Tool & guide

1031 DST Reviews: Blended-Metric Drill-Down Calculator

By Sequoia ResearchPublished Read as Markdown

Blended-Metric Drill-Down Calculator

Reproduce one weighted portfolio metric from explicit property weights and values. Show each weight share, known-only average, withheld full aggregate for missing or unchecked values, conditional percentage bounds, and a comparison with a reported number. Manual sources and scope checks; no financial forecast or investment rating.

For an export, select Download in the tool, then Save file when it appears below. Your entries stay in your browser.

What Is This Article About?

This guide explains how to check a weighted portfolio figure in a Delaware statutory trust (DST) review. The calculator shows the property values, their weights, the supported part of the calculation, and the facts still missing. It can help reproduce an occupancy rate, a lease-term average, or another compatible metric using your entered records. It does not choose the right assumptions for you or turn an average into an investment rating.

Table of Contents

What the Calculator Does

A portfolio summary may combine several properties into one figure. That can be useful, but the result can hide a weak property, an unusual weight, or a missing record. This calculator makes the arithmetic visible so you can ask more precise questions about the summary.

Enter up to thirty property rows. Each has a weight, a metric value, a source reference, dates, notes, and your own source-check confirmation. The tool keeps the rows in entry order. It does not sort properties into a quality ranking or name an investment winner.

The output includes total weight, checked weight, evidence coverage, a checked-only average, and the lowest and highest checked values. It shows each row's share of total weight and contribution to the full average. A full average appears only when every positive-weight row has a checked value.

A Manual Check of Your Inputs

The tool does not read documents, search the web, or authenticate a source. Your confirmation means you checked the row against the source and common scope. It does not mean Sequoia verified the property or that the input is correct.

A missing value stays missing. An entered value without confirmation is also unavailable for the supported calculation. The full result remains withheld in either case. You can still inspect the checked portion and see how much weight is unresolved.

Choose One Metric and One Weight Basis

Start with a clear definition. Physical occupancy, leased occupancy, and collected rent are different measures. A signed lease may not yet produce rent. Do not combine those measures merely because each appears as a percentage.

Then choose the matching weight basis. For a combined physical occupancy rate, total rentable units can be appropriate when each property's percentage uses those units. A square-foot occupancy measure needs square-foot weights. A lease-term figure might use rent or another defined basis. The document's method must be checked.

Keep the Measurement Period Consistent

Record the common date or period in the worksheet. A June occupancy rate and a September occupancy rate do not describe one shared observation unless that mixed timing is the deliberate, disclosed scope. A common heading does not make different dates match.

The review cutoff is the date through which you are recording evidence. It cannot be later than today in UTC. Source and check dates cannot follow the cutoff. A check date cannot come before the source date. These rules catch date-entry problems; they do not prove that a source is current.

Choose the Right Unit

Percentage mode accepts values from zero through one hundred. Enter 90 for 90%, not 0.90. Years mode accepts zero through two hundred. Amount mode accepts nonnegative values up to one trillion, all in the same currency or unit.

Weights also run from zero through one trillion. Use plain decimals with no commas or exponent notation and no more than six decimal places. The weights do not need to add to one hundred. They can be units, square feet, rent, or another supported common basis.

Calculations use computer precision, and the screen rounds to six decimal places. Very different weight sizes can make coverage display 100% or the bounds look equal while a small weight remains unresolved. Check the unavailable-row count and full-average status. A positive missing weight still withholds the full average.

Enter and Check the Property Records

Give each property a distinct identity. Use enough detail to avoid confusing two buildings with similar names. The tool rejects duplicate names after ignoring case and repeated spaces, but it cannot recognize every alias. You must check whether two different names describe the same property.

Enter the weight even if the metric value is missing. That keeps the unresolved exposure in the denominator. Leaving a known weight out of the file can make evidence coverage look stronger than it is. The tool cannot discover an omitted property for you.

Source Notes Should Explain the Number

Record the document, version, page, and relevant location. Add any limit, such as a date mismatch or an unclear definition, in the notes. A source URL alone may not tell another reader where the figure came from.

To confirm a row, enter a value, source reference, source date, and check date. Then mark the source-check box. A blank value cannot be confirmed. A real zero can be confirmed if the source supports zero; it is not treated as missing.

A zero-weight row needs an exclusion reason. It remains visible and is included in both exports, but it does not affect the average or positive-weight coverage. Use zero only when the scope supports exclusion. It is not a way to hide a difficult or unfavorable property.

