Inputs to organize
- Exchange equity
- Debt-replacement target
- Direct-property allocation
- DST candidates
- DST equity and allocated debt
- Liquidity reserve
What the worksheet shows
- Allocation comparison
- Debt comparison
- Concentration flags
- Unallocated equity
- Offering-expiry warnings
How the model works
Enter exchange equity and the debt-replacement planning target from the closing and adviser worksheets.
Enter each direct property and DST candidate separately with equity, allocated debt, property type, geography, sponsor, and status.
Compare total planned equity and debt with the entered targets.
Flag concentration by sponsor, property, tenant, geography, asset type, and maturity where data is available.
Keep a separate liquidity reserve outside exchange allocation unless the adviser confirms different treatment.
Checks before relying on the output
- Do not allow an offering to be marked confirmed without a status date.
- Warn when planned equity exceeds available exchange equity.
- Warn when a DST candidate lacks current approved documents or allocation status.
- Never output a suitability score or recommendation.
The worksheet cannot recommend or determine suitability for any DST security.
Common questions
Can the worksheet recommend a DST?
No. It compares entered allocations and risks. Eligibility and suitability belong to the applicable regulated process and approved offering documents.
Why track allocated DST debt?
Property-level debt may affect exchange planning and investment risk. It should be shown with loan terms rather than treated only as a number used to fill a shortfall.
Can direct property and DST interests be combined?
They can appear in one planning worksheet, subject to identification, qualification, suitability, availability, and closing requirements for each component.
What concentration should be measured?
Sponsor, property, tenant, geography, asset type, leverage, maturity, and exit route can each create concentration even when the allocation contains several line items.
Why keep backup candidates?
A loan, title issue, offering closure, document problem, or investor-acceptance issue can remove a candidate before closing. Backups reduce dependence on one execution path.
