DST Investments 2026: Delaware Statutory Trust Companies & Properties Reviewed

How We Analyze DST Investments

DST investments are securities offerings that serve to enable fractionalized ownership of actual real estate. In exchange for going passive, access to institutional quality properties, and diversification, investors are subject to additional sponsor fees, property-level risks that might be outside their wheelhouse, unique debt structures, and illiquidity. Evaluating DSTs requires separating marketing projections from structural fundamentals. Anchor1031 can help you understand both property level risks and risks associated with the structure of a specific DST offering.

Key Evaluation Factors

Sponsor track record tells you more than the projections of their current offerings. The most useful data point is full-cycle performance: how many DSTs a sponsor has taken from acquisition through sale, and whether those deals met, exceeded, or fell short of original projections. A sponsor with 50 active DSTs and two completed sales has unproven full-cycle execution. A sponsor with 150 completed dispositions and documented positive returns has a verifiable track record.

Look for transparency in reporting. Some sponsors publish distribution coverage ratios, disposition sale prices, and investor returns. Others do not. That difference tells you something about how they approach accountability.

Property fundamentals drive outcomes. Location, tenant quality, lease structure, and physical condition determine whether a DST generates stable cash flow or requires capital calls that cannot be met under IRS rules. Strong DST properties share common traits: markets with job growth and favorable supply-demand dynamics, creditworthy tenants on long-term leases, and adequate reserves for capital expenditures.

Tenant concentration is a risk multiplier. A single-tenant net-lease DST to a Fortune 500 company offers predictability but total dependence on a single tenant. A 325-unit multifamily property spreads risk across dozens of households. Both asset classes offer potential upside in different ways and their risk profile differs.

Financial analysis separates projection from reality. Review historical operating statements, not just pro forma projections. Confirm that net operating income (NOI) covers debt service, reserves, and projected distributions with margin for variance. If a DST underwrites to 95% occupancy and the market norm is 92%, question the assumption.

Debt structure determines refinance risk. Interest-only loans often have a balloon payment due at maturity. If the DST cannot refinance or sell before that date, it faces forced liquidation or default. Fixed-rate debt with moderate loan-to-value ratios (40-50%) reduces that risk. Debt-free DSTs eliminate it entirely but typically offer lower yields and make it more difficult to overcome the fees associated with DSTs. Again, one structure is not better than the other. They each have their own set of risks.

Fee structures can erode returns before you receive distributions. Total upfront loads on DST equity commonly range from 7-12% of equity and can exceed 15% in certain offerings. That means $1 million invested may result in $850,000 to $930,000 of net equity working in the property. Acquisition fees, selling commissions, organizational costs, and financing fees are deducted before your capital reaches the asset.

It is important to make sure that the ongoing costs to operate the property are projected to be inline with standard real estate operating costs. Asset management fees (typically 0.25-1% annually), property management fees (2-5% of gross income), and disposition fees (0.5-2% at sale) all come out of NOI before distributions reach investors. A DST with a 5% year one yield is showing the figure that reaches investors' bank accounts after accounting for all the fees and costs.

Information Gathering Approach

The information in this article comes from publicly available sources: sponsor websites, SEC filings, press releases, industry publications, and third-party research platforms. We do not receive compensation from sponsors for inclusion or favorable coverage. This is educational content, not investment advice or sponsor endorsement.

When evaluating DST investments yourself, request the Private Placement Memorandum (PPM) directly from sponsors or through your financial advisor. Review audited financials where available. Ask sponsors for track record documentation showing projected versus actual returns on completed offerings. Speak with other investors who have participated in the sponsor's prior programs.

Independent research platforms and broker-dealers that work with multiple sponsors can provide comparative data. Your CPA, attorney, and qualified intermediary should review the tax and legal structure before you commit capital. No single source provides complete information; thorough due diligence requires gathering data from multiple channels and verifying claims independently.

