In the past, we’ve covered key metrics from the Delaware statutory trust investment programs we’ve reviewed for clients over the past several years. Today, we’re excited to post our most current DST fee and program data in an interactive format.
Below is a summary of FactRight’s DST database, updated for offerings brought to market through the end of the first quarter of 2019. (We refresh data quarterly.) Some charts below are dynamic; if you click on a single data point on the Property Type and Programs by Year charts, it will filter the median data displayed in the Program Information, Front-End Expenses, and Asset-Related Fees charts. You can also filter data according to PPM date on the sliders at the top of the summary. The full data set presented extends from January 2017 to April 2019.
A few things to keep in mind while browsing:
- For purposes of the presentation, we’ve categorized the majority of DST programs that FactRight has reviewed into two groups: multifamily and net lease.
- In addition to apartments, multifamily includes senior housing deals.
- Net lease includes syndications of retail, industrial, and office properties subject to long term, net leases. Obviously, characteristics of these asset classes can differ, but they tend to have similar investment objectives and are subject to many of the same kinds of real estate-related risks.
- There are a handful of syndications of real estate of other asset classes (such as self-storage and hotel) in our database that aren’t reflected here, because there are so few of them, and they often exhibit relatively different operating dynamics from the two main groups.
- Quantitative metrics (especially viewed in isolation from other metrics) only tell part of the story when looking at a single offering, or the universe of DST programs. Qualitative assessments that bear on the risk-return profile are just as important.
- We continue to review offerings that represent most of the capital raised in the 1031 syndicated market, but we don’t review everything that’s out there. Still, what we do cover should give a good idea of prevailing fees and metrics of these programs.
If you have any questions about the data, feel free to reach out—we’re happy to discuss further.
