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11-property net-leased portfolio
Net-leased retail in Multi-state (6) — sponsored by ExchangeRight
Files with the SEC as ExchangeRight Net-Leased Portfolio 73 DST
Minimum investment
$100k
Offering size
$50.9M
How much has sold
None sold yet
Asset type
Net-leased retail
Location
Multi-state (6)
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ExchangeRight Net-Leased Portfolio 73 DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional real estate — holding 11 single-tenant retail buildings leased to operators including Tractor Supply, Hobby Lobby and Dollar General.1 ExchangeRight announced on July 15, 2026 that the offering was fully subscribed and closed to new investors.1 It is now Historical: closed to new investors.
$90.7M total/$50.9M equity; LTV 43.84%; min $100k; WALT 13.77y; 10-yr IO 6.02%; 4 tenants, 100% leased
Show sources (4)Hide sources (4)
These links support the public record as a whole; individual details may come from different sources.
Colorado, Idaho, Kentucky, Wisconsin, New Jersey, and New York · exact location not on recordThe filings name the market but not an address we can place on a map.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
ExchangeRight builds these offerings by bundling freestanding necessity-retail buildings under one trust rather than syndicating a single asset. The buildings sit in ten markets across Colorado, Idaho, Kentucky, Wisconsin, New Jersey and New York.1 Neither the Form D nor the sponsor's announcement gives individual addresses, construction dates or acquisition dates, so property-level detail lives in the PPM — the private placement memorandum, the offering's full disclosure document.
- Reported location
- Multi-state (6)
- Property size
- 11 properties / 243k SF
Who is the tenant, and what's the lease?
Named tenants include Tractor Supply Company, Hobby Lobby, Dollar General Market, BioLife Plasma Services and Dollar General.1 The leases are net — tenants, not the landlord, carry taxes, insurance and maintenance — and the sponsor stated a weighted-average lease term of 13.8 years at inception.1 The portfolio is reported as fully leased to four tenants.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
The sponsor reported this offering sold out without filing per-sale amendments, so there is no raise history to show.
How is it financed, and what does it pay?
The Trust is leveraged with non-recourse mortgage debt, meaning the lender's remedy on a default is the properties themselves rather than investors' other assets. ExchangeRight reported $39.75 million of that financing when the offering closed.1 No lender is named in the public filings.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- Distribution rate
- 5.00%exchangeright.com
- Loan-to-value
- 43.84%exchangeright.com
Who's behind it?
ExchangeRight is a long-running sponsor of net-leased DST portfolios sold to 1031 exchangers, and Portfolio 73 sits in a numbered series that has run for years. Trusts in the series may later exchange into the sponsor's Essential Income REIT through a Section 721 UPREIT transaction, which swaps trust interests for REIT operating-partnership units and ends 1031 eligibility. AltsWire reported on July 22, 2026 that the REIT's net asset value stood at $905.7 million as of June 30, 2026.3
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Net-Leased Portfolio 73 DST
- May convert to a REIT
- Yes
- Offerings from this sponsor
- 23 active / 60 total offerings from ExchangeRight
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Form D — the short notice an issuer files for a private, exemption-based offering — was never amended.2 It predates ExchangeRight's July 15, 2026 full-subscription announcement, so the SEC record captures the offering near its start rather than at its close.1
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
Is 11-property net-leased portfolio still raising money?
Top1031 lists 11-property net-leased portfolio as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for 11-property net-leased portfolio?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in Portfolio 73?
No. ExchangeRight announced on July 15, 2026 that the $90.67 million Net-Leased Portfolio 73 DST was fully subscribed and closed to new investors. Interests are no longer being offered by the sponsor. The Trust remains on this site as a Historical record of the offering and its filings.
Why doesn't the SEC record reflect the full subscription?
The only Form D on record was filed near the start of the raise and reports figures as of that date. It was never amended, so the SEC snapshot still reflects the offering as it stood then. The full-subscription news came from ExchangeRight's own announcement on July 15, 2026, not from an updated filing.
What does Rule 506(b) mean for this offering?
Rule 506(b) is a private-placement exemption that lets an issuer raise unlimited capital from accredited investors — broadly, those meeting SEC income or net-worth tests — without registering with the SEC, but it bars general advertising or public solicitation. Offerings sold this way are typically introduced through broker-dealers and advisers with pre-existing relationships.
What is the 721 exit and what does it do to my 1031 status?
ExchangeRight structures its portfolios so the properties may later be acquired by its Essential Income REIT in a Section 721 UPREIT transaction, exchanging DST interests for REIT operating-partnership units. That conversion is generally tax-deferred at the time, but once you hold REIT units you no longer own direct real estate and cannot 1031-exchange out of the position. ExchangeRight has described this as a possibility alongside a 1031 exchange, a cash-out, or a combination — not a completed transaction.
Who are the tenants and why does that matter?
The sponsor named Tractor Supply Company, Hobby Lobby, Dollar General Market, BioLife Plasma Services and Dollar General among the portfolio's tenants. In a net-leased portfolio, the tenants' creditworthiness and lease terms drive the rent stream, so the PPM's tenant-by-tenant lease schedule and credit disclosure are the documents to read closely.
How diversified is the portfolio?
The Trust holds multiple freestanding retail buildings in ten markets spread across six states, so no single building or market carries the whole trust. Tenant concentration is a separate question: the portfolio is reported as leased to four tenants, meaning several buildings share the same operator, and the PPM's rent roll shows how much of total rent each tenant represents.
Chapter 9ExchangeRight Fully Subscribes $90.67 Million Net-Leased Portfolio 73 DSTRegional newspaper distribution of the Portfolio 73 DST release.