ExchangeRight Net Leased Portfolio 2 DST
Net lease property — sponsored by ExchangeRight
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ExchangeRight Net Leased Portfolio 2 DST was a Delaware Statutory Trust — a passive co-ownership vehicle that qualifies as 1031 exchange replacement property — holding seven single-tenant discount stores, six leased to Family Dollar and one to Dollar General, in six states.2 It is closed to new investors: ExchangeRight announced on October 9, 2019 that the portfolio had reached full cycle.3
Show sources (6)Hide sources (6)
These links support the historical public record; individual details may come from different sources.
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 seven freestanding discount stores in seven markets across six states, and the Trust closed on the portfolio on August 31, 2012.2 Six were leased to Family Dollar and one to Dollar General, and the portfolio was 100% leased at closing.2 Buildings ranged from roughly 8,000 to 10,000 square feet, including a 10,000-square-foot Dollar General in Chicago and a 9,180-square-foot Family Dollar in Memphis.2
Who is the tenant, and what's the lease?
The tenants were Family Dollar at six stores and Dollar General at one, each on a long-term single-tenant net lease, the structure under which the tenant rather than the Trust carries the operating burden of its store.2 Public materials do not disclose expirations, renewal options, escalations, or guarantees.
How did it end?
Sold after 7.0 years; sponsor reported 10.1% annualized
Listed as a completed/full-cycle program on ExchangeRight's published track record.
ExchangeRight's Full-Cycle Returns report identifies Net-Leased Portfolio 2 as a net-leased offering dated 2012-09-01, with a program close of 2019-09-26 and an average annual return of 10.08%; the reviewed public source does not identify the underlying property or location.
How is it financed, and what does it pay?
The Trust was leveraged with non-recourse debt — borrowing the lender can pursue only against the properties, not against investors personally — fixed for a ten-year term and amortized on a 30-year schedule.2 Public materials do not name the lender.
Who's behind it?
ExchangeRight is a Pasadena, California sponsor of net-leased, 1031-exchangeable real estate programs; its 2012 Form D for this Trust named Joshua Ungerecht, Warren Thomas and David Fisher among its officers or managers, with Ungerecht signing as manager.1 On October 9, 2019 the sponsor announced that Net-Leased Portfolios 1 and 2 had been taken full cycle.3 A Form 10-K exhibit dated February 26, 2026 still lists this Trust as a Delaware subsidiary of ExchangeRight Income Fund, which does business as ExchangeRight Essential Income REIT.5
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Net Leased Portfolio 2 DST
- May convert to a REIT
- No
- 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 Trust's SEC record is the single exempt-offering notice sponsors file when selling privately; it reported that no sales had yet occurred at the filing date, and no amendment followed.1 The offering was made only to accredited investors — those meeting SEC income or net-worth tests — without general advertising.2
- 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
What happened to ExchangeRight Net Leased Portfolio 2 DST?
Top1031 lists ExchangeRight Net Leased Portfolio 2 DST as historical. It is no longer raising money.
Where does Top1031 get the data for ExchangeRight Net Leased Portfolio 2 DST?
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 this Trust?
No. It is closed to new investors. ExchangeRight announced on October 9, 2019 that Net-Leased Portfolios 1 and 2 had reached full cycle, meaning the program had run its course and investors had been taken through an exit.
What did the Trust own?
Seven single-tenant discount retail buildings in seven markets across six states — six leased to Family Dollar and one to Dollar General — which the Trust closed on August 31, 2012 and which were 100% leased at that time, according to the offering summary.
What outcome did the sponsor report?
ExchangeRight's October 9, 2019 release stated that Portfolios 1 and 2 had been taken full cycle with total returns ranging from 145% to 176%, including return of capital, across cash, 1031 and 721 exit paths. Its Full-Cycle Returns schedule lists Net-Leased Portfolio 2 with a completion date of September 26, 2019 and a 10.08% average annual return figure.
How does ExchangeRight calculate that average annual return?
ExchangeRight states that its average annual return for Net-Leased Portfolio offerings is the simple average of the cash-out/1031-exchange exit return and the return for investors who completed a 721 exchange into the acquiring REIT, based on that REIT's net asset value per share.
Was the Trust financed with debt?
Yes. The offering summary describes non-recourse financing fixed for ten years with 30-year amortization, alongside the equity raised from investors. The lender is not identified in the public materials reviewed.
Does the Trust still exist on paper?
An exhibit to a Form 10-K dated February 26, 2026 lists ExchangeRight Net Leased Portfolio 2 DST as a Delaware subsidiary of ExchangeRight Income Fund, which does business as ExchangeRight Essential Income REIT. The entity appears in that subsidiary list; the offering itself is closed.