The offering did not end in a sale. Top1031's record dates the Section 721 contribution of the property to May 31, 2026, the day this Delaware Statutory Trust (DST) reached full cycle, and gives the consideration as operating-partnership units. What those units entitle their holders to, including conversion into REIT common shares and on what terms, is not in the record.
The Trust's Form D of February 13, 2015 does not identify the property, the tenant, or the lease. Form D never does. It supplies the shape of the raise, below. Top1031's record classifies the asset class as Other Real Estate; the marketing title supplies the location, Lebanon, Indiana.
Four Springs (FSX)'s reported figures below come from an FSX DST Inventory Financing Fund offering memorandum posted in June 2025, roughly a year before the disposition date the same record carries. The record holds no source dated on or after May 31, 2026.
Item | Record |
|---|---|
Disposition | Section 721 contribution to a REIT operating partnership |
Disposition value | $11,280,875, as reported by the sponsor in its June 2025 published track record |
Total return | 142.34%, as reported by the sponsor in its June 2025 published track record |
Annualized return | 3.66%, as reported by the sponsor in its June 2025 published track record |
Equity multiple | not stated |
Offering ceiling, 2015 Form D | $5,605,000 |
Minimum investment | $50,000 |
Exemption | 506(b) |
Two hold periods sit in Top1031's inputs, 11.3 years and 11.57 years. This report uses 11.3 years, the span between the two dated events on the record: the Form D filing and the disposition.
The Lebanon Trust is the sixth Four Springs program on Top1031's record to reach full cycle. The documents establish the event and its date. The valuation applied to each beneficial interest at the moment of contribution is not among them.