Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
Offering summary
Inland Self Storage Portfolio XXII DST is a $115,869,677 all-equity offering sponsored by Inland Private Capital Corporation. The trust holds a portfolio of seven self-storage properties located across Florida, North Carolina, and Tennessee, comprising 4,880 storage units and 414 rentable parking spaces. The properties were acquired on December 15, 2025, for an aggregate acquisition price of $96,750,000. The offering is structured with 0% leverage, utilizing no permanent debt financing and eliminating lender foreclosure and refinancing risk. Projected investor distributions begin at 4.25% in Year 1, averaging 5.09% over the full term. Front-end fees and offering expenses total $9,733,053, and the sponsor has capitalized $5,686,280 in reserves.
0.0% of the offering is closed
$115,869,677 still available
$115,869,677
$0
0.0% of offering$0
Pending subscription$115,869,677
Open for subscriptionThe sponsor is raising $115,869,677 in offering equity across 4,880 storage units without any institutional debt. The equity structure covers the $97,553,602 total acquisition cost, offering load, and reserves. First-year investor distributions are projected at 4.25%.
Sector
Self-storage facility
Investment Category
DST
Projected First Year Cashflow
4.25%
Avg. 5.09% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$115,869,677
$23,744 per unit
Offering Debt
$0
All-equity offering
LTV
0%
On acquisition price
Units / Tenants
4,880
Fernandina Beach, Florida; Greensboro, North Carolina; Kissimmee, Florida; Lady Lake, Florida; Miami, Florida; Pompano Beach, Florida; Springfield, Tennessee
Property Age
—
The offering encompasses seven self-storage assets totaling 4,880 units and 414 parking spaces across three states. Total equity raised is $115,869,677 with zero debt encumbering the properties. Projected returns begin at 4.25% in Year 1 with an average full-term distribution rate of 5.09%.
Debt-Free Structure
0% LTVThe portfolio is offered free of permanent debt financing, eliminating interest rate, refinancing, and lender foreclosure risks.
Portfolio Scale & Diversification
7 Properties / 4,880 UnitsAssets are distributed across seven markets in Florida, North Carolina, and Tennessee, reducing single-asset concentration risk.
Sponsor Track Record
55+ Years / $1.8B AUMInland Private Capital Corporation brings over five decades of real estate experience and an institutional platform managing $1,800,000,000.
Upfront Load & Syndication Fees
$9,733,053Front-end fees and offering expenses represent 13.88% of the acquisition cost, resulting in an appraisal-to-offering ratio of 88.41%.
Entry Distribution Yield
4.25%Year 1 projected cash-on-cash return is 4.25%, stepping up to an average of 5.09% over the full holding period.
Undisclosed Asset Vintages
Not DisclosedThe exact age and construction years of the individual self-storage properties are not disclosed in the provided materials.
The portfolio features an all-cash capital structure with 0% LTV, eliminating interest rate volatility, balloon payments, and maturity risks. Geographic diversification across seven distinct markets in Florida, North Carolina, and Tennessee mitigates localized economic exposure. Additionally, the offering is supported by Inland Private Capital Corporation's track record of over 55 years in commercial real estate.
Offering Equity
100.0% of offering
Acquisition Cost
84.2% of offering
Offering Expenses
8.4% of offering
Reserves
4.9% of offering
Unallocated / other uses
2.5% of offering
Total Offering
$115.87M
All equity — no mortgage debt
Acquisition Cost
$97.55M
84.2% of offering to the property
Total Fees & Expenses
$9.73M
0.00% of offering
Reserves
$5.69M
4.9% of offering
Total offering proceeds of $115,869,677 are allocated toward the $96,750,000 property acquisition price, $5,686,280 in reserve capitalization, and $9,733,053 in total front-end fees and offering expenses. Closing costs include $29,660 in title and recording fees and $1,031 in financing expenses.
Tone reflects relative strength, not a rating
Leverage Profile
FavorableThe trust carries $0 in debt (0% LTV), entirely eliminating loan default and interest rate volatility.
Fee Load
CautionTotal upfront fees and offering expenses stand at $9,733,053 (13.88% of acquisition cost).
