ExchangeRight’s Essential Income REIT’s NAV Up 3rd Straight Quarter

ExchangeRight, a provider of real estate DST and REIT investments, announced that the net asset value of the Essential Income REIT has increased for three consecutive quarters, reaching $27.29 per share based in part on an independent real estate valuation of the REIT by KPMG combined with its other assets and liabilities as of September 30, 2024.

The REIT includes 353 properties net leased to 37 primarily investment-grade tenants operating in the “necessity-based” retail and healthcare industries and diversified across 34 states, ExchangeRight said.

The REIT’s adjusted funds from operations continue to fully cover its current annualized net distribution of 6.37% for Class I shares and 5.99% for Class A shares. The REIT’s AFFO-to-distribution coverage is 105.43% since inception through June 30, 2024.

“The REIT has been able to achieve these objectives on behalf of investors due to its broad diversification, its primarily investment-grade tenants operating in necessity-based industries, and its ability to cover its dividend with adjusted funds from operations,” said Warren Thomas, a managing partner at ExchangeRight.

The Essential Income REIT, a Maryland statutory trust, is a self-administered real estate company, formed on January 11, 2019. The REIT is available to accredited investors only and focuses on investing in single-tenant, primarily investment-grade net-leased real estate.