Net-Leased Portfolio 65 DST
Net lease retail — 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?
ExchangeRight Net-Leased Portfolio 65 DST is a Delaware Statutory Trust — a structure that lets 1031 exchangers hold fractional interests in real estate — owning a 13-property net-lease retail portfolio. Its tenants are FedEx Corporation, Dollar General, Family Dollar, Dollar Tree and Tractor Supply Co.2 ExchangeRight announced the $82.28 million offering fully subscribed on August 22, 2024, and it is closed to new investors.1
Minimum investment
$100k
Offering size
$49.2M
How much has sold
100.0%
Financing
Leveraged. This offering reports mortgage debt on the property.
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?
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
Who is the tenant, and what's the lease?
Five tenants — FedEx Corporation, Dollar General, Family Dollar, Dollar Tree and Tractor Supply Co. — occupy the portfolio under corporate-guaranteed net leases, meaning a parent company stands behind the rent and the tenant carries most property-level operating costs.2 The weighted-average remaining lease term was reported at 13.9 years.2
How did it end?
Still operating
No full-cycle or sale announcement exists; ExchangeRight announced the $82.28 million Net-Leased Portfolio 65 DST as fully subscribed on August 22, 2024, and the trust remains in its operating hold period consistent with ExchangeRight's typical ~5-year DST hold.
13-property, multi-tenant net-lease retail portfolio across four U.S. regions totaling 416,735 rentable square feet. Tenants include FedEx Corporation, Dollar General, Family Dollar, Dollar Tree, and Tractor Supply Co. $82.28M offering; 40.23% LTV; ~13.9-year WALT. Form D filed Oct 30, 2023. Fully subscribed Aug 22, 2024.
13 properties, 416,735 sq ftSupporting evidence
Counted on ExchangeRight’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
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.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
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
- ExchangeRight
- 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?
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.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- ExchangeRight Net-Leased Portfolio 65 DST
- 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 65 DST?
Top1031 lists Net-Leased Portfolio 65 DST in the Historical cohort because its latest filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Net-Leased Portfolio 65 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 Portfolio 65 DST?
No. ExchangeRight announced on August 22, 2024 that the $82.28 million offering had been fully subscribed and was no longer accepting new investors. The Trust is now a historical record — useful for comparison, not available for a current 1031 exchange.
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.
Chapter 9Need for Recession-Resilient Income Drives Full Subscription of ExchangeRight's $82.28 Million OfferingExchangeRight announces full subscription of Net-Leased Portfolio 65 DST, an $82.28M, 13-property, multi-tenant net-lease retail portfolio featuring FedEx, Dollar General, Family Dollar, Dollar Tree, and Tractor Supply.