ExchangeRight

What ExchangeRight does

ExchangeRight is a Pasadena-based, vertically integrated real estate investment platform founded in 2012 that sponsors tax-deferred investment products for accredited investors through a national network of financial advisors, RIAs, and broker-dealers. The company's offerings consist of three DST series (REIT Fast-Track DSTs structured for accelerated 721 exchange into the Essential Income REIT after a two-year hold, Net-Leased All-Cash DSTs that are debt-free, and Net-Leased Portfolio DSTs with long-term non-recourse financing) plus the Essential Income REIT (ExchangeRight Income Fund), a non-traded Maryland statutory trust launched in January 2019. The investment platform is built around single-tenant, primarily investment-grade net-leased real estate in necessity-based retail and healthcare, with the REIT holding 397 properties across 37 states and 306 markets leased to approximately 40 tenants averaging a BBB S&P credit rating as of March 2026.

The company's vertically integrated operating model employs over 150 team members and an affiliated FINRA member broker-dealer (ExchangeRight Securities, LLC) to handle sourcing, syndicating, and managing real estate investments in-house. The core technical and operational differentiator is a proprietary DST-to-REIT aggregation strategy: DST portfolios are structured for potential tax-deferred 721 exchange into the Essential Income REIT after a targeted two-year hold, enabling scale, diversification, and value capture that would not be available through individual DST investments alone. As of May 2026, ExchangeRight stewards $7.4+ billion in AUM across 1,400+ properties in 47 states, has delivered an 8.60% average annual total return across 34 full-cycle offerings, and has returned $2.5+ billion in distributions, capital, and gains to investors inception to date. The Essential Income REIT is, per Blue Vault's Non-Traded REIT Industry Reviews, the only growth or stabilizing equity non-traded REIT to fully cover its distributions from operations since inception, with an AFFO-to-distribution coverage ratio of 103.31% ITD through March 2026.

The business model generates fee-based revenue through DST structuring and syndication, REIT share sales across four share classes (Class I, A, D, and S) with differentiated fee splits and current distribution rates ranging from 5.23% to 6.30% net annualized, and ongoing management and performance fees from the underlying portfolios. Distribution is sales-led and channel-based: a national sales team organized across 10+ geographic regions serves thousands of financial advisors who recommend the products to their accredited investor clients. ExchangeRight does not sell directly to consumers and does not offer any public-facing API or mobile application; investor engagement is supported through a login document portal, interactive tax and timeline calculators, a video library, and detailed tenant profiles. No external equity or venture capital ownership has been disclosed; the company is controlled by Managing Partners Warren Thomas, Joshua Ungerecht, and David Fisher, with Dave Van Steenis serving as President and CFO since February 2026.

Name

ExchangeRight

Legal name

ExchangeRight Real Estate, LLC

Website

https://exchangeright.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

ExchangeRight is a Pasadena-based, vertically integrated real estate sponsor that offers tax-deferred DST and non-traded REIT investments in net-leased properties leased to investment-grade tenants, distributed through a national network of financial advisors to accredited investors.

Ownership category

akta.pro rank

Product category

Real Estate Investment Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Real Estate Investment Trusts (6798), Real Estate (6500), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA), Private Placements (144A/Reg S/MTN) (FSACABAK)

Keywords

• Net leased real estate
• 1031 exchange solutions
• Non-traded REIT
• DST investments
• Tax-deferred real estate

Headquarters

HQ city

Pasadena

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. DST Investor Capital Deployment: ExchangeRight raises equity capital from accredited investors through syndicated Delaware Statutory Trust (DST) offerings. Investors purchase beneficial ownership interests in portfolios of net-leased real estate. The company generates fees from structuring, syndication, and ongoing management of DST portfolios. Over 8,300 accredited investors have invested through ExchangeRight, with 126 offerings provided to date.
2. Essential Income REIT Share Sales: ExchangeRight's Essential Income REIT raises capital through continuous private placement of REIT shares (Class A, D, S, and I) to accredited investors. The REIT generates ongoing revenue through rent from 397+ net-leased properties across 37 states. The REIT pays monthly distributions to shareholders and offers a quarterly redemption program.
3. Management and Performance Fees: ExchangeRight earns management fees from overseeing DST portfolios and the Essential Income REIT, including acquisition fees, asset management fees, and disposition fees. The REIT's AFFO-to-distribution coverage ratio of 103.31% ITD through March 2026 indicates sustained fee-generating operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

ExchangeRight structures, syndicates, and manages tax-advantaged real estate portfolios through its Essential Income REIT and a series of Delaware Statutory Trust (DST) offerings designed for 1031 and 721 exchanges. The company's vertically integrated platform aggregates individual DST portfolios into a diversified, institutionally managed net-leased REIT spanning 397+ properties across 37 states, leased primarily to investment-grade tenants in necessity-based retail and healthcare industries.

