ExchangeRight Net Leased Portfolio 35 DST
sponsored by ExchangeRight
ExchangeRight Net Leased Portfolio 35 DST, sponsored by ExchangeRight, filed its first Form D with the SEC on Jun 18, 2020 for a $11.3 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.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $11,315,000Equity offered, per the Form D
- Sold
- 100%Form D, Dec 23, 2022; the % is our arithmetic
- Investors reported
- Form D, Dec 23, 202246
- Selling commissions
- Form D Item 15; the % is our arithmetic$735,475 · 6.5% of offering
- 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 35 DST. Top1031 is not a broker-dealer.What did the Trust own?
The portfolio is four long-term net-leased properties: two stores leased to Tractor Supply and two to Walgreens, according to ExchangeRight's track record statistics dated August 31, 2026. 1 When the offering launched in 2020, the sponsor placed those properties across Illinois, Iowa, Missouri and South Dakota. 2 The trust itself was organized as a Delaware business trust in 2020. 3
How was it financed, and what did it cost to sell?
The properties were bought with borrowed money rather than all cash. ExchangeRight said Portfolio 35 launched in 2020 with ten-year fixed-rate financing, so the interest rate stays level through the loan term instead of floating with the market. 2
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $735,475 · 6.5% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 11 named in the Form D
Show the firms
- Capulent LLC · CRD 155155
- Concorde Investment Services, LLC · CRD 151604
- Emerson Equity LLC · CRD 130032
- Great Point Capital LLC · CRD 114203
- Investment Security Corporation · CRD 47536
- Kalos Capital, Inc. · CRD 44337
- Kingswood Capital Partners, LLC · CRD 288898
- Lighthouse Capital Group, LLC · CRD 169135
- McDermott Investment Services, LLC · CRD 154926
- Realized Financial, Inc. · CRD 22333
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jun 17, 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.
Who's behind the Trust?
ExchangeRight assembles portfolios of net-leased properties let to necessity retail and pharmacy tenants and offers them to 1031 exchange investors as Delaware statutory trusts. It identified Portfolio 35 as one of its sponsored offerings in September 2020. 2 Its track record statistics dated August 31, 2026 still list the portfolio's four net-leased properties. 1
- Sponsor
- Offerings on record
What does the SEC record show?
The trust raised money through a private placement, noticed to the SEC on a Form D rather than registered publicly, and sold under Rule 506(b), which bars general advertising and limits buyers to investors the sponsor already knew. One later amendment updated the original notice.
- Legal Trust name
- ExchangeRight Net Leased Portfolio 35 DST
- SEC CIK
- 1813523
- First Form D
- Jun 18, 2020
- Latest Form D
- Dec 23, 2022
- Filings on record
- 2
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $11,315,000 | $11,315,000+$11,315,000 | 46 | EDGAR | |
| Form D | $11,315,000 | $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 35 DST?
- ExchangeRight Net Leased Portfolio 35 DST is a Historical offering. The last Form D, filed Dec 23, 2022, reports the offering fully sold.
- What does ExchangeRight Net Leased Portfolio 35 DST own?
- It owns four long-term net-leased properties, two leased to Tractor Supply and two to Walgreens, according to ExchangeRight's track record statistics dated August 31, 2026. In its September 10, 2020 announcement, ExchangeRight described the properties as single-tenant buildings across Illinois, Iowa, Missouri and South Dakota.
- Who are the tenants?
- Tractor Supply and Walgreens, with two properties leased to each, per ExchangeRight's track record document. Both are national retail operators, and the leases are net leases, meaning the tenant rather than the landlord carries most or all of the property's taxes, insurance and upkeep.
- How long were the leases when the portfolio launched?
- ExchangeRight's September 10, 2020 announcement reported an 11.6-year weighted average lease term for Portfolio 35 at launch, with contractual rent increases written into the leases. That figure describes the leases as they stood in 2020, not their remaining terms today.
- Is the portfolio financed with debt?
- Yes. The trust used borrowed money alongside investor equity, and ExchangeRight's September 10, 2020 announcement described ten-year fixed-rate financing placed at launch. A fixed rate means the interest cost does not move with the market during the loan term.
- Who sponsors the Trust?
- ExchangeRight, a sponsor of net-leased Delaware statutory trust portfolios built around necessity retail and pharmacy tenants. ExchangeRight organized the trust in Delaware in 2020 and named Portfolio 35 among its sponsored offerings that September.
- What was the minimum investment?
- The Form D filed on June 18, 2020 stated a minimum investment of $100,000 for an outside investor. The offering was made under Rule 506(b), which limits it to accredited investors, broadly those meeting SEC income or net worth tests, and bars public advertising.
In the news
Sources
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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.