Top1031

ExchangeRight Net Leased Portfolio 31 DST

sponsored by ExchangeRight

HistoricalLast Form D, filed Dec 19, 2022, reports the offering fully sold (opens in a new tab)

ExchangeRight Net Leased Portfolio 31 DST, sponsored by ExchangeRight, filed its first Form D with the SEC on Dec 9, 2019 for a $62.2 million offering. Its last Form D, filed Dec 19, 2022, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Dec 19, 2022, reports the offering fully sold.

ExchangeRight has 11 active offerings on record →

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$62,210,000
Equity offered, per the Form D
Sold
100%
Form D, Dec 19, 2022; the % is our arithmetic
Investors reported
75
Form D, Dec 19, 2022
Selling commissions
$4,403,650 · 7.0% 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 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: ExchangeRight Net Leased Portfolio 31 DST. Top1031 is not a broker-dealer.

What did the Trust own?

The Trust is a Delaware statutory trust organized in 2019, a structure that lets 1031 exchange investors own fractional interests in real estate. 2 The sponsor described the portfolio as 25 net-leased properties in 24 separate markets across 10 states, among them Georgia, Illinois, Florida and Texas. 1

How was it financed, and what did it cost to sell?

ExchangeRight reported that the offering closed with 10-year, interest-only, non-recourse financing, meaning the lender looks to the properties rather than to investors personally, and the principal is not paid down during the term. 1

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$4,403,650 · 7.0% 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
20 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Dec 17, 2019
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 offering was sold privately to accredited investors, people who meet SEC income or net worth tests, without public advertising. A later amendment to the Trust's Form D, the brief federal notice of a private offering, updated the issuer's reported figures. 3

Legal Trust name
ExchangeRight Net Leased Portfolio 31 DST
SEC CIK
1795755
First Form D
Dec 9, 2019
Latest Form D
Dec 19, 2022
Filings on record
2
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 soldInvestors
Form D/A$62,210,000
$62,210,000+$62,210,000
75
EDGAR
Form D$62,210,000
$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

What happened to ExchangeRight Net Leased Portfolio 31 DST?
ExchangeRight Net Leased Portfolio 31 DST is a Historical offering. The last Form D, filed Dec 19, 2022, reports the offering fully sold.
What does ExchangeRight Net Leased Portfolio 31 DST own?
It owns a portfolio the sponsor described as 25 net-leased properties spread across 24 markets in 10 states, including Georgia, Illinois, Florida and Texas. ExchangeRight published that description on March 26, 2020. Individual property addresses were not part of that disclosure.
Who are the tenants?
ExchangeRight's March 26, 2020 announcement named Hy-Vee, Giant Eagle, Dollar General and CVS among the portfolio's tenants. That is a mix of grocery stores, a discount retail chain and a pharmacy chain. The sponsor also reported a weighted-average lease term of 13.9 years at the offering's closing.
What does a net lease mean here?
A net lease shifts property costs to the tenant, who pays taxes, insurance and upkeep on top of rent. For an investor in the Trust, that means the landlord's expense load is lighter than in a typical multi-tenant building, and cash flow depends heavily on the tenants honoring their leases.
How is the Trust financed?
The Trust uses debt. ExchangeRight reported that the offering closed with 10-year, interest-only, non-recourse financing. Non-recourse means the lender's claim runs to the properties rather than to investors personally, and interest-only means the loan balance is not amortized down over the term.
Who is the sponsor?
ExchangeRight is the sponsor of the Trust, which is legally named ExchangeRight Net Leased Portfolio 31 DST. The firm assembles net-leased retail and grocery portfolios and offers them to 1031 exchange investors as Delaware statutory trust interests, numbering the portfolios in sequence.

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.