ExchangeRight sponsors Delaware Statutory Trust investment programs for accredited investors seeking passive real estate ownership, including investors completing Section 1031 exchanges.
ExchangeRight's DST platform includes multiple program structures, including REIT Fast-Track DSTs, all-cash DSTs, and financed DSTs. Many offerings are built around diversified portfolios of long-term net-leased properties leased to tenants operating in necessity-based industries such as retail, healthcare, and industrial businesses.
Certain ExchangeRight DST programs are also structured around a potential future Section 721 exchange into ExchangeRight's Essential Income REIT after a targeted holding period.
Although ExchangeRight DSTs may be designed to provide passive income, tax deferral, and long-term real estate exposure, the interests are private, illiquid securities. They are not listed on a national securities exchange and generally do not provide continuous market liquidity.
Potential liquidity before a sponsor-led exit may therefore depend on the specific DST program, trust documents, transfer restrictions, sponsor procedures, purchaser eligibility, debt structure, remaining holding period, documentation, and current buyer demand.
ExchangeRight
Delaware Statutory Trust / 1031 Exchange Real Estate Program
REIT Fast-Track, All-Cash & Financed DSTs
Net-Leased Retail, Healthcare & Industrial Real Estate
Limited Private Secondary Market Liquidity
Program, Properties, Tenants, Debt, Distributions, Transferability & Buyer Demand
ExchangeRight operates a broad real estate investment platform focused on income-producing net-leased properties and tax-advantaged real estate investment structures.
As of September 30, 2026, ExchangeRight reported more than $7.8 billion of assets under management and more than $2.6 billion of distributions, capital, and gains returned to investors since inception.
The company's DST platform has historically focused on portfolios backed by long-term leases to tenants in industries ExchangeRight characterizes as necessity-based and historically recession-resilient.
ExchangeRight also operates the Essential Income REIT, which forms an important part of its aggregation strategy for certain DST programs.
ExchangeRight continued launching and fully subscribing DST offerings throughout 2026. Recent examples include both REIT Fast-Track programs and debt-free net-leased portfolios.
$52.85 Million Offering
$26.95 Million Offering
$52.78 Million Offering
$41.9 Million Offering
Net-Leased Necessity-Based Real Estate
REIT Fast-Track, All-Cash & Financed DSTs
Essential Income 9 DST was fully subscribed in September 2026. ExchangeRight reported that the $52.85 million, 100% equity offering included three net-leased properties occupied by Pepsi Bottling Ventures and Tractor Supply Company across South Carolina, Georgia, and Virginia.
Net-Leased All-Cash 19 DST was fully subscribed in August 2026. The $26.95 million debt-free portfolio included three properties leased to Fred Meyer, Hobby Lobby, and Verizon across Washington, Alabama, and Illinois.
Net-Leased All-Cash 18 DST was fully subscribed in June 2026. The $52.78 million unleveraged offering included six properties leased to BioLife Plasma Services and Tractor Supply Company across five states.
Net-Leased All-Cash 17 DST was fully subscribed in April 2026. The $41.9 million portfolio included properties leased to Sprouts Farmers Market, Tractor Supply Company, Hobby Lobby, WellMed, and Dollar Tree.
These examples are provided as sponsor-platform research and should not be interpreted as a recommendation or representation that any particular offering remains available to new investors.
Alternative Investment Liquidity evaluates certain ExchangeRight DST interests for potential direct private purchase or other secondary-market liquidity.
Because ExchangeRight sponsors numerous separate DST programs, there is no single purchase price that can be applied across the sponsor family. Potential pricing depends on the specific DST and the characteristics of the investor's position.
Potential Direct Private Purchase
Baron De Biltmore LLC
AIL Reviews Eligible ExchangeRight DST Positions
Determined By Specific DST And Position Review
Properties, Tenants, Debt, Distributions, Exit Strategy & Transferability
Subject To Position And Documentation Review
Any potential purchase indication is separate from the investor's original investment amount, tax basis, account statement value, or projected value at a future sponsor-led exit.
A potential transaction may be influenced by property performance, tenant quality, current distributions, debt terms, remaining holding period, transfer restrictions, expected exit strategy, purchaser requirements, position size, and market conditions.
Any offer from AIL, an affiliated purchaser, or another potential buyer represents the amount that purchaser is willing to pay under the applicable terms and should not be interpreted as an independent appraisal or determination of underlying fair value.
ExchangeRight DST programs are commonly concentrated in long-term net-leased properties occupied by tenants operating in necessity-based industries.
Recent portfolios have included properties leased to tenants such as Tractor Supply Company, Hobby Lobby, Dollar Tree, BioLife Plasma Services, Sprouts Farmers Market, Fred Meyer, Verizon, Pepsi Bottling Ventures, and other nationally recognized businesses.
For secondary-market purposes, potential buyers may evaluate the tenant's credit quality, lease term, rent structure, industry, property location, occupancy, remaining lease duration, and the condition and marketability of the underlying real estate.
