--- title: What Happens When Your DST Investment Converts Into a 721 UPREIT? description: Discover the benefits and considerations of converting a DST investment into a 721 UPREIT, including tax deferral, liquidity, and estate planning implications. image: https://blog.wealthstonegroup.com/hubfs/WS-InsightsFI5.jpg --- - Client Portal [![Gold-Logo-1](https://blog.wealthstonegroup.com/hs-fs/hubfs/Gold-Logo-1.png?width=2000&height=380&name=Gold-Logo-1.png "Gold-Logo-1")](https://www.wealthstonegroup.com/) [![Wealthstone-logo-gold](https://blog.wealthstonegroup.com/hs-fs/hubfs/Gold-Logo-1.png?width=2000&height=380&name=Gold-Logo-1.png "Wealthstone-logo-gold")](https://blog.wealthstonegroup.com/) - [About](https://www.wealthstonegroup.com/about) - [Real Estate](https://www.wealthstonegroup.com/real-estate) - [1031 Exchanges](https://www.wealthstonegroup.com/real-estate/1031-exchanges) - [1033 Exchanges](https://www.wealthstonegroup.com/real-estate/1033-exchanges) - [721 Exchanges](https://www.wealthstonegroup.com/real-estate/721-exchanges) - 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Will the property be sold, requiring another 1031 exchange to continue deferring taxes, or is there another option? Certain DST investments offer a potential pathway through a [Section 721 UPREIT](https://www.wealthstonegroup.com/real-estate/721-exchanges) transaction. Rather than selling the property, the DST's underlying real estate may be contributed to a real estate investment trust's (REIT's) operating partnership, with investors receiving operating partnership units (OP units) while generally continuing to defer capital gains taxes. This transition can provide exposure to a broader real estate portfolio and potential future liquidity options. However, not every DST offers this pathway, the conversion is not guaranteed, and investors should understand how their ownership rights, tax treatment, and liquidity may change. ## How Does the DST-to-721 UPREIT Conversion Process Work? A DST-to-721 UPREIT transaction generally involves contributing the DST's underlying real estate to a REIT's operating partnership in exchange for OP units. Under Section 721 of the Internal Revenue Code, qualifying property contributions to a partnership in exchange for partnership interests generally do not trigger immediate capital gains taxes. The process typically involves a DST offering structured with a potential 721 exit strategy, an operating partnership willing to acquire the property, and a contribution transaction that satisfies the applicable legal and tax requirements. Unlike a traditional DST sale, where investors may pursue another 1031 exchange, a qualifying 721 transaction allows the deferred gain to remain embedded in the OP units. However, investors generally cannot initiate the conversion themselves. The sponsor and operating partnership determine whether and when the transaction occurs, subject to the offering documents and governing agreements. > A potential 721 exit should be evaluated when selecting the original DST investment, not treated as a guaranteed outcome. Investors need to understand what happens if the conversion occurs and what happens if it doesn't. ## What Changes When Investors Receive OP Units? The most significant change is the nature of the investment. Instead of holding a beneficial interest in a DST, investors receive partnership interests in a REIT's operating partnership. Depending on the structure, this may provide exposure to a larger portfolio of properties rather than a single real estate asset. OP units may also offer potential future redemption opportunities. Some operating partnerships allow investors to request redemption for cash or REIT shares after a specified holding period, subject to the partnership agreement. However, OP units are not automatically liquid. Redemption restrictions, lockup periods, and the REIT's structure can significantly affect an investor's ability to access capital. Shares of a non-traded REIT may also have limited liquidity. Investors should therefore evaluate the actual redemption provisions, valuation methodology, distributions, and ongoing fees before assuming the transition provides greater flexibility. ## What Happens to the Deferred Capital Gains Taxes? A qualifying Section 721 transaction generally allows investors to continue deferring capital gains rather than recognizing them when the DST property is contributed to the operating partnership. However, the original deferred gain does not disappear. It generally remains