ExchangeRight
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.
- Company typePrivate
- Founded2012
- HeadquartersPasadena, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
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.
ExchangeRight firmographics
Firmographics- 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
ExchangeRight industry classification
Industry- 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
Where ExchangeRight is headquartered
LocationHeadquarters
- HQ city
- Pasadena
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
ExchangeRight business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D
Revenue model
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Class I (Institutional) - 6.30% net annualized distribution |
| Subscription | Monthly | Class D (RIA) - 6.05% net annualized distribution |
| Subscription | Monthly | Class A (BD) - 5.93% net annualized distribution |
| Subscription | Monthly | Class S (BD/Trail) - 5.23% net annualized distribution |
| Subscription | Monthly | DST Offerings - minimum $100,000, 5.00%–5.50% cash flow |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels7 records
ExchangeRight product offering
Product offeringCore 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
Companies that use ExchangeRight
Customer profileNamed customers25 records
Segments3 records
Ideal customer profiles2 records
ExchangeRight technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
ExchangeRight partnerships and signals
Strategic signalScale indicators22 records
Recent moves7 records
Expansion highlights5 records
ExchangeRight competitors and assessment
Company assessmentDirect 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
ExchangeRight social profiles
Digital presenceExchangeRