ExchangeRight Fully Subscribes $41.4M Net-Leased All-Cash 12 DST
ExchangeRight announced the full subscription of its $41.4 million Net-Leased All-Cash 12 DST, a portfolio backed primarily by investment-grade tenants in necessity-based industries. The offering includes six long-term net-leased properties leased to St. Luke’s Health Network, Sherwin-Williams, Tractor Supply, and Dollar Tree, with an initial weighted-average lease term of 14.2 years. The portfolio spans 111,781 square feet across Texas, Florida, Pennsylvania, and Georgia.
Investors in the DST are receiving monthly distributions at a current rate of 5.22%, fully covered by in-place revenues. The offering is now closed to new investors.
ExchangeRight structured the exit strategy to provide multiple tax-deferred options, including a cash-out financing mechanism, a 1031 exchange, or a 721 exchange into the Essential Income REIT, as well as a traditional cash-out. The company noted that, pending future financing, investors could receive a tax-deferred lump sum equal to 20%+ of their initial investment, with the balance rolled tax-deferred into the Essential Income REIT.
“The robust demand for our all-cash offerings continues to validate our investor-centric approach,” said Joshua Ungerecht, managing partner at ExchangeRight. “The full subscription of All-Cash 12 DST shows a clear investor and advisor preference for debt-free offerings that deliver stable income from primarily investment-grade tenants while providing strategic and tax-deferred exit optionality.”
The full subscription follows a string of successes for ExchangeRight in 2025, including the completion of the $62 million Net-Leased Portfolio 69 DST, $111.01 million Net-Leased Portfolio 68 DST, $25.21 million Essential Income 1 DST, $23.38M Net-Leased All-Cash 8 DST, $28.49M All-Cash 10 DST, and $81.57M Net-Leased Portfolio 67 DST. Earlier in the year, the $23.26 million All-Cash 6 DST offering also reached full subscription.
Pasadena-based ExchangeRight and its affiliates’ vertically integrated platform features more than $6.7 billion in assets under management across over 1,300 properties, and 26 million square feet throughout 47 states, as of August 31, 2025.
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