Major DST Sponsors 2026

The DST market includes dozens of sponsors. The ten profiled below represent the largest or most frequently cited in independent 1031 platforms and advisory channels. They are listed alphabetically, not by preference or performance.

Note: Past performance of a sponsor's previous offerings does not guarantee future results. Track record information is provided for educational context only. Each offering should be evaluated independently based on its specific characteristics, risks, and your individual circumstances.

Bluerock

Bluerock operates through Bluerock Value Exchange (BVEX), a national sponsor of syndicated Section 1031 Exchange offerings. Per company materials, Bluerock principals collectively have over 100 years of investing experience with more than $120 billion in real estate and capital markets experience. The firm reports more than $19 billion in acquired and managed assets.

BVEX focuses on residential and industrial properties. The firm offers both public and private investment programs. Minimum investments typically range from $25,000 to $100,000, varying by offering.

Cantor Fitzgerald

Founded in 1945, Cantor Fitzgerald is a global financial services organization. Per company materials, the firm operates through five business lines: Real Estate Brokerage and Finance, Capital Markets, Investment Banking, Private Equity, and Asset Management. DST investments are offered through Cantor Fitzgerald Asset Management.

Property types include multifamily, industrial, and net-lease assets. The firm structures both leveraged and lower-leverage options. Minimums are typically around $100,000 for 1031 equity.

ExchangeRight

Per company materials as of July 2025, ExchangeRight reports more than $6.6 billion in assets under management diversified across over 1,300 properties and 26 million square feet throughout 47 states. The firm represents over 9,000 investments on behalf of investors nationwide.

ExchangeRight structures net-leased portfolios of assets backed primarily by corporations in the necessity-based retail and healthcare industries, as well as diversified value-add portfolios of retail properties. The firm offers REIT, fund, and 1031 DST portfolios. Minimums are typically $100,000 for 1031 investors.

Griffin Capital

Founded in 1995, Griffin Capital operates the DST program through Griffin Capital Institutional Property Exchange (GPX). Per company materials, Griffin Capital has owned, managed, sponsored, or co-sponsored investment programs representing over $20 billion in assets. The firm's senior executives and employees have co-invested over $300 million, per company disclosures.

Griffin Capital reports a portfolio of assets across the United States. Minimums are typically around $100,000 for 1031 investors.

Inland Private Capital Corporation

Per company materials as of mid-2024, Inland Private Capital reports $12 billion+ across 317 private placement offerings. The firm reports 136 program dispositions completed, with full-cycle liquidity events exceeding $3.9 billion.

Property types span multifamily, self-storage, student housing, medical office, net-lease retail, and industrial. The firm also operates a 721 UPREIT platform. Minimums are generally $100,000 for 1031 investors.

Livingston Street Capital

Livingston Street Capital, LLC is a real estate private equity firm headquartered in Radnor, Pennsylvania. Per company materials, the firm's management team has collectively transacted more than $20 billion of real estate transactions throughout their careers, spanning more than 75 years of experience in real estate and capital markets.

The firm's investment strategy focuses on multifamily and active adult residential properties, healthcare (medical office, health care services, and laboratories), and mission-critical real estate assets. Minimums are typically $100,000 for 1031 investors.

NexPoint

NexPoint is an alternative investment platform with operations across real estate, REITs, interval funds, and private offerings. The platform traces back to the early 2010s. The DST program focuses on multifamily, self-storage, industrial, and single-family rental properties.

Minimums vary by offering, commonly $25,000 to $100,000.

Passco Companies

Passco Companies was formed as a California limited liability company in 2005. Per company materials, the firm has been involved with 125 real estate programs since its formation. These prior programs raised approximately $3.58 billion from approximately 10,740 investors. The prior real estate programs purchased 129 properties for an aggregate purchase price of approximately $7.5 billion.

The principal business of Passco Companies is the acquisition and management of investment properties, with a primary focus on multifamily. Minimums are generally $100,000 for 1031 investors.

