Net-Leased Portfolio 65 DST
Net lease retail property · sponsored by ExchangeRight
Net-Leased Portfolio 65 DST was a DST sponsored by ExchangeRight that owned a net lease retail property. Its last Form D, filed Aug 6, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Aug 6, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $49,180,000Equity offered, per the Form D
- Sold
- 100%Form D, Aug 6, 2025; the % is our arithmetic
- Investors reported
- Form D, Aug 6, 2025110
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,459,000 · 5.0% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.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 →
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Ask a 1031 specialist about this recordFree. About: Net-Leased Portfolio 65 DST. Top1031 is not a broker-dealer.Net-Leased Portfolio 65 DST · Photo: cdn-static.exchangeright.com
What did Net-Leased Portfolio 65 DST own?
The Trust owns a pool of freestanding net-lease retail buildings rather than one asset, spread across 10 states. 1 The marketplace listing for the offering described the buildings as fully leased to five tenants and located in four U.S. regions. 2 Neither the SEC filings nor the public marketing material disclose individual street addresses, purchase prices, or acquisition dates.
- Property size
- 13 properties, 416,735 sq ft
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
The properties carry mortgage debt rather than being owned free and clear, so investor equity sits behind a lender. ExchangeRight described the loan as non-recourse and interest-only for a five-year term — no principal pays down during the term, and the lender's remedy runs to the real estate rather than to investors personally. 1 No public source names the lender.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $2,459,000 · 5.0% of offering
- Finders’ fees
- Not in the Form D
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 18 named in the Form D
Show the firms
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- B.B. Graham & Company, Inc. · CRD 41533
- Cabin Securities, Inc. · CRD 137608
- Concorde Investment Services, LLC · CRD 151604
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- Harbour Investments, Inc · CRD 19258
- IBN Financial Services, Inc. · CRD 42360
- Lighthouse Capital Group, LLC · CRD 169135
- Lightpath Capital, Inc. · CRD 34617
- McDermott Investment Services, LLC · CRD 154926
- NEXT Financial Group, Inc. · CRD 46214
- Realized Financial, Inc. · CRD 22333
- SCF Securities, Inc. · CRD 47275
- Saxony Securities, Inc. · CRD 115547
- Western International Securities, Inc. · CRD 39262
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Nov 13, 2023
- 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 Portfolio 65 DST?
ExchangeRight is a net-lease DST sponsor that builds numbered portfolios around necessity-based retail and distribution tenants, of which Portfolio 65 is one. On August 22, 2024 the firm announced that this offering had been fully subscribed, framing demand as investor appetite for recession-resilient income. 1 The same announcement described the portfolio as diversified across 10 states and five tenants. 1
- Sponsor
- Offerings on record
What does the SEC record show?
ExchangeRight filed the original Form D — the short notice an issuer files with the SEC for a private placement — at launch, then amended it once to record the completed raise and the final investor count. The Trust was offered privately, without general advertising, to accredited investors meeting SEC income or net-worth thresholds.
- Legal Trust name
- ExchangeRight Net-Leased Portfolio 65 DST
- SEC CIK
- 1996216
- First Form D
- Oct 30, 2023
- Latest Form D
- Aug 6, 2025
- Filings on record
- 2
- 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 | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $49,180,000 | $49,180,000+$49,180,000 | 110 | EDGAR | |
| Form D | $49,180,000 | $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 Portfolio 65 DST?
- Net-Leased Portfolio 65 DST is a Historical offering. The last Form D, filed Aug 6, 2025, reports the offering fully sold.
- What does the Trust actually own?
- A 13-property, multi-tenant net-lease retail portfolio totaling 416,735 rentable square feet. ExchangeRight said the properties are spread across 10 states, and the marketplace listing placed them in four U.S. regions and described them as fully leased to five tenants.
- Who are the tenants, and how long do the leases run?
- FedEx Corporation, Dollar General, Family Dollar, Dollar Tree and Tractor Supply Co., under corporate-guaranteed net leases. The marketplace listing reported a weighted-average remaining lease term of 13.9 years. Lease-by-lease expirations, rent escalations, and which tenant occupies which building were not publicly disclosed.
- Does the Trust use debt?
- Yes. ExchangeRight stated in its August 22, 2024 announcement that the DST launched at 40.23% loan-to-value with non-recourse, interest-only financing on a five-year term. The exact loan principal and the lender's identity do not appear in the public record.
- Has the Trust sold the properties or reported a full-cycle result?
- No sale, refinancing, tenant bankruptcy, or other full-cycle outcome appears in the public record reviewed through September 3, 2026. The most recent filing event is the Form D amendment dated August 6, 2025, which recorded the completed raise.
- How many Form D filings does this Trust have?
- Two: the original notice filed October 30, 2023 and one amendment filed August 6, 2025. DST sponsors typically amend a Form D as a raise progresses or closes, so a small filing count is normal for an offering that filled in under a year.
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.