Livingston Street Capital's LSC-UKHS HC2, DST Has Sold, With No Closing Date or Price in the Public File

LSC-UKHS HC2, DST is closed. The property it held was sold, and the Trust, which filed its Form D on April 11, 2019, now sits on the record as a completed program.

The Form D is where this Trust's public record starts and, in most respects, stops. It does not identify the building, and the asset-class designation is the catch-all. Nothing in the file dates the sale, so the closing sits on the record without a document behind it.

The result surfaces in one place. Livingston Street Capital's published track record, as it appears on Baker 1031's sponsor profile for the firm, lists the program among realized offerings, with an annualized return of 9.11%, as reported by the sponsor on that profile page, and an equity multiple of 1.29x, as reported by the sponsor on the same page. The hold period listed beside them is 2.9 years, from the same compilation.

There is a gap in how that page is classified. Top1031's record marks the basis for both figures as a sponsor announcement; the only evidence in hand for them is a third-party compilation of the Sponsor's track record, and Top1031 located no announcement from Livingston Street Capital stating a result for this Trust directly. Top1031 keeps the sponsor attribution its record assigns, because the figures are presented on the page as the Sponsor's own reported track record, and carries all three at low confidence for the same reason the question arises. Before this program, Top1031's cumulative count for the Sponsor, built only from outcomes traceable to a filing, carried no full cycle.

Nor is there an original distribution figure to set beside the reported result. The offering documents that would state the distribution terms are not public, and Top1031 has not obtained the private placement memorandum for this program.

The Form D opened the record for this Trust. No filing closed it. What stands in place of one is a line on a track record page.