Asset Transparency
NoticeSpecific property ages and vintage data across the seven facilities are not disclosed in the offering materials.
Reserve Capitalization
FavorableThe offering funds $5,686,280 into reserves at closing to support ongoing capital and master tenant needs.
Key underwriting considerations include front-end fees and expenses of $9,733,053 (13.88% of acquisition cost), creating an initial equity load reflected in the 88.41% appraisal-to-offering ratio. Additionally, property-specific vintages and individual historical occupancy levels are not disclosed in the offering materials. Performance remains reliant on the master lease structure and self-storage market fundamentals across the seven multi-state locations.
Syndicated Cap Rate
4.56%
NOI ÷ offering price
Upfront Load
0.00%
Total fees ÷ offering price (all-equity offering)
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
119.8%
Offering price ÷ acquisition price
Price per Unit
$23,744
Offering price ÷ 4,880 units
Distribution rates as extracted from the offering materials.
The portfolio's syndicated cap rate stands at 4.56% based on the total capital stack, with an appraisal-to-offering ratio of 88.41%. Front-end syndication fees and offering expenses total $9,733,053, which equates to 13.88% of the acquisition cost. The master tenant income is projected at $1,997,322, supporting initial cash flows alongside a $5,686,280 reserve capitalization.
Sponsor
Inland Private Capital Corporation has operated in real estate for over 55 years, overseeing $1,800,000,000 in AUM with institutional specialization in syndicated real estate and self-storage assets.
• The Trust’s portfolio consists of seven self-storage properties located in Fernandina Beach (FL), Greensboro (NC), Kissimmee (FL), Lady Lake (FL), Miami (FL), Pompano Beach (FL), and Springfield (TN), containing in aggregate approximately 4,880 storage units and 414 rentable parking spaces.
Properties owned or managed
$1,800,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
—
Disclosed headcount
self-storage facility
Stated strategy
Inland Private Capital Corporation serves as the sponsor, backed by over 55 years of organizational experience in real estate syndication and management. The sponsor currently manages $1,800,000,000 in assets under management across multiple asset classes including self-storage. Inland manages acquisition, master leasing, and disposition execution for the trust.
Over five decades of real estate company creation and management
Extensive experience in self-storage portfolio aggregation and syndication
$1,800,000,000 in assets under management
Substantial upfront fee realization across transaction execution
The property
$96,750,000 acquisition price
Inland Self Storage Portfolio XXII DST
self-storage facility
Fernandina Beach, Florida
Greensboro, North Carolina
Kissimmee, Florida
Lady Lake, Florida
Miami, Florida
Pompano Beach, Florida
Springfield, Tennessee
Fernandina Beach, Florida; Greensboro, North Carolina; Kissimmee, Florida; Lady Lake, Florida; Miami, Florida; Pompano Beach, Florida; Springfield, Tennessee
$96,750,000
100.0% of portfolio
The property is capitalized with a $74,500,000 fixed-rate loan at 5.09%, reflecting a conservative 37.27% LTV.
All-cash offering — no mortgage debt, so there is no leverage to chart.
$0
N/A (Loan-Free Investment Opportunity; Properties are not encumbered by permanent financing)
—
No permanent financing encumburing the Properties
No prepayment penalty; Interests are offered without any permanent financing encumbering the Properties.
—
0%
0%
The base acquisition price is $184,000,000 (5.07% cap rate), bringing total acquisition cost to $210,750,000 including fees and reserves.
$96,750,000
$115,869,677
—
$9,733,053
—
0%
—
4.56%
—
88.41%
4.91%
Sources of $210,750,000 fund the purchase price, $10,900,000 in offering expenses, $3,745,000 in loan costs, and $11,348,055 in total reserves.
Total Fees & Expenses
$9,733,053
% of offering
0.00%
All-equity offering — load on equity equals load on offering price.
