721 Exchange – Allows the individual investor to exchange full or fractional property ownership in a single property for partnership units in a large portfolio of investment-grade properties. These REIT operating partnership units can later be converted into REIT common stock.

1031 Exchange – A section of the Internal Revenue Code that provides a way for the owners of business and investment real estate to sell their property and buy other like kind property without paying the capital gains tax. Investors are allowed to continue their investment in another property without losing investment equity in taxes.

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