Peachtree

Founded in 2007, Peachtree Group is a privately held real estate investment company that finances, owns, operates, manages, and develops hotel and commercial real estate assets throughout the United States. Per company materials, Peachtree Group has invested approximately $4.4 billion of equity, through acquisition, origination, or development, in properties and mortgage loans with a cost basis of more than $12.6 billion.

The firm focuses on acquiring commercial real estate properties in growth markets across the United States. Property types include hospitality and industrial assets. Minimums typically range from $50,000 to $100,000.

Starboard Capital

Headquartered in Irvine, California, Starboard Realty Advisors, LLC is a privately held, fully-integrated real estate firm. Per company materials, the firm's principals have more than 50 years of experience in acquiring, developing, leasing, repositioning, managing, financing, and disposing of retail, multifamily, office, and industrial real estate. The firm reports over $2 billion in assets.

Starboard acquires multifamily, multi-tenant retail shopping centers, and NNN lease properties. The firm focuses on stabilized properties with a 7- to 10-year hold for 1031 exchange clients. Minimums vary by property type, commonly $25,000 to $100,000.

DST Properties by Asset Class

Each property type, or asset class, has varying risk profiles, income characteristics, and appreciation potential. The categories below outline typical features; individual DSTs vary significantly within each class. Browse current DST offerings to see available properties across these asset classes.

Multifamily DSTs

Multifamily represents 35-45% of DST offerings, making it the largest segment. High tenant count spreads risk across dozens or hundreds of households. No single vacancy materially impacts cash flow. This structural diversification is the primary advantage.

Typical markets include Sunbelt and Mountain West metros: Texas, Florida, Georgia, North Carolina, Arizona, Utah, Idaho, Colorado. The common thread is job growth, population in-migration, and landlord-friendly regulatory environments. Secondary and tertiary markets often offer better yield than gateway cities but require deeper analysis of local fundamentals.

Year one yields for core and core-plus multifamily DSTs have historically ranged from 4.25-5.25%. Class A properties in high-growth markets may offer lower initial yield but more appreciation potential. Class B/B+ properties in workforce housing segments often provide higher current income with more stable demand through cycles.

The multifamily market saw heavy supply deliveries in 2024-2025. New construction pipelines are moderating heading into 2026, which could potentially ease rent pressure and support occupancy normalization. DSTs acquired at expanded cap rates during the 2024-2025 reset could potentially benefit from valuation recovery when sold in 2029-2031, though this is not guaranteed.

Medical Office DSTs

Medical office combines real estate with healthcare tenant dynamics. The key advantage is tenant stickiness: physicians invest heavily in build-outs (imaging equipment, surgical suites, specialized plumbing, HVAC systems). Relocation costs run into the millions for many medical practices, which translates to high lease renewal rates and long average tenancies.

Buildings near hospitals or on medical campuses are most desirable. Proximity to referral networks and patient traffic supports tenant retention. Diversified medical tenant mixes like primary care, specialists, imaging centers, physical therapy, outpatient surgery may reduce exposure to single-specialty reimbursement changes.

Many medical office DSTs are structured as net-lease (NNN) or absolute NNN, where tenants pay property taxes, insurance, and maintenance. This shifts operating risk and expense volatility to tenants. Leases typically run 10-25 years with annual rent escalations (fixed percentage or CPI-linked), providing predictable income growth.

Year one yields have historically ranged from 5-6%. While long term net-leases produce potentially stable cash flows, the trade-off is limited appreciation potential compared to multifamily in high-growth markets.

Healthcare demand is demographic-driven, not economically cyclical. The US population is aging which supports long-term demand for medical care. Risks include reimbursement changes (Medicare, Medicaid, private insurance) that pressure tenant profitability. Diversification across specialties and payer mixes mitigates this.

Verify tenant credit quality, remaining lease terms, and deferred maintenance when evaluating medical office DSTs. Older buildings may require capital for system replacements that the DST cannot fund under IRS restrictions.

