What is a Delaware Statutory Trust (DST)?

A DST is a legal entity that holds title to institutional real estate and lets multiple investors hold fractional, passive interests. Because the IRS treats a beneficial interest in a DST as a direct interest in real property, it can be used to complete a 1031 exchange. DSTs are offered only to accredited investors and carry risk, including illiquidity and loss of principal.

What is a 721 exchange, or UPREIT transaction?

A 721 exchange lets an investor contribute real property, often a DST interest at full cycle, to a REIT's operating partnership in return for operating-partnership units on a tax-deferred basis under Section 721. It trades a single property for a diversified portfolio and an eventual path to liquidity, but it is generally not reversible without tax consequences.

Can mineral rights and royalties be used in a 1031 exchange?

In most U.S. jurisdictions, perpetual mineral and royalty interests are treated as interests in real property, which can make them like-kind for a 1031 exchange. Treatment varies by state and by the nature of the interest, so each transaction should be reviewed with qualified tax counsel.

Who can invest through Baker 1031?

Offerings are available only to accredited investors as defined under SEC rules. Baker 1031 is an independent brokerage based in San Francisco. It does not sponsor its own offerings and does not provide tax or legal advice.

Delaware Statutory Trusts · 721 UPREIT · Opportunity Funds · Mineral Rights

Independent guidance through your 1031 exchange.

Baker 1031 places accredited investors into institutional real estate across every major sector: Delaware Statutory Trusts, Qualified Opportunity Funds, 721 UPREIT transactions, and mineral rights. We are not a sponsor. We work for the investor.

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Capital Markets at a Glance

Multifamily Industrial Net Lease Office Senior Living Self-Storage Healthcare Hospitality Student Housing Life Sciences Small Bay Industrial Marina GSA Land

*Figures reflect all sponsors and offerings tracked by Baker 1031 as of June 2026, compiled from sponsor-reported data. Total Sponsor AUM is the combined firm-level assets under management reported by those sponsors across all of their business lines — not DST- or 1031-specific assets, and not assets of, or capital placed by, Baker 1031. The figure is concentrated in several large diversified asset managers and is shown to indicate the institutional caliber of sponsors tracked, not the size of any program. Tracking a sponsor is not an endorsement, and nothing here is a guarantee of availability or results.

What We Place

Four ways to defer gains and stay invested in real assets.

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Delaware Statutory Trusts

Fractional ownership of institutional property, structured to qualify as like-kind. A way to close an exchange on the clock without taking on management.

DST Offerings →

Qualified Opportunity Funds

Deferral, and potential exclusion, of capital gains through Opportunity Zone investment. A separate path for gains that fall outside a 1031.

QOF Strategies →

721 UPREIT Exchanges

An exchange from property or a DST interest into REIT operating-partnership units. One asset becomes a diversified portfolio with a path to liquidity.

The 721 Decision →

Mineral Rights & Royalties

Subsurface mineral and royalty interests. In most states they qualify as real property, so they can take 1031 proceeds and pay royalty income.

Mineral Interests →

Realized Track Record

A diversified selection of full-cycle results.

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Past full-cycle DST programs across sectors and sponsors. Sponsor-reported, and selected to show range — not best results.

Full Cycle

Multifamily

Navigator Villas

2.16x4.7-yr hold

Bluerock · Pasco, WA

Full Cycle

Net Lease

Applebee’s (NNN)

2.58x14.2-yr hold

AEI Capital · Temple Terrace, FL

Full Cycle

Industrial

University Corporate Center

2.43x5.4-yr hold

Denholtz · Winter Park, FL

Full Cycle

Retail

Villager Square

3.19x9.6-yr hold

Time Equities · Littleton, CO

Full Cycle

Hospitality

Hampton Inn

3.04x14.5-yr hold

Peachtree Group · Starkville, MS

Full Cycle

Self-Storage

Self-Storage Portfolio V

1.93x6.8-yr hold

Inland

Full Cycle

Land

Greenway Trails

2.50x5.0-yr hold

Walton Global · Dallas–Fort Worth, TX

Full Cycle

Office

Placerville Equities

2.63x7.0-yr hold

Time Equities · Rancho Cordova, CA

Full Cycle

Healthcare

Scarborough Medical

2.12x9.5-yr hold

Inland

Realized, full-cycle programs self-reported by their sponsors and shown as equity multiple over the holding period; figures are not independently verified by Baker 1031. These nine programs were selected to illustrate range across property sectors — they are not the highest-returning programs, are not representative of all programs, and do not indicate any current or future offering. Some were sponsored by firms not among Baker 1031’s preferred sponsors. Equity multiple is net of fees, sales load, and program expenses. Past performance is not indicative of future results and individual investor results will vary. For accredited investors only. This is not an offer to sell or a solicitation of an offer to buy any security. DST investments are speculative and illiquid and involve substantial risk, including loss of principal and the potential failure of a 1031 exchange to qualify for tax deferral. Subject to registered-principal approval prior to use.