embedded in the investment through applicable partnership tax basis and built-in gain rules. The tax consequences can also be affected by debt allocations, cash received, and other transaction features. A future taxable redemption or disposition of OP units may trigger recognition of gain. Another important distinction is that OP units generally cannot be exchanged again under Section 1031. Once an investor transitions into partnership interests, the ability to continue exchanging those interests into other investment real estate is generally lost. For investors who value the flexibility of completing future 1031 exchanges, this represents an important tradeoff. ## What Are the Estate Planning Considerations? For investors intending to hold real estate investments over an extended period, estate planning can influence whether a DST with a potential 721 exit is appropriate. Under current federal tax rules, inherited assets may receive an adjustment to their income tax basis at death, subject to applicable requirements. This potential benefit can apply to both qualifying DST interests and OP units. However, partnership interests introduce additional complexities. An adjustment to an heir's basis in inherited OP units does not necessarily result in an equivalent adjustment to the operating partnership's underlying real estate. The structure may also affect how heirs receive distributions, access liquidity, and manage inherited investments. These considerations should be reviewed alongside the investor's broader estate plan rather than assuming that a 721 transaction automatically provides a superior estate planning outcome. ## Is a DST With a Potential 721 Exit Right for Your Investment Strategy? A DST with a potential 721 UPREIT transaction may appeal to investors seeking long-term passive real estate ownership, broader portfolio exposure, and possible future redemption opportunities. However, investors should evaluate the economics of both stages of ownership. This includes the DST's acquisition costs and projected performance, the terms governing a potential contribution, and the fees, valuation, and liquidity provisions associated with the operating partnership. The decision also depends on the investor's financial objectives. Someone who wants to retain the ability to complete future 1031 exchanges may prefer a traditional DST exit. Another investor focused on long-term passive ownership may find the potential 721 pathway more aligned with their plans. > The decision isn't simply about extending tax deferral. It's about understanding what you'll own after the transition, how that investment will be valued, and what flexibility you'll have moving forward. Ultimately, a potential 721 conversion should be evaluated as part of the investor's overall real estate exit and wealth planning strategy. ## Conclusion A DST-to-721 UPREIT transaction may provide investors with a way to transition from DST ownership into a larger real estate investment structure while potentially continuing to defer capital gains taxes. However, the conversion is not guaranteed, and the transition introduces different ownership rights, liquidity restrictions, and tax considerations. Understanding these tradeoffs before investing in a DST with a potential 721 exit can help investors determine whether the strategy aligns with their long-term financial objectives. *General Disclosure* *This material is provided for informational and educational purposes only and is based on information from sources we believe to be reliable. However, its accuracy is not guaranteed, and it is not intended to be the sole basis for investment decisions or to meet specific investment needs.* *Wealthstone Group does not offer tax or legal advice. This content should not replace professional advice tailored to your individual situation.* *Not an offer to buy, nor a solicitation to sell securities. All investing involves risk of loss of some or all principal invested. Past performance is not indicative of future results. Speak to your finance and/or tax professional prior to investing. Any information provided is for informational purposes only. Securities offered through Arkadios Capital, member FINRA/SIPC. Advisory Services offered through Arkadios Wealth. Wealthstone Group and Arkadios are not affiliated through any ownership.