---
title: Delaware Statutory Trust (DST)
description: An entity that allows multiple investors to own a single property. Each investor owns a beneficial interest in the Trust, which, owns the underlying property.
---

[Realized 1031 Glossary of Terms ](https://www.realized1031.com/glossary)

# [Delaware Statutory Trust (DST)](https://www.realized1031.com/glossary/delaware-statutory-trust-dst)

 Written by [The Realized Team](https://www.realized1031.com/glossary/author/the-realized-team) | Jun 20, 2022 5:00:00 AM

A separate legal entity created as a trust under [Delaware state laws](https://www.realized1031.com/delaware-statutory-trust-act). Despite the name, neither the property nor the investor need to be located in Delaware.

Each investor in a DST owns a [beneficial interest](https://www.realized1031.com/glossary/beneficial-interest) in the Trust, which, in turn, owns the underlying property. Investors are known as [beneficiaries](https://www.realized1031.com/glossary/beneficiary) of the trust.

In 2004, the IRS ruled that DST interests are treated as direct property ownership for tax purposes, thus qualifying for a 1031 exchange. Additionally, investing in a property through a DST (or other [Replacement Property Interest](https://www.realized1031.com/glossary/replacement-property-interests-rpi) structure) gives investors the option to complete individual 1031 exchanges in the future, which is not the case when investors co-invest in a property through a partnership or [limited liability company](https://www.realized1031.com/glossary/limited-liability-company-llc).

[View full post](https://www.realized1031.com/glossary/delaware-statutory-trust-dst)

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