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Executive Summary

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BREX Net Lease Data Center I DST

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Offering summary

BREX Net Lease Data Center I DST is a Delaware Statutory Trust offering sponsored by Brookfield Real Estate Exchange LLC. The offering encompasses a data center asset located in Sunnyvale, California, with an acquisition price of $90,250,000 and a total offering price of $97,979,841. The sponsor is raising $58,979,841 in offering equity alongside debt financing reflecting an offering LTV of 39.8%. The property was appraised by Cushman & Wakefield at $91.4 million as of April 30, 2026, representing an appraisal-to-offering ratio of 93.24%. Financing features a variable interest rate of 5.25% with an initial 2-year term maturing May 9, 2028, and up to three automatic one-year extensions for an ultimate 5-year term. Projected investor cash distributions begin at 4.37% in Year 1 with a full-term average income projection of 5%.

Capital raise

0.0% of the offering is closed

$58,979,841 still available

Closed$0 Reservations$0 Available$58,979,841
$0 of $58,979,841 placed
Total offering equity

$58,979,841

Closed equity

$0

0.0% of offering
Current reservations

$0

Pending subscription
Available equity

$58,979,841

Open for subscription

The sponsor is raising $58,979,841 in equity from Class 1 Beneficial Interests across 4 DST structures. Total front-end offering fees and expenses stand at $4,423,488, which include selling commissions of up to 5.0%, a placement agent fee of $589,798, a dealer fee of $589,798, and an organization and offering expense reimbursement of $1,000,000.

Offering terms

Sector

Data center

Investment Category

DST

Projected First Year Cashflow

4.37%

Avg. 5% over term

Min. Cash Investment

—

Min. 1031 Investment

—

Total Offering Price

$97,979,841

Offering Debt

—

All-equity offering

LTV

—

On acquisition price

Units / Tenants

—

Sunnyvale, California

Property Age

The Property includes two 20,000-gallon diesel underground storage tanks that were installed on August 1, 2000.

The offering covers a data center property in Sunnyvale, California, acquired for $90,250,000 against an appraised value of $91.4 million. The capital structure consists of $58,979,841 in equity and debt leverage at an offering LTV of 39.8%. Projected returns include a Year 1 income distribution of 4.37% and an average full-term income of 5%.

Strengths & considerations

Key strengths

  • Institutional Sponsor Scale

    $1,000,000,000,000 AUM

    Brookfield platform brings significant global scale and asset management capabilities.

  • Moderate Leverage

    39.8% LTV

    Conservative debt profile provides an equity cushion against asset valuation fluctuations.

  • Prime Tech Market Location

    Sunnyvale, CA

    Data center asset is located in a core Silicon Valley infrastructure market.

Key considerations

  • Offering Price Premium

    93.24% Appraisal/Offering

    Offering price of $97,979,841 exceeds the $91.4 million appraised value due to upfront load and fees.

  • Variable Rate Financing

    5.25% Variable Rate

    Loan is subject to variable interest rate risk with an initial 2-year term maturing May 9, 2028.

  • Underground Tank Vintage

    Installed August 1, 2000

    Facility utilizes two 20,000-gallon diesel storage tanks that are over 23 years old.

The offering benefits from the backing of Brookfield Real Estate Exchange LLC, an affiliate of an institutional sponsor managing $1,000,000,000,000 in assets under management. Leverage is conservative with an offering LTV of 39.8%. In addition, the property is located in the prime Sunnyvale, California data center market with an independent appraised value of $91.4 million.

Sources, uses & fee assessment

Capital Sources

$97.98MTotal offering

  • Offering Equity

    60.2% of offering

    $58.98M

Where the Capital Goes

$97.98MDeployed

  • Acquisition Cost

    95.5% of offering

    $93.56M

  • Offering Expenses

    4.5% of offering

    $4.42M

  • Reserves

    0.5% of offering

    $447K

Total Offering

$97.98M

All equity — no mortgage debt

Acquisition Cost

$93.56M

95.5% of offering to the property

Total Fees & Expenses

$4.42M

5.00% of offering

Reserves

$447K

0.5% of offering

Sources comprise $58,979,841 in offering equity and debt proceeds to cover the total acquisition cost of $93,556,353. Uses include the $90,250,000 acquisition price, $4,423,488 in total offering and front-end expenses, $2,711,454 in financing expenses, $294,899 in title and recording costs, and funded reserves including $300,000 for improvements and $147,450 for the master tenant.

Risk read

Tone reflects relative strength, not a rating

Interest Rate Structure

Variable rate debt with initial 2-year maturity

The 5.25% variable rate loan matures initially in May 2028, requiring satisfaction of extension conditions for the 5-year full term.

Appraisal Load

Offering price exceeds appraisal

The $97,979,841 offering price represents a 93.24% appraisal-to-offering ratio against the $91.4 million valuation.

Leverage Profile

Conservative 39.8% LTV

Low leverage of 39.8% mitigates default risk and structural refinancing pressures.

Environmental / Asset Age

August 2000 tank installations

Two 20,000-gallon diesel underground storage tanks date back to August 1, 2000.

The debt facility carries a variable interest rate with an initial 2-year maturity, presenting interest rate variability and extension risk. Additionally, the offering price of $97,979,841 exceeds the appraised value of $91.4 million by 7.25% (93.24% appraisal-to-offering ratio). Infrastructure age considerations include two 20,000-gallon diesel underground storage tanks installed in August 2000.

Calculated underwriting metrics

Syndicated Cap Rate

—

NOI ÷ offering price

Upfront Load

5.00%

Total fees ÷ offering price (all-equity offering)

Premium / Discount

—

Offering price vs. appraised value

Offering vs. Acquisition

108.6%

Offering price ÷ acquisition price

Price per Unit

—

Offering price ÷ — units

The total offering price of $97,979,841 reflects an acquisition cost of $90,250,000 and total front-end and offering expenses of $4,423,488. The Cushman & Wakefield appraisal of $91.4 million results in an appraisal-to-offering ratio of 93.24% and a 5% load on the offering price. Debt capitalization reflects an offering LTV of 39.8% with an initial interest rate of 5.25%.

Sponsor

Sponsor

Brookfield Real Estate Exchange LLC

Brookfield Real Estate Exchange LLC is an institutional sponsor affiliated with Brookfield's $1,000,000,000,000 global asset management enterprise. Operational management is conducted through the Adviser without direct REIT employees.

Mega-Cap Sponsor$1T Global AUMData Center FocusInstitutional Platform
Portfolio

• Portfolio offerings may include two or more Trusts or multiple Properties held by a single Trust, and purchasers in such multi-property portfolio offerings receive equal participation across all Trusts or Properties in the portfolio rather than selectively investing in individual Trusts or Properties.

Properties owned or managed

AUM

$1,000,000,000,000

Across all programs

DST programs

4

Prior DST offerings

AUM in DSTs

—

DST-held assets

Team

BF REIT itself has no employees, as all of its operations are managed and its executive officers are employed and compensated by the Adviser.

Disclosed headcount

Sector focus

data center

Stated strategy

View Sponsor Dossier

Brookfield Real Estate Exchange LLC is an institutional real estate sponsor operating within Brookfield's broader platform, which oversees $1,000,000,000,000 in assets under management. The sponsor manages operations through its adviser structure, as the underlying REIT entity has no direct employees. The sponsor has extensive track record across prior programs, though operating results of this specific trust are structured separately.