ExchangeRight Net-Leased All-Cash 21 DST
Net lease retail in Milford; Midwest City; Myrtle Beach; Summerville; Sumter; Ocala, MA; OK; SC; FL — sponsored by ExchangeRight
Files with the SEC as ExchangeRight Net-Leased All-Cash 21 DST
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ExchangeRight Net-Leased All-Cash 21 DST is a Delaware statutory trust — fractional, passive co-ownership of real estate that can serve as 1031 exchange replacement property — reported to hold six net-leased retail and medical buildings occupied by Lowe's, Hobby Lobby, Novant Health and Dollar Tree. It is raising equity from accredited investors under Rule 506(b) and owns without mortgage debt.1
Six-property portfolio: Lowe's (Milford, MA); Hobby Lobby (Midwest City, OK); Novant Health (Myrtle Beach, Summerville, and Sumter, SC); Dollar Tree (Ocala, FL) · Active DST in ExchangeRight's Net-Leased All-Cash series (predecessors #15 closed Oct 2025; #16 closed Mar 2026). No public property-level address or asset detail located for #21 in news coverage; the specific portfolio was not publicly disclosed in indexed coverage.
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These links support the public record as a whole; individual details may come from different sources.
What exactly is the property?
The Form D discloses nothing about the real estate itself — no street address, building size, or purchase price.1 Tenant-and-city pairings come from Top1031's listing data rather than any sponsor release, and no dated acquisition record for the portfolio was located. The Worcester Business Journal reported on August 4, 2026 that an ExchangeRight-managed entity bought the Lowe's site at 40 Fortune Blvd. in Milford, Massachusetts, for $18.5 million, without tying that purchase to this Trust.2
- Reported location
- Milford; Midwest City; Myrtle Beach; Summerville; Sumter; Ocala, MA; OK; SC; FL
- Property size
- 6 properties
Who is the tenant, and what's the lease?
The reported occupants are Lowe's, Hobby Lobby, three Novant Health locations and a Dollar Tree. Net leases generally push property taxes, insurance and maintenance onto the tenant — but no lease term, expiration date, rent, or guarantor for these buildings appears in the public filing.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
ExchangeRight's All-Cash series buys without mortgage debt, so no lender sits ahead of investors, there is no loan maturity to refinance and no foreclosure exposure. Nothing is borrowed to magnify results either, so any rent shortfall lands directly on investor cash flow.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
ExchangeRight sponsors net-leased DSTs from Pasadena, California, and organized this business trust in Delaware in 2026.1 It runs an established 1031 exchange platform with a broad shelf of offerings. Two predecessors in the same All-Cash series reached full subscription — #15 announced November 1, 2025, and #16 on March 1, 2026. AltsWire reported on August 5, 2026 that ExchangeRight had raised approximately $385.6 million, about a 7% share of DST sales.
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 21 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 24 active / 59 total offerings from ExchangeRight
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
Rule 506(b) means interests may be sold only privately, to accredited investors — those meeting SEC income or net-worth tests — reached through existing relationships, with no public advertising or general solicitation.1 One filing stands alone on the record; no amendment or later entity-specific event was located as of August 10, 2026.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
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.
What should I verify in the PPM?
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 Private Placement Memorandum before investing.
Common questions
Is ExchangeRight Net-Leased All-Cash 21 DST still raising money?
Top1031 lists ExchangeRight Net-Leased All-Cash 21 DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for ExchangeRight Net-Leased All-Cash 21 DST?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Is this Trust still raising money?
Yes. Its Form D was filed July 29, 2026 and remains the only filing on the SEC record as of August 10, 2026, with no amendment or termination notice located. Current subscription figures appear in the sales rows on this page.
Who are the tenants?
Top1031's listing data reports six tenant-city pairings: Lowe's in Milford, Massachusetts; Hobby Lobby in Midwest City, Oklahoma; Novant Health in Myrtle Beach, Summerville and Sumter, South Carolina; and Dollar Tree in Ocala, Florida. No street addresses, square footage, or lease terms have been published for them.
What does "all-cash" mean here?
The Trust owns its properties without mortgage debt. There is no lender, no loan maturity, and no refinancing or foreclosure risk — and no borrowed money amplifying either gains or losses. Rent interruptions flow straight through to investor cash flow rather than tripping loan covenants.
Why is there so little property detail in public records?
A Form D reports the offering, not the real estate: it requires no addresses, square footage, rent roll, or purchase prices. Those facts live in the Private Placement Memorandum, the confidential offering document ExchangeRight provides to prospective investors.
Can I invest if I'm not an accredited investor?
No. The Trust filed under Rule 506(b), which limits sales to accredited investors — broadly, those meeting SEC income or net-worth thresholds — reached through existing relationships rather than public advertising. The Form D also reports a $100,000 minimum investment.
Does this Trust convert into a REIT?
The record shows no 721/UPREIT exit — the swap of DST interests for operating-partnership units in a REIT — for this Trust. Any exit path, including whether an affiliate REIT may acquire the portfolio, is a term to confirm in the PPM.