Top1031

ExchangeRight Net-Leased All-Cash 21 DST

6 net lease retail properties in 4 states · sponsored by ExchangeRight

Active offeringLatest Form D filed Jul 29, 2026 (opens in a new tab)

ExchangeRight Net-Leased All-Cash 21 DST is a DST sponsored by ExchangeRight that owns 6 net lease retail properties in 4 states. Its latest Form D, filed Jul 29, 2026, lists a $43.3 million offering with a $100,000 minimum.

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$43,390,000
Equity offered, per the Form D
Sold so far
None reported as of Jul 29, 2026
Form D, Jul 29, 2026
Selling commissions
$2,169,500 · 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
Jul 29, 2026 · 1 filing

No sales reported in a Form D amendment yet. Latest notice Jul 29, 2026.

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Ask a 1031 specialist about this recordFree. About: ExchangeRight Net-Leased All-Cash 21 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?

The six buildings sit at 40 Fortune Boulevard, Milford, Massachusetts; 5625 Southeast 15th Street, Midwest City, Oklahoma; 2401 Southeast 58th Avenue, Ocala, Florida; and 200 Middleburg Drive, Myrtle Beach, 410 North Main Street, Summerville, and 2475 Broad Street, Sumter, South Carolina. 1 The memorandum reports the trust acquired them for an aggregate $36,658,751, beginning July 17, 2026, and describes all six as fully occupied. 1

Reported location
Multi-state (4)
Property size
6 properties

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

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

The portfolio carries no mortgage; the sponsor describes the offering as debt-free. 1 No lender sits ahead of investors and there is no loan to refinance, and no borrowed money magnifying results either way. An exchanger replacing debt on a sold property will find none here.

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$2,169,500 · 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?

Formed in Delaware on January 5, 2026, the Trust is fractional co-ownership that can serve as 1031 replacement property, and its offering notice reached the SEC about six months later. 1 Interests are sold privately, without general advertising, at a $100,000 minimum from an outside investor.

Legal Trust name
ExchangeRight Net-Leased All-Cash 21 DST
SEC CIK
2145252
First Form D
Jul 29, 2026
Latest Form D
Jul 29, 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$43,390,000
$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 21 DST an active offering?
ExchangeRight Net-Leased All-Cash 21 DST is an Active offering: its latest Form D was filed Jul 29, 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 this Trust own?
It owns six single-tenant, net-leased properties in four states, according to the sponsor's offering documents. They are a Lowe's at 40 Fortune Boulevard in Milford, Massachusetts; a Hobby Lobby at 5625 Southeast 15th Street in Midwest City, Oklahoma; a Dollar Tree at 2401 Southeast 58th Avenue in Ocala, Florida; and three Novant Health locations at 200 Middleburg Drive in Myrtle Beach, 410 North Main Street in Summerville and 2475 Broad Street in Sumter, South Carolina. The memorandum describes all six as 100% occupied.
How does rent reach investors?
Rent passes through a master lease rather than coming straight from the store and clinic tenants. The sponsor's memorandum says the Trust leased the whole portfolio to ExchangeRight Net-Leased All-Cash 21 Master Lessee, LLC, a company it identifies as wholly owned by the sponsor, which pays rent to the Trust and subleases the buildings to the operating tenants. Baker 1031's offering page describes that master lease as a 20-year term expiring July 31, 2046, guaranteed by ExchangeRight Essential Income Operating Partnership. Investor cash flow therefore rests on tenant credit, the affiliated master lessee and that guarantor.
How long do the tenant leases run?
Baker 1031's offering page reports a 9.1-year weighted-average remaining tenant lease term for the portfolio, with individual tenant lease expirations ranging from January 2035 to October 2036. Renewal options, rent escalations and the lease terms for each of the six buildings are set out in the sponsor's offering documents rather than in any public filing.
What does an all-cash DST mean here?
It means the six properties were bought without mortgage debt; the sponsor describes the offering as debt-free. There is no lender ahead of investors, no loan maturity to refinance and no foreclosure exposure, and also no borrowed money working in either direction, so a rent shortfall lands directly on investor cash flow. For a 1031 exchanger whose sold property carried a mortgage, a debt-free trust supplies no replacement debt to match, which can leave taxable boot unless the exchange is structured another way.
Was one of these properties reported sold in the local press?
Yes. The Worcester Business Journal reported on August 4, 2026 that the Lowe's site at 40 Fortune Boulevard in Milford, Massachusetts sold for $18.5 million to a California investment firm, naming ExchangeRight Real Estate as the buyer rather than this Trust. The address matches one of the six properties the sponsor's memorandum identifies, and the memorandum reports portfolio acquisitions totaling $36,658,751 beginning July 17, 2026.
Can this Trust convert into a REIT?
The record shows no 721/UPREIT feature, the structure in which a DST's property is later contributed to a real estate investment trust's operating partnership in exchange for units, after which a further 1031 exchange is no longer available. How a future sale of the portfolio would be handled is described in the exit and disposition sections of the sponsor's offering documents.

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.