ExchangeRight Net-Leased All-Cash 12 DSTFirst filed 2025ExchangeRight announced full subscription of Net-Leased All-Cash 12 DST on Sep 9, 2025 (raised ~$41M), and its stated exit strategy is a tax-deferred cash-out refinance and/or 721 UPREIT conversion into the Essential Income REIT; no property-sale, full-cycle, 721-conversion, or foreclosure announcement has been published. Source ↗
ExchangeRight Net-Leased All-Cash 13 DSTFirst filed 2025ExchangeRight announced the full subscription of Net-Leased All-Cash 13 DST on Oct 28, 2025 (adding to the Essential Income REIT pipeline); no property-sale, full-cycle, 721-conversion, or foreclosure announcement has been published for this trust. Source ↗
ExchangeRight Net-Leased Portfolio 69 DSTFirst filed 2025Net-Leased Portfolio 69 DST remains operating; fully subscribed Aug 4, 2025 and not listed in ExchangeRight's Full Cycle Returns PDF, while ExchangeRight's Mar 3, 2026 corporate press release confirmed all 126 offerings met projections with no loss of capital through Dec 31, 2025 [1][2][3]. Source ↗
ExchangeRight Essential Income 1 DSTFirst filed 2024Per ExchangeRight's May 28, 2025 press release and the March 2026 'All Offerings Meet or Exceed Projections' statement, the Essential Income 1 DST (Fast-Track DST series, ~$11M Form D) is still operating and within its targeted approximately two-year hold period before a planned tax-deferred 721 exchange into the Essential Income REIT. Source ↗
ExchangeRight Net-Leased All-Cash 10 DSTFirst filed 2024Per ExchangeRight's April 15, 2025 fully-subscribed announcement and the March 2026 statement that all 126 offerings met or exceeded projections, the $28.49M Net-Leased All-Cash 10 DST is still operating (debt-free, 5.20% current distribution rate), within its normal multi-year hold. Source ↗
ExchangeRight Net-Leased All-Cash 11 DSTFirst filed 2024Per ExchangeRight's May 13, 2025 investor-demand announcement and the March 2026 statement that all 126 offerings met or exceeded projections, the $40.8M Net-Leased All-Cash 11 DST (six net-leased retail properties across three U.S. regions) is still operating as a closed offering within its normal multi-year hold. Source ↗
ExchangeRight Net-Leased All-Cash 3 DSTFirst filed 2024Net-Leased All-Cash 3 DST was fully subscribed in August 2024 ($16.36M; Form D filed Mar 8, 2024 and amended Aug 5, 2025 with total amount sold unchanged); its stated exit strategy is a 721 UPREIT conversion into the Essential Income REIT, but no specific 721-conversion, property-sale, full-cycle, or foreclosure announcement has been published. Source ↗
ExchangeRight Net-Leased All-Cash 4 DSTFirst filed 2024Net-Leased All-Cash 4 DST was fully subscribed on Sep 30, 2024 ($22.9M; Form D filed Apr 25, 2024 and amended Aug 5, 2025 with total amount sold unchanged); its stated exit strategy is a cash-out refinance / 721 UPREIT conversion into the Essential Income REIT, but no specific 721-conversion, property-sale, full-cycle, or foreclosure announcement has been published. Source ↗
ExchangeRight Net-Leased Portfolio 66 DSTFirst filed 2024No full-cycle or sale announcement exists; ExchangeRight announced the $107 million Net-Leased Portfolio 66 DST as fully subscribed, and the trust remains in its operating hold period consistent with ExchangeRight's typical ~5-year DST hold. Source ↗
ExchangeRight Net-Leased Portfolio 67 DSTFirst filed 2024No full-cycle or sale announcement exists; ExchangeRight announced the $81.57 million Net-Leased Portfolio 67 DST as fully subscribed, and the trust remains in its operating hold period consistent with ExchangeRight's typical ~5-year DST hold. Source ↗
