Delaware Statutory Trust Offerings Raise Nearly $5.66 Billion in 2024

Delaware statutory trust offerings just exceeded Mountain Dell Consulting’s $5.5 billion equity raise prediction for 2024. DSTs raised nearly $5.66 billion, as of Dec. 31, 2024, a 10.2% increase on the previous month’s close: approximate $5.14 billion.

This was a significant 12% increase in equity raised compared to the low-end of the range $5.04 billion amassed in 2023. 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.

Specifically, more than $522.25 million was raised in December, a modest 3.52% decrease from the nearly $541.3 million raised in November.

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.

Controlling 18% of the market share, Ares Real Estate Exchange was the clear leader in year-to-date sales with approximately $1.02 billion equity raised. According to Mountain Dell, other sponsors rounding out the top five and representing the highest percent of market share through the end of the year were:

JLL Exchange with a year-to-date tally of approximately $566.26 million (10%);

Inland Private Capital Corporation with a year-to-date tally of approximately $563.4 million (10%);

Hines Real Estate Exchange with a total equity raise of approximately $403.34 million (7%); and

ExchangeRight Real Estate with a year-to-date tally of approximately $397.03 million (7%).

The largest offering amounts by programs added in December were Wheaton Multifamily DST, a multifamily asset sponsored by Inland Private Capital Corporation and seeking to raise approximately $120.52 million, and CF Bromley Multifamily DST, a multifamily asset sponsored by Cantor Fitzgerald Investors and seeks to raise $49.35 million.

As of the end of 2024, 50 active sponsors were sponsoring 93 programs. Industrial and multifamily continued to be the most popular asset types, comprising 29% and 28% of the offerings, respectively. This was a drop for industrial, which comprised 35% of offerings in the previous month.

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