The Trust indirectly owns one property: a 121,769 square foot educational campus and laboratory building on about 14.76 acres in St. Augustine, Florida, net leased to the University of St. Augustine for Health Sciences, LLC under a 25-year triple net lease running to January 31, 2050, with rent guaranteed by its parent, Perdoceo Education Corporation (NASDAQ: PRDO). The offering is built for Section 1031 exchange investors. All rent goes to debt service on two loans, so no cash distributions are expected during the initial lease term; investors' return depends on the value of the Property at sale.