ExchangeRight Fully Subscribes $38M Net-Leased All-Cash 13 DST
ExchangeRight has fully subscribed its $38 million Net-Leased All-Cash 13 Delaware Statutory Trust (DST), further growing the acquisition pipeline for the firm’s Essential Income REIT. The offering comprises six long-term net-leased properties tenanted by Reasor’s (a division of Brookshire’s Grocery Company), Tractor Supply, and Dollar Tree.
The portfolio spans 184,508 square feet across Pennsylvania, Oklahoma, and Michigan, with an initial weighted-average lease term of 12.9 years.
Designed to deliver stable monthly income, the debt-free portfolio provides investors with distributions at a current rate of 5.20%, fully covered by in-place lease revenue. The DST is now closed to new investors.
The exit strategy for the Net-Leased All-Cash 13 DST offers investors flexible, tax-efficient options, including a 1031 exchange, a 721 exchange into the Essential Income REIT, a cash-out financing option, or a combination thereof. Following successful future financing, ExchangeRight intends to offer investors the opportunity to receive a tax-deferred lump-sum cash-out of more than 20% of their initial investment, with the remaining 80% of non-financed equity eligible for a tax-deferred 721 exchange into the Essential Income REIT.
“This full subscription reflects investor confidence that long-term net leases, backed by primarily investment-grade tenants in necessity-based industries, can support stable income and capital preservation,” said Warren Thomas, Managing Partner at ExchangeRight.
The announcement caps a strong year for ExchangeRight, which has fully subscribed multiple DST programs. Recent offerings include the $28.85 million Essential Income 4 DST, $23.3 million Net-Leased All-Cash 14 DST, $41.4 million All-Cash 12, $62 million Portfolio 69, $111 million Portfolio 68, and several Essential Income and All-Cash DSTs.
Pictured: Tenants of properties occupying the Net-Leased All-Cash 13 DST.
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