Net-Leased High LTV 2 DST
Net lease property — sponsored by ExchangeRight
Files with the SEC as ExchangeRight Net-Leased High LTV 2 DST
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ExchangeRight Net-Leased High LTV 2 DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — sponsored by ExchangeRight of Pasadena, California.1 It raised leveraged equity from accredited investors under Rule 506(b), the private-placement rule that bars general advertising, and is now Historical: closed to new investors. Its Form D filings name no properties or tenants.
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These links support the historical public record; individual details may come from different 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's "High LTV" line pairs net-leased portfolios with higher loan-to-value debt to help 1031 exchangers match the mortgage debt they gave up on the property they sold. Neither of this Trust's two Form D filings nor any located sponsor material identifies the buildings behind it — no addresses, no square footage, no acquisition date. Until a filing or the sponsor discloses them, this chapter stays empty.
Who is the tenant, and what's the lease?
No tenant is named anywhere in the public record for this Trust. The offering sits in ExchangeRight's net-lease program, where tenants typically carry most operating costs directly, but the specific leases, rents, and expiration dates here have not been disclosed in any located filing.
How did it end?
No sale or other ending on record
ExchangeRight Net-Leased High LTV 2 DST (CIK 1953493) remains Active per JRW Investments listing showing Conditional status with 0.51% current annual cash flow and an investment date of November 18, 2022; it is absent from ExchangeRight's official Full-Cycle Returns PDF (which lists only 34 full-cycle offerings, most recent being NLP 28 closed Nov 19, 2024) [jrw.com, exchangeright.com full-cycle-returns.pdf].
Listed on JRW Investments as 'Net-Leased High LTV 2 DST Conditional' with 0.51% cash flow and filing date November 18, 2022. Part of ExchangeRight's 'High LTV' product line of net-leased portfolios with higher loan-to-values to facilitate 1031 exchanges. No specific property details, tenant information, portfolio composition, or press release were found for this specific offering. No fully-subscribed announcement was found.
How is it financed, and what does it pay?
The Trust is leveraged: it carries mortgage debt alongside investor equity, which is what allows an exchanger to replace debt as well as equity. The "High LTV" label marks it as a line built around debt at a higher share of value than ExchangeRight's standard offerings. No lender or loan terms appear in the filings.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
ExchangeRight is a Pasadena, California sponsor whose 1031 platform is built on net-leased real estate.1 Its Form D/A names Joshua Ungerecht, David Fisher, and Warren Thomas as executive officers of this Trust.2 By offering count it is among the more prolific DST sponsors on record, and the High LTV series is a distinct product line aimed at exchangers who need to replace more debt.
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Net-Leased High LTV 2 DST
- May convert to a REIT
- No
- 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?
Two filings tell the story: an initial Form D noticing a Rule 506(b) offering — sold privately to accredited investors, with no general advertising — and a single amendment. That amendment dated the first sale December 5, 2023, more than a year after the initial notice, and stated the offering was not intended to last more than one year.2
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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 High LTV 2 DST?
Top1031 lists Net-Leased High LTV 2 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Net-Leased High LTV 2 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.
What properties does this Trust actually own?
The public record does not say. Form D filings disclose securities terms, not real estate, and neither the November 18, 2022 notice nor the January 29, 2024 amendment names a property, address, or tenant. No sponsor press release or portfolio page for this specific Trust was located in research run on August 27, 2026. The Trust is categorized as net lease based on its name and ExchangeRight's product line.
Can I still invest in this Trust?
No. This Trust is Historical — closed to new investors. The most recent Form D amendment on record was filed January 29, 2024, and no later filing reopening or extending the offering appears on EDGAR. ExchangeRight sponsors other offerings, and the sponsor page on this site lists which of them are currently raising.
What does "High LTV" mean in the name?
LTV is loan-to-value — the share of a property's value funded by mortgage debt. ExchangeRight's High LTV series uses higher leverage than its standard net-lease programs, which matters in a 1031 exchange because an exchanger generally has to replace the debt that was paid off on the property they sold, not just the equity. Higher leverage also raises risk if property income falls.
What is Rule 506(b), and how does it affect who can buy in?
Rule 506(b) is the private-placement exemption that lets an issuer raise unlimited capital without registering with the SEC, provided it does not generally advertise and sells substantially only to accredited investors — people meeting SEC income or net-worth thresholds. In practice, 506(b) offerings reach investors through pre-existing relationships with the sponsor or a broker-dealer rather than public marketing.
Has the Trust sold its property or gone full cycle?
No outcome has been reported. Research conducted August 27, 2026 located no sponsor announcement, sale, refinancing, or full-cycle result for this specific Trust, and no SEC filing after the January 29, 2024 amendment. Similarly named ExchangeRight trusts were excluded from that search, so results reported for those offerings do not describe this one.
Does this Trust have a 721/UPREIT exit?
The record shows no 721 exchange feature. A 721 or UPREIT exit is a structure where investors contribute their interests to a REIT's operating partnership at the end of the hold, converting into REIT units instead of taking cash. Nothing in this Trust's filings or enrichment data indicates that option here.