8-property net-leased retail portfolio
Net lease retail — sponsored by ExchangeRight
Files with the SEC as ExchangeRight Essential Income 4 DST
Minimum investment
$100k
Offering size
$28.9M
How much has sold
None sold yet
Asset type
Net lease retail
Location
Not stated
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 Essential Income 4 DST is a Delaware statutory trust — a passive, 1031-eligible ownership structure — holding eight net-leased retail buildings occupied by Sprouts Farmers Market, Dollar General, CVS Pharmacy, and Advance Auto Parts.1 It closed to new investors when ExchangeRight announced full subscription on October 21, 2025.2 The sponsor describes a short hold ending in a potential tax-deferred Section 721 exchange into its affiliated Essential Income REIT.1
5.50% rate; 20yr REIT master lease; Sprouts, Dollar General, CVS, Advance Auto Parts; 8 markets in 4 unnamed states
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These links support the public record as a whole; individual details may come from different sources.
Location not on recordThe SEC filings for this offering do not give a property address. The filing history below is the current public record.
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 assembled the portfolio from single-tenant retail buildings spread across eight separate markets in four states; the sponsor's releases give the state count but never name the states.1 Neither the Form D nor the sponsor's public materials disclose street addresses, purchase prices, acquisition dates, or which tenant occupies which building.
- Property size
- 8 properties; 88,851 square feet
Who is the tenant, and what's the lease?
The buildings are leased to Sprouts Farmers Market, Dollar General, CVS Pharmacy, and Advance Auto Parts — a grocer, a discount retailer, a pharmacy, and an auto-parts chain.1 ExchangeRight also reported a 20-year master lease guarantee from the Essential Income REIT and its Operating Partnership, meaning an affiliate stands behind the rent stream.1
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?
Neither the Form D nor the sponsor's public releases state whether this Trust carries mortgage debt, so no lender, loan balance, or maturity sits on the public record. ExchangeRight said the distribution is covered by in-place rents at the properties.1
- Distribution rate
- 5.50%exchangeright.com
- Target hold
- two yearsexchangeright.com
Who's behind it?
ExchangeRight sponsors net-leased retail DSTs and the affiliated Essential Income REIT, the vehicle that receives its Section 721 exchanges. The sponsor said it passed $7 billion in assets under management across more than 9,000 investments in 2025.4 AltsWire reported the Essential Income REIT's net asset value reached $905.7 million as of June 30, 2026, after debt refinancing and the acquisition of 39 properties through DST merger agreements.5 ExchangeRight announced full subscription of its $90.67 million Net-Leased Portfolio 73 DST in July 2026.6
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Essential Income 4 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?
Only one Form D is on record, with no amendment since the original filing, so the figures below stand as of that date. Interests were offered privately to accredited investors — buyers meeting SEC income or net-worth tests — without general advertising, and ExchangeRight announced full subscription on October 21, 2025.1
- 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 8-property net-leased retail portfolio still raising money?
Top1031 lists 8-property net-leased retail 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 8-property net-leased retail 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 Essential Income 4 DST?
No. ExchangeRight announced on October 21, 2025 that the offering was fully subscribed, and the sponsor describes it as a closed offering not accepting new investors. Any interest in the properties now would have to come through a secondary transfer, which DST agreements typically restrict, or through a different ExchangeRight offering.
Who are the tenants?
ExchangeRight identified four tenants across the eight buildings: Sprouts Farmers Market, Dollar General, CVS Pharmacy, and Advance Auto Parts. The sponsor's public releases do not map individual tenants to individual properties, so the property-by-property breakdown has to come from the Private Placement Memorandum (PPM), the private offering document.
Where are the properties located?
The sponsor states only that the eight properties sit in eight separate markets across four states. Neither the SEC Form D nor the public announcements name the states, the cities, or the street addresses. Those details appear in the PPM and in county deed records, not in the public securities filings.
What does the 721 exchange exit mean here?
ExchangeRight structured this Trust as a feeder into its affiliated Essential Income REIT. After the sponsor's stated hold, the properties may be contributed to the REIT's operating partnership under Section 721 of the tax code, converting an investor's DST interest into REIT operating-partnership units on a tax-deferred basis. ExchangeRight states the strategy is not guaranteed, and once converted, those units are no longer eligible for a future 1031 exchange.
Why does the SEC filing data differ from the sponsor's announcement?
The single Form D on record reports the offering as of its June 24, 2025 filing date, submitted at launch. ExchangeRight announced full subscription on October 21, 2025, and no amended Form D was filed afterward, so the SEC record was never updated to reflect the completed raise.
Chapter 9Essential Income 4 DST Fully Subscribed, Providing Accelerated Access to the Essential Income REITBusinessWire distribution of ExchangeRight's announcement of full subscription of the $28.85M Essential Income 4 DST with property, tenant, and distribution detail. ExchangeRight Fully Subscribes $28.85M Essential Income 4 DSTAltsWire coverage of Essential Income 4 DST's full subscription, noting the 20-year master-lease support from the Essential Income REIT and identifying Sprouts, Dollar General, CVS and Advance Auto Parts as tenants. Newly built Sprouts Farmers Market property along Grand Parkway soldProperty-level coverage of ExchangeRight's acquisition of a newly built-to-suit, long-term double-net-leased Sprouts Farmers Market on the Grand Parkway in the Houston metro area, an investment-grade grocer tenant consistent with Essential Income 4 DST's portfolio.