ExchangeRight Fully Subscribes $23.3M Net-Leased All-Cash 14 DST
ExchangeRight announced the full subscription of its $23.3 million Net-Leased All-Cash 14 DST, marking another milestone in its expanding series of debt-free, income-focused offerings. The closed-end portfolio—now fully subscribed—will feed into the company’s Essential Income REIT acquisition pipeline, further scaling its exposure to necessity-based real estate.
The four-property portfolio spans 74,736 square feet across Texas, Alabama, and Pennsylvania, leased long-term to Wawa, Dollar General, Tractor Supply, and Dollar Tree. The assets carry an average lease term of 11.3 years, providing monthly investor distributions of 5.20%, fully covered by in-place lease revenues.
A key feature of the DST is its tax-efficient exit strategy, offering investors multiple options: a 1031 exchange, a 721 exchange into the Essential Income REIT, or a cash-out refinancing. Subject to successful future financing, ExchangeRight intends to allow investors to receive a tax-deferred lump-sum payment exceeding 20% of their initial investment, with the remainder eligible for a 721 exchange into the REIT—providing both liquidity and long-term portfolio participation.
“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.”
The announcement follows a robust 2025 for ExchangeRight, which has fully subscribed a series of DSTs totaling hundreds of millions in equity, including the $41.4 million All-Cash 12, $62 million Portfolio 69, $111 million Portfolio 68, and several Essential Income and All-Cash DSTs.
Headquartered in Pasadena, California, ExchangeRight and its affiliates oversee $6.7 billion in assets under management across more than 1,300 properties totaling 26 million square feet in 47 states as of August 31, 2025.