November 1992 Taubman Centers, Inc. (NYSE: TCO) concludes the first IPO of an UPREIT. In an UPREIT, the parties of an existing partnership and a REIT become partners in a new "operating partnership." For their respective interests, the parties contribute the properties from the existing partnership and the REIT contributes cash. The REIT typically is the general partner and the majority owner of the operating partnership units, and the partners who contributed properties have the right to exchange their operating partnership units for REIT shares or cash.
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