Tax-Advantaged

Under one option, instead of selling the property for all cash, the seller can take units in a tax-favored UPREIT structure in exchange for the property, and thereby benefit by being able to defer a considerable portion of any tax liability upon the sale leaseback. These shares provide considerable flexibility for estate or family planning and pay the same dividend as to other REIT shareholders, providing regular cash income.

Estate Planning

Because of the unique nature of the instruments, the UPREIT shares can be transferred to heirs tax-free in certain circumstances, making UPREITs particularly attractive to small operators or family-owned businesses that may be facing estate planning issues.

Investment Diversification

This option also offers the advantages of realizing potential gains in unit share values, receiving regular cash dividend distributions, the ability to borrow against units, and the benefits of participating in the REIT's portfolio diversification.

This UPREIT structure offers many of the same advantages as owning the REIT shares directly. These being shares in the parent company of VinREIT, Entertainment Properties Trust (NYSE stock symbol: EPR), a large, well-established publicly-held REIT with a successful track record.