11-property net-leased portfolio
6 net-leased retail properties in 6 states · sponsored by ExchangeRight
11-property net-leased portfolio is a DST sponsored by ExchangeRight that owns 6 net-leased retail properties in 6 states. Its latest Form D, filed Nov 20, 2025, lists a $50.9 million offering with a $100,000 minimum.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $50,925,000Equity offered, per the Form D
- Sold so far
- Not reported after the first Form D (Nov 20, 2025)Form D, Nov 20, 2025
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,546,250 · 5.0% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Can I still invest?
No new interests: the offering is reported fully subscribed.
Other ExchangeRight offerings on record
- ExchangeRight Essential Income 14 DST$100,000 minimum · $136,100,000 offeringActive offering · latest Form D Oct 14, 2026
- ExchangeRight Net-Leased All-Cash 22 DST$100,000 minimum · $35,700,000 offeringActive offering · latest Form D Sep 30, 2026
- ExchangeRight Essential Income 13 DSTLakeville, MN · $100,000 minimum · $107,600,000 offeringActive offering · latest Form D Aug 20, 2026
- ExchangeRight Net-Leased All-Cash 21 DST$100,000 minimum · $43,390,000 offeringActive offering · latest Form D Jul 29, 2026
Availability changes without a filing. The sponsor or a registered representative can confirm what is open.
Looking for an offering like this one? A licensed 1031 specialist from our affiliated partner can talk through what is on record.
Ask a 1031 specialist about this recordFree. About: 11-property net-leased portfolio. Top1031 is not a broker-dealer.11-property net-leased portfolio · CO · Photo: cdn-static.exchangeright.com
Multiple property locations are on record; no single map.
What does the Trust own?
ExchangeRight builds its trusts by bundling necessity-based retail buildings into a single vehicle rather than syndicating one asset, and Portfolio 73 spreads its properties across ten markets. 1 One is documented in a county record: Niagara County, New York shows the Trust buying 6289 S. Transit Road in the Town of Lockport from Tractor Supply Company Northeast LLC on November 21, 2025, for $8,676,239. 2
- Reported location
- Multi-state (6)
- Property size
- 11 properties / 243k SF
Tenant and lease terms are not in the SEC filings or cited sources.
How is it financed, and what did it cost to sell?
The Trust carries non-recourse mortgage debt, meaning a lender's remedy on a default is the properties themselves, not an investor's other personal assets. ExchangeRight reported $39.75 million of such financing. 1
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- May convert to a REIT (721)
- Yes
Costs and terms from the Form D
- Selling commissions
- $2,546,250 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Lighthouse Capital Group, LLC · CRD 169135
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Not in the Form D
- Minimum investment
- $100,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together.
Who's behind the Trust?
ExchangeRight is a long-running sponsor of net-leased DST portfolios for 1031 exchangers, and Portfolio 73 is one entry in a numbered series. The sponsor states the Trust was structured to be compatible with a later acquisition of its properties by ExchangeRight's Essential Income REIT through a Section 721 exchange, which swaps trust interests for REIT units and ends 1031 eligibility. 1
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust told the SEC it is a Delaware business trust formed in 2025. 3 Its Form D, the brief notice an issuer files for a private, exemption-based offering, has not been amended. A Rule 506(b) offering cannot be publicly advertised and is introduced through existing broker or adviser relationships.
- Legal Trust name
- ExchangeRight Net-Leased Portfolio 73 DST
- SEC CIK
- 2093116
- First Form D
- Nov 20, 2025
- Latest Form D
- Nov 20, 2025
- Filings on record
- 1
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $50,925,000 | $0 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- Can I still invest in 11-property net-leased portfolio?
- No new interests: 11-property net-leased portfolio is reported fully subscribed. Top1031 lists it as recently fully subscribed and does not count it as an active offering.
- Does 11-property net-leased portfolio have a 721 UPREIT exit?
- The record lists a possible 721 exit for 11-property net-leased portfolio. It is an option, not a completed transaction; the offering documents set whether and when it can happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- What does ExchangeRight Net-Leased Portfolio 73 DST own?
- It owns 11 net-leased retail properties totaling about 243,000 square feet. ExchangeRight describes them as long-term net-leased buildings in ten markets across Colorado, Idaho, Kentucky, Wisconsin, New Jersey and New York. Net-leased means the tenant, not the landlord, pays property taxes, insurance and maintenance.
- Which specific buildings are documented in public records?
- One purchase appears in a county record. Niagara County, New York lists the Trust as buyer of 6289 S. Transit Road in the Town of Lockport, from Tractor Supply Company Northeast LLC, on November 21, 2025, for $8,676,239, on parcel 152.01-1-60. ExchangeRight's announcement names Tractor Supply Company, Hobby Lobby, Dollar General Market, BioLife Plasma Services and Dollar General as tenants without matching each one to a building; the complete property schedule sits in the offering documents.
- How is the portfolio financed?
- With non-recourse mortgage debt. ExchangeRight's announcement reports $39.75 million of non-recourse financing on the portfolio, which means a lender's remedy if the loan defaults is the real estate itself rather than an investor's other personal assets. The trust structure does not permit investors to be called on for additional capital.
- Why does the Form D amount differ from the $90.67 million ExchangeRight announced?
- They measure different things. The Form D filed November 20, 2025 reports an equity offering amount of $50,925,000, the capital raised from investors. ExchangeRight's $90.67 million figure is the portfolio's total capitalization, including the $39.75 million of non-recourse debt the sponsor reported.
- What was the minimum investment?
- $100,000, according to the Trust's Form D filed November 20, 2025. The same filing identifies the offering as a Rule 506(b) private placement, which is sold only to accredited investors, broadly those meeting SEC income or net-worth tests, and cannot be publicly advertised.
In the news
Sources
Show sources (4)Hide sources (4)
These links support the record as a whole; individual details may come from different sources.
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 offering documents before investing.