Government Lease Holdings DST
Net lease property · sponsored by Net Lease Capital Advisors
Government Lease Holdings DST was a DST sponsored by Net Lease Capital Advisors that owned 4 net lease properties. Its last Form D, filed Aug 23, 2022, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Aug 23, 2022, reports the offering fully sold.
Net Lease Capital Advisors has 8 active offerings on record →
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $153,840,000Equity offered, per the Form D
- Sold
- 100%Form D, Aug 23, 2022; the % is our arithmetic
- Investors reported
- Form D, Aug 23, 2022244
- Selling commissions
- Form D Item 15; the % is our arithmetic$11,662,173 · 7.5% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: Government Lease Holdings DST. Top1031 is not a broker-dealer.What did Government Lease Holdings DST own?
The Trust's assets were never itemized in its public filings. Sponsor marketing describes three FBI field offices plus one National Archives and Records Administration records facility, with no addresses, cities, building sizes, or purchase prices published. 5 The Form D filings name no property at all, so the specific buildings behind this Trust remain unidentified in the public record. 5
- Property size
- 4 properties
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
Nothing in the Form D record or in located public sources discloses whether this Trust carries mortgage debt, who any lender is, or on what terms. Leverage here is simply unknown rather than confirmed all-cash.
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $11,662,173 · 7.5% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 28 named in the Form D
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Individual representatives named in Item 12 are not listed.
- Date of first sale
- Mar 28, 2022
- Minimum investment
- $100,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together.
Who's behind Government Lease Holdings DST?
The sponsor is a Nashua, New Hampshire firm focused on net-leased real estate; the Trust's SEC record lists its mailing address in care of that firm and organizes the entity in Delaware. 1 Douglas F. Blough signed the filings as manager, with Blough and Bruce S. MacDonald listed as executive officers. 4 On March 15, 2025, securities law firm The White Law Group published an investor alert referencing this Trust.
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed an initial Form D — the short SEC notice used for private offerings exempt from registration — and then amended it repeatedly as sales accumulated, each amendment updating the amount sold and the investor count. 2 The final amendment reported the offering fully subscribed and stated it was expected to last more than one year. 3
- Legal Trust name
- GOVERNMENT LEASE HOLDINGS DST
- SEC CIK
- 1916056
- First Form D
- Mar 10, 2022
- Latest Form D
- Aug 23, 2022
- Filings on record
- 8
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $153,840,000 | $153,840,000+$7,423,976 | 244+17 | EDGAR | |
| Form D/A | $153,840,000 | $146,416,024+$10,280,695 | 227+31 | EDGAR | |
| Form D/A | $153,840,000 | $136,135,329+$20,512,306 | 196+11 | EDGAR | |
| Form D/A | $153,840,000 | $115,623,023+$15,883,538 | 185+38 | EDGAR | |
| Form D/A | $153,840,000 | $99,739,485+$70,390,352 | 147+82 | EDGAR | |
| Form D/A | $153,840,000 | $29,349,133+$25,106,640 | 65+59 | EDGAR | |
| Form D/A | $153,840,000 | $4,242,493+$4,242,493 | 6 | EDGAR | |
| Form D | $153,840,000 | $0 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to Government Lease Holdings DST?
- Government Lease Holdings DST is a Historical offering. The last Form D, filed Aug 23, 2022, reports the offering fully sold.
- What properties does the Trust actually own?
- That is not established in the public record. Sponsor marketing describes three FBI field offices and one National Archives and Records Administration facility, but no addresses, cities, square footage, or acquisition prices were published, and the Form D filings name no property.
- Who ran this Trust?
- Net Lease Capital Advisors sponsored it. SEC filings list Douglas F. Blough as manager and name Blough and Bruce S. MacDonald as executive officers, with the issuer's address in care of Net Lease Capital Advisors LLC in Nashua, New Hampshire.
- Has the Trust sold its properties or reported an outcome?
- No outcome has been reported yet in sources reviewed through August 19, 2026. Targeted searching did not surface a confirmed sale, refinancing, or other property-level event, and the SEC record for this entity ends with the August 23, 2022 Form D amendment.
- Is there a 721/UPREIT exit?
- The data on file shows no 721 exchange or UPREIT feature — that is, no disclosed path for investors to swap their interests into operating-partnership units of a REIT. Any conversion mechanics would only appear in the offering documents given to investors at the time of the offering.
In the news
Sources
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These links support the record as a whole; individual details may come from different sources.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.