DST PROGRAM

9 Months Ended

Sep. 30, 2022

Delaware Statutory Trust Program [Abstract]

DST PROGRAM

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7. DST PROGRAM

We have a program to raise capital through private placement offerings by selling beneficial interests (the “DST Interests”) in specific Delaware statutory trusts holding real properties (the “DST Program”).

In order to facilitate additional capital raise through the DST Program, we have made and may continue to offer loans (“DST Program Loans”) to finance a portion of the sale of DST Interests in the trusts holding DST Properties to potential investors. As of September 30, 2022 and December 31, 2021, there were approximately $137.3 million and $68.8 million, respectively, of outstanding DST Program Loans that we have made to partially finance the sale of DST Interests. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans.

The following table presents our DST Program activity for the three and nine months ended September 30, 2022 and 2021:

		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)		2022		2021		2022		2021
DST Interests sold	$	229,604	$	117,545	$	643,767	$	199,985
DST Interests financed by DST Program Loans (1)		34,940		8,513		68,527		33,074
Income earned from DST Program Loans (2)		1,343		301		3,099		337
Financing obligation liability appreciation (3)		8,872		—		17,882		—
Rent obligation incurred under master lease agreements (3)		11,779		1,629		27,876		1,757

(1) DST Program Loans are presented net of repayments.

(2) Included in other income and expenses on condensed consolidated statements of operations.

(3) Included in interest expense on condensed consolidated statements of operations.