Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
ExchangeRight Real Estate was launched in 2012 by Warren Thomas, Joshua Ungerecht, and David Fisher, who are identified in a Form 10-K for the year ended December 31, 2025 as the firm's sole managers. ExchangeRight states that it structures and manages net-leased portfolios backed primarily by investment-grade corporations in industrial, necessity retail, and healthcare industries, offered through 1031 DST portfolios, the Essential Income REIT, and cash management funds. Top1031 tracks 119 ExchangeRight programs first filed from 2012 through 2026. ExchangeRight and its affiliates reported more than $7.7 billion of assets under management across more than 1,400 properties and 30 million square feet in 47 states as of July 31, 2026.
Sponsor-stated figures are as reported by the sponsor.Evidence 123456789
Published Grade summary
The public record tracks 119 Programs over 13 yrs, 33 of them lifecycle-eligible and seasoned. Within that scope, 28 sold with result unknown, 4 remain unknown and levered at age 7–10y, and 1 rests on 721 / UPREIT sponsor or open-web evidence; the outcome-disclosure ledger shows 29 with a figure published, 0 acknowledged without a figure, and 0 silent. Across 63 citations at proof depth 5 there are 0 distress events and no recorded floor, which is not itself evidence of safety.
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33Programs with an ending or 7+ years of history
0 of 33Programs with a documented problem
100%Finished Programs with a published result
YesPublishes its own track record
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
HHarm recordDocumented problems, weighed against everything at stake35% weight
LLifecycle outcomesHow programs old enough to finish actually ended25% weight
RMarket acceptanceHow each raise went against comparable offerings25% weight
TDisclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
Ceilings
The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
Evidence gates
A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
Adverse floors
An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth93.4Published-outcome coverage100%
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Published Grade historyOne published letter, unchanged since
A2026-Q3 · Moved from A.
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Chapter 4
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
ExchangeRight Net Leased Portfolio 24 DST2018Filing record
—Not in the finished-Program ledger
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ExchangeRight Net Leased Portfolio 25 DST2018Filing record
—Not in the finished-Program ledger
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Crystal Lake Florida Apartments DST2017Filing record
Figure publishedAs reported by the sponsor.No supporting source indexed yet.
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ExchangeRight Net Leased Portfolio 15 DST2017Finished
Figure publishedRead the sponsor-stated result
Sponsor press release (ExchangeRight, Nov 23, 2021) announced Net-Leased Portfolio 15 DST was brought full cycle in Q3 2021 with annualized returns of 6.54% (cash/1031) and 7.99% (721) over a stated four-year hold period; the trust's 16 net-leased properties were sold to an acquiring REIT [1][2].
ExchangeRight Net Leased Portfolio 12 DST2016Finished
Figure publishedRead the sponsor-stated result
Sponsor press release (ExchangeRight, Jan 7, 2020) announced Net-Leased Portfolio 12 DST went full cycle with the portfolio sold in December 2019 for $53.82M, generating total returns of 125-135%+ including return of capital and average annual returns of 7.01% (cash/1031) and 9.92% (721) [1][2].
Sponsor ExchangeRight's published 'Full Cycle Returns' report shows the Lakeside at Arbor Place Apartments DST (3000 Hwy 5, Douglasville GA) closed its program on 9/12/2019 with an 11.08% annualized return (equity multiple, total return % and sale price not stated) [1][2].
ExchangeRight announced on February 10, 2021 that its North Austin Apartment Portfolio DST was brought full cycle (program close date 1/28/2021), generating total returns of over 128.9% including a final annualized return of 6.80% to investors, per ExchangeRight's press release and Full-Cycle Returns PDF.
ExchangeRight Net Leased Portfolio 11 DST2015Finished
Figure publishedRead the sponsor-stated result
ExchangeRight Net Leased Portfolio 11 DST (CIK 1659689) went full cycle when the property was sold on August 31, 2022, delivering a 6.82% average annualized return as reported in the sponsor's official 'Full Cycle Returns' PDF [1], consistent with the pattern across cycles 23-26 where ExchangeRight Net-Leased Portfolio DSTs were sold to acquiring net-leased REITs with investors given options of cash, 1031, or 721 exchange [2].