ExchangeRight Net-Leased Portfolio 68 DSTFirst filed 2024No full-cycle or sale announcement exists; ExchangeRight announced the $111 million Net-Leased Portfolio 68 DST as 'Fully Subscribed' on July 21, 2025, and the trust remains in its operating hold period consistent with ExchangeRight's typical ~5-year DST hold. Source ↗
ExchangeRight Net-Leased All-Cash 2 DSTFirst filed 2023Net-Leased All-Cash 2 DST was fully subscribed in April 2024 (~$24.84M; Form D filed Dec 1, 2023 and amended Aug 5, 2025 with total amount sold unchanged); its stated exit strategy is cash-out refinance / 721 UPREIT conversion into the Essential Income REIT, but no specific 721-conversion, property-sale, full-cycle, or foreclosure announcement has been published. Source ↗
ExchangeRight Net-Leased Portfolio 61 DSTFirst filed 2023No public full-cycle announcement has been found for ExchangeRight Net-Leased Portfolio 61 DST; ExchangeRight's published full-cycle returns document only covers Net-Leased Portfolio 28 (the 34th full-cycle event, completed November 2024), and the trust appears to still hold its net-leased properties following the December 2024 equity raise close. Source ↗
ExchangeRight Net-Leased Portfolio 64 DSTFirst filed 2023No full-cycle or sale announcement exists; ExchangeRight announced the $89.2 million Net-Leased Portfolio 64 DST as 'Fully Subscribed' on April 23, 2024, and the trust remains in its operating hold period consistent with ExchangeRight's typical ~5-year DST hold. Source ↗
ExchangeRight Net-Leased Portfolio 65 DSTFirst filed 2023No 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. Source ↗
ExchangeRight Net-Leased High LTV 1 DSTFirst filed 2022ExchangeRight Net-Leased High LTV 1 DST (CIK 1943359) is still operating; JRW Investments lists it as 'Active' with status 'Conditional' and investment date of August 25, 2022, and it does not appear on ExchangeRight's official Full-Cycle Returns list. Source ↗
ExchangeRight Net-Leased Portfolio 58 DSTFirst filed 2022No public full-cycle announcement has been found for ExchangeRight Net-Leased Portfolio 58 DST; ExchangeRight's published full-cycle returns document only covers Net-Leased Portfolio 28 (the 34th full-cycle event, completed November 2024), and the trust appears to still hold its net-leased properties following the December 2024 equity raise close. Source ↗
ExchangeRight Net-Leased Portfolio 60 DSTFirst filed 2022No public full-cycle announcement has been found for ExchangeRight Net-Leased Portfolio 60 DST; ExchangeRight's published full-cycle returns document only covers Net-Leased Portfolio 28 (the 34th full-cycle event, completed November 2024), and the trust appears to still hold its net-leased properties following the December 2024 equity raise close. Source ↗
—Not confirmed yetAmount sold: not confirmed yet. Top1031 has not been able to confirm how much of this offering has sold.Filed Sep 4, 2025
Sold out
Net lease
Essential Income 5 DSTNet lease·Multi-state (5)SEC filing, Aug 25, 2025
$38.1M
—Not confirmed yetAmount sold: not confirmed yet. Top1031 has not been able to confirm how much of this offering has sold.Filed Aug 25, 2025
Sold out
Net lease
12-property net-leased portfolioNet lease·Location not statedSEC filing, Jul 28, 2025
$31.6M
—Not confirmed yetAmount sold: not confirmed yet. Top1031 has not been able to confirm how much of this offering has sold.Filed Jul 28, 2025
Sold out
Net lease
5-property net-lease portfolioNet lease·Multi-state (4)SEC filing, Jun 25, 2025
$25.0M
—Not confirmed yetAmount sold: not confirmed yet. Top1031 has not been able to confirm how much of this offering has sold.Filed Jun 25, 2025
Sold out
Net lease
8-property net-leased retail portfolioNet lease·Location not statedSEC filing, Jun 24, 2025
$28.9M
—Not confirmed yetAmount sold: not confirmed yet. Top1031 has not been able to confirm how much of this offering has sold.Filed Jun 24, 2025
Sold out
Chapter 4
Who is behind this record?
