GLOSSARY OF TERMS - U

Empowered to do anything the principal could do personally.

Created by Power of Attorney.

Stands for Umbrella Partnership REIT. Allows exchange of investment property for shares of a Real Estate Trust (REIT). Investment property is contributed into a REIT in exchange for shares of stock pursuant to Section 721 of the Internal Revenue Code. Taxes paid on sale of stock with no further tax deferred 1031 exchanges allowed. Non institutional investors can do a 1031 Exchange into tenant-in-common institutional grade property that may later be traded for REIT stock. Advantages can be greater liquidity and diversification; disadvantages include being subject to stock-market whims, not just property performance.

Leased space you can "reach out and touch". The space that you are renting from a landlord not including the common areas. See Rentable Square Footage and Load Factor.