Net-Leased Portfolio 56 DST
Net lease property in 19 states throughout the United States — sponsored by ExchangeRight
Files with the SEC as ExchangeRight Net-Leased Portfolio 56 DST
Minimum investment
$100k
Offering size
$72.8M
How much has sold
100.0%
Asset type
Net lease property
Location
19 states throughout the United States
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ExchangeRight Net-Leased Portfolio 56 DST is a Delaware statutory trust — a structure letting 1031 exchangers hold fractional interests in real estate — holding 33 net-leased retail properties spread across 19 states.3 It is closed to new investors: ExchangeRight announced on November 3, 2022 that the $132.30 million portfolio offering was fully subscribed.3 The properties total 640,385 square feet.3
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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 assembled this as a diversified portfolio of single-tenant retail and pharmacy buildings rather than a single asset, and reported the properties 100 percent occupied and operating when the offering filled.3 Public sources reviewed as of August 24, 2026 do not disclose street addresses, acquisition dates, per-property purchase prices, or a one-to-one property-and-tenant schedule.
- Reported location
- 19 states throughout the United States
- Property size
- 33 properties; 640,385 square feet
Who is the tenant, and what's the lease?
Blue Vault reported 13 distinct tenants across the portfolio, among them nine CVS Pharmacy locations plus Woods Supermarket, Family Dollar and Scheels All Sports.2 Net leases generally push property taxes, insurance and maintenance onto the tenant, leaving the landlord a rent stream and less day-to-day operating exposure.
How did it end?
No ending on record
ExchangeRight's November 3, 2022 announcement documents only the $132.30 million subscription; its full-cycle schedule lists completed portfolios only through 23 and 28, and Top1031 reports no public full-cycle, sale, 721/UPREIT, partial-sale, or foreclosure announcement for Portfolio 56, so no dated affirmative post-raise operation evidence supports anything beyond unknown.
ExchangeRight's announcement describes a fully subscribed $132.30 million offering with 33 net-leased properties totaling 640,385 square feet; Blue Vault describes diversification across 19 states and 13 distinct tenants. No exact individual property address or exact-property image was publicly verified.
33 properties; 640,385 square feetSupporting evidence
How is it financed, and what does it pay?
ExchangeRight reported that the portfolio launched with non-recourse, fixed-rate, interest-only financing on a ten-year term — non-recourse meaning the lender's remedy in a default runs to the real estate, not to investors personally.3 The lender's identity was not disclosed in the sources reviewed.
Who's behind it?
ExchangeRight is a Pasadena, California sponsor that builds diversified net-leased portfolios sold as DST interests to 1031 exchange investors; the SEC record lists the Trust's business address as 1055 E. Colorado Blvd., Suite 310, Pasadena.1 It is one of the more prolific repeat filers in the net-lease DST market, running numbered portfolio programs in sequence. ExchangeRight announced this portfolio's full subscription on November 3, 2022, coverage picked up the same week by PR Newswire and AltsWire.3
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Net-Leased Portfolio 56 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?
The Trust filed an original Form D — the short SEC notice used for an exempt private placement — at launch, then a single amendment years later that recorded the offering as entirely sold with no amount remaining.1 It was sold privately, without general advertising, to accredited investors reached through the sponsor's existing broker relationships.
- 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 Portfolio 56 DST?
Top1031 lists Net-Leased Portfolio 56 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Net-Leased Portfolio 56 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 this Trust?
No. ExchangeRight announced on November 3, 2022 that the portfolio was fully subscribed, and the amended Form D filed December 9, 2024 reports nothing remaining to be sold. The Trust is closed to new investors; any interest would have to come from a secondary transaction, which DST programs generally restrict.
Who are the tenants?
Blue Vault reported on November 22, 2022 that the 33 properties were leased to 13 distinct tenants, including nine CVS Pharmacy locations, Woods Supermarket, Family Dollar and Scheels All Sports. ExchangeRight's own announcement stated the nine CVS locations contributed 28 percent of net operating income. A full property-by-property tenant schedule is not public.
How was the portfolio financed?
ExchangeRight stated in its November 3, 2022 announcement that the offering launched at 44.95 percent loan-to-value with non-recourse, interest-only financing fixed at 5.368 percent over a ten-year term. The lender was not named in public sources reviewed as of August 24, 2026.
Why does the sponsor's $132.30 million figure differ from the SEC filing amount?
They come from different documents measuring different things. ExchangeRight's announcement describes the total portfolio offering at $132.30 million, while the Form D reports the securities amount registered under that exemption. Public records reviewed do not reconcile the two, so Top1031 shows the SEC figure in the sales section and reports the sponsor figure separately.
Has the portfolio been sold, refinanced, or rolled into a REIT?
No such event is reported. The Trust's SEC record shows it will not convert to a REIT, and research through August 24, 2026 found no public report of a sale, refinancing, 721/UPREIT conversion — where DST interests are exchanged for operating-partnership units in a REIT — or a distress event. No outcome has been reported yet.
Chapter 9Who are the major net lease tenants for ExchangeRight’s Net Lease Portfolio 56 DST program that recently raised $132 million?Blue Vault reported that the 33 net-leased properties span 19 states and 13 distinct tenants, including Woods Supermarket, Family Dollar, Scheels All Sports and nine CVS locations. ExchangeRight Fully Subscribes 33-Property, $132 Million Net-Leased PortfolioExchangeRight announced full subscription of the $132.30 million Net-Leased Portfolio 56 DST, a 33-property, 640,385-square-foot net-leased portfolio.