ExchangeRight Net Leased Portfolio 8 DST2015Finished
Figure publishedRead the sponsor-stated result
Net-Leased Portfolio 8 DST was sold in October 2019 for $41.6 million, providing investors with total returns including return of capital of over 136% (1031/cash) to over 146% (721 exchange) over a ~4.7-year hold, per ExchangeRight's Nov 4, 2019 press release [5] and full-cycle returns PDF [2].
Mira Bella & San Martin Apartments DST2015Finished
Figure publishedRead the sponsor-stated result
ExchangeRight announced on Dec. 5, 2019 that its 378-unit Mira Bella and San Martin Apartments DST (Houston, TX, acquired July 2015 for ~$21.4M) was sold on November 13, 2019, delivering a 129.25% total return and 6.82% annualized return over a little more than four years.
Multifamily 1 - Van Mark Creek Apartments DST2015Finished
Figure publishedRead the sponsor-stated result
ExchangeRight's Multifamily 1 - Van Mark Creek Apartments DST (144 units, offering date 4/27/2015) reached program close on 4/5/2019 with a 7.27% average annual return and a 1.29x equity multiple over a 3.9-year hold, per ExchangeRight's Full Cycle Returns report.
ExchangeRight Net Leased Portfolio 7 DST2014Finished
Figure publishedRead the sponsor-stated result
Net-Leased Portfolio 7 DST was sold for $31.23 million (ExchangeRight's 22nd full-cycle event), providing investors with total return of approximately 157.20% (cash/1031) to 170.82%-171.62% (721 exchange) over a ~7.4-year hold, per ExchangeRight's Mar 1, 2022 press release [4] and full-cycle returns PDF [2].
ExchangeRight Real Estate was launched in 2012 by Warren Thomas, Joshua Ungerecht, and David Fisher 1. A Form 10-K for the year ended December 31, 2025 identifies Fisher, Ungerecht, and Thomas as ExchangeRight's sole managers and states that they direct its operations 2. ExchangeRight states that it structures and manages net-leased portfolios backed primarily by investment-grade corporations in industrial, necessity retail, and healthcare industries through 1031 DST portfolios, the Essential Income REIT, and cash management funds 3, and describes its Net Lease platform as centered on long-term net-leased portfolios backed by recession-resilient and investment-grade credit tenants 1.
Program series and REIT aggregation
Top1031 tracks 119 ExchangeRight programs with first filing years from 2012 through 2026, running from the early Net Leased Portfolio trusts through the Value-Add Portfolio, Net-Leased All-Cash, and Essential Income DST series 4. ExchangeRight reported that it launched the Essential Income DST series in 2025 to give 1031 investors access to the Essential Income REIT through a tax-deferred 721 exchange 1. The REIT issuer's Form 10-K reports that since January 1, 2024 it acquired 29 properties from prior ExchangeRight-sponsored offerings, with portfolio beneficial owners receiving the right to elect cash or Operating Partnership units 2.
Representative completed programs
ExchangeRight's published full-cycle record reports that Net-Leased Portfolio 7 DST sold on February 9, 2022 for $31.23 million after a 7.4-year hold, at a 157.2% total return and an 8.74% annualized total return 5.
Net-Leased Portfolio 28 DST completed a full-cycle event on November 19, 2024, when the Essential Income REIT acquired its 23-property net-leased portfolio at a reported $118.7 million sale price; tenants included Walgreens (8), Dollar General (6), Hobby Lobby (2), Pick 'n Save (2), and Tractor Supply (2) 67. ExchangeRight reported total net annual returns of 6.96% to 9.02% for that offering, equal to 134.57% to 147.67% total returns including return of capital 7.
ExchangeRight's full-cycle record reports that Net-Leased Portfolio 23 DST sold on March 26, 2026 after a 7.6-year hold at a 6.34% annualized total return 5.
Offering closings announced in 2026
ExchangeRight announced on June 9, 2026 that the $58.6 million Net-Leased Portfolio 72 DST had closed to new investors following full subscription; the 15-property net-leased portfolio included $25.9 million of non-recourse debt at 44.19% loan-to-value 8. On February 26, 2026 the firm reported the closing of Essential Income 5 DST, a $38.1 million seven-property portfolio 9. In an August 19, 2026 announcement, it reported the closing of the debt-free $26.95 million Net-Leased All-Cash 19 DST, three net-leased properties totaling 122,149 square feet backed by a 20-year master lease guaranteed by the Essential Income REIT 3.
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.