Sponsor Access

We place capital with the institutions that set the standard in the asset class.

A selection of the 82 sponsors Baker 1031 tracks, spanning national asset managers and specialist DST sponsors. Eight are designated preferred and detailed in the track record below. Inclusion reflects Baker 1031’s due-diligence coverage rather than an endorsement or guarantee, and is subject to change. Availability of any offering is subject to suitability and accredited‑investor verification.

Read the track record before you commit.

Every sponsor we feature is held to the same scorecard: assets under management, full-cycle deals, average annual return, and equity multiple. You compare the record, not the pitch.

Explore sponsor track records →

Sponsor-reported Featured Sponsor

Bluerock

Multifamily · New York, NY · Est. 2002

$19.0B

AUM

Full-Cycle Deals

21.4%

Avg. Annual Return

1.8x

Equity Multiple

Sponsor-reported full-cycle track record as of June 1, 2026, across 97 realized programs. Figures represent Bluerock’s historical results — not Baker 1031’s — are net of fees and program expenses, and individual investor results will vary. Bluerock is a featured sponsor and is not currently among Baker 1031’s eight preferred sponsors. Past performance is not indicative of future results.

Preferred Sponsor Track Record

Realized, full-cycle programs from Baker 1031’s eight preferred sponsors. Sponsor-reported; mean shown as the headline figure, median beneath.

102

Realized Programs

21.7%

mean · 13.9% median

Annualized Return

1.9x

mean · 1.7x median

Equity Multiple

4.9yr

mean · 4.5 yr median

Hold Period

Explore all 102 realized programs and the full data →

Figures reflect 102 realized, full-cycle programs self-reported by Baker 1031’s eight preferred sponsors as of June 1, 2026. Both the median and the simple mean are shown for each measure. Realized annualized returns varied widely — the median was 13.9% and the mean 21.7%, with the middle 50% of programs between 7.8% and 23.1% and a small number of short-hold programs producing mathematically high annualized figures. These results (1) are sponsor-reported and have not been independently verified by Baker 1031; (2) include only realized programs and therefore exclude active, unrealized, or terminated offerings, a selection that tends to overstate results (survivorship bias); (3) reflect a curated subset of preferred sponsors and are not representative of all sponsors, all programs, or any specific offering; (4) are averaged across differing asset classes, vintages, and structures; and (5) are net of fees, sales load, and program expenses. Past performance is not indicative of future results, returns are not guaranteed, and individual investor results will vary. For accredited investors only. This is not an offer to sell or a solicitation of an offer to buy any security and is not investment, tax, or legal advice. DST and related real estate securities are speculative and illiquid and involve substantial risk, including possible loss of principal and the potential failure of a 1031 exchange to qualify for tax deferral. Securities offered through Aurora Securities, Inc. (ASI), member FINRA/SIPC. This communication is subject to review and approval by a registered principal prior to use.

Insights & Methodology

Selected insights.

All insights →

Methodology

How We Evaluate a DST Sponsor

The questions we ask of every sponsor before an offering reaches a client, and the ones we will not skip when the exchange clock is running.

Methodology · 9 min read

Field Guide

Reading a DST Offering: The Metrics That Matter

LTV, remaining equity, load, and cash-on-cash. What each figure tells you, and where the offering memorandum tends to leave gaps.

Field Guide · 12 min read

Analysis

The 721 Exchange and the UPREIT Decision

When trading property for REIT units is the right move, and the trade-offs worth understanding before the decision becomes permanent.

Analysis · 8 min read

The Baker Standard

We don’t sell the sponsor’s pitch. We test it, then tell you what we found.

Baker 1031 is an independent brokerage. We don’t sponsor our own deals, and we don’t take a fee for steering investors into them. Our obligation runs to the investor, not the sponsor.

The independence is inherited. Three generations of Bakers have worked in real estate on one principle: understand the building, the lease, and the leverage before anyone talks about the return.

Gerald F. Baker III

Founder · Baker 1031 Investments

Better Call Jerry

Most exchanges are won before the clock starts.

A 1031 exchange runs on hard deadlines — 45 days to identify, 180 to close. The decision behind it deserves more room than that. Reach Jerry directly, while every option is still open.

Call Jerry Text Jerry Schedule a Meeting Request Investment Access

Direct line +1 415 579 1660 · invest@baker1031.com