ExchangeRight Fully Subscribes Net-Leased All-Cash 14 DST
ExchangeRight, a sponsor of Delaware statutory trust and non-traded real estate investment trust offerings, has fully subscribed its Net-Leased All-Cash 14 DST, a private placement offering for accredited investors seeking the tax advantages of a 1031 exchange.
The offering sought to raise just over $38 million in equity when it launched in May 2025. It raised nearly $23.3 million and provides investors with monthly distributions at a current rate of 5.2%. According to the company, the distribution payments are covered entirely by in-place lease revenues from the portfolio of properties owned by the DST.
The portfolio consists of four long-term net-leased properties tenanted by Wawa, Dollar General, Tractor Supply, and Dollar Tree, with an initial weighted-average lease term of 11.3 years. The portfolio spans 74,736 square feet across Texas, Alabama, and Pennsylvania.
At exit, investors may have the opportunity to participate in a tax-deferred 721 exchange of the approximately 80% non-financed equity into the ExchangeRight Essential Income REIT, according to the company, in addition to other exit options such as a 1031 exchange, a tax-deferred lump sum payment of 20%+ of their initial investment through a cash-out financing, or a combination of these options.
“Investor demand remains strong for debt-free offerings that provide stable income, capital preservation, and REIT exit optionality,” said Joshua Ungerecht, managing partner at ExchangeRight. “All-Cash 14 was intentionally structured to meet that demand as a tax-advantaged equity solution with the flexibility to pursue a potential 721 exchange into the Essential Income REIT.”
Last month, 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%. Also recently, the company said Jeff Noblin had joined the firm as an external wholesaler to lead sales in Texas and its bordering states.
ExchangeRight and its affiliates’ vertically integrated platform features more than $6.7 billion in assets under management that are diversified across more than 1,300 properties and 26 million square feet throughout 47 states, as of Aug. 31, 2025.
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