UPREITS and NNN Leases Under the TCJA

[Account Closed]

Does anyone have information or experience in creating an UPREIT? 

Here's what I'm thinking. Under the TCJA NNN properties are excluded from the 199A deduction. There are plenty of NNN properties in partnerships that aren't getting any benefit even though they only own property and distribute substantially all proceeds similar to how a REIT would. The idea would be to convert the LP interest into UPREIT units and then be able to take the REIT dividends as 199A income.

Has anyone done this, or has insights to whether this is a good or bad idea?

tags: cpa, TCJA, reit