams, vendor expenditures, and related party transactions for REIT qualification and unrelated business taxable income considerations.
  • Prohibited transaction analysis for development activities.
  • Property management applications to REITs and qualified plan investors.

Tax Compliance for REIT and UPREIT Structures

Cendrowski Corporate Advisors’ consultants can help address an extensive list of tax planning and compliance concerns for our clients, specific to REIT and UPREIT, like:

  • Federal, state, and local income tax reporting for all REIT affiliates.
  • Coordinating all federal, state, and local income tax audits or inquiries.
  • Comprehensive ongoing REIT qualification testing.
  • Coordinating taxable distribution reporting with investors.
  • Coordinating efficient interface with internal accounting, property development, new venture, income opportunity, and financial reporting departments.

Cendrowski Corporate Advisors real estate industry clients include:

  • Developers
  • Property management companies
  • Public and private equity REITs
  • Public and private partnerships
  • Financial advisors
  • Other domestic and international institutional investors

Our clients own, develop, and manage properties in all asset classes in the U.S. and around the world in categories like:

  • Office
  • Industrial
  • Retail
  • Multi-Family Residential Properties
  • Hospitality
  • Health Care Facilities

In the early 1990s, Cendrowski Corporate Advisors were instrumental in the development of the first REIT (Real Estate Investment Trusts)/UPREIT (Umbrella Partnership Real Estate Investment Trusts) structure, Taubman Centers Inc./Taubman Realty Group LP.

We continue to advise our clients on issues and nuances relating to REIT formation, ongoing REIT compliance, and management of these entities.

UPREITs: Unique Real Estate Investment Structures title on tax documents

UPREITs: Unique Real Estate Investment Structures

Real estate investors always seek opportunities to build, diversify, and maximize their property portfolios. One increasingly popular but complex structure – the UPREIT or umbrella partnership real estate investment trust – offers unique tax incentives for contributing property in exchange for ownership shares. But UPREITs require navigating intricate partnership agreements and tax considerations. This guide […]

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CCA’s John Alfonsi will speak at the upcoming Strafford live webinar, “Capital Accounts: 704(b) vs. GAAP vs. Tax Basis, Comparing and Contrasting Annual Allocations,” on Wednesday, September 28, 2022 from 1:00 pm-2:50 pm EDT. Properly maintaining partners’ capital accounts may be the most critical aspect of partnership taxation. Among some of the topics covered will […]

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Is your business ready for the next generation? Succession planning for a family who starts a successful business has its own set of complicated issues. One family had embedded their family office in their business of real estate construction and ownership of commercial property. The patriarch’s selection of a younger female sibling started a family […]

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