Top1031

12-property net-leased portfolio

Net-leased retail property · sponsored by ExchangeRight

Sold outReported fully subscribed · latest Form D Jul 28, 2025 (opens in a new tab)

12-property net-leased portfolio is a DST sponsored by ExchangeRight that owns 12 net-leased retail properties. Its latest Form D, filed Jul 28, 2025, lists a $31.5 million offering with a $100,000 minimum.

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$31,580,000
Equity offered, per the Form D
Sold so far
Not reported after the first Form D (Jul 28, 2025)
Form D, Jul 28, 2025
Selling commissions
$1,579,000 · 5.0% of offering
Form D Item 15; the % is our arithmetic
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

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: 12-property net-leased portfolio. Top1031 is not a broker-dealer.
12-property net-leased portfolio image

12-property net-leased portfolio · Photo: cdn-static.exchangeright.com

Location not stated in the SEC filings.

What does the Trust own?

ExchangeRight bought the 12 buildings from various sellers between June 20 and July 28, 2025, for an aggregate $48,641,500, and the Trust owns them outright. 1 They sit in Palestine, San Antonio, Donna and Webster, Texas; Alexander, Arkansas; Independence, Missouri; Vancouver, Washington; Albany, Georgia; Pinellas Park, Florida; Burton, Michigan; Gibsonia, Pennsylvania; and Fairhope, Alabama. 1 ExchangeRight's offering documents described each as fully occupied by one tenant when the offering began. 1

Property size
12 properties / 148,503 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 used a loan alongside investor equity rather than buying all cash. ExchangeRight's memorandum describes a single $24,295,200 portfolio loan from Wells Fargo Bank, N.A. that closed on July 28, 2025, fixed for five years and interest-only, so no principal pays down before maturity. 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
$1,579,000 · 5.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$0 · 0.0% of offering
Form D Item 16
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

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.

What does the SEC record show?

The Trust was formed in Delaware on January 21, 2025. 1 The Form D, the SEC notice for unregistered securities sales, was filed when the offering began and has not been amended. 3 The exemption used bars general advertising and limits buyers to accredited investors.

Legal Trust name
ExchangeRight Net-Leased Portfolio 71 DST
SEC CIK
2074845
First Form D
Jul 28, 2025
Latest Form D
Jul 28, 2025
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$31,580,000
$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 12-property net-leased portfolio?
No new interests: 12-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 12-property net-leased portfolio have a 721 UPREIT exit?
The record lists a possible 721 exit for 12-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 71 DST own?
It owns 12 single-tenant net-leased properties totaling 148,503 square feet in 12 markets across nine states, as ExchangeRight described the portfolio on January 6, 2026. The buildings are in Palestine, San Antonio, Donna and Webster, Texas; Alexander, Arkansas; Independence, Missouri; Vancouver, Washington; Albany, Georgia; Pinellas Park, Florida; Burton, Michigan; Gibsonia, Pennsylvania; and Fairhope, Alabama. ExchangeRight's offering documents state the Trust owns all of them, bought for an aggregate $48,641,500 between June 20 and July 28, 2025.
Which brands occupy the buildings?
ExchangeRight's offering documents list properties operating as Aldi, Conviva, two Dollar General Markets, Dollar Tree, Memorial Hermann, two Natural Grocers, Oak Street Health, O'Reilly Auto Parts, Verizon and Wawa. That mixes grocery, discount retail, auto parts and outpatient healthcare users. The memorandum specifically identifies the roughly 25,096-square-foot property at 2117 South Loop 256 in Palestine, Texas as 100% leased to Aldi (Texas) L.L.C.
How long do the leases run?
ExchangeRight reported an initial weighted-average lease term of 10.9 years across the portfolio in its January 6, 2026 announcement. That average was measured at the time of the offering, not later. Individual lease expiration dates are set out in the offering documents for each property.
Does the Trust carry debt?
Yes. ExchangeRight's offering documents describe a $24,295,200 loan from Wells Fargo Bank, N.A. that closed on July 28, 2025, with a five-year fixed-rate term, 6.228% annual interest and interest-only payments throughout, and reports an offering loan-to-value ratio of 43.48%.
What does the master lease mean for an investor?
The Trust leases all 12 properties to ExchangeRight NLP 71 Master Lessee, LLC, a company the offering documents identify as wholly owned by ExchangeRight. The Trust therefore receives master-lease payments instead of collecting rent directly from Aldi, Wawa and the other operators. The memorandum also names ExchangeRight Income Fund Operating Partnership, LP, a sponsor affiliate, as guarantor of that master lease, which is a guaranty of the master lease rather than of each tenant's lease.
How did ExchangeRight describe a possible exit?
In its January 6, 2026 announcement, ExchangeRight described a possible future tax-deferred 721 exchange of the properties into its affiliated REIT, meaning investors could contribute their interests for REIT units rather than sell, alongside potential 1031-exchange and cash-out options. The same announcement cautioned that those exit objectives may not be achieved. No completed exit has been reported.

In the news

ExchangeRight Fully Subscribes $55.9M Net-Leased Portfolio 71 DST, Providing REIT Exit Optionality to InvestorsExchangeRight announced full subscription of Net-Leased Portfolio 71 DST, a $55.9M portfolio of 12 long-term net-leased properties spanning 12 markets across 9 states and 148,503 sq ft of retail space; tenants include Aldi, Conviva, Natural Grocers, Dollar General Market and O'Reilly Auto Parts; WALT 10.9 years; monthly distributions at 5.00% annualized.
As reported by the sponsor · ExchangeRight ↗

Sources

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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.