Top1031

ExchangeRight Net Leased Portfolio 37 DST

in Alabama, GA · sponsored by ExchangeRight

HistoricalLast Form D, filed Jan 3, 2023, reports the offering fully sold (opens in a new tab)

ExchangeRight Net Leased Portfolio 37 DST, sponsored by ExchangeRight, filed its first Form D with the SEC on Jul 13, 2020 for a $18.7 million offering. Its last Form D, filed Jan 3, 2023, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Jan 3, 2023, reports the offering fully sold.

ExchangeRight has 11 active offerings on record →

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$18,730,000
Equity offered, per the Form D
Sold
100%
Form D, Jan 3, 2023; the % is our arithmetic
Investors reported
37
Form D, Jan 3, 2023
Selling commissions
$1,217,450 · 6.5% 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 37 DST. Top1031 is not a broker-dealer.

What did the Trust own?

The Trust holds 11 single-tenant properties spread across Alabama, Georgia, North Carolina, South Carolina and Tennessee. 1 The 2020 memorandum reports 126,214 square feet, all of it occupied at that time, with tenants including CVS, Walgreens, Dollar General, Dollar Tree, Tractor Supply and Fresenius Medical Care. 2 The Trust bought the buildings from unaffiliated third-party sellers between July 6 and July 10, 2020 for $33,897,284. 2

Reported location
Alabama, GA

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

ExchangeRight's memorandum says a $20,350,000 loan from Ameris Bank funded part of the July 2020 purchase, with the rest coming from investor equity. 2 The loan ran a seven-year fixed-rate term, interest only for the first two years, then principal and interest. 2

Debt

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

Costs and terms from the Form D

Selling commissions
$1,217,450 · 6.5% 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
13 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jul 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 offering was made under Rule 506(b), a private placement rule that bars general advertising. ExchangeRight announced on September 22, 2020 that the offering, capitalized at $39.08 million including debt, was fully subscribed. 1 A later amendment to the Form D, the short SEC notice for a private offering, reported the raise complete.

Legal Trust name
ExchangeRight Net Leased Portfolio 37 DST
SEC CIK
1817808
First Form D
Jul 13, 2020
Latest Form D
Jan 3, 2023
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$18,730,000
$18,730,000+$18,730,000
37
EDGAR
Form D$18,730,000
$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 37 DST?
ExchangeRight Net Leased Portfolio 37 DST is a Historical offering. The last Form D, filed Jan 3, 2023, reports the offering fully sold.
What does ExchangeRight Net Leased Portfolio 37 DST own?
It owns 11 single-tenant properties in Alabama, Georgia, North Carolina, South Carolina and Tennessee, as described in ExchangeRight's announcement of the offering. The 2020 offering documents report 126,214 square feet, fully occupied at that time.
Who are the tenants?
The 2020 portfolio schedule lists a CVS Pharmacy in Pleasant Grove, Alabama; Dollar General stores in Prattville, Alabama and Riverdale, Georgia; a Dollar Tree in West Columbia, South Carolina; Fresenius Medical Care locations in Columbia, South Carolina, Dallas and Winterville, North Carolina, and Nashville, Tennessee; a Tractor Supply in Decatur, Alabama; and Walgreens stores in Duluth and Marietta, Georgia. ExchangeRight reported a 12.1-year weighted-average lease term at the offering's launch.
When do the leases run out?
The 2020 schedule shows expirations spread from May 31, 2030 for the Dollar Tree in West Columbia, South Carolina to May 31, 2035 for the Dollar General in Prattville, Alabama. The CVS lease in Pleasant Grove, Alabama was scheduled to expire January 31, 2033, and the Tractor Supply in Decatur, Alabama on April 30, 2035.
How is the Trust financed?
The memorandum states the Trust borrowed $20,350,000 from Ameris Bank to help fund the July 2020 purchase. The loan carried a seven-year fixed-rate term, with interest-only payments for the first two years and principal and interest in years three through seven.
What did the properties cost, and how does that compare with the $39.08 million figure?
The memorandum states the Trust paid $33,897,284 for the properties between July 6 and July 10, 2020. The $39,080,000 figure is total capitalization including debt, and it also covers reserves, transaction expenses, offering costs and fees.
What exit did the sponsor describe?
The 2020 memorandum targeted a sale before loan maturity that would let owners do another Section 1031 exchange, or exchange into a REIT operating partnership under Section 721, which trades the real estate for partnership units. The memorandum expressly did not guarantee an exit transaction or its timing, and no outcome has been reported.

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.