The equity raise for Delaware statutory trust offerings was more than $2.41 billion to close out April 2025, according to Mountain Dell Consulting. This is nearly a 53% jump from the approximate $1.58 billion capital raised during the same four-month period last year.
The 2025 DST equity raise may be on pace to reach the $7 billion range by year’s end, Mountain Dell told AltsWire earlier this year. In 2021, for context, DST sponsors raised $7.2 billion. This record year was surpassed a year later when DSTs attracted approximately $9.2 billion in 2022.
A low $5.04 billion was amassed in 2023 and to close out last year, DSTs raised nearly $5.66 billion, as of Dec. 31, 2024.
More recently, with approximately $482.5 million in total equity raised (20% of the market share), Ares Real Estate Exchange was the leader in sales year-to-date. According to Mountain Dell, other sponsors rounding out the top five and representing the highest percent of market share through the end of April 2025 were:
Inland Private Capital Corporation with a year-to-date tally of approximately $258.7 million (11%)
JLL Exchange with a year-to-date tally of approximately $237.4 million (10%);
Hines Real Estate Exchange with a total equity raise of approximately $227.8 million (9%); and
ExchangeRight Real Estate with a year-to-date tally of approximately $144.6 million (6%).
Large offering amounts by programs added in April included BV Ernest Health Neuro Rehab DST, an office/medical asset in Sacramento, Calif., sponsored by Bridgeview Real Estate and seeking to raise approximately $74.9 million; and DTW Air Cargo Logistics DST, an industrial asset in Romulus, Mich., sponsored by Net Lease Capital Advisors and seeking to raise more than $72.9 million.
As of the end of April, 49 active sponsors were offering 83 programs, according to Mountain Dell. Multifamily and industrial continued to be the most popular asset types, comprising 35% and 29% of all syndicated offerings, respectively. Multifamily has picked up since representing 28% of asset types to close out 2024.
Located in the Salt Lake City region, Mountain Dell Consulting is a consulting and research firm focused on real estate-oriented investment programs. It has sourced and compiled data on the securitized 1031 exchange market since 2003.
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