DST AND UPREIT ANNUAL REVIEW CHECKLIST
Original educational organizer, not legal, tax or investment advice.

REVIEW PERIOD
Current period ending: ______
Prior period ending: ______
Current structure (DST / OP units / REIT shares): ______
Class and quantity: ______
Source and statement date: ______

FOR EACH CATEGORY, RECORD
Current source / prior source / reported fact / calculated change / assumption / unresolved question / responsible person / next date

1. OWNERSHIP AND DOCUMENTS
Current agreement and amendments: ______
Material notices, elections or changes: ______

2. PROPERTY OR PORTFOLIO OPERATIONS
Occupancy or leasing evidence: ______
Income, expenses, reserves and capital work: ______

3. DEBT
Balance, rate, maturity and covenants: ______
Partner liability allocation, if applicable: ______

4. CASH DISTRIBUTIONS
Actual dollars and payment dates: ______
Source and policy changes: ______

5. VALUE AND FEES
Value, source, date and method: ______
Fees paid or accrued: ______

6. LIQUIDITY AND CONTROL
Transfer, redemption or conversion terms: ______
Queue, suspension, notice or approval status: ______

7. TAX AND BASIS RECORDS
K-1 or other tax forms received: ______
Outside-basis and liability schedule status: ______
CPA questions: ______

8. INVESTOR FIT
Annual cash need: ______
Near-term liquidity need: ______
Estate, trust or contact changes: ______
Goal or risk-tolerance changes: ______

OPEN-ITEM LOG
Question / owner / source requested / request date / next checkpoint / status: ______