Sponsor profile
SEC filings + cited sources
ExchangeRight is a Pasadena, California real estate investment firm founded in 2012 by Warren Thomas, Joshua Ungerecht, and David Fisher, specializing in net-leased 1031 DST, REIT, and fund portfolios of necessity-based retail. The platform reports stewarding more than $7.5 billion in assets across 1,400-plus properties in 47 states for over 8,300 investors, and it anchors the Essential Income REIT, a Maryland statutory trust that owned 362 properties across 34 states at year-end 2024. ExchangeRight reports taking 34 offerings full cycle through 2024, with average annual total returns of 7.40% to 8.87% for 1031 and cash investors.
Platform and structure
ExchangeRight was founded in 2012 by Warren Thomas, Joshua Ungerecht, and David Fisher as a firm specializing in net-leased 1031 DST, REIT, and fund portfolios of necessity-based retail 1. Operating from Pasadena, California, the platform reported stewarding more than $7.5 billion in assets across 1,400-plus properties totaling roughly 30 million square feet in 47 states for more than 8,300 investors as of mid-2026 2. Its net-lease strategy centers on the Essential Income REIT (ExchangeRight Income Fund), a Maryland statutory trust structured as an UPREIT that owned 362 properties across 34 states leased to 39 primarily investment-grade, necessity-based retail tenants as of December 31, 2024 3. For calendar year 2023, ExchangeRight reported being the third-largest sponsor in the securitized 1031 exchange marketplace, having raised more than $360 million in DST equity per Mountain Dell Consulting data it cited 4.
Track record
ExchangeRight reported taking 34 offerings full cycle through year-end 2024, with average annual total returns of 7.40% to 8.87% for 1031 and cash investors 5. Its 34th full-cycle offering, Net-Leased Portfolio 28 DST, was reported closed on December 3, 2024; the 23-property, 482,287-square-foot portfolio spanning 22 markets in nine states leased to Tractor Supply, Dollar General, Pick 'n Save, and Hobby Lobby was reported to have achieved 134.57% to 147.67% total returns including return of capital (6.96% to 9.02% annualized) 6. Among earlier programs, Net-Leased Portfolio 2 DST was reported at a 10.08% annualized return on its September 2019 sale 7.
Recent activity
ExchangeRight reported the full subscription of the $25 million Net-Leased All-Cash 15 DST on November 18, 2025, a five-property net-leased retail portfolio in Texas, Iowa, North Carolina, and Louisiana leased to tenants including Hobby Lobby, Dollar Tree, and Dollar General 8. It reported the full subscription of the $46.1 million Net-Leased All-Cash 16 DST on March 17, 2026, a four-property portfolio in Florida, Minnesota, Louisiana, and Vermont leased to Hy-Vee, Sprouts Farmers Market, Tractor Supply, and Dollar General Market 9, and the full subscription of the $38.95 million Essential Income 7 DST on July 1, 2026, a five-property net-leased retail and healthcare portfolio across Georgia, Massachusetts, Michigan, Missouri, and Texas leased to Hobby Lobby, BioLife Plasma Services, and Tractor Supply 10.