ExchangeRight Fully Subscribes $25M Net-Leased All-Cash 15 DST
ExchangeRight, a sponsor of Delaware statutory trust and non-traded real estate investment trust offerings, has fully subscribed its Net-Leased All-Cash 15 DST, growing the acquisition pipeline for ExchangeRight’s Essential Income REIT.
The $25 million debt-free offering launched in June 2025 and provides investors with monthly distributions at a current rate of 5.2%, covered entirely by in-place lease revenue according to ExchangeRight.
The DST owns a portfolio of five long-term net-leased properties tenanted by Hobby Lobby, Dollar Tree, Napa Auto Parts, Dollar General and Dollar General Market, with an initial weighted-average lease term of 13.4 years. The portfolio’s properties span 103,367 square feet across Iowa, Louisiana, North Carolina, and Texas.
The Net-Leased All-Cash 15 DST exit strategy is structured to provide investors with a tax-deferred cash-out financing option, along with the potential to complete a 1031 exchange, a 721 exchange into the Essential Income REIT, cash out, or any combination of these options at exit. Pending successful future financing, the company intends to provide investors with the option to receive a tax-deferred lump sum payment of 20%+ of their initial investment through a cash-out financing, and a tax-deferred 721 exchange of the approximately 80% non-financed equity into the Essential Income REIT.
“We continue to design 100% equity offerings built for stability and long-term growth, guided by our investor-centric approach,” said Joshua Ungerecht, managing partner at ExchangeRight. “Our All-Cash DST portfolios are structured to meet investors’ needs while providing tax-deferred access and increasing diversification for our best-in-class REIT platform.”
Last month, ExchangeRight fully subscribed its $38 million Net-Leased All-Cash 13 DST and its Net-Leased All-Cash 14 DST. The latter originally sought to raise $38 million when it launched in May 2025 and closed after raising $23.3 million.
In September, the company closed Net-Leased All-Cash 12 DST, a $41.1 million offering providing investors monthly distributions at a then-current rate of 5.22%.
ExchangeRight and its affiliates’ vertically integrated platform features more than $6.9 billion in assets under management that are diversified across more than 1,400 properties and 27 million square feet throughout 48 states, as of Oct. 31, 2025.
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