Related DST offerings
- Active 1031 DST offerings179 Active
New to DSTs? What is a DST?
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How big the DST market is, counted two ways
Counted from SEC filings, 1,749 Delaware Statutory Trust (DST) offerings have come to market since January 2009, reporting $39.7 billion sold across 75,361 investor commitments, according to the Top1031 census of Form D filings as of October 10, 2026. Top1031 keeps the live count of Active offerings, with a definition for every figure, on its 1031 DST Market Statistics page. A second series comes from Mountain Dell Consulting, whose monthly figures the trade press reports: it put 2025 DST fundraising at roughly $8.41 billion, an almost 49% increase over the roughly $5.66 billion raised in 2024 [1], and counted approximately $7.52 billion raised through September 2026, up 27% from the same nine months of 2025. At the ADISA annual conference on October 5, 2026, Mountain Dell's president said the industry was on pace for about $10.2 billion for the full year, which would make 2026 its largest year yet [3]. The two series differ because they count different things: a Form D total records only the equity an offering has written into an SEC filing, dated to that filing, which makes it the floor the public record can prove.
A DST is a legal structure that lets many investors hold fractional stakes in large commercial properties. Its main draw is tax: an interest in a DST qualifies as replacement property in a 1031 exchange, the rule that lets a real estate investor defer capital-gains tax by rolling the proceeds of one sale into another property.
Through September 2026, Mountain Dell reported the average days on market for sponsors' offerings had fallen from 309 days in 2025 to 203 days in 2026 [3]. By fundraising volume, the year's top five sponsors through September were Ares Real Estate Exchange (about $1.45 billion, a 19.3% share), Blue Owl Real Estate Exchange (about $626.3 million, 8.3%), ExchangeRight Real Estate (about $620 million, 8.2%), Hines Real Estate Exchange (about $590.6 million, 7.9%), and JLL Exchange (about $430.4 million, 5.7%) [3]. In the SEC filing record, the median DST offering filed in 2026 was $37.7 million, up from $8–15 million in 2010–16, and the median trust's average investor commitment was $363,000.
Three forces sit behind the climb: baby boomers stepping back from hands-on property management, wider awareness as more advisors and CPAs raise DSTs with clients, and minimums lower than buying commercial real estate outright.
The property types sponsors favor
Sponsors gravitate toward property types that throw off steady, predictable income - the kind of asset a passive investor can hold without surprises. As of July 2026, industrial and multifamily remained the two most common asset types, at 31% and 28% of syndicated offerings respectively [2].
Property type | Why it's popular |
|---|---|
Industrial/logistics | E-commerce tailwinds, long leases, low maintenance |
Multifamily (apartments) | Stable demand, inflation-linked rents, broad tenant base |
Net lease retail | Credit tenants, predictable income, minimal management |
Medical office | Aging population, essential use, recession-resistant |
Self-storage | Low operating costs, diverse tenant base, strong fundamentals |
Senior housing | Demographic tailwinds, growing demand |
Multifamily led the field for years on steady income and deep institutional demand that helps when it is time to sell. Industrial has since caught up, tracking the broader shift of real estate money toward logistics and distribution.
What Top1031 doesn't estimate
Cash-flow structuring and hold-period assumptions vary by sponsor, by property, and by how much debt an offering carries, and each Trust discloses its own figures in its offering documents. Top1031 does not compute, estimate, or project outcomes for any DST - a disclosed distribution rate or hold-period assumption is the sponsor's own number, not ours, and it belongs on that Trust's own record next to its evidence, not folded into a market-wide generalization. Investors comparing offerings should read the figures disclosed in each offering's documents rather than treat a market-wide average as a stand-in for any one Trust's outcome.
Sizing up a sponsor
In the SEC filing record, 62 of 146 sponsor names launched exactly one trust, while trusts with offerings of $100 million or more took 60% of the 2025 vintage's equity. A few things separate one from another.
Track record. How many DSTs has the sponsor completed, and how did those deals hold up through downturns? Each Sponsor's Top1031 Grade summarizes what's documented about that history.
Asset management. The sponsor runs the property for the entire hold its offering documents state. Its property management, leasing, and capital-improvement decisions flow straight through to what investors eventually receive.
Disposition. The final outcome turns on how and when the sponsor sells. A history of selling at or above the price stated in the offering materials is one signal worth weighing, and full-cycle sales are part of the public record Top1031 tracks for each Sponsor.
Fees. Sponsors charge acquisition fees (typically 1-3% of property value), annual asset-management fees (typically 0.5-1%), and disposition fees (typically 1-3%). Each one reduces what reaches investors, and the exact structure varies by sponsor and is disclosed in the offering documents.
What's shaping the market in 2026
- DST-to-DST exchanges. As older DSTs reach their sale phase, investors can roll the proceeds into new offerings through another 1031 exchange.
- Higher minimums. The median minimum investment rose from $25,000 through 2020 to $100,000 for offerings filed in 2025, as the median offering grew.
- Industrial stays in demand. Last-mile logistics, cold storage, and light industrial keep drawing DST investors after long, credit-tenant leases.
- Sponsor competition is increasing. Mountain Dell describes the market as becoming more competitive and diverse as sponsor and program counts climb [2].
- Advisor adoption. More RIAs, CPAs, and estate-planning attorneys are bringing DSTs to their clients, broadening the investor base beyond self-directed real estate buyers.
Questions worth asking before committing
Sponsor financial health. A DST is an illiquid, long-term commitment, and a sponsor that runs into trouble mid-hold can't be swapped out easily. Its balance sheet and corporate backing carry weight.
Replacement-property pipeline. When a DST exits, many investors want to 1031 exchange again. Some sponsors offer "next-cycle" DSTs for a seamless rollover; others leave the investor to find their own replacement.
Leverage. Some DSTs carry meaningful debt, 50-60% of the property's value, which amplifies both potential outcomes and risk. The debt structure matters, including fixed versus variable rates and maturity dates.
Property-market conditions. The tax deferral is only one part of the picture. The underlying real estate carries its own risk regardless: location, tenant quality, market fundamentals, and comparable sales all bear on the result.
[1]: https://altswire.com/dst-sales-surpass-8-4-billion-in-2025-according-to-mountain-dell/
[2]: https://altswire.com/dst-sales-hit-year-to-date-high-topping-985-million-in-july/
[3]: https://altswire.com/dst-sales-hit-7-52b-through-september-up-27-from-2025/
Frequently asked questions
How do I evaluate DST offerings?
Start with the offering documents, which lay out the property, financials, sponsor fees, and risk factors. Weigh the offering against comparable direct-market transactions, and check the sponsor's own track record on Top1031. Consult with a financial advisor who specializes in 1031 exchanges and DSTs.
Can I visit the property before investing?
Most sponsors welcome property tours, though a visit is not required. The offering documents provide detailed property information, market analysis, and the sponsor's own supporting disclosures.
What happens at the end of the DST hold period?
The sponsor sells the property and distributes the proceeds to investors. From there you can take the cash and pay the taxes, 1031 exchange into another DST or a direct property, or pursue any other exit.