Industrial/Warehouse DSTs

Industrial properties benefited from e-commerce growth and supply chain reconfiguration over the past decade. Last-mile distribution, logistics hubs, and fulfillment centers saw sustained demand. This trend could potentially continue, though at a more moderate pace than the 2020-2022 surge.

Small-bay industrial has emerged as a DST category distinct from large distribution facilities. Small-bay properties (5,000-30,000 square feet per bay) lease to local and regional businesses: light manufacturing, service companies, trades, local distribution. Tenant improvement costs are lower than big-box logistics, improving landlord economics. Demand is driven by diverse local businesses, not just e-commerce.

Year one yields for industrial DSTs have historically ranged from 5-7%, higher than multifamily or medical office. The higher yield reflects different risk characteristics: tenant credit dispersion (small-bay), location dependency (logistics), and lease rollover (shorter terms than medical office NNN).

Cap rates for prime, long-term-leased bulk distribution to investment-grade tenants are in the mid-to-high 5s in many markets. Small-bay industrial trades at higher cap rates (50-150 basis points above trophy logistics), offering more income but with more leasing management.

Top industrial DSTs emphasize location near highways, ports, or dense populations, with long-term leases to stable tenants, and adequate clear heights and truck access. For small-bay, tenant diversification across industries is critical.

Industrial has the potential to remain among the strongest DST sectors in 2025-2026, with year one yields that have historically ranged from 6-9% and resilient fundamentals. Verify local market supply-demand dynamics and whether the property has functional obsolescence risk.

Net Lease DSTs

Net lease (NNN) DSTs offer the most predictable income structure in DST investing. Tenants are responsible for paying property taxes, insurance, and maintenance in addition to base rent. Leases typically run 10-25 years with annual rent increases (fixed or CPI-based). The result is predictable, inflation-protected income with minimal landlord management.

Common tenant categories include medical services, automotive care, quick-service restaurants, logistics/distribution, discount retail, and national pharmacies. The emphasis is essential-service businesses with strong balance sheets or corporate guarantees.

Risk during the hold period of DSTs is determined in large part by the credit worthiness of the tenant and the length of the lease. Investment-grade tenants (rated BBB- or higher) offer the lowest risk but command lower cap rates, with year one yields historically ranging from 4.5-5.5%. Non-investment-grade but strong regional chains have historically offered 5.5-6.5% year one yields. Single-tenant properties leased to weaker credits can exceed 7%, but risk concentration and credit failure rise materially.

ExchangeRight is the largest net-lease-focused DST sponsor, with portfolios of 15-20 properties diversified across tenants and geographies. Year one yields have historically ranged from 5-5.2% for their investment-grade-weighted offerings.

Net lease works best paired with multi-tenant DSTs to balance concentration risk. NNN provides high-credit, long-term income; multifamily or industrial adds diversification and growth potential. Many investors allocate 30-50% of DST equity to net lease for stability, with the remainder in higher-growth asset classes.

The primary risk is tenant credit deterioration or bankruptcy. A single-tenant NNN DST to a retailer facing structural decline (office supplies, department stores) can see immediate cash flow loss. Another risk factor that rarely gets discussed in the DST space is the cost to renegotiate NNN leases. If your lease expires or you lose a tenant it can cost 20% of the value of the building in tenant improvement, brokerage, marketing, to sign a new lease. DSTs cannot refinance or raise extra capital so they can struggle when it comes time to extend or sign a lease. Verify tenant financial strength, remaining lease term, and lease guarantees when evaluating net-lease DSTs. Ask your broker or the sponsor what the plan is if they need to re-tenant a building.

Self-Storage DSTs

Self-storage ranks among the top five property types for DST investments due to structural advantages. They have a highly diversified tenant base (no single-tenant risk), short-term leases allowing rapid rent adjustments, and low operating costs relative to other commercial property types.

