ExchangeRight Fully Subscribes $38 Million All-Cash 13 DST

ExchangeRight, a sponsor of Delaware statutory trust and non-traded real estate investment trust offerings, has fully subscribed its Net-Leased All-Cash 13 DST, growing the acquisition pipeline for ExchangeRight’s Essential Income REIT.

The $38 million debt-free offering launched in March of this year and provides investors with monthly distributions at a current rate of 5.2%, covered entirely by in-place lease revenue according to ExchangeRight.

“This full subscription reflects investor confidence that long-term net leases, backed by primarily investment-grade tenants in necessity-based industries, can support stable income and capital preservation,” said Warren Thomas, managing partner at ExchangeRight.

The offering consists of six long-term net-leased properties tenanted by Reasor’s (Brookshire’s Grocery Company), Tractor Supply, and Dollar Tree, with an initial weighted-average lease term of 12.9 years. The portfolio spans 184,508 square feet across Pennsylvania, Oklahoma, and Michigan.

In parallel with the company’s stated DST strategy that aims to provide income and capital preservation to investors, Thomas noted that ExchangeRight continues “to add quality, debt-free real estate to the Essential Income REIT’s pipeline.”

According to the company, exit options for investors include:

• A tax-deferred 721 exchange of the approximately 80% non-financed equity into the Essential Income REIT;
• A 1031 exchange into another DST investment;
• A tax-deferred cash-out refinance providing 20% or more of their initial investment; or
• A combination of the above options.

Earlier this month, the company fully subscribed its Net-Leased All-Cash 14 DST, another private placement offering for accredited investors seeking the tax advantages of a 1031 exchange. It originally sought to raise $38 million when it launched in May 2025 and closed after raising $23.3 million.

In September, ExchangeRight fully subscribed its 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 $6.8 billion in assets under management that are diversified across more than 1,400 properties and 27 million square feet throughout 48 states, as of Sept. 30, 2025.

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