721 UPREIT Pros: Exposure-review worksheet
Educational only, not tax, legal or investment advice.

Exact issuer / interest / class:
Proposed transaction and ownership stage:
Portfolio reporting date and material later changes:
Percentage calculation base: gross value / equity / rent / NOI / other:
Joint ventures, cash, loans and leverage treatment:

EXPOSURE REVIEW
Original property | portfolio share | calculation base | evidence/date:
Property types | portfolio shares | household overlap:
Markets | portfolio shares | household overlap:
Tenant groups and shared drivers:
Debt maturities, rates and financing dependencies:
Management and decision-making concentration:

HOUSEHOLD LOOK-THROUGH
Proposed OP interest value and source:
Comparable attributable-equity weights available? If not, do not invent them.
Other direct properties, DSTs, REIT funds and real-estate holdings:
Other investments and liquid reserves:
Do not add nested property / sector / asset-class totals together.
Do not count the original property twice after contribution.

SEPARATE REVIEWS
Contributor-specific basis and built-in gain: CPA follow-up:
Tax-protection coverage, exceptions, term and remedies: counsel follow-up:
Actual cash access and household deadlines:

DECISION LOG
What exposure decreases?
What remains concentrated?
What is unknown? Responsible person / requested evidence / follow-up date:
Which unresolved facts would change the decision?

No universal allocation threshold, return, liquidity or tax result is promised.