Inland Private Capital's Discount Retail Portfolio II DST reached full cycle with a property sale on September 17, 2013. The document that records it carries another trust's name on the cover: the sale appears as one line in a track record appended to the private placement memorandum for Self-Storage Portfolio X DST, dated January 17, 2020. Nothing in the row describes what was sold.
The trust's first Form D was filed November 17, 2011. The span between that filing and the sale date is 1.8 years. It is not the period any individual investor held, and the record does not show when the trust acquired what it later sold, when the offering closed, or when the last subscription was accepted.
The offering as filed (Form D, November 17, 2011)
Item | As filed |
|---|---|
Sponsor | Inland Private Capital |
Exemption | 506(b) |
Asset class | Other Real Estate |
Maximum offering amount | $6,514,493 |
Minimum investment | $25,000 |
The result as the sponsor reported it
Figure | Value |
|---|---|
Aggregate proceeds, property sale | $11,940,439, as reported by the sponsor (Self-Storage Portfolio X DST PPM, January 17, 2020) |
Total invested | $11,308,080, as reported by the sponsor (Self-Storage Portfolio X DST PPM, January 17, 2020) |
Total return | 121.27%, as reported by the sponsor (Self-Storage Portfolio X DST PPM, January 17, 2020) |
Annualized return | 11.60%, as reported by the sponsor (Self-Storage Portfolio X DST PPM, January 17, 2020) |
Equity multiple | 1.92x, as reported by the sponsor (Self-Storage Portfolio X DST PPM, January 17, 2020) |
The table's terms are the sponsor's own and it defines none of them. Whether total return is measured on invested equity, whether it includes distributions received over the period, and how the annualized figure was derived are not stated in the row. The sponsor publishes both a total return and an equity multiple for this trust without defining either, and the row does not reconcile the two. Top1031 neither computes nor verifies returns; the figures above are reproduced as published.
Set the two tables side by side and one figure does not line up: the maximum offering amount stated on the Form D is smaller than the total invested figure the 2020 table lists. No document in the record reconciles them, and the record here contains one filing, the Form D of November 17, 2011.
What the offering originally told investors about distributions cannot be established here. The trust's own private placement memorandum is not in the record before Top1031, and a Form D carries no distribution terms. On the property the record is nearly as thin: the filing classifies the asset as Other Real Estate, and the trust's marketing title is the only indication of what type of retail it held. The number of properties, their locations, their tenants, and any debt on them appear in neither document.
No earlier Full Cycle disposition for this Sponsor appears in Top1031's record. Everything a reader can establish about how this offering ended came from the sponsor, in a document written to offer something else.