Top1031

ExchangeRight Net-Leased All-Cash 20 DST

9 net-leased retail properties in 3 states · sponsored by ExchangeRight

Active offeringLatest Form D filed May 11, 2026 (opens in a new tab)

ExchangeRight Net-Leased All-Cash 20 DST is a DST sponsored by ExchangeRight that owns 9 net-leased retail properties in 3 states. Its latest Form D, filed May 11, 2026, lists a $17.8 million offering with a $100,000 minimum.

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$17,800,000
Equity offered, per the Form D
Sold so far
None reported as of May 11, 2026
Form D, May 11, 2026
Selling commissions
$890,000 · 5.0% of offering
Form D Item 15; the % is our arithmetic
Financing
All cash. This offering reports no mortgage debt.
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 →

Sales so far

Latest Form D
May 11, 2026 · 1 filing

No sales reported in a Form D amendment yet. Latest notice May 11, 2026.

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Ask a 1031 specialist about this recordFree. About: ExchangeRight Net-Leased All-Cash 20 DST. Top1031 is not a broker-dealer.

No photo on record. Multiple property locations are on record; no single map.

What does the Trust own?

ExchangeRight bought all six buildings from unaffiliated sellers between April 30 and May 8, 2026, for an aggregate $15,016,390. 1 Beyond the Burleson store, the Trust holds properties in El Paso, Belton and Converse, Texas; Sumter, South Carolina; and Pelham, Alabama. 1 The sponsor's memorandum describes each building as single-tenant and 100% occupied, with the Trust owning 100% of all six. 1

Property address
2629 East Renfro Street, Burleson, Texas, Sumter, SC

Tenant and lease terms are not in the SEC filings or cited sources.

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

Investor equity funds the entire purchase. The sponsor describes the offering as debt-free, with no mortgage on the six properties and no lender named in the memorandum. 1 For an exchanger whose sold property carried a mortgage, that means the Trust supplies no replacement debt.

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$890,000 · 5.0% 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
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
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?

A Form D is the SEC notice that an exempt private offering has begun, not a running scoreboard on the raise. Rule 506(b) also bars general advertising, so interests reach investors through a broker-dealer or registered representative rather than a public listing.

Legal Trust name
ExchangeRight Net-Leased All-Cash 20 DST
SEC CIK
2134042
First Form D
May 11, 2026
Latest Form D
May 11, 2026
Filings on record
1
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 sold
Form D$17,800,000
$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

Is ExchangeRight Net-Leased All-Cash 20 DST an active offering?
ExchangeRight Net-Leased All-Cash 20 DST is an Active offering: its latest Form D was filed May 11, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
What does the Trust own?
Six single-tenant retail buildings in three states. The sponsor's offering documents list 2629 East Renfro Street, Burleson, Texas; 811 Bethel Church Road, Sumter, South Carolina; 3651 George Dieter Drive, El Paso, Texas; 1000 East 6th Avenue, Belton, Texas; 2176 Highway 52 East, Pelham, Alabama; and 8318 FM 78, Converse, Texas. The same memorandum states the Trust owns 100% of all six and describes each as net-leased and 100% occupied.
Who are the tenants, and what kind of lease is in place?
The sponsor's memorandum reports the buildings operate as two Dollar General stores and one each of Dollar Tree, NAPA Auto Parts, O'Reilly Auto Parts and Tractor Supply, without assigning each brand to a specific address. It gives a 9.9-year weighted-average lease term across the portfolio. The Trust itself leases the whole portfolio to ExchangeRight Net-Leased All-Cash 20 Master Lessee, LLC, a sponsor-owned entity that subleases to the operating tenants and, under a triple-net master lease, bears operating expenses, taxes, insurance and nonstructural capital improvements. The memorandum states year-one annual base rent under that master lease of $970,217 and names ExchangeRight Income Fund Operating Partnership, LP as guarantor.
What does all-cash or debt-free mean for this Trust?
There is no mortgage on the six properties. Investor equity funds the entire purchase, and the sponsor's memorandum describes the offering as debt-free, so there is no lender, no loan maturity and no refinancing event at the trust level. It also means the Trust carries no debt an exchanger could use to replace a mortgage on a relinquished property, which is a tax question specific to each investor's exchange.
What did the Trust pay for the properties, and when?
The sponsor's memorandum gives an aggregate purchase price of $15,016,390 for the six properties, acquired from unaffiliated sellers from April 30 through May 8, 2026. The Form D notice for the offering followed on May 11, 2026, so the buildings were already owned by the Trust when the offering was reported to the SEC.
How much does it take to invest, and who can?
The Form D filed May 11, 2026 reports a $100,000 minimum investment accepted from an outside investor. Interests are offered under Rule 506(b) of Regulation D, which limits participation to accredited investors, individuals meeting SEC income or net-worth tests, and bars general advertising or public solicitation. The offering documents govern the actual subscription terms, including any manager discretion to waive or lower the minimum.
Is there a 721 or UPREIT exit?
This Trust is structured without a REIT conversion feature. In a 721 or UPREIT exit, trust property is contributed to a REIT's operating partnership in exchange for units, a step that ends the ability to 1031 exchange out of the position. Neither the sponsor's memorandum nor the May 11, 2026 Form D describes such a conversion for this offering.

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.