ExchangeRight has syndicated ownership in primarily investment-grade, single-tenant, net-leased necessity-based retail assets through Delaware statutory trust programs qualifying for Section 1031 tax-deferred exchange treatment since 2012, operating a vertically integrated platform spanning underwriting and acquisitions, financing and structuring, leasing and tenant retention, asset and property management, dispositions, and investor reporting. ExchangeRight Real Estate, LLC sponsors ExchangeRight Income Fund and is the sole member and manager of that REIT's trustee. The sponsor reported more than $7.7 billion of assets under management as of July 31, 2026, and more than $720 million of closed acquisitions during 2025. Top1031 tracks 119 ExchangeRight programs first filed between 2012 and 2026.
Since 2012, ExchangeRight has syndicated ownership in primarily investment-grade, single-tenant, net-leased necessity-based retail assets through DST programs qualifying for Section 1031 tax-deferred exchange treatment, and it operates a vertically integrated platform covering underwriting and acquisitions, financing and structuring, leasing and tenant retention, marketing and dispositions, asset and property management, analysis and legal, and investor reporting1. ExchangeRight Real Estate, LLC is the sponsor of ExchangeRight Income Fund and the sole member and manager of that REIT's trustee1. Top1031 tracks 119 ExchangeRight programs with first filing years from 2012 through 2026, spanning the numbered Net-Leased Portfolio series alongside the more recent Net-Leased All-Cash and Essential Income series2.
Reported scale and 2025 acquisition activity
ExchangeRight reports more than $7.7 billion of assets under management stewarded on behalf of investors, together with an 8.60% average annual total return across all 34 of its full-cycle offerings, both stated as of July 31, 20263. For calendar 2025, the sponsor reported more than $720 million in closed acquisitions, which it said helped launch 18 new DST offerings4.
Affiliated REIT acquisitions of prior DST portfolios
The net-leased REIT that ExchangeRight sponsors has absorbed portfolios from trusts the sponsor previously managed. Its Form 10-Q for the quarter ended June 30, 2026 reports that, during the six months then ended, the REIT acquired 16 properties for $68,364,000 through a merger agreement with a DST previously managed by ExchangeRight on behalf of its investors, and that on June 25, 2026 it acquired 28 properties at a relative fair value of $118,217,000 through a further such merger5.
Representative completed programs
Net-Leased Portfolio 7 DST, a 16-property portfolio leased to Dollar General (8), Family Dollar (4), Advance Auto Parts, CVS, Napa Auto Parts, and O'Reilly Auto Parts, is recorded in ExchangeRight's track record as sold on February 9, 2022 after a 7.4-year hold, at an 8.74% annualized return6.
Net-Leased Portfolio 28 DST, a 23-property portfolio, went full cycle on November 19, 2024 when the Essential Income REIT acquired it; ExchangeRight described the transaction as its 34th full-cycle event and its 22nd net-leased portfolio full-cycle event, and reported investor total net annual returns ranging from 6.96% to 9.02%7.
Net-Leased Portfolio 23 DST is recorded in Top1031's validated outcome data, drawn from the sponsor's full-cycle returns disclosure, as exiting on March 26, 2026 after a 7.6-year hold at a 6.34% annualized return8.
Dated 2026 offering closings
ExchangeRight announced on April 28, 2026 that its $41.9 million Net-Leased All-Cash 17 DST had been fully subscribed9. On August 19, 2026, the sponsor announced the full subscription of the $26.95 million debt-free Net-Leased All-Cash 19 DST, a portfolio of three net-leased properties leased to Fred Meyer, Hobby Lobby, and Verizon totaling 122,149 square feet across Washington, Alabama, and Illinois10.
ExchangeRight Net Leased All Cash 12Marketplace listing noting six net-lease retail properties across three U.S. regions totaling approximately 110,000 rentable square feet.
Net-Leased All-Cash 11 DSTMarketplace listing for the offering, noting six net-lease retail properties located in three U.S. regions that are 100% leased (888) to credit tenants.
Net-Leased All-Cash 9 DST: Fully SubscribedSponsor-site video announcing the full subscription of Net-Leased All-Cash 9 DST, a $24.78 million portfolio of net-leased real estate backed by investment-grade necessity-retail tenants providing a 5.20% annualized distribution.
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