As reported by the sponsor · ExchangeRight Real Estate ↗
Net-Leased All-Cash 11 DST
Net lease retail property in Texas, MD · sponsored by ExchangeRight
Net-Leased All-Cash 11 DST was a DST sponsored by ExchangeRight that owned a net lease retail property in Texas, MD. Its last Form D was filed Nov 27, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Nov 27, 2024.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $40,800,000Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Nov 27, 2024)Form D, Nov 27, 2024
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,040,000 · 5.0% of offering
- 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 →
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: Net-Leased All-Cash 11 DST. Top1031 is not a broker-dealer.Net-Leased All-Cash 11 DST · Photo: cdn-static.exchangeright.com
What did Net-Leased All-Cash 11 DST own?
ExchangeRight assembled six long-term net-leased retail buildings in Texas, Maryland, and Oklahoma for this Trust. 1 A marketplace listing describes the portfolio as fully leased, though no primary record among the sources reviewed confirms that. 2 Individual addresses, purchase prices, and acquisition dates appear in none of the reviewed sources; the SEC notice filing carries no property detail.
- Reported location
- Texas, MD
- Property size
- 6 properties, 149,575 rentable square feet
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
Owning outright means no mortgage lender, no loan maturity date, no refinancing to negotiate, and no borrowed money magnifying results in either direction. For an exchanger whose relinquished property carried little or no debt, there is no replacement debt to match here.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
- May convert to a REIT (721)
- Yes
Costs and terms from the Form D
- Selling commissions
- $2,040,000 · 5.0% 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
- 1 named in the Form D
Show the firms
- Lighthouse Capital Group, LLC · CRD 169135
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.
Who's behind Net-Leased All-Cash 11 DST?
ExchangeRight Real Estate, LLC has sponsored dozens of net-leased DST portfolios and operates the Essential Income REIT, the vehicle behind its 721 exchange option — contributing trust property to a REIT's operating partnership in return for units, which defers tax but ends future 1031 eligibility. Managing partner Warren Thomas spoke to trade press about the closing on May 12, 2025. 3
- Sponsor
- Offerings on record
What does the SEC record show?
The public file is thin: a single notice of an exempt offering, lodged at launch, with no amendments since. Interests were sold privately to accredited investors — people meeting SEC income or net-worth tests — under an exemption that bars public advertising, so the offering documents never became public documents.
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 11 DST
- SEC CIK
- 2046509
- First Form D
- Nov 27, 2024
- Latest Form D
- Nov 27, 2024
- Filings on record
- 1
- 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 | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $40,800,000 | $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
- What happened to Net-Leased All-Cash 11 DST?
- Net-Leased All-Cash 11 DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Nov 27, 2024.
- Does Net-Leased All-Cash 11 DST have a 721 UPREIT exit?
- The record lists a possible 721 exit for Net-Leased All-Cash 11 DST. The offering documents set whether and when it could happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- What does an all-cash DST actually mean for me?
- The Trust holds its properties without mortgage debt. There is no lender, no loan maturity, and no refinancing risk, and there is also no leverage magnifying outcomes. Exchangers whose relinquished property carried no debt have no replacement debt requirement to satisfy in a structure like this.
- Who are the tenants and where are the properties?
- ExchangeRight reported six long-term net-leased properties spread across Texas, Maryland, and Oklahoma, leased to Tractor Supply, Reasor's Grocery, Dollar General Market, and Sherwin-Williams, with an initial weighted-average lease term of 14.4 years. Individual street addresses were not disclosed in any source reviewed.
- Why does the SEC record not reflect a completed raise?
- ExchangeRight filed its Form D — the brief notice an issuer files for a private offering — on November 27, 2024, at launch, and never amended it. Form D figures are a snapshot as of the filing date, not a running tally. The sponsor separately announced full subscription on May 13, 2025.
In the news
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.