Demand is driven by life events like moving, downsizing, divorce, business inventory needs, among others which occur across economic cycles. This defensive characteristic gives self-storage a reputation for recession resistance. Historical occupancy data shows self-storage maintains stable performance through downturns, though rent growth moderates.

Year one yields have historically ranged from 5-7%, varying by market, occupancy, and leverage. Self-storage DSTs often structure as multi-facility portfolios (5-15 properties) to provide geographic diversification and smooth local market volatility.

Strong self-storage DSTs emphasize facilities in dense or fast-growing submarkets with barriers to new supply (zoning restrictions, limited land). Modern, climate-controlled product with online leasing platforms performs best. Experienced self-storage operators with revenue management systems are essential.

The trade-off is operational complexity relative to net lease. Self-storage requires active tenant turnover management, marketing, and rate optimization. DST investors are passive and rely entirely on sponsor execution.

Inland Private Capital has been active in self-storage DSTs, including a fully subscribed $37 million offering in 2024. Verify occupancy trends, rate growth trajectory, and competitive supply when evaluating storage DSTs.

How to Choose the Right DST Investment

Matching property type to investment goals requires clarity on income needs, risk tolerance, and time horizon. There is no single "best" DST, only the right DST for your portfolio.

Match to Your Investment Goals

Income priority: Net lease and medical office DSTs have historically offered 5-6.5% year one yields with stable, predictable cash flow. These properties are defensive but provide limited appreciation. Suitable for investors prioritizing current income over long-term growth.

Balanced approach: Multifamily and self-storage have historically delivered 4.5-5.5% year one yields with potential for moderate appreciation. Multifamily in growth markets may offer rent growth that compounds over 7-10 years. Self-storage provides defensive demand with operational upside.

Growth focus: Industrial and Class A multifamily have historically started at 4-5% year one yield but may potentially benefit from rent escalation and value appreciation in strong markets.

Risk Tolerance Assessment

Risk tolerance determines leverage and credit quality preferences. Conservative investors should consider debt-free DSTs (eliminate refinancing risk, accept lower yield) or net-lease with investment-grade tenants. Moderate risk profiles fit core/core-plus multifamily with 40-50% LTV. Higher risk tolerance can allocate to value-add strategies or higher leverage, though these are less common in DST structures due to IRS limitations.

Time Horizon Considerations

Time horizon matters because DSTs are illiquid. Typical hold periods run 5-10 years. You cannot sell your beneficial interest easily; no meaningful secondary market exists. Plan to hold until the sponsor disposes of the property. Learn more about DST exit strategies including 721 UPREIT exchanges.

If you need access to capital within 3-5 years, DSTs are not appropriate. If your timeline is 7-10 years or longer, you can absorb the illiquidity and benefit from the full market cycle.

Red Flags to Avoid When Choosing DST Investments

Certain warning signs indicate higher risk or structural problems. For a deeper dive into DST investment risks, see our comprehensive guide. Watch for these during due diligence.

Lack of sponsor track record under five years or no full-cycle proof: New sponsors lack disposition history. You cannot verify whether they execute as promised. Established sponsors with 10-20+ completed DST sales provide performance data. Compare projected vs. actual returns on past deals.

Hidden or excessive fee structures: Total upfront loads commonly range 7-12%; exceeding 15% can a red flag. Some sponsors bury fees across multiple PPM sections or use vague language. If you cannot clearly identify acquisition fees, selling commissions, asset management fees, property management fees, and disposition fees, request clarification.

Aggressive leverage above 70% LTV: Most DSTs use 40-60% leverage to help 1031 investors match relinquished property debt. Higher leverage amplifies returns in appreciating markets but magnifies losses in downturns. It also increases refinancing risk: if the property cannot refinance at maturity, the DST faces forced sale or default.

Poor property locations in declining markets or oversupplied submarkets: Real estate is local. A property type that performs well nationally may struggle in a market with weak fundamentals. Verify job growth, population trends, income levels, new supply, and competitive positioning.

