# NREA Adair DST

Source: https://baker1031.com/data/full-cycle/investments/77eed4589715b33a

Compiled: 2026-11-03. Source workbook: full_cycle_sponsor_summary_reviewed.xlsx; SHA-256: 57b6a4f1684fe8705993e9ddbe73bdadc275be6df22e56a12153298457264a8e. This date describes the compilation, not the currency of every underlying record.

## Data limitations and educational use

This data was collected from sponsor materials and manually entered into a data file for analysis. Transcription, calculation or classification errors may exist. The compilation has not been independently audited or verified for correctness, completeness or currency. Consult the current private placement memorandum (PPM), its supplements and sponsor reports for complete, up-to-date track-record information.

Displayed metrics use the higher endpoint of each reported range, including averages and medians of those values. Selecting higher return or multiple endpoints presents the more favorable source case. These figures do not establish typical or expected performance. Original ranges remain in the underlying data and source materials.

Some source data is dated, estimated or based on valuations rather than cash exits. Sponsors may use different periods, fees, return definitions and calculation methods, making direct comparisons unreliable or impossible. Available histories may be incomplete or selected, and exclusions and missing values affect each metric’s sample. Averages are not pooled investor returns or a ranking of sponsors.

For educational purposes only. This data is not investment, tax or legal advice, a recommendation, or an offer to buy or sell securities. Past performance does not guarantee or predict future results. Real estate securities are speculative and illiquid; distributions are not guaranteed and investors may lose their entire investment.

## Data coverage

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| Measure | Value |
| --- | --- |
| Investment histories | 837 |
| Sponsors covered (25 with histories) | 39 |
| Annual-return observations | 737 |

<a id="investment-record"></a>

| Investment | Sponsor | Property type | Location | Start | End | Hold years | Annual return | Multiple | IRR | Outcome |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| [NREA Adair DST](https://baker1031.com/data/full-cycle/investments/77eed4589715b33a.md) [7](#note-7) [41](#note-41) [44](#note-44) | NexPoint | Multifamily | Unavailable | 2022-10 | 2022-04 | Unavailable | 17.10% | 1.70x | Unavailable | Break-even or better |

<a id="reported-figures"></a>

| Metric | Source / calculated value | Sponsor comparison |
| --- | --- | --- |
| Annual return | 17.10% | Included |
| Hold period (years) | Unavailable | No usable value available |
| Equity multiple | 1.70x | Included |
| Outcome | Break-even or better | Included |

<a id="investment-facts"></a>

| Field | Value |
| --- | --- |
| Annual-return method | Reported AAR |
| Reported IRR, kept separate | Unavailable |
| Source start date | 2022-10 |
| Source end date | 2022-04 |
| Offering structure | DST property program |

## Source and calculation notes

Return basis: Reported AAR; valuation exit. Annual method: Reported AAR.

Source-reported annual return. Original definition, fee basis and valuation treatment are retained; no IRR or equity multiple is inferred from this rate.

Hold method: Source dates are reversed; holding period requires reconciliation.

Outcome basis: Unrounded reported/supported equity multiple compared with 1.00x; source valuation/capital basis applies.

Source: NexPoint - NexPoint Lodging II DST - PPM.pdf, PDF viewer pages 85.

Definition: Annualized Rate of Return uses equity-weighted investor investment date, property operations cash flow and sale proceeds among other items. Source does not define it as IRR. Exact fees/weighting formula not supplied.

Original notes: Source acquisition October2022 occurs after April2022 sale. Retained as printed; hold unavailable.

Structure: DST property program. Unconfirmed: false. Estimated: false. Valuation/in-kind exit: true.

<a id="additional-source-metrics"></a>

| Additional source metric | Value | Units |
| --- | --- | --- |
| Approx gross sale proceeds USD | 38400000 | USD |

## Footnotes

<a id="note-7"></a>

### 7. NREA Adair DST

NREA Adair DST: source acquisition October 2022 follows its April 2022 sale. Hold is unavailable. Reported 17.1% annualized return and 1.70x multiple remain source observations.

Treatment: Source warning / existing missing input; offering retained

Source: NexPoint - NexPoint Lodging II DST - PPM.pdf, PDF viewer pages 85.

<a id="note-41"></a>

### 41. Source-reported annual return

The annual return is reported by the source. Source AAR definitions, fees and periods can differ, so direct comparison may be unreliable. Consult the investment’s source definition and current PPM.

<a id="note-44"></a>

### 44. Valuation or in-kind exit

The source uses a valuation, NAV or in-kind consideration, including some 721 outcomes. The reported result and nominal break-even indication do not establish final cash realization.

## Proprietary compilation and use

Baker 1031 Investments, LLC’s selection, organization, annotations and presentation form a proprietary compilation. Underlying sponsor materials and third-party content remain subject to their respective owners’ rights. No open-data or redistribution license is granted. Contact Baker 1031 for permission to reproduce the compilation.

Methods: https://baker1031.com/data/full-cycle/methodology.md

Securities offered through Aurora Securities, Inc., member FINRA/SIPC. Baker 1031 Investments, LLC is independent of Aurora Securities, Inc. Contact: hello@baker1031.com.