Top Delaware Statutory Trust (DST) Sponsors In 2027

Compare 10 established DST sponsors for 2027: platform size, years operating, property types, leverage and 721 options for delaware statutory trust investors.

Important: This is a vendor overview, not investment advice and not an offer or solicitation to buy or sell any security. DST interests are securities, are usually sold by private placement memorandum and are typically limited to accredited investors. Before investing, check the sponsor and the selling broker on FINRA BrokerCheck, read the offering’s SEC filings and private placement memorandum, and speak with a licensed financial advisor and your CPA.

A Delaware statutory trust lets a real estate investor exchange into a fractional, passive interest in institutional property. Since IRS Revenue Ruling 2004-86, a DST interest can qualify as like-kind replacement property, which is why many investors use a DST 1031 exchange to defer gains when they sell a rental or commercial building. The usual exchange clock still applies: identify replacement property within 45 days of the sale and close within 180 days. Some sponsors also offer a later 721 exchange, where DST interests may be contributed to a REIT operating partnership in return for partnership units.

We picked these DST sponsors on years in operation, the size of the platform behind them, the number of programs sponsored and how openly they publish their track record. Entries are ordered by profile, track record and platform size, not by expected returns, and we do not report yields or performance. We excluded sponsors with bankruptcies, suspended distributions or SEC and FINRA actions tied to their programs. If you are lining up the sale side first, see our list of 1031 exchange qualified intermediaries.

Delaware Statutory Trust (DST) Sponsors At A Glance

Company	Headquarters	Best For	Standout
Inland Private Capital Corporation	Oak Brook, IL	Investors who want a long sponsor history	851 programs sponsored across Inland entities
Ares Real Estate Exchange	National (Ares Management)	Institutional DST programs	Backed by a $671B global manager
ExchangeRight	Pasadena, CA	Net lease, essential retail tenants	34 full-cycle offerings
Hines Real Estate Exchange	Houston, TX	Investors weighing a future 721 path	Hines: nearly 70 years, 29 countries
JLL Exchange	National (JLL / LaSalle)	Diversified DSTs tied to a daily NAV REIT	JLLX Diversified DST series
Blackstone Real Estate Exchange (BXREX)	National (Blackstone)	Investors who want a large-sponsor DST	First DST offering completed in 2026
Passco Companies	Irvine, CA	A long-running independent sponsor	$9.0B in total acquisitions
Capital Square	Glen Allen, VA	Multifamily and residential DSTs	145+ sponsored offerings since 2012
Kingsbarn Realty Capital	California (multiple offices)	West Coast and mixed property types	80+ DST offerings
Cove Capital Investments	Torrance, CA	Investors who want no property-level debt	Debt-free DST model

Best Delaware Statutory Trust (DST) Sponsors In 2027

1. Inland Private Capital Corporation — DST Sponsor Inside An Inland Group Investing Since 1968

Inland Private Capital Corporation is the private placement and DST arm of the Inland group, based in Oak Brook, Illinois. Its website describes the group as investing since 1968 and reports that Inland entities have sponsored 851 programs, completed 670 of them, raised $31 billion in capital and had $16 billion in assets under management as of December 31, 2025.

Inland uses the DST structure for 1031 exchange investors and has offered programs across multifamily, medical outpatient buildings, self-storage, senior housing and student housing. That breadth lets an advisor compare several property types from a single sponsor, and Inland also offers a REIT that can sit alongside its DST programs.

Inland’s main advantage is the length of its record. Very few DST sponsors can show decades of full-cycle programs, which gives investors and advisors more history to review in the offering materials. As with any sponsor, read the program-level track record rather than relying on group totals.

Best for: Investors who want a sponsor with a long, documented history and a wide choice of property types.

2. Ares Real Estate Exchange — DST Program Backed By A Global Alternative Asset Manager

Ares Real Estate Exchange (AREX) is the DST program of Ares Management, one of the largest alternative investment managers in the world. Ares reports about $671 billion in assets under management on its website, and it lists AREX among its evergreen strategies for private wealth clients, citing an operating history of more than 20 years.

Industry tallies of DST equity raised in 2025 and 2026, such as those compiled by Mountain Dell Consulting, place Ares among the largest DST sponsors by capital raised. The program is built around institutional-quality real estate, and its scale means offerings tend to be large and widely distributed through broker-dealers and advisors.

For investors, the case for Ares is the depth of the manager behind the program: research, property operations and capital markets teams that serve institutional clients. Offering details, property types and any 721 exchange features vary by program, so review each private placement memorandum closely.

Best for: Investors who want an institutional manager behind their DST investments.

3. ExchangeRight — Net Lease DST Portfolios With 34 Full-Cycle Offerings

ExchangeRight is a Pasadena, California sponsor focused on net lease real estate. It reports more than $7.8 billion in assets under management stewarded on behalf of investors as of September 30, 2026, and 34 full-cycle offerings. Its DST portfolios are built mostly around high-credit tenants in essential-goods sectors.

