721 UPREIT NEW-CAPITAL REVIEW
Educational worksheet. Not tax, legal or investment advice.

Issuer, interest and current class:
Issuance purpose and proposed date:
Current agreement/amendments and source dates:
Authority, consent, notices and preemptive rights:
Existing comparable units / new units / post-issuance units:
Any preferred, convertible or incentive rights:
Gross consideration / costs / net economic value received:
Valuation date, method, preparer and uncertainty:
Use of capital and supporting budget or acquisition information:
Related parties and conflicts review:
Your before/after ownership percentage:
Your before/after economic value using supported comparable inputs:
Separate distribution / liquidity / tax questions:
Unresolved evidence, responsible professional and follow-up date:

Simplified equal-rights arithmetic:
Ownership = your units / total comparable units.
Value per unit = comparable economic equity / comparable units.
Do not combine unlike rights or gross property value and net equity.
An issuance is not itself a return, liquidity or tax guarantee.