The economics of one ExchangeRight DST may therefore differ significantly from another even when both are part of the same sponsor platform.
Certain ExchangeRight DST programs are structured around a potential future aggregation strategy involving ExchangeRight's Essential Income REIT.
ExchangeRight's REIT Fast-Track DSTs are designed to provide investors with potential tax-deferred access to the Essential Income REIT through a Section 721 exchange after a targeted two-year DST holding period.
Under this strategy, qualifying investors may ultimately be offered alternatives that can include exchanging DST interests for operating partnership interests in the REIT, completing another Section 1031 exchange, receiving cash on a taxable basis, or using a combination of available alternatives.
ExchangeRight reported 22 full-cycle net-leased DST offerings through June 30, 2026 as part of its broader aggregation strategy.
The availability, timing, structure, and economics of any future 721 exchange are specific to the individual DST and are not guaranteed.
Investors considering an early secondary-market sale should weigh immediate liquidity against the potential benefits and risks of continuing to hold for a future aggregation or Section 721 transaction.
The Essential Income REIT is an important component of ExchangeRight's long-term aggregation strategy for certain DST programs.
As of June 30, 2026, ExchangeRight reported that the REIT held 436 properties with more than $1.7 billion in asset value, diversified across 333 markets and 38 states.
The portfolio was primarily composed of long-term net-leased properties occupied by tenants operating in necessity-based industries.
The REIT's scale may be relevant to DST investors whose programs contemplate a future Section 721 aggregation transaction. However, participation in any future exchange, redemption program, or liquidity event is subject to applicable terms and is not guaranteed.
Potentially. An ExchangeRight DST interest may be transferable before a sponsor-led exit, but the transfer process depends on the governing documents and procedures applicable to the specific trust.
Transfer requirements may include sponsor or trustee approval, purchaser qualification, assignment documentation, accredited-investor requirements, lender restrictions, ownership limitations, or other conditions.
Positions held in an IRA, trust, estate, corporation, partnership, LLC, or other entity may require additional documentation related to ownership and authority to complete the transaction.
The fact that an interest is legally transferable does not mean that a ready purchaser or active secondary market exists.
Many ExchangeRight DST investors acquire their interests as replacement property in a Section 1031 exchange.
The tax treatment of the original transaction does not create public-market liquidity. A later private sale or transfer may have tax consequences that differ materially from the original exchange.
Potential considerations may include deferred gain, depreciation recapture, debt allocation, future 1031 planning, and the impact of selling before a possible Section 721 aggregation.
Investors should consult qualified tax and legal professionals before completing a secondary-market transaction.
Alternative Investment Liquidity does not provide tax, legal, investment, accounting, or valuation advice.
ExchangeRight DST programs are commonly structured to provide monthly distributions funded by property-level lease revenue.
Potential buyers may evaluate current and historical distributions together with lease income, reserves, tenant credit quality, debt service, financing costs, property expenses, and the sustainability of future cash flow.
ExchangeRight has reported that its offerings have historically met or exceeded projected cash-flow distributions, but past performance does not guarantee future results for any specific DST.
Distribution history should therefore be considered together with the broader economics of the specific program rather than viewed as a standalone measure of value.
ExchangeRight DST interests do not trade on a national securities exchange and generally do not provide continuous investor redemption liquidity.
Potential liquidity alternatives may include continued ownership until a sponsor-led sale or aggregation event, participation in a future 1031 or 721 transaction where available, a private secondary-market sale, or a direct private purchase.
The availability and attractiveness of these alternatives may depend on the specific DST program, current income, remaining lease terms, debt, expected exit strategy, transferability, purchaser qualifications, and buyer demand.
There is no guarantee that a purchaser will be available or that an investor can sell at the original investment amount, account statement value, or projected future disposition value.
Potentially. Certain ExchangeRight DST positions may qualify for a private secondary-market transaction or direct purchase, subject to transfer requirements, documentation, purchaser eligibility, sponsor procedures, and available buyer demand.
A potential sale may require confirmation of the specific ExchangeRight DST, current ownership amount, account registration, governing documents, distribution history, debt structure, and anticipated exit strategy.
Investors should compare the potential benefit of obtaining liquidity today with the possibility of continuing to receive distributions and participating in a future sponsor-led property sale, 1031 exchange, aggregation, or Section 721 transaction.
Private secondary-market transactions may provide a potential source of liquidity for certain ExchangeRight DST investors who do not want to wait for a future sponsor-led exit.
The DST secondary market does not operate like a public securities exchange. There is generally no continuously quoted price, centralized order book, or guarantee that a buyer will be available for a specific ExchangeRight DST.
Potential buyers may evaluate property performance, tenant quality, lease duration, current income, debt, financing costs, remaining holding period, expected exit strategy, transferability, and current market conditions.
Because a private purchaser may be acquiring an illiquid interest with uncertain future liquidity, secondary-market pricing may differ materially from the investor's original investment amount or projected future proceeds.
