ExchangeRight Fully Subscribes $33 Million Net-Leased Portfolio DST

ExchangeRight, a sponsor of Delaware statutory trust and non-traded real estate investment trusts, has fully subscribed ExchangeRight Net-Leased Portfolio 69 DST, a portfolio spanning eight states and 224,401 square feet of primarily investment-grade tenanted retail space.

The offering, launched in January 2025, raised $33.15 million from accredited investors and added $28.89 million in non-recourse debt to acquire the portfolio.

The portfolio of net-leased real estate, backed by primarily investment-grade companies operating in necessity-based industries, provides investors with monthly distributions at a current rate of 5% covered 100% by in-place revenues from the offering.

“We are grateful for the continued trust from investors who are seeking stable income, capital preservation, and a tax-advantaged path to enhanced diversification,” said Warren Thomas, a managing partner at ExchangeRight.

The portfolio comprises 11 long-term net-leased properties, occupied by national tenants including Kroger, Dollar General Plus, Tractor Supply, Sherwin-Williams, and Dollar Tree. The properties span 11 markets, with an initial weighted-average lease term of 15 years.

As part of ExchangeRight’s aggregation strategy, Net-Leased Portfolio 69 DST is designed to be compatible with a potential future acquisition of its properties by the company’s Essential Income REIT, which recently launched ER share subclasses and Class D shares for registered investment advisers.

ExchangeRight said it aims to provide investors access to long-term tax-advantaged income with enhanced diversification, liquidity, and optionality. At exit, investors may have the opportunity to participate in a tax-deferred 721 exchange into the REIT, according to the company, in addition to other strategic exit options including a 1031 exchange, cash-out, or a combination of these options.

“In support of our aggregation strategy, this offering adds scale and diversification to the Essential Income REIT’s growing pipeline of carefully sourced and professionally managed necessity-based assets,” added Thomas.

In other ExchangeRight news, it recently announced the appointment of Tracy Mousner as senior vice president of the Four Corners region. Most recently, Mousner was a senior wholesaler for Pacific Oak Capital Markets, which announced its closure on June 30.

ExchangeRight and its affiliates’ vertically integrated platform features more than $6.6 billion in assets under management that are diversified across more than 1,300 properties and 26 million square feet throughout 47 states, as of June 30, 2025.

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