What annual tax reporting documents will I receive after the completion of the 721?

DST investors currently receive a substitute Form 1099 each year. After the completion of the 721 Exchange Transaction, the Operating Partnership will instead issue annual Schedule K-1 tax statements to the holders of OP Units.

What About State Tax Filings?
As an investor in the REIT, there may be a requirement to file 2024 state income tax returns in the jurisdiction in which the REIT has earned income or loss. The 721 UPREIT sponsors that we work with offer state composite tax return election usually via a convenient portal designed to make tax reporting easier and more efficient. If the investor participates in the state composite tax return, the sponsor will file in each of the eligible states in which it has source income on the investor’s behalf making the state tax filing burden minimal for investors.