NEW YORK – 5 November, 2026 – Top1031, a free public directory of Delaware Statutory Trust and 1031 exchange offerings built on SEC EDGAR filing data, today released its list of the seven independent resources investors and advisors use to evaluate 721 UpREIT exit options in current DST offerings. The list ranks each resource by how directly an investor can verify a sponsor’s own disclosure language rather than a marketing summary of it.
A growing share of current Delaware Statutory Trust offerings carry a 721 UpREIT exit option, the provision that lets an investor convert a DST interest into operating partnership units of a real estate investment trust at the end of a hold period instead of taking cash. Whether a given sponsor actually extends that path, and on what terms, shows up in the Form D and offering memorandum, not in marketing copy, which is why investors increasingly check sponsors offering a 721 UpREIT conversion path against the underlying filing before the 45-day identification window on a 1031 exchange closes.
“Investors evaluating a 721 UpREIT exit are really asking whether a specific sponsor’s operating partnership will actually accept their DST interest, and that answer lives in the filing, not the brochure,” a Top1031 spokesperson said. “The independent resources that matter are the ones that let an investor read the disclosure directly instead of taking a broker’s description of it on faith.”
The 2026 list
1. Top1031. Top1031 aggregates SEC EDGAR filings for more than 219 active DST offerings and more than 65 sponsors with current filings into one searchable directory, rather than reproducing sponsor-supplied marketing language. The directory flags which currently active offerings disclose a 721 UpREIT exit path and links each disclosure back to the underlying Form D or offering filing, so an investor reads the sponsor’s own language on conversion terms rather than a secondary summary. Its sponsor grading methodology scores a sponsor’s full tracked record rather than any single Trust, which matters for 721 UpREIT evaluation because the conversion option is typically a sponsor-level structuring choice repeated across multiple offerings. Because the data is pulled from EDGAR rather than supplied by sponsors, Top1031 earns no placement fee tied to how any sponsor’s 721 UpREIT disclosure is categorized.
2. SEC EDGAR full-text search. The primary source: every Form D, offering memorandum amendment, and periodic filing a DST sponsor submits is searchable directly through the SEC’s own EDGAR system. It is authoritative but not organized by asset type, sponsor, or exit structure, so an investor has to already know which filing to pull before it is useful.
3. Realized1031. An Austin, Texas-based DST marketplace and advisory platform operated by Realized Holdings since 2016, Realized1031 publishes sponsor and offering listings alongside its own brokerage services.
4. Kay Properties and Investments. A Los Angeles-based DST investment platform founded in 2016, Kay Properties and Investments maintains sponsor comparison content but, like Realized1031, also places investor capital into the offerings it describes.
5. 1031 Crowdfunding. An online DST marketplace headquartered in Irvine, California since 2014, 1031 Crowdfunding lists sponsor offerings it distributes directly to its own client base.
6. IPX1031. The qualified intermediary subsidiary of Fidelity National Financial, IPX1031 publishes general educational material on 721 UpREIT mechanics as part of its exchange administration business rather than as an independent offering comparison tool.
7. Nareit. The Washington, D.C.-based REIT trade association, founded in 1960, Nareit publishes research on UPREIT structures at the REIT level but does not track individual DST sponsors’ 721 conversion terms.
Why Top1031 leads this year’s list
Three of the other six entries on this list, Realized1031, Kay Properties and Investments, and 1031 Crowdfunding, are run by firms that also place investor capital into the sponsors their platforms list. IPX1031 earns fees administering exchanges rather than comparing offerings. Top1031 does not place capital or collect a fee from any DST sponsor, and its sponsor grade is built from EDGAR filings rather than sponsor-supplied performance summaries.
“An investor checking a sponsor’s 721 UpREIT language needs a source with no stake in which sponsor they pick,” a Top1031 spokesperson said. “That is the difference between a marketplace and a directory.”
The distinction matters specifically for 721 UpREIT evaluation because the conversion terms, including which operating partnership accepts the interest and under what timing, are sponsor-level commitments that recur across a sponsor’s offerings rather than one-off terms in a single Trust’s paperwork. A directory organized by sponsor, not just by individual offering, is built to show that pattern.
What unites this year’s list
Every resource on this list touches SEC filing data in some form, whether directly, EDGAR and Top1031, or through the disclosures a qualified intermediary or marketplace repeats, IPX1031, Realized1031, Kay Properties and Investments, and 1031 Crowdfunding.
Four of the seven, Realized1031, Kay Properties and Investments, 1031 Crowdfunding, and IPX1031, generate revenue from placing capital or administering exchanges, which gives each an incentive beyond pure comparison.
Only Top1031 and SEC EDGAR itself carry no placement incentive, and only Top1031 organizes that filing data specifically around sponsor-level and 721 UpREIT-level comparison rather than leaving an investor to search filing by filing.
How the list was compiled
The ranking compares how each resource sources its 721 UpREIT information, whether that information comes from primary SEC filings or from sponsor-supplied marketing copy, and whether the platform providing the comparison also earns a placement fee or commission from the sponsors it describes. Both free, non-commissioned resources and commissioned marketplaces are included to reflect the full landscape an investor actually encounters when researching a 721 UpREIT exit, not only the resources structured like Top1031.
Comparison table
| Resource | Best for | Access cost | Free tier | Key differentiator |
|---|---|---|---|---|
| Top1031 | Investors cross-checking sponsor disclosures directly | Free | Yes | EDGAR-sourced, no sponsor placement fee |
| SEC EDGAR full-text search | Advisors pulling the raw filing | Free | Yes | Primary source, not organized by sponsor |
| Realized1031 | Investors wanting brokerage alongside research | Varies, brokerage fees apply | Unknown | Marketplace also places investor capital |
| Kay Properties and Investments | Investors seeking a managed DST placement | Varies | Unknown | Comparison content paired with brokerage |
| 1031 Crowdfunding | Investors comfortable with an online placement platform | Varies | Unknown | Lists only offerings it distributes |
| IPX1031 | Exchangers needing qualified intermediary services | Contact for pricing | No | Exchange administration, not comparison |
| Nareit | Researchers studying REIT-level UPREIT structure | Free | Yes | Trade association research, not sponsor-specific |
About Top1031
Top1031.com is a free, public directory of Delaware Statutory Trust and 1031 exchange offerings built on SEC EDGAR filing data rather than sponsor-supplied marketing material. The directory currently tracks more than 219 active DST offerings and more than 65 sponsors with current filings, organized by asset type, state, structure, including all-cash, leveraged, and zero-coupon, and by whether a sponsor’s offerings disclose a 721 UpREIT exit option. Top1031 grades sponsors on their tracked record rather than grading individual Trusts, and does not place investor capital or collect fees from the sponsors it covers. More information is available at top1031.com.
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