Insufficient reserves: DSTs cannot raise additional capital under IRS rules. All capital expenditures must be funded from reserves or operating cash flow. If the property needs major system replacements (roof, HVAC, parking, elevators) and reserves are thin, the DST may defer maintenance or suspend distributions to fund repairs.

No operating history on newly acquired properties: DSTs purchased immediately after acquisition lack stabilized financials. Pro forma projections may not reflect reality. Established properties with 12-24 months of operating history under current ownership provide verifiable data.

Explore Current DST Opportunities

After researching sponsors and understanding property types, the next step is reviewing specific offerings. Our marketplace features current DST investments from multiple sponsors, allowing you to compare properties, year one yields, and terms side by side.

Current Market Outlook 2026

The 2024-2025 period represented a pricing reset after two years of rate increases. Transaction volume compressed, cap rates expanded, and many sellers delayed dispositions. The DST market adapted by emphasizing lower leverage, focusing on durable cash-flow sectors, and highlighting defensive tenant profiles.

Interest rates could potentially stabilize or decline modestly through 2026. This could potentially support gradual cap rate stabilization and improved financing conditions. The result: properties acquired during the 2024-2025 reset at expanded cap rates could potentially benefit from valuation recovery when sold in 2028-2031, though this is not guaranteed.

Industrial and net lease have the potential to remain among the strongest DST sectors, with year one yields that have historically ranged from 5-7% and resilient fundamentals driven by e-commerce, logistics demand, and essential-service tenants. Multifamily is positioned for potential recovery as supply deliveries peak in 2025 and taper in 2026, potentially allowing rent normalization and occupancy stabilization. Self-storage offers defensive characteristics with stable performance. Medical office provides demographic support and tenant stability.

Traditional office remains challenged. Most DST sponsors avoid office exposure or focus only on medical office. The structural shift to remote work creates long-term headwinds for conventional office that are unlikely to reverse.

Risks to monitor include refinancing challenges on leveraged DSTs if rates remain elevated, potential recession impacts on employment-sensitive sectors, and oversupply in specific multifamily markets that received heavy institutional capital in 2021-2023.

The consensus view positions 2024-2026 as a potentially favorable entry window: buying during reset pricing with potential for recovery by disposition in 5-7 years. That view may prove correct, or it may not. Real estate cycles do not follow predictable patterns. Invest based on property fundamentals and cash flow, not on timing projections.

Conclusion and Next Steps

Evaluating DST investments in 2026 requires focus on sponsor track record, property fundamentals, fee transparency, and structural risk. No single sponsor or property type is universally superior. The right DST depends on your income needs, risk tolerance, time horizon, and 1031 exchange requirements.

Prioritize sponsors with documented full-cycle results and transparent reporting. Verify that property fundamentals support projected distributions even under downside scenarios. Understand total fee loads and how they impact net returns. Match property type to your investment goals; income-focused investors should emphasize net lease and medical office; growth-oriented investors can allocate to multifamily and industrial.

Conduct thorough due diligence on every offering. Read the PPM carefully. Verify property condition, tenant quality, lease terms, debt structure, and reserve adequacy. Confirm that projected distributions are covered by in-place cash flow with margin for variance.

Work with qualified legal, tax, and financial advisors before committing capital. DST investments are illiquid securities that involve risk of loss and are suitable only for accredited investors. This article provides educational context but does not constitute investment advice.

The DST market in 2026 offers access to institutional-quality real estate with passive management and tax deferral benefits. Success depends on rigorous evaluation, realistic expectations, and alignment between property characteristics and your financial objectives.

This article is for educational purposes only and does not constitute investment, legal, or tax advice. Delaware Statutory Trust investments involve risk, including possible loss of principal, and are suitable only for accredited investors who can afford to hold illiquid investments for extended periods. Always consult with qualified professionals before making investment decisions.

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