Top1031

ExchangeRight Net Leased Portfolio 32 DST

sponsored by ExchangeRight

HistoricalLast Form D, filed Dec 23, 2022, reports the offering fully sold (opens in a new tab)

ExchangeRight Net Leased Portfolio 32 DST, sponsored by ExchangeRight, filed its first Form D with the SEC on Feb 14, 2020 for a $55.5 million offering. Its last Form D, filed Dec 23, 2022, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Dec 23, 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
$55,570,000
Equity offered, per the Form D
Sold
100%
Form D, Dec 23, 2022; the % is our arithmetic
Investors reported
100
Form D, Dec 23, 2022
Selling commissions
$3,334,200 · 6.0% 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 32 DST. Top1031 is not a broker-dealer.

What did the Trust own?

Portfolio 32 is a 27-property net-leased portfolio across 26 markets in 12 states, among them Arizona, Florida, Georgia, Michigan and Texas. 1 An offering listing from Real Estate Transition Solutions gives 430,757 rentable square feet and describes the properties as 100% leased. 2

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

ExchangeRight reported that Portfolio 32 closed with ten-year, interest-only, non-recourse financing, so only interest is paid during the term and the lender looks to the property rather than to investors personally. 1 The sponsor's $119 million figure is total capitalization including debt; the Form D records $55.57 million of equity.

Debt

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

Costs and terms from the Form D

Selling commissions
$3,334,200 · 6.0% 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
Feb 14, 2020
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 first Form D, the short notice an issuer files with the SEC for a private offering, was followed by two amendments. Shares were sold to accredited investors, those meeting SEC income or net-worth tests, without general advertising. ExchangeRight announced full subscription on April 28, 2020. 1

Legal Trust name
ExchangeRight Net Leased Portfolio 32 DST
SEC CIK
1803563
First Form D
Feb 14, 2020
Latest Form D
Dec 23, 2022
Filings on record
3
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$55,570,000
$55,570,000+$55,570,000
100
EDGAR
Form D/A$55,570,000
$0
EDGAR
Form D$55,570,000
$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 32 DST?
ExchangeRight Net Leased Portfolio 32 DST is a Historical offering. The last Form D, filed Dec 23, 2022, reports the offering fully sold.
What does ExchangeRight Net Leased Portfolio 32 DST own?
It owns 27 net-leased properties spread across 26 markets in 12 states, among them Arizona, Florida, Georgia, Michigan and Texas, according to ExchangeRight's April 28, 2020 announcement. The Real Estate Transition Solutions offering listing gives the portfolio 430,757 rentable square feet and describes the properties as 100% leased.
Who are the tenants?
ExchangeRight named CVS, Walgreens, Dollar General and BioLife Plasma Services among the portfolio's tenants in its April 28, 2020 announcement, and the Real Estate Transition Solutions listing counts eight tenants in all. The buildings are net leased, so tenants carry property costs such as taxes, insurance and upkeep. ExchangeRight reported a weighted-average lease term of 12 years as of April 28, 2020.
How is the Trust financed?
It carries mortgage debt alongside investor equity. ExchangeRight reported that Portfolio 32 closed with ten-year, interest-only, non-recourse financing, meaning only interest is paid during the loan term and the lender's claim runs to the property rather than to investors personally.
Who sponsors the Trust, and when was it formed?
ExchangeRight is the sponsor, named as such on the Real Estate Transition Solutions offering listing. The Trust reported in its SEC filing that it was organized in Delaware in 2019, and the minimum investment recorded in the Form D is $100,000.

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.