The firm also runs a net lease REIT, which its website says holds 436 properties under long-term net leases. Managing partner Warren Thomas has worked in the securitized 1031 exchange market since 2003, and the leadership team reports overseeing more than $6 billion in real estate acquisitions.

ExchangeRight is regularly among the largest DST sponsors by equity raised. Its multi-tenant portfolio approach spreads an investment across many single-tenant properties, which some investors prefer to a single building. Tenant concentration and lease terms still differ by offering.

Best for: Investors who want diversified net lease portfolios with a long full-cycle record.

4. Hines Real Estate Exchange — DST Program From A Houston Firm With Nearly 70 Years In Real Estate

Hines Real Estate Exchange is the DST and 1031 exchange program of Hines, the real estate investor, developer and manager headquartered in Houston. Hines reports $90.9 billion in assets under management as of June 30, 2026, a presence in 29 countries and nearly 70 years of experience. Its private wealth business has served individual investors for more than 20 years.

The exchange program offers DST interests that hold professionally managed, income-producing real estate. Hines also describes the Section 721 route, where DST interests may later be contributed to a REIT operating partnership in exchange for units, typically after a holding period. That path is optional and not guaranteed.

Hines suits investors who value a developer and operator with deep in-house property management. Industry equity tallies list it among the largest current DST sponsors. Offerings are sold through participating financial professionals, so expect to work through an advisor.

Best for: Investors who want a long-tenured operator and may consider a 721 exchange later.

5. JLL Exchange — Diversified DST Series Linked To JLL Income Property Trust

JLL Exchange is the 1031 exchange and DST platform tied to JLL Income Property Trust, a daily NAV REIT. The REIT is advised by LaSalle Investment Management, the investment management division of JLL. Its offerings include the JLLX Diversified 10 and JLLX Diversified 11 DSTs, which the site lists at $268 million and $197 million in program size, plus JLLX Diversified Portfolio III.

The structure is designed for investors who want a diversified portfolio inside one DST and a possible later move into the REIT. That connection to a daily NAV REIT can matter to investors who expect to want more flexibility after the DST stage, though any such move depends on the terms of each offering.

JLL Exchange is consistently named among the largest DST sponsors in recent equity rankings. It is a good fit for advisors who already use LaSalle or JLL products and want consistent reporting across them.

Best for: Investors who want a diversified DST connected to an established REIT.

6. Blackstone Real Estate Exchange (BXREX) — New DST Program From A $618 Billion Real Estate Manager

Blackstone Real Estate Exchange (BXREX) is Blackstone’s program for 1031 exchange investors. Blackstone announced the completion of its first DST offering on September 21, 2026, which makes BXREX one of the newest entrants on this list. The parent’s global real estate portfolio was valued at $618 billion across 12,500 assets as of December 31, 2025, with a track record of more than 30 years.

BXREX DSTs hold multifamily, industrial, triple-net and other commercial real estate. After a holding period of generally at least two years, the REIT operating partnership may, but is not obligated to, acquire DST interests for operating partnership units or cash. If that option is not used, the DST may sell its property.

BXREX appeals to investors who want the resources of the largest real estate manager in the market. Because the program is new, it has little DST-specific history to review yet, so weigh the parent’s track record against the program’s short record.

Best for: Investors comfortable with a newer DST program from a very large sponsor.

7. Passco Companies — Independent DST Sponsor With 28 Years In Business

Passco Companies is an Irvine, California real estate firm with a second headquarters in Atlanta for the Southeast. It reports 28 years in business, $9.0 billion in total acquisitions and more than 9,662 investors worldwide as of June 30, 2026. Passco describes itself as a 1031 DST exchange specialist.

Passco’s sponsored offerings are sold through broker-dealers and registered investment advisors, and the firm publishes a national property map and portfolio on its website.

As an independent, founder-led sponsor, Passco offers a different profile from the institutional managers above it on this list. Some investors and advisors prefer a sponsor whose main business is private real estate offerings, where the DST program is central rather than one product among many.

Best for: Investors who want an established independent sponsor focused on private real estate offerings.

8. Capital Square — DST Sponsor With 145+ Offerings Since 2012

Capital Square is based in Glen Allen, Virginia, in the Richmond area. Founder and co-CEO Louis Rogers started the firm in 2012 as a Section 1031 and DST sponsor. It reports more than 145 sponsored investment offerings, more than 175 real estate assets, more than $9 billion in real estate transacted and more than $7 billion in assets under management.

The firm’s DSTs lean toward residential property: multifamily apartments, build-for-rent single-family communities and manufactured housing communities. It has also sponsored medical office, hospitality, industrial, office, retail and data center assets. Over time Capital Square added development, opportunity zone funds and a REIT.

Capital Square fits investors who want residential exposure from a sponsor that started in the DST business and still treats it as its core. Ask about the specific 721 or UPREIT terms of any offering you consider.