* Topics: [Delaware Statutory Trusts (DSTs)](https://blog.wealthstonegroup.com/insights/tag/delaware-statutory-trusts-dsts) [721 Exchange / UPREIT](https://blog.wealthstonegroup.com/insights/tag/721-exchange-upreit) #### Share this [Share on X](https://x.com/intent/post?url=https://blog.wealthstonegroup.com/insights/dst-to-721-upreit-exchange-conversion&text=What+Happens+When+Your+DST+Investment+Converts+Into+a+721+UPREIT%3F) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.wealthstonegroup.com/insights/dst-to-721-upreit-exchange-conversion&t=What+Happens+When+Your+DST+Investment+Converts+Into+a+721+UPREIT%3F) [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://blog.wealthstonegroup.com/insights/dst-to-721-upreit-exchange-conversion&t=What+Happens+When+Your+DST+Investment+Converts+Into+a+721+UPREIT%3F) - Recent - Topics - Archive Recent Topics - [1031 Exchange (75)](https://blog.wealthstonegroup.com/insights/tag/1031-exchange) - [Delaware Statutory Trusts (DSTs) (47)](https://blog.wealthstonegroup.com/insights/tag/delaware-statutory-trusts-dsts) - [Tax Mitigation (39)](https://blog.wealthstonegroup.com/insights/tag/tax-mitigation) - [Wealth & Estate Planning (24)](https://blog.wealthstonegroup.com/insights/tag/wealth-estate-planning) - [721 Exchange / UPREIT (21)](https://blog.wealthstonegroup.com/insights/tag/721-exchange-upreit) - [Business Exit Planning (20)](https://blog.wealthstonegroup.com/insights/tag/business-exit-planning) - [REIT (10)](https://blog.wealthstonegroup.com/insights/tag/reit) - [Passive Real Estate Investing (7)](https://blog.wealthstonegroup.com/insights/tag/passive-real-estate-investing) - [Qualified Opportunity Zones (QOZs) (5)](https://blog.wealthstonegroup.com/insights/tag/qualified-opportunity-zones-qozs) See all Archive - [November 2026 (5)](https://blog.wealthstonegroup.com/insights/archive/2026/11) - [October 2026 (13)](https://blog.wealthstonegroup.com/insights/archive/2026/10) - [September 2026 (13)](https://blog.wealthstonegroup.com/insights/archive/2026/09) - [August 2026 (13)](https://blog.wealthstonegroup.com/insights/archive/2026/08) - [July 2026 (12)](https://blog.wealthstonegroup.com/insights/archive/2026/07) - [June 2026 (13)](https://blog.wealthstonegroup.com/insights/archive/2026/06) - [May 2026 (13)](https://blog.wealthstonegroup.com/insights/archive/2026/05) - [April 2026 (13)](https://blog.wealthstonegroup.com/insights/archive/2026/04) - [March 2026 (11)](https://blog.wealthstonegroup.com/insights/archive/2026/03) - [February 2026 (15)](https://blog.wealthstonegroup.com/insights/archive/2026/02) - [January 2026 (4)](https://blog.wealthstonegroup.com/insights/archive/2026/01) - [December 2025 (4)](https://blog.wealthstonegroup.com/insights/archive/2025/12) - [November 2025 (2)](https://blog.wealthstonegroup.com/insights/archive/2025/11) - [October 2025 (4)](https://blog.wealthstonegroup.com/insights/archive/2025/10) - [September 2025 (1)](https://blog.wealthstonegroup.com/insights/archive/2025/09) - [August 2025 (5)](https://blog.wealthstonegroup.com/insights/archive/2025/08) - [July 2025 (4)](https://blog.wealthstonegroup.com/insights/archive/2025/07) - [June 2025 (2)](https://blog.wealthstonegroup.com/insights/archive/2025/06) - [May 2025 (5)](https://blog.wealthstonegroup.com/insights/archive/2025/05) - [April 2025 (3)](https://blog.wealthstonegroup.com/insights/archive/2025/04) - [March 2025 (6)](https://blog.wealthstonegroup.com/insights/archive/2025/03) - [February 2025 (5)](https://blog.wealthstonegroup.com/insights/archive/2025/02) - [January 2025 (3)](https://blog.wealthstonegroup.com/insights/archive/2025/01) - [October 2024 (1)](https://blog.wealthstonegroup.com/insights/archive/2024/10) - [September 2024 (3)](https://blog.wealthstonegroup.com/insights/archive/2024/09) - [August 2024 (4)](https://blog.wealthstonegroup.com/insights/archive/2024/08) - [July 2024 (5)](https://blog.wealthstonegroup.com/insights/archive/2024/07) - [June 2024 (4)](https://blog.wealthstonegroup.com/insights/archive/2024/06) - [May 2024 (5)](https://blog.wealthstonegroup.com/insights/archive/2024/05) - [April 2024 (5)](https://blog.wealthstonegroup.com/insights/archive/2024/04) See all ### Subscribe by email ![Wealthstone-Logo-GoldWhite-2-1](https://blog.wealthstonegroup.com/hs-fs/hubfs/Wealthstone-Logo-GoldWhite-2-1.png?width=50&height=50&name=Wealthstone-Logo-GoldWhite-2-1.png) Wealthstone Group is a wealth management firm focused on providing investment and financial guidance for successful business owners, real estate investors and affluent individuals. 