ExchangeRight Closes $52.78M Debt-Free DST Offering with Recession-Resilient Tenants

Event summary

  • ExchangeRight fully subscribed its $52.78M Net-Leased All-Cash 18 DST offering, a debt-free portfolio of net-leased properties.
  • The portfolio includes six properties leased to BioLife Plasma Services and Tractor Supply Company, totaling 110,430 square feet across five states.
  • The offering provides investors with a 5.15% annualized distribution rate, covered entirely by in-place lease revenue.
  • Investors have multiple exit options, including tax-deferred cash-out financing and 1031 or 721 exchanges into Essential Income REIT.
  • ExchangeRight manages over $7.4B in assets across 1,400+ properties as of May 2026.

The big picture

ExchangeRight's fully subscribed $52.78M DST offering reflects sustained investor demand for debt-free, necessity-based real estate portfolios. The deal underscores a broader trend toward stable income investments in recession-resilient sectors, particularly as economic uncertainty persists. With over $7.4B in AUM, ExchangeRight's ability to structure and manage such offerings positions it as a key player in the 1031 exchange space.

What we're watching

Exit Strategy Viability
Whether ExchangeRight can deliver on its tax-deferred cash-out financing and exchange options at exit.
Investor Demand
The pace at which ExchangeRight can fully subscribe future debt-free DST offerings amid shifting market conditions.
Tenant Resilience
How the recession-resilient tenants in the portfolio perform under potential economic downturns.