721 UPREIT MINIMUM-SIZE RECONCILIATION WORKSHEET
General education. Complete with current sponsor and transaction documents.

PATHWAY
Direct property / DST subscription / later DST-to-721 / REIT share purchase: ______
Sponsor, issuer and operating partnership: ______
Proposed contributor and exact ownership interest: ______

MINIMUM DEFINITION
Stated minimum: $______
Measured as gross property value / net equity / cash / contribution value / other: ______
Measurement date: ______
Controlling document, section and version: ______
Who can waive or change it: ______
Written confirmation date: ______

VALUE BRIDGE
Agreed gross property or interest value: $______
Debt and treatment at closing: $______
Ownership not contributed / retained value: $______
Cash paid or received: $______
Reserves, prorations, costs and other adjustments: $______
Illustrative value issued as OP units: $______
Unit class: ______  Issue price / ratio: ______  Pricing date: ______
Calculated units: ______  Final statement units: ______  Difference: ______

OTHER GATES
Accreditation and suitability complete? ______
Property diligence and sponsor acceptance: ______
Title, authority and lender approval: ______
CPA / tax counsel liability review: ______
Liquidity and holding-period fit: ______
Unresolved items, owner and deadline: ______

HYPOTHETICAL EXAMPLE
$6,000,000 gross value − $2,200,000 debt = $3,800,000 simplified equity.
Less $760,000 retained value and $90,000 adjustments = $2,950,000.
At $25 per unit: 118,000 hypothetical units.
This arithmetic is not an offering, valuation or tax conclusion.