Net-Leased All-Cash 11 DST
Net lease retail in Texas, MD — sponsored by ExchangeRight
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
Net-Leased All-Cash 11 DST is a Delaware statutory trust — a vehicle that lets 1031 exchangers hold fractional interests in real estate — owning six single-tenant retail properties in Texas, Maryland, and Oklahoma.1 It carries no mortgage debt. ExchangeRight filed its SEC notice in November 2024 and announced on May 13, 2025 that the Trust was fully subscribed and closed to new investors.1
Minimum investment
$100k
Offering size
$40.8M
How much has sold
None sold yet
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
Who is the tenant, and what's the lease?
Tenants are Tractor Supply, Reasor's Grocery, Dollar General Market, and Sherwin-Williams.1 ExchangeRight reported an initial weighted-average lease term of 14.4 years across the six properties.1 Net leases push most operating costs — taxes, insurance, maintenance — onto the tenant rather than onto the Trust.
How did it end?
Still operating
Per ExchangeRight's May 13, 2025 investor-demand announcement and the March 2026 statement that all 126 offerings met or exceeded projections, the $40.8M Net-Leased All-Cash 11 DST (six net-leased retail properties across three U.S. regions) is still operating as a closed offering within its normal multi-year hold.
Debt-free (all-cash) net-leased retail DST. Tenants include Tractor Supply, Reasor's Grocery, Dollar General Market, and Sherwin-Williams across six properties in Texas, Maryland, and Oklahoma. Weighted average lease term ~14.4 years; current annualized distribution rate 5.20%. Exit options include 1031 exchange, tax-deferred cash-out financing, or 721 exchange into ExchangeRight's Essential Income REIT. Closed and fully subscribed.
6 properties, 149,575 rentable square feetSupporting evidence
Counted on ExchangeRight’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
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.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
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
- ExchangeRight
- May convert to a REIT
- Yes
- Offerings from this sponsor
- 23 active / 60 total offerings from ExchangeRight
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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 PPM (the private offering document carrying the full terms) never became a public document.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 11 DST
- 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.
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
What happened to Net-Leased All-Cash 11 DST?
Net-Leased All-Cash 11 DST is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Net-Leased All-Cash 11 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.
Can I still invest in Net-Leased All-Cash 11 DST?
No. ExchangeRight announced on May 13, 2025 that the Trust was fully subscribed, closed, and no longer accepting new investors.[1] It is a historical offering for research purposes; no later SEC filing reopens it.
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.[1] 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.[1]
What is the 721 exchange exit ExchangeRight mentions?
A 721 or UPREIT exchange contributes trust property to a REIT's operating partnership in return for OP units. ExchangeRight's platform points toward its Essential Income REIT. The trade defers tax at the time of contribution, but OP units are not real property, so the position can no longer be rolled forward through a future 1031 exchange.
Chapter 9Net-Leased All-Cash 11 DSTMarketplace listing for the offering, noting six net-lease retail properties located in three U.S. regions that are 100% leased (888) to credit tenants. Investor Demand for ExchangeRight's Resilient All-Cash DST Offerings ContinuesSponsor press release confirming full subscription of Net-Leased All-Cash 11 DST, describing the six net-leased properties (Tractor Supply, Reasor's Grocery, Dollar General Market, Sherwin-Williams) across Texas, Maryland, and Oklahoma with a 14.4-year weighted average lease term and 5.20% current distribution. ExchangeRight Fully Subscribes $40.8 Million Net-Leased All-Cash 11 DSTTrade-press report confirming full subscription of the $40.8 million Net-Leased All-Cash 11 DST, a 6-property, 149,575 sf net-lease retail portfolio spanning Texas, Maryland, and Oklahoma, with commentary from managing partner Warren Thomas.