1031 exchanges and Delaware Statutory Trusts
Start here
From TICs in 2004, through the 2008 collapse, to today’s DST market: why this practice exists.
Sep 2022
DST fundamentals
How the trust is structured, who controls it, and what investors actually own.
Sep 2022
Video
A video introduction to fractional ownership and how a DST fits a 1031 exchange.
Jan 2022
Sponsor due diligence
Why the manager behind the offering can matter as much as the property.
Sep 2022
Underwriting
Ten ways a projected yield can be enhanced, and how I underwrite around them.
Oct 2022 · rewritten Sep 2026
Decisions
The three choices facing every commercial property owner.
Sep 2022 · updated Sep 2026
Decisions
Direct ownership and a fractional interest, compared.
Sep 2022
Alternatives
Another way to spread the tax consequences of a sale.
Sep 2022
Markets
The fundamentals behind rents, values and cap rates.
Sep 2022
Markets, risk and the investment banking years
Earlier writing on markets, risk and some of the financings behind Nick’s career.
Oct 2022
Inflation, wages and the “new paradigm” behind record property prices at the top of the last cycle.
Feb 2013
Lessons from a decade of project finance on why so many projects never reach financing.
May 2012
How the Arco Arena in Sacramento was financed in 1988 with stand-alone taxable bonds.
Apr 2012
Two companies, the same industry and the same $10 million need.
Sep 2009
How an independent school in Hawaii recapitalized during the credit crisis.
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