How the Weighted Average Is Calculated

For each checked positive-weight row, the calculator multiplies the value by its weight. It adds those products and divides by the combined checked weight. That gives the checked-only average. If all positive-weight rows are checked, it is also the full entered weighted average.

The National Institute of Standards and Technology gives this weighted-mean formula in its Dataplot reference. The formula is a mathematical definition; it does not tell you which real estate weights or source records are appropriate. This tool does not calculate the correlation or covariance also discussed on that page. NIST weighted-mean definition

Why an Ordinary Average Can Differ

Suppose one property has 100 units at 90% occupancy and another has 300 units at 80%. Their occupied-unit counts are 90 and 240 under these exact teaching inputs. Together they have 330 occupied units out of 400, or 82.5%.

The ordinary average of 90% and 80% is 85%. That gives the small property the same influence as the large one. Neither arithmetic operation is mysterious, but they answer different questions. If you want occupancy across all 400 units, the unit-weighted result answers that question.

If the input percentages were rounded, multiplying them by units might not reproduce exact occupied counts. The result then inherits that rounding. Where possible, obtain the underlying numerator and denominator. This calculator accepts the value you enter and does not recover hidden precision from a rounded summary.

Work Through the Fictional Occupancy Example

The built-in example contains three invented properties: Cedar Court, Maple Court, and Pine Court. The first has 100 units and a checked 90% value. The second has 300 units and a checked 80% value. Pine has 100 units, but its occupancy value is missing.

Total weight is 500 units. Checked weight is 400, so evidence coverage is 80%. The checked-only average remains 82.5%. The full average is withheld because the last 100 units have no checked value. None of these names or figures describe a real offering.

Keep Contributions and Coverage Separate

Cedar represents 20% of total weight and contributes 18 percentage points to the full average. Maple represents 60% and contributes 48 points. Their known contributions add to 66 points. Pine's contribution is not known.

The 66-point sum is not the checked-only average. It uses all 500 units as the denominator. The checked-only average uses 400. Keeping the denominators visible explains why 66 and 82.5 can both be correct for different statements.

The fictional reported aggregate is 88%. The tool retains that input but withholds the calculated-minus-reported difference until the full average is available. Its percentage bounds still provide a useful check on what the missing row could change.

Read Missing Values and Conditional Bounds

In percentage mode, an unavailable value is bounded from zero through one hundred. The calculator uses those endpoints to show conditional limits for the full average. These are arithmetic limits under the entered weights and checked values, not a forecast or a confidence interval.

For the example, Pine could contribute from zero to twenty percentage points because its weight is 20% of the total. The full percentage could therefore range from 66% to 86%. A reported 88% cannot be reproduced within those entered assumptions, even if Pine is fully occupied.

Investigate the Difference Before Calling It an Error

The reported figure may use a different date, unit count, property group, or occupancy definition. An input may be wrong. The reported number may also be wrong, but the calculator cannot decide which explanation applies. The result identifies a question to investigate.

If you confirm Pine at 100%, the full average becomes 86%, and calculated minus reported is negative two percentage points. It is not a negative two percent relative change. At a checked 70% for Pine, the full average becomes 80%, six percentage points below 86%.

If a value is entered but unchecked, its actual entered number is preserved in the export but is not used as known evidence. Percentage bounds treat it as unavailable. This prevents an unreviewed number from quietly entering the supported result.

Compare a Reported Figure and Inspect the Rows

The reported aggregate is optional. When the full calculation is complete, the tool subtracts that figure from the full weighted average. A positive difference means the entered calculation is higher; a negative difference means it is lower. The output does not assign blame or decide which source controls.

Do not ignore the property rows after matching an aggregate. Two portfolios can have the same average while one contains a much lower value at a large property. The checked minimum, maximum, weights, and deviations help expose that pattern.

A Deviation Is a Description, Not a Risk Grade

The example's checked-only average is 82.5%. Cedar is 7.5 percentage points above it, while Maple is 2.5 points below it. Those differences describe the numbers in the file. They do not measure expected loss, property quality, or a suitable allocation.

The Financial Industry Regulatory Authority (FINRA) concentration guidance explains why holdings can share exposure through industries, regions, and other links. A weighted average does not map all those relationships. Use this calculation as one view alongside the relevant property and portfolio research. FINRA concentration-risk guidance

A zero-weight row still deserves a review of its exclusion reason. If a property belongs in the real population, omitting its influence may distort the summary. Matching a reported figure is not a reason to change weights until the answer looks right.

