# NLC full-cycle data
Source: https://baker1031.com/data/full-cycle/sponsors/nlc
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
| Measure | Value |
| --- | --- |
| Investment histories | 837 |
| Sponsors covered (25 with histories) | 39 |
| Annual-return observations | 737 |
Source basis: Investor (fees unspecified).
| Metric | Value |
| --- | --- |
| Offerings listed | 4 |
| Avg. annual return | 14.86% |
| Avg. hold (years) | 10.86 |
| Avg. equity multiple | 2.74x |
| Success Rate | 100.00% |
| Field | Value |
| --- | --- |
| Median annual return | 13.41% |
| Source-estimated results | 0 |
| Valuation-qualified outcomes | 0 |
| Outcomes inferred from return signs | 0 |
| Investment | Sponsor | Property type | Location | Start | End | Hold years | Annual return | Multiple | IRR | Outcome |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| [Sun Microsystems Headquarters](https://baker1031.com/data/full-cycle/investments/aea5c08c0e54774e.md) [40](#note-40) | NLC | Office | San Jose, CA | 2005-11-22 | 2018-08 | 12.75 | 23.29% | 3.97x | Unavailable | Break-even or better |
| [US Government GSA FBI & National Archives](https://baker1031.com/data/full-cycle/investments/f3ec08e884ea868b.md) [40](#note-40) | NLC | Government office | Portland OR; Brooklyn Center MN; Sycamore OH; St. Louis MO | 2014-03-07 | 2021-10 | 7.58 | 7.87% | 1.60x | Unavailable | Break-even or better |
| [US Government GSA Social Security Administration](https://baker1031.com/data/full-cycle/investments/c8dbcea5702e7e5d.md) [40](#note-40) | NLC | Government office | Birmingham, AL | 2009-09-16 | 2021-12 | 12.25 | 13.41% | 2.64x | Unavailable | Break-even or better |
| [US Government Veterans Administration (original VA Birmingham DST)](https://baker1031.com/data/full-cycle/investments/a411b22c45c6da7c.md) [1](#note-1) [40](#note-40) | NLC | Government / healthcare | Birmingham, AL | 2016-03-08 | 2021-03 | 5.00 | 2.08% | 1.10x | Unavailable | Break-even or better |
## Footnotes
### 1. US Government Veterans Administration (original VA Birmingham DST)
Original VA Birmingham DST: a member of its single ownership group died in 2020, and Net Lease Capital Advisors purchased the property in March 2021. The PPM reports 1.104x including returned capital, equivalent to a 10.4% nominal gain. Excluded from performance comparisons at Jerry’s direction as the death-related early-exit exception he identified. The source confirms the death and property purchase; the estate-driven early-exit rationale comes from Jerry.
Treatment: Excluded from annual, hold, multiple, success comparisons; listing retained
Source: NLC - NLC Financial Service HQ DST - PPM.pdf, PDF viewer pages 45, 48.
### 31. NLC: source basis and comparison samples
Source basis: Investor (fees unspecified). 4 investments are listed. Annual return: 3 available, 1 excluded; Hold period: 3 available, 1 excluded; Equity multiple: 3 available, 1 excluded; Success Rate: 3 available, 1 excluded. Missing values and the specific exclusions determine each metric’s sample.
### 40. Calculated simple annual return
Annual profit is calculated as (equity multiple − 1) / hold years where the source period supports those inputs. This is a descriptive simple annual return; it is not IRR or a compounded portfolio return. Individual calculation notes remain on each investment page.
## 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.