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DST Program | 12 Months Ended
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Dec. 31, 2025
DST Program |
DST Program | Note 9 – DST Program The Company has a program (collectively, the “DST Program”) through which it raises capital in private placement offerings of beneficial interests in specific Delaware statutory trusts (each, a “DST”) holding real properties (each, a “DST Property”). Each DST Property is leased-back by a wholly-owned subsidiary of the Operating Partnership on a long-term basis through a master lease agreement. The master lease agreement is partially guaranteed by the Operating Partnership in the form of a demand note capitalizing the lessee. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the DST from the investors in exchange for OP Units or cash commencing two years after full syndication. As the Company is the primary beneficiary of the DST Property for financial reporting purposes, the Company consolidates the DST Property and operations in its financial statements. Under the master lease, a wholly-owned indirect subsidiary of the Operating Partnership is responsible for subleasing the property to tenants, paying certain underlying costs associated with operating the property, and remitting rent to the DST that owns such property. The following table summarizes the Company’s offerings in its DST Program as of December 31, 2025 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ ​ ​ | Net Offering Proceeds | ​ ​ ​ | Net Real Estate
Investment | ​ ​ ​ | Location | ​ | Raised | ​ | Investments
Amira at Westly (1) |  | Tampa, FL | ​ | $ | 59,812 | ​ | $ | 102,069
District at Parkview (2) |  | Stone Mountain, GA | ​ |  | — | ​ |  | 67,664
Skytop Apartments |  | Cincinnati, OH | ​ |  | 40,088 | ​ |  | 83,566
Southern Pines Reserve |  | Aberdeen, NC | ​ |  | 26,833 | ​ |  | 57,009
Total | ​ | ​ | ​ | $ | 126,733 | ​ | $ | 310,308
(1) | The Amira at Westly DST has been fully subscribed with equity from individual investors.
(2) | District at Parkview was acquired on December 18, 2025.

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