Best for: Investors who want multifamily and residential DSTs from a DST-first sponsor.

9. Kingsbarn Realty Capital — 80+ DST Offerings Across Office, Net Lease And Travel Centers

Kingsbarn Realty Capital is a real estate securities firm with offices in San Francisco, Menlo Park, Los Angeles, Newport Beach, Long Beach, San Diego, Las Vegas, Phoenix, Dallas and New York. It reports more than $2.9 billion in assets under management, more than $1.7 billion in equity raised, more than 330 properties and more than 80 completed DST offerings over roughly 10 years.

Its current and recent DSTs cover a wide mix: a Class A office building on the Hollywood Walk of Fame, single-tenant net lease property with an investment-grade tenant and TA travel centers. Kingsbarn also develops multifamily projects, and asset management runs through its affiliate KB Property Advisors.

Kingsbarn suits investors who want a more varied menu of property types than most sponsors offer, including some less common DST assets. That variety means each offering needs its own careful review of tenant, lease and market risk.

Best for: Investors looking for a wider range of property types, especially in the West.

10. Cove Capital Investments — Debt-Free DSTs With 134 Properties In Its Portfolio

Cove Capital Investments is a Torrance, California sponsor that specializes in debt-free DST offerings for accredited investors. As of March 31, 2026, it reports more than $1.083 billion in offerings, 134 properties in the Cove portfolio and 2,721 investors.

Most DSTs use mortgage financing at the property level. Cove’s all-cash approach removes lender risk and refinancing risk from its programs. For investors who need to replace debt in a 1031 exchange, though, a debt-free DST may not cover the full replacement requirement on its own, so the structure has to be planned with your advisor.

Cove is smaller than the institutional sponsors above, which some investors see as a benefit because it offers a narrower, clearly defined strategy. Its portfolio has included net lease medical, corporate and retail properties.

Best for: Investors who specifically want DST investments with no property-level debt.

How To Choose A Delaware Statutory Trust (DST) Sponsor

How Long Has The Sponsor Been Operating, And How Many Programs Have Gone Full Cycle?

Ask for the sponsor’s prior performance tables, including programs that were sold or are still held. A long list of completed programs tells you more than total assets raised. Newer DST programs from large managers may have strong parents but little program-level history.

What Do FINRA BrokerCheck And SEC Filings Show?

Look up the selling broker-dealer and representative on FINRA BrokerCheck, and search the SEC’s EDGAR database for the offering’s Form D. Form D filings list the amount raised and estimated sales commissions, which helps you compare costs across offerings.

How Much Leverage Does The DST Use?

Debt can help match the debt you are replacing in a DST 1031 exchange, but it adds lender and refinancing risk. Compare loan terms, maturity dates and interest rate structures, and decide whether a debt-free or low-leverage program suits you better.

What Are The Fees And Exit Options?

DSTs are illiquid and usually last several years. Ask about upfront load, asset management fees, disposition fees and whether a 721 exchange into a REIT is possible. Review how the exchange will fit your wider plan with one of the real estate CPA firms for investors we have reviewed.

Does The Property Type Match Your Goals?

Net lease retail, multifamily, industrial, medical office and self-storage behave differently in a downturn. Pick a sponsor whose specialty matches the property type you want, rather than choosing a sponsor first and accepting whatever it is offering.

Frequently Asked Questions

What Is A Delaware Statutory Trust?

A Delaware statutory trust is a legal entity that holds title to real estate. Investors buy beneficial interests in the trust and receive their share of income and gains, while the sponsor manages the property. Investors have no say in day-to-day decisions.

Who Can Invest In DSTs?

Most DST investments are private placements open only to accredited investors. They are sold through broker-dealers and registered investment advisors under a private placement memorandum.

What Is A 721 Exchange?

A 721 exchange lets an owner contribute property, or DST interests, to a REIT operating partnership in return for partnership units, generally without recognizing gain at that time. Selling or converting the units later can be taxable, and the exchange usually ends future 1031 options for that capital.

Do DSTs Work With Opportunity Zone Funds?

They are separate strategies. A DST defers gain through a 1031 exchange of real property, while an opportunity zone fund defers capital gains invested in qualifying zones. Compare them in our list of qualified opportunity zone fund sponsors.

Conclusion

The DST sponsors on this list range from institutional managers like Ares, Hines, JLL and Blackstone to long-running specialists like Inland, ExchangeRight, Passco and Capital Square, plus focused firms like Kingsbarn and Cove. The right fit depends on property type, leverage, fees, exit options and how much program history you want to see. Read every private placement memorandum, confirm the tax treatment with your CPA and talk with a tax strategy firm for real estate investors if your situation is complex.

This overview is not an offer or solicitation to buy any security, and inclusion is not a recommendation. DSTs are typically limited to accredited investors and carry real risks, including illiquidity and loss of principal. Check FINRA BrokerCheck and the offering’s SEC filings, and consult a licensed financial advisor before investing.

This article is general information, not tax or legal advice.