Product overview

ExchangeRight is a provider of diversified REIT and DST (Delaware Statutory Trust) investments structured to provide tax-advantaged real estate income solutions. The company's platform comprises the Essential Income REIT (a non-traded REIT with 397 properties across 37 states), supplemented by three DST series: REIT Fast-Track DSTs (Essential Income DSTs) for accelerated 721 exchange access, Net-Leased All-Cash DSTs for debt-free investment, and Net-Leased Portfolio DSTs for financed offerings. Supporting the core investment products are interactive financial tools (Capital Gains Tax Calculator, 1031 Timeline Calculator), an educational Video Library, and a Tenant Profiles database. All offerings are designed for 1031 exchange and cash investors seeking tax deferral, capital preservation, stable income, and strategic exits through recession-resilient necessity-based retail and healthcare properties.

Differentiator

Problem solved

Functional benefit

Brands

• Essential Income REIT: A non-traded REIT that provides investors access to institutionally managed real estate diversified across 397 properties with long-term net leases to recession-resilient tenants. Available to accredited investors, the REIT focuses on investing in single-tenant, primarily investment-grade net-leased real estate in necessity-based retail and healthcare industries.
• ExchangeRight Income Fund
• ExchangeRight Securities, LLC
• Preferred Equity Funds

Products and services

• Essential Income REIT
• REIT Fast-Track DSTs
• Net-Leased All-Cash DSTs
• Net-Leased Portfolio DSTs
• Preferred Equity Funds

Quantifiable outcome

• 8.60% Average Annual Total Return across all 34 full-cycle offerings through May 2026
• +8 more outcomes

Named customers25 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators22 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Black Creek Group: Black Creek Group is one of the largest sponsors of 1031 DST and non-traded REIT offerings, directly competing with ExchangeRight in net-leased real estate for accredited investors distributed through broker-dealer and RIA channels.
• Inland Real Estate Group: Inland is a major sponsor of DST and private placement real estate offerings, historically the largest 1031 exchange sponsor and a direct competitor in the same net-leased and multi-tenant retail space as ExchangeRight.
• Passco Companies: Passco is a direct competitor in the DST and 1031 exchange space, focusing on multifamily, office, and net-leased retail properties for private placement investors through financial advisors.
• Capital Square: Capital Square is a direct competitor in the 1031/721 DST and non-traded REIT space, sponsoring multiple DST programs and a real estate investment trust that target similar net-lease and multifamily assets for financial advisor distribution.
• ARA Trust (American Realty Advisors): ARA is a private real estate investment manager offering separately managed accounts and commingled funds including net-lease strategies, directly comparable to ExchangeRight's institutional-quality real estate platform for high net worth investors.
• Carter Exchange: Carter Exchange specializes in 1031 exchange solutions and DST offerings for accredited investors, competing directly with ExchangeRight's Fast-Track DST and All-Cash DST products in the net-leased retail and healthcare space.
• Real Capital Solutions: Real Capital Solutions is a 1031 DST sponsor and non-traded REIT manager focused on net-leased and multi-tenant properties, competing with ExchangeRight for financial advisor distribution and accredited investor capital.

Broad incumbents

• W. P. Carey: W. P. Carey is a large diversified net-lease REIT that historically offered private placement 1031 exchange products through CPA/attorney networks, providing a scaled incumbent comparable to ExchangeRight's diversified net-lease platform.
• Essential Properties Realty Trust: Essential Properties is a publicly traded net-lease REIT that invests in single-tenant properties leased to middle-market and investment-grade tenants across necessity-based industries, directly comparable to ExchangeRight's tenant selection strategy.
• Four Corners Property Trust: Four Corners is a publicly traded net-lease REIT focused on restaurant retail properties, providing a public-market comparable for ExchangeRight's net-lease strategy with similar tenant base and long-term lease structures.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubevimeo.com/exchangeright
• Xx.com/ExchangeRight

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ExchangeRight