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[Right Capital – Financial Planning](https://app.rightcapital.com/account/login)[Black Diamond – Portfolio Management Reporting](https://login.bdreporting.com/Auth/SignIn) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Paulo Aguilar, CFA, CAIA", "url" : "https://blog.wealthstonegroup.com/insights/author/paulo-aguilar" }, "dateModified" : "2026-11-12T17:27:30.230Z", "datePublished" : "2026-11-12T17:27:30.000Z", "headline" : "What Happens When Your DST Investment Converts Into a 721 UPREIT?", "image" : [ "https://blog.wealthstonegroup.com/hubfs/WS-InsightsFI5.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.wealthstonegroup.com/insights/dst-to-721-upreit-exchange-conversion", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.wealthstonegroup.com/hubfs/Gold-Logo-1.png" }, "name" : "Wealthstone Group" } } ``` ```json { "@context" : "https://schema.org", "@type" : "FAQPage", "mainEntity" : [ { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "A DST-to-721 UPREIT transaction generally involves contributing the DST's underlying real estate to a REIT's operating partnership in exchange for OP units. Under Section 721 of the Internal Revenue Code, qualifying property contributions to a partnership generally do not trigger immediate capital gains taxes. The sponsor and operating partnership determine whether and when the transaction occurs. Investors cannot initiate the conversion themselves." }, "name" : "How does a DST-to-721 UPREIT conversion work?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "A qualifying Section 721 transaction generally allows investors to continue deferring capital gains rather than recognizing them at the time of the contribution. However, the deferred gain does not disappear. It remains embedded in the OP units through applicable partnership tax basis and built-in gain rules. Debt allocations, cash received, and other transaction features can also affect the tax consequences. A future taxable redemption or disposition of OP units may trigger recognition of gain." }, "name" : "Does a DST-to-721 UPREIT conversion reset my tax basis?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "No. Not all DST investments offer a 721 conversion pathway. The potential for a 721 exit must be built into the DST structure at inception and is controlled by the sponsor and operating partnership. Investors generally cannot initiate or force a conversion. A potential 721 exit should be evaluated when selecting the original DST investment and should not be treated as a guaranteed outcome." }, "name" : "Can any DST investor trigger a 721 UPREIT conversion?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "OP units may offer potential future redemption opportunities, such as the ability to request redemption for cash or REIT shares after a specified holding period. However, redemption rights, lockup periods, and liquidity depend entirely on the specific operating partnership agreement. OP units are not automatically liquid, and shares of a non-traded REIT may also have limited liquidity. Investors should review the actual redemption provisions, valuation methodology, and ongoing fees before assuming the transition provides greater flexibility." }, "name" : "What is the liquidity benefit of OP units compared to a DST interest?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Under current federal tax rules, inherited assets may receive an adjustment to their income tax basis at death, and this potential benefit can apply to both qualifying DST interests and OP units. However, an adjustment to an heir's basis in inherited OP units does not necessarily result in an equivalent adjustment to the operating partnership's underlying real estate, which may limit or offset the benefit. The structure may also affect how heirs receive distributions, access liquidity, and manage inherited investments. These considerations should be reviewed alongside the investor's broader estate plan." }, "name" : "What are the estate planning considerations for OP units?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "If the 721 conversion does not occur, the investment will continue operating or pursue another exit strategy based on the terms of the original offering documents. This may include a traditional property sale, which could require investors to pursue another 1031 exchange to continue deferring capital gains taxes, or simply recognize the gain. Because the conversion is not guaranteed, investors should understand both scenarios before investing in a DST with a potential 721 exit pathway." }, "name" : "What happens if my DST never converts into a 721 UPREIT?" } ] } ```