Your 1031 DST Authority
ExchangeRight Net-Leased Portfolio 75 DST
Offering Overview
A leveraged, diversified portfolio of six single-tenant net-leased properties (11.8-year WALT) acquired in early 2026 across six states, sponsored by ExchangeRight Real Estate, LLC. The portfolio spans retail, logistics, and healthcare necessity-based tenants: a FedEx distribution facility (303,596 SF, Little Rock AR, ~46% of NOI, to 2036), a Hobby Lobby (54,640 SF, East Hanover NJ, to 2036), a BioLife Plasma Services center (Takeda/Baxalta-guaranteed; Takeda S&P BBB+; Burleson TX, to 2039), two Dollar General stores (S&P BBB; Adrian MI and Strongsville OH, to 2041), and a Tractor Supply (S&P BBB; Villa Rica GA, to 2046). Five of the six tenants are investment-grade-rated. The properties were acquired for an aggregate $74.2M; total capitalization is $84,900,000 ($47,570,000 equity + $37,330,000 non-recourse debt; 43.97% LTV). Financing is a $37.33M Wells Fargo loan, 5.120% fixed, interest-only for a 5-year term (closed April 2026), non-recourse, prepayable without penalty in the final six months. Going-in cash flow is 5.00%, escalating to 5.62% by year 5 (~5.30% average); Year 1 DSCR is 2.32x. The exit is ExchangeRight's REIT aggregation: the Essential Income REIT is targeted to acquire the DST interests (with an optional Section 721 exchange, cash-out, or combination) around the 5-year loan maturity.
Investment Highlights
- Six single-tenant assets across six states, five industries, and five tenant brands, with five of six tenants investment-grade-rated (Takeda/BioLife BBB+, FedEx BBB, Dollar General BBB x2, Tractor Supply BBB; Hobby Lobby private), spanning retail, logistics, and healthcare necessity-based uses - a genuinely diversified footprint by geography and sector.
- The 303,596 SF FedEx distribution facility in Little Rock AR is the largest asset at ~46% of NOI, a long-haul logistics box leased to an investment-grade credit through 2036 - a meaningful credit anchor that simultaneously concentrates nearly half of portfolio income in one tenant and one specialized asset.
- An 11.8-year weighted-average lease term with staggered expirations (FedEx/Hobby Lobby 2036, BioLife 2039, Dollar General 2041, Tractor Supply 2046) underpins durable contractual income well beyond the 5-year loan/hold. Income growth is modest and contractual, lifting cash-on-cash from 5.00% to 5.62%.
- A $37.33M Wells Fargo (unaffiliated lender) non-recourse loan at 43.97% LTV, fixed at 5.120% and interest-only for the 5-year term, generates positive leverage and a healthy 2.32x Year 1 DSCR. The full principal balloons at the 2031 maturity (a 5-year refinancing/exit wall), and a 1.40x DSCR cash-trap covenant could suspend distributions if NOI falls.
- Total upfront load is ~9.36% of equity (7.12% selling/offering plus a 1.24% acquisition fee and a 1.00% reallowance), and the offering feeds ExchangeRight's Essential Income REIT, targeted to acquire the DST interests around the 5-year loan maturity via an optional Section 721 exchange, cash-out, or combination.
Forecasted Cash Flow
Projected annual cash-on-cash distributions with the corresponding tax-equivalent yield over the hold, based on the sponsor’s underwriting assumptions.
Illustrative projections only — targeted distributions are not guaranteed and actual results will vary. Tax-equivalent yield assumes depreciation shelter of distributed income.
Analyst Notes
ExchangeRight Net-Leased Portfolio 75 is a moderately leveraged, income-oriented core net-lease vehicle, distinct from the sponsor's debt-free All-Cash series: a $37.33M Wells Fargo non-recourse loan at 43.97% LTV (5.120% fixed, interest-only) generates positive leverage on a diversified, mostly investment-grade tenant pool, lifting cash-on-cash from 5.00% to 5.62% (~5.30% average) with a healthy 2.32x Year 1 DSCR. The portfolio is genuinely diversified by geography (six states) and industry (retail, logistics, healthcare), but income concentration is real: FedEx alone is ~46% of NOI and the top two tenants ~68%, so the diversified label overstates the cash-flow dispersion. The defining structural features are the 5-year interest-only loan (which sets both the forecast horizon and a near-term refinancing/exit wall at 2031, with a 1.40x DSCR cash-trap) and ExchangeRight's REIT aggregation model, under which the likely terminal path is a Section 721 roll-up into the non-traded Essential Income REIT rather than a third-party sale. The 11.8-year WALT supports residual value well beyond the hold and the credit profile is strong, but the dominant sensitivities are FedEx renewal and credit, refinancing conditions at the 5-year maturity, the exit pricing, and the timing/terms of the REIT aggregation. The comparatively low ~9.36% load and unaffiliated Wells Fargo financing are favorable relative to higher-fee, affiliated-lender DSTs. No tax-equivalent yield is disclosed.