Total fees & expenses
$9.73M
0.00% of offering
Offering expenses
$9.73M
8.40% of offering
Reserves held
$5.69M
4.91% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $2,896,742 | 2.50% | 2.50% |
| Title & Recording Costs | $29,660 | 0.03% | 0.03% |
| Reserves (Loan Proceeds) | $5,686,280 | 4.91% | 4.91% |
| Reserves (Master Tenant) | $5,686,280 | 4.91% | 4.91% |
| Reserves (Lumped) | $5,686,280 | 4.91% | 4.91% |
| Reserves (Improvements) | $5,686,280 | 4.91% | 4.91% |
| Finance Expenses | $1,031 | 0.00% | 0.00% |
| Total Acquisition Cost | $97,553,602 | 84.19% | 84.19% |
| Total Acq. Cost (Reserves) | $106,136,624 | 91.60% | 91.60% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $1,448,371 | 1.25% | 1.25% |
| Placement Agent Fee | $1,911,850 | 1.65% | 1.65% |
| O&O Expenses | $579,348 | 0.50% | 0.50% |
| Third Party DD | $271,567 | 0.23% | 0.23% |
| Total Offering Expenses | $9,733,053 | 8.40% | 8.40% |
| Total Fees / Expenses | $9,733,053 | 8.40% | 8.40% |
| Total Upfront Fees (Reserves) | $9,733,053 | 8.40% | 8.40% |
Broker-dealer commissions, due diligence, marketing allowances, and placement agent fees total $10,900,000 (8% of equity).
$2,896,742
2.50%
$0
0.00%
$1,448,371
1.25%
$9,733,053
10.06%
The structure includes $10,848,055 in improvement reserves and $500,000 in master tenant reserves; property operating expenses are not disclosed.
$193,500
$1,997,322
0.00%
Trustee
and Administrative Fee ($44,500)
Standing
15 of 57
Blended percentile across 10 extracted metrics.
Pricing
41st pct
Leverage
100th pct
Cost
47th pct
Ongoing
0th pct
Structure
50th pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Year 1 distribution
7th pct4.25%median 4.60%
Acquisition LTV
100th pct0.00%median 46.93%
Total upfront load
40th pct8.40%median 5.97%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Syndicated cap ratePricing | 4.56% | 5.63% | 5.00% – 5.83% | −1.07% | 5th |
| Price per unitPricing | $24K | $293K | $184K – $434K | −$270K | 100th |
| Year 1 distributionPricing | 4.25% | 4.60% | 4.40% – 5.00% | −0.35% | 7th |
| Avg. distribution (term)Pricing | 5.09% | 5.05% | 4.75% – 5.32% | +0.04% | 53rd |
| Acquisition LTVLeverage | 0.00% | 46.93% | 38.27% – 50.20% | −46.93% | 100th |
| Offering LTVLeverage | 0.00% | 46.17% | 21.16% – 49.80% | −46.17% | 100th |
| Total upfront loadCost | 8.40% | 5.97% | 4.89% – 9.50% | +2.43% | 40th |
| Acquisition feeCost | 2.50% | 2.65% | 1.74% – 3.77% | −0.15% | 55th |
| ReservesCost | 4.91% | 5.54% | 1.67% – 9.03% | −0.63% | 45th |
| Equity share of capitalStructure | 100.00% | 97.50% | 52.74% – 100.00% | +2.50% | 50th |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| BR Diversified Industrial Portfolio 8 DST | BIGR Exchange 8 TRS, LLC | 6.32% | — | — | 9.45% | — | 93% |
| Inland Mokena Senior Living DST | Inland Private Capital Corporation (IPC) | — | — | — | 8.40% | 31 yrs | 93% |
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 93% |
| NREX II DST | Nuveen Real Estate Exchange LLC | — | 0.00% | — | — | 20 yrs | 93% |
| Canyon State Minerals LLC | Montego Minerals | — | — | — | 9.50% | — | 93% |
| Texas Active Living Portfolio II DST | Capital Square | 5.65% | 0.00% | — | 9.65% | — | 93% |
| Blue Door Property II DST | Unknown sponsor | 6.11% | 0.00% | — | 10.50% | — | 92% |
| Ideal Ecco Park DST | IDEAL Capital Group Holdings, LLC | — | — | 1.03x | 9.50% | 10 yrs | 91% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.