Use Years or Amounts With Care

Years mode can help reproduce a remaining-lease-term average when the terms and weights use a common method. Suppose two invented properties have two and ten years remaining, weighted by $100,000 and $300,000 of the same defined annual rent. The weighted result is eight years, while the ordinary average is six.

That eight-year figure does not say every tenant remains for eight years. Nor does it account for termination options, renewal assumptions, or different rent definitions unless your inputs do. Review the underlying agreements and the method used in the source.

An Average Amount Is Not a Total

Amount mode calculates a weighted average, not a sum of property income. If values are $200,000 and $600,000 with weights one and three, the average is $500,000. The unweighted total of the two values is $800,000. Do not describe the calculator's output as that total.

The tool offers no missing-value bounds in years or amount mode. It does not assume a missing term or dollar value. The full average remains withheld until every positive-weight value is checked. The accepted input limits are software limits, not evidence of a realistic range for your property.

Negative cash flows are outside this tool's scope. Do not change a negative amount to zero merely to make it fit. Use an appropriate cash-flow model with signed values and the right accounting definitions for that task.

Revise, Export, and Preserve the Evidence

Changing the identity, metric definition, unit, weight basis, measurement period, or cutoff clears all row confirmations. Those changes can affect whether old checks still apply. Changing a property row clears that row's confirmation. Enter a new check date and reconfirm only after reviewing the revised scope.

Changing only the optional reported aggregate leaves the source confirmations in place but clears the old results. Every edit requires a new calculation before export. This reduces the chance of saving a result that no longer matches the visible inputs.

Save the Whole Worksheet

Both downloads include every row, including missing values and zero-weight exclusions. They preserve sources, dates, notes, entered values, and calculated details. The text file is convenient to read; the JSON file preserves the data structure for further review outside this tool.

Entries stay only in the open page. There is no import, browser storage, account, automatic backup, or reminder. Save an export before leaving or starting again. The tool asks you to confirm before replacing the worksheet with an example, clearing it, or removing a property.

The limits are thirty rows, 180,000 UTF-8 bytes of entered records, and 350,000 bytes per export. Long notes or unusual text can reach a byte limit before a character limit. Shorten the notes while keeping a usable reference to the full source in your own records.

Limits and Follow-Up Questions

A reproduced average is not a completed investment review. It does not verify rent collection, property value, future renewals, fees, debt, or available cash. It also cannot establish that your property list includes every relevant asset.

The Securities and Exchange Commission (SEC) private-placement bulletin, updated September 21, 2026, describes limited disclosure and resale difficulties. A neat worksheet does not remove those limits. Keep unanswered questions visible and use the actual offering records and relevant professional advice. SEC private-placement bulletin

Before relying on a summary, ask whether the values share a definition and date, whether the weights match that definition, and whether any property is missing. If the arithmetic differs, trace the difference to a specific input or method. That is a useful research outcome even when the final investment decision remains open.

FAQ

Why Is the Full Average Withheld?

At least one positive-weight property has a missing or unchecked value. The tool still shows the checked portion and its coverage. A full average would imply more support than the entered record provides. Confirm the missing facts before treating the aggregate as complete.

Is Zero the Same as a Blank Value?

No. Zero is a real value that can enter the calculation when checked. Blank means unknown. A zero weight excludes a row and requires a reason. Do not use either kind of zero as a substitute for missing evidence.

Do Weights Have to Total One Hundred?

No. The calculator divides by the total relevant weight. Unit counts, square feet, or a consistent rent basis can be used when they fit the metric. All weights must share the same definition, and at least one must be positive.

Do the Percentage Bounds Predict the Result?

No. They use zero and one hundred as the possible endpoints for unavailable percentages under the entered weights. They are not probabilities, expected values, or market forecasts. An unchecked entered number is not treated as known evidence.

Can I Use the Tool to Add Property Income?

No. Amount mode computes an average. It does not total cash flows, model expenses, or accept negative values. Use a cash-flow model for income aggregation and keep its definitions separate from a weighted-average check.

Does a Matching Reported Figure Prove the Review Is Correct?

No. The same result can come from incomplete or unsuitable inputs. Check definitions, dates, source records, the property population, and the reason for each weight. A match confirms the arithmetic under your entries, not the entire review.

About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This library uses source-based observations and original examples to explain how to evaluate investment claims. It does not replace a review of the actual offering documents or advice based on your circumstances.

Sources