ExchangeRight Closes Another Fully Subscribed DST With Recession-Resilient Tenants

ExchangeRight has added another fully subscribed offering to its track record, closing its $58.6 million Net-Leased Portfolio 72 DST — a 15-property net-leased portfolio anchored by investment-grade tenants in necessity-based industries.

The portfolio spans 240,137 square feet of retail and healthcare space across 14 markets in seven states, with an initial weighted-average lease term of 14.9 years. Tenants include Dollar General Market, Tractor Supply Company, Sutter Health, Dollar Tree, AutoZone, and Wild Fork Foods — names with established track records of stability through economic downturns. The offering delivers monthly distributions at a current rate of 5.00%, covered by in-place revenues, and carries $25.9 million in non-recourse debt at a 44.19% loan-to-value ratio.

“Net-Leased Portfolio 72 is structured to achieve secure capital and stable income through its strategic diversification by tenant, industry, market, lease term, and debt term, while remaining concentrated within the historically recession-resilient asset class of net-leased necessity-based real estate,” said Joshua Ungerecht, managing partner at ExchangeRight.

Investors also benefit from multiple exit pathways, including a tax-deferred 721 exchange into ExchangeRight’s Essential Income REIT, a traditional 1031 exchange, a cash-out option, or a combination of the three — providing meaningful flexibility as investment goals evolve.

The close extends a consistent run of fully subscribed offerings for the Pasadena-based firm, whose vertically integrated platform now oversees more than $7.4 billion in assets under management across more than 1,400 properties and 28 million square feet in 47 states as of March 31, 2026.