ExchangeRight Fully Subscribes 15-Property, $58.6M Net-Leased DST Offering
ExchangeRight has fully subscribed Net-Leased Portfolio 72 DST, a $58.6 million Delaware statutory trust offering comprising 15 net-leased necessity-based retail and healthcare properties across seven states, the Pasadena, Calif.-based sponsor announced.
The portfolio spans 14 markets and 240,137 square feet. Tenants include Dollar General Market, Tractor Supply Company, Sutter Health, Dollar Tree, AutoZone, and Wild Fork Foods. The offering carried an initial weighted-average lease term of 14.9 years and provides investors monthly distributions at a current rate of 5%, which ExchangeRight said is covered by in-place revenues.
The portfolio includes $25.9 million in non-recourse debt at a 44.19% loan-to-value ratio. ExchangeRight structured the offering to provide investors with exit options including a tax-deferred 721 exchange into the firm’s Essential Income REIT, a 1031 exchange, a cash-out, or a combination of the three.
“Net-Leased Portfolio 72 is structured to achieve secure capital and stable income on behalf of investors through its strategic diversification by tenant, industry, market, lease term, and debt term, while remaining concentrated within the historically recession-resilient asset class of net-leased necessity-based real estate,” said Joshua Ungerecht, managing partner at ExchangeRight.
The closing is consistent with ExchangeRight’s pace in its net-leased DST program. AltsWire has previously reported on the firm’s full subscription of Net-Leased Portfolio 70 DST in December 2025 and Net-Leased Portfolio 71 DST in January 2026, both of which closed with similar necessity-based net-lease tenant rosters and monthly distribution structures.
ExchangeRight reported more than $7.4 billion in assets under management as of May 31, 2026, diversified across more than 1,400 properties and 28 million square feet in 47 states. The firm manages both a DST program and the Essential Income REIT, targeting necessity-based retail and healthcare tenants backed primarily by investment-grade corporations.
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