The term UPREIT, is an abbreviation for ‘Umbrella Partnership Real Estate Investment Trust’ and refers to an entity structure that allows property owners to convert their ownership of one or more of their real estate assets into an interest which is, immediately, or can ultimately be converted into, a public security.
In the basic UPREIT structure the REIT properties are acquired and owned directly or indirectly by its umbrella partnership, often referred to as the “operating partner”.
In an UPREIT transaction, property owners contribute their properties in exchange for ownership units in the operating partnership (“OP Units”).
Therefore, Generation Income Properties, LP, the main subsidiary of GIP, Inc., is the managing partner of the UPREIT property.