ExchangeRight Fully Subscribes $63.34M Net-Leased Portfolio 74 DST
ExchangeRight has fully subscribed Net-Leased Portfolio 74 DST, a $63.34 million Delaware statutory trust backed by 11 net-leased properties, the company said.
The portfolio spans 11 markets across nine states: California, Iowa, Michigan, Mississippi, Nebraska, North Carolina, Ohio, Pennsylvania, and Texas, with a weighted-average lease term of 16.3 years. It carries $26.75 million in non-recourse debt at a 42.23% loan-to-value ratio. Tenants include Tractor Supply Company, Dollar General, CVS Pharmacy, and Dollar General Market – companies ExchangeRight said operate in necessity-based industries that have historically proven resilient during economic downturns.
The DST pays monthly distributions at a current annualized rate of 5%, which ExchangeRight said is covered by in-place lease revenue from the offering.
As with recent entries in the series, ExchangeRight structured Net-Leased Portfolio 74 for a potential future acquisition by its nontraded Essential Income REIT. Investors have multiple exit options, including a tax-deferred Section 721 exchange into the REIT, a tax-deferred Section 1031 exchange, a cash-out, or a combination of the three. ExchangeRight said there is no guarantee that the DST’s or the sponsor’s objectives, including its exit strategies, will be achieved.
“Net-Leased Portfolio 74 continues our disciplined approach to building diversified portfolios of necessity-based real estate on behalf of investors,” said Joshua Ungerecht, a managing partner at ExchangeRight. “By combining long-term net leases with investment-grade tenants successfully operating across historically recession-resilient industries, we aim to provide dependable passive income that can carry investors throughout economic cycles.”
Portfolio 74 is ExchangeRight’s third DST closing announced since June. The sponsor fully subscribed the $90.67 million Net-Leased Portfolio 73 DST in July and the $58.6 million Net-Leased Portfolio 72 DST in June. The Essential Income REIT reported total net asset value of $905.7 million as of June 30, up from $801.8 million three months earlier, driven in part by real estate growth and a debt refinancing completed with Wells Fargo Bank in April.
ExchangeRight and its affiliates’ platform includes more than $7.7 billion in assets under management diversified across more than 1,400 properties and 30 million square feet in 47 states, as of July 31, 2026, according to the company.
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