Pros
A leveraged, diversified six-property single-tenant net-lease portfolio across six states and five industries (retail, logistics, healthcare), with an 11.8-year WALT and five of six tenants investment-grade-rated (Takeda/BioLife BBB+, FedEx BBB, Dollar General BBB, Tractor Supply BBB). Wells Fargo non-recourse financing at a conservative 43.97% LTV, fixed at 5.120% and interest-only, generates positive leverage and a healthy 2.32x Year 1 DSCR while lifting cash-on-cash from 5.00% to 5.62% (~5.30% average) over the 5-year forecast. The total load is comparatively low at ~9.36%, the lender is an unaffiliated third party (Wells Fargo), and the offering provides a defined exit through ExchangeRight's REIT aggregation with an optional Section 721 tax-deferred rollover into the Essential Income REIT.
Cons
Despite the diversified branding, income is concentrated in the FedEx distribution facility at ~46% of NOI on a single specialized logistics asset expiring 2036, so FedEx renewal/credit is materially binary to portfolio cash flow; the top two tenants (FedEx, Hobby Lobby) are ~68% of NOI. The Wells Fargo loan is interest-only with the full $37.33M ballooning at the 5-year (2031) maturity, a near-term refinancing/exit wall in an uncertain rate environment, with a 1.40x DSCR cash-trap covenant. Going-in cash flow is modest at 5.00% with only ~0.62% of cumulative escalation over the five-year forecast, and the leases sit with operating subsidiaries/store entities rather than rated parents (Hobby Lobby is private and unrated). The targeted REIT-aggregation/721 exit is not guaranteed and depends on the ExchangeRight Essential Income REIT's capital availability; any 721 consideration would be units in a non-traded, sponsor-controlled REIT operating partnership with sponsor-set NAV and limited liquidity. The master tenant and manager are sponsor affiliates, and the Sponsor's affiliated short-term equity-financing/bridge arrangement is repaid from offering proceeds.
Financing
Financing terms for this offering are summarized below.
Benchmark Comparison
| Metric | This Offering | Benchmark | Difference |
|---|---|---|---|
| Average Yield | 5.30% | 5.18% | +2.32% |
| Max Yield | 5.62% | 5.37% | +4.66% |
| 10-Yr Income Growth | 12.40% | 9.04% | +37.17% |
Benchmark reflects the average of comparable Net Lease offerings. Differences are relative to the benchmark.
Offering Documents
Offering Documents Available By Request
About the Sponsor
ExchangeRight has scaled into one of the defining net-lease DST franchises, ending 2025 as the fifth-largest sponsor in the 1031 DST market with roughly $7.0 billion in AUM across more than 1,400 properties and 27 million square feet in 48 states. Founded in 2012 and vertically integrated out of Pasadena, the firm anchors its portfolios in investment-grade-tenanted necessity retail and healthcare—pharmacies, grocery, dollar stores—whose recession-resistant cash flows underpin its consistency. The track record is the headline: 34 full-cycle offerings averaging an 8.60% annual return with no loss of investor capital, all 126 offerings meeting or exceeding distribution projections, and an Essential Income REIT that supplies a 721 UPREIT exit. That combination of scale, tenant credit discipline and full-cycle performance makes it a benchmark for the category.
This page describes a specific Delaware Statutory Trust offering (ExchangeRight Net-Leased Portfolio 75 DST) and is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering is made solely to verified accredited investors and only by means of a confidential private placement memorandum (PPM).
All figures shown — including minimum investment, cash-flow projections, tax-equivalent yield, loan-to-value, and hold period — reflect the sponsor's current estimates and assumptions and are not guarantees of future performance. Tax-equivalent yield depends on each investor's tax circumstances; projected distributions may not be achieved and actual results will vary. Sponsor track record, benchmark data, and full-cycle averages describe prior programs and are not indicative of the results of this offering.
An investment in a DST is speculative, illiquid, and involves a high degree of risk, including the possible loss of the entire amount invested. There is no public market for these interests, distributions are not guaranteed, and investors have no control over property operations. 1031 exchange and tax treatment depend on each investor's individual circumstances and on tax laws that are subject to change; consult your own tax and legal advisors.
Tax-equivalent yield represents the pre-tax yield a fully taxable investment would need to generate in order to match the after-tax cash flow of this offering. It assumes that a portion of distributions is sheltered by depreciation and other deductions, and it depends entirely on each investor's individual tax bracket, state of residence, and holding structure. It is illustrative only and is not a projection of return. Cap rate equivalent is the implied capitalization rate (net operating income divided by purchase price) shown solely for comparison to direct real estate; it is not a distribution rate, a yield, or a measure of investor return.
This offering and all terms shown are subject to change, withdrawal, or cancellation at any time without notice, and availability is not guaranteed. Nothing on this page creates a commitment or reservation. An investment is confirmed only upon the sponsor's acceptance of fully executed subscription documents; no other communication, indication of interest, or reservation constitutes a binding investment.