Investors can learn more about how the DST secondary market works, including transfer restrictions, buyer qualifications, pricing, documentation, and timing.
Each ExchangeRight DST is a separate investment with its own properties, tenants, acquisition basis, debt structure, distribution history, holding period, and exit strategy.
Tenant financial strength, industry, remaining lease term, rent increases, lease guarantees, and renewal prospects may materially influence buyer expectations.
Debt-free and leveraged DST programs may be evaluated differently because interest rates, loan maturities, leverage, and refinancing exposure can affect future cash flow and risk.
Property location, condition, marketability, rent coverage, replacement cost, local real estate conditions, and expected disposition value can affect potential secondary-market pricing.
Current and historical distributions may affect purchaser expectations, but income should be evaluated together with property operations, tenant credit, reserves, financing obligations, and future capital requirements.
A potential buyer may consider whether the DST is expected to pursue a property sale, another Section 1031 transaction, a refinancing, a full-cycle event, or a future Section 721 aggregation into the Essential Income REIT.
A DST believed to be approaching a potential liquidity or aggregation event may be valued differently from an investment expected to remain outstanding for several additional years.
Sponsor procedures, purchaser qualifications, ownership limitations, lender requirements, account registration, and transfer documentation may affect transaction feasibility.
Private-market pricing can vary depending on current buyer interest, position size, expected holding period, required return, execution risk, and broader real estate and capital-market conditions.
A recent investor or account statement is generally the best starting point when evaluating an ExchangeRight DST position for potential liquidity.
The statement can help identify the exact DST program, current ownership interest, account registration, custodian, and other information relevant to a potential transaction.
Helpful documentation may also include:
Not every document is necessary to begin. In many cases, a recent statement showing the exact ExchangeRight DST and current ownership amount is sufficient for an initial Confidential Investment Review.
Not every ExchangeRight DST interest will necessarily qualify for a private secondary-market transaction or direct purchase.
Potential marketability may depend on the specific trust, tenant quality, property performance, debt, distributions, remaining lease term, expected exit strategy, investor registration, transferability, documentation, position size, purchaser requirements, and current buyer demand.
ExchangeRight's combination of all-cash, financed, and REIT Fast-Track DST structures means that each position should be reviewed individually rather than applying a single sponsor-wide assumption about value or liquidity.
A Confidential Investment Review can help identify whether a particular ExchangeRight DST position may currently qualify for further evaluation and which factors may influence a potential transaction.
Alternative Investment Liquidity reviews ExchangeRight DST positions for investors seeking information about potential liquidity, transferability, valuation considerations, current buyer interest, and possible direct purchase opportunities.
AIL's review focuses on the specific DST program and investor position rather than relying solely on the ExchangeRight sponsor name or the investor's original purchase amount.
For eligible positions, AIL may be able to facilitate a direct private purchase through Baron De Biltmore LLC or evaluate another potential secondary-market liquidity pathway. Any potential purchase price or transaction remains subject to investment-specific review, documentation, transferability, purchaser requirements, and current market conditions.
Investors, trustees, estate representatives, attorneys, financial professionals, and other authorized representatives can request a Confidential Investment Review for an ExchangeRight DST position.
Information on this page was developed using publicly available ExchangeRight materials, including ExchangeRight's current 1031 and 721 exchange resources, Essential Income REIT disclosures, track-record information, and 2026 announcements regarding recent DST offerings.
Recent program examples include Essential Income 9 DST, Net-Leased All-Cash 19 DST, Net-Leased All-Cash 18 DST, Net-Leased All-Cash 17 DST, and other ExchangeRight-sponsored DST programs.
Offering terms, portfolio composition, distributions, debt, transfer procedures, exit strategies, Section 721 opportunities, and other investment details may change after the applicable reporting date. Investors should review the current governing documents and sponsor communications applicable to their specific ExchangeRight DST.
Secondary market interest depends on more than asset type. AIL evaluates each position based on investment structure, transferability, documentation, and current market conditions.
Ownership type, sponsor requirements, investment terms, and underlying asset characteristics all influence review.
Some positions may be subject to transfer restrictions, approval requirements, or limitations within governing documents.
Offering materials, account records, ownership documents, and sponsor information help determine whether review can proceed.
Potential liquidity depends on current buyer interest, asset category, pricing expectations, and transaction feasibility.
Every opportunity is reviewed individually. Our process is designed to provide clarity regarding transferability, marketability, and potential liquidity pathways before any transaction decisions are made.
Provide basic details regarding the investment position, ownership structure, and available documentation.
AIL evaluates the investment type, transfer restrictions, sponsor requirements, and available transfer pathways.
We determine whether a secondary market opportunity may exist based on current investor demand and transaction activity.
If a viable pathway exists, we discuss potential next steps, timing considerations, and transaction requirements.
Submit basic information for a confidential review. Opportunities are evaluated individually based on investment structure, available documentation, transferability, and potential market interest.
REQUEST CONFIDENTIAL REVIEW