Top1031

Net-Leased All-Cash 18 DST diversified portfolio

5 net-leased retail properties in 5 states · sponsored by ExchangeRight

Sold outReported fully subscribed · latest Form D Nov 3, 2025 (opens in a new tab)

Net-Leased All-Cash 18 DST diversified portfolio is a DST sponsored by ExchangeRight that owns 5 net-leased retail properties in 5 states. Its latest Form D, filed Nov 3, 2025, lists a $52.7 million offering with a $100,000 minimum.

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$52,785,000
Equity offered, per the Form D
Sold so far
Not reported after the first Form D (Nov 3, 2025)
Form D, Nov 3, 2025
Selling commissions
$2,639,250 · 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 →

Can I still invest?

No new interests: the offering is reported fully subscribed.

Other ExchangeRight offerings on record

Availability changes without a filing. The sponsor or a registered representative can confirm what is open.

Looking for an offering like this one? A licensed 1031 specialist from our affiliated partner can talk through what is on record.

Ask a 1031 specialist about this recordFree. About: Net-Leased All-Cash 18 DST diversified portfolio. Top1031 is not a broker-dealer.

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

What does the Trust own?

Three buildings operate as BioLife Plasma Services centers, at 1301 East Osceola Parkway in Kissimmee, Florida; 906 Seton Parkway in Kyle, Texas; and 6105 Airport Boulevard in Mobile, Alabama. 1 The others are Tractor Supply stores in Caledonia and Stockbridge, Michigan, and Rome, Georgia. 1 ExchangeRight's memorandum reported buying all of them from unaffiliated sellers between October 29 and October 31, 2025, for $44,551,946, with every building occupied. 1

Reported location
Multi-state (5)
Property size
6 properties; 110,430 square feet

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

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

There is no mortgage on the portfolio, so there is no lender and no loan maturity. 2 The sponsor funded the purchases with its own and affiliate equity arrangements, repaid as interests sold. 1 For an exchanger, no debt passes through to replace a mortgage retired on the relinquished property.

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$2,639,250 · 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?

The offering was noticed to the SEC with a Form D, the short notice a sponsor files for a private offering exempt from registration. Interests were sold privately, without general advertising, to accredited investors meeting SEC income or net-worth tests.

Legal Trust name
ExchangeRight Net-Leased All-Cash 18 DST
SEC CIK
2093125
First Form D
Nov 3, 2025
Latest Form D
Nov 3, 2025
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$52,785,000
$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

Can I still invest in Net-Leased All-Cash 18 DST diversified portfolio?
No new interests: Net-Leased All-Cash 18 DST diversified portfolio is reported fully subscribed. Top1031 lists it as recently fully subscribed and does not count it as an active offering.
What does the Trust own?
It owns six single-tenant net-leased buildings in five states. ExchangeRight's offering documents list three BioLife Plasma Services locations at 1301 East Osceola Parkway, Kissimmee, Florida; 906 Seton Parkway, Kyle, Texas; and 6105 Airport Boulevard, Mobile, Alabama, plus three Tractor Supply stores at 10300 Cherry Valley Avenue SE, Caledonia, Michigan; 4569 SM 52, Stockbridge, Michigan (street designation as printed in the memorandum); and 2850 Shorter Avenue NW, Rome, Georgia. The memorandum reported all of the square footage occupied as of its date, and said the trust owns 100% of the portfolio.
Who pays the rent, and when do the leases expire?
BioLife Plasma Services, L.P. and two Tractor Supply entities are the tenants under net leases, meaning the tenant pays property taxes, insurance and maintenance. The memorandum lists tenant-lease expirations of December 31, 2033 in Kyle, September 30, 2034 in Kissimmee, February 28, 2035 in Mobile, October 31, 2040 at both Michigan stores and April 30, 2045 in Rome, and reports an initial weighted-average remaining lease term of 12.0 years.
How does the master lease work?
The trust leases the whole portfolio to ExchangeRight Net-Leased All-Cash 18 Master Lessee, LLC, a sponsor-owned entity, under a 20-year master lease dated October 31, 2025, and that master lessee deals with the property tenants. ExchangeRight's memorandum identifies ExchangeRight Income Fund Operating Partnership, LP, a sponsor affiliate rather than the trust itself, in the attached guaranty provision. Investor distributions therefore depend on the master lessee and its guarantor as well as on the tenants.
What does a debt-free, all-cash DST mean for an exchange?
It means the trust holds the properties without a mortgage, so there is no lender, no loan covenants and no refinancing at the trust level. It also means no mortgage debt passes through to the investor. An exchanger who retired debt on a relinquished property generally replaces that value with additional cash or other replacement property to avoid boot, the taxable portion of an exchange, and the tax treatment depends on the individual's own facts.
How might the Trust eventually exit?
ExchangeRight's June 18, 2026 announcement described four possible paths: cash-out financing, a later 1031 exchange, a 721 exchange into the Essential Income REIT, in which DST interests are converted into operating-partnership units of a REIT, or cash at a sale. The same announcement states that these exit objectives are not guaranteed. No completed refinancing or sale has been reported for this portfolio.
What did ExchangeRight pay for the properties?
ExchangeRight's offering documents reported an aggregate property purchase price of $44,551,946 for the six buildings, acquired from unaffiliated third parties between October 29 and October 31, 2025. The memorandum's sources-of-funds schedule consists entirely of owner equity, with no mortgage financing in the trust's stated capitalization. The purchase price is the cost of the real estate and is separate from the trust's total offering amount, which also covers reserves and offering costs.

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.