ExchangeRight, a provider of real estate DST and REIT investments, announced it has fully subscribed its $24.84 million Net-Leased All-Cash 2 DST offering.

The DST is designed to offer investors monthly payouts, beginning at an annualized rate of 5.15% from in-place revenue. The portfolio consists of four net-leased properties tenanted by BioLife, Tractor Supply, Dollar General, and Dollar Tree. The properties span 55,369 square feet in Florida, Idaho, and Texas.

The DST’s exit strategy is structured to provide investors with a tax-deferred cash-out refinance option in addition to the ability to complete a 1031 exchange, 721 exchange, cash out, or a combination of these options, the firm said.

ExchangeRight anticipates that investors will have the option to receive a portion of their initial investment using a tax-deferred cash-out refinance, with the potential to complete a tax-deferred 721 exchange of non-refinanced equity into ExchangeRight’s Essential Income REIT.

“Our recession-resilient portfolios with non-recourse debt have historically performed in alignment with our expectations,” Warren Thomas, a managing partner at ExchangeRight, said. “Closing this resilient All-Cash DST designed to preserve capital with the potential to provide enhanced returns and a future cash-out refinance option gave us another opportunity to show how we put investors’ needs first.”

Pasadena-based ExchangeRight and its affiliates’ vertically integrated platform features over $5.9 billion across over 1,200 properties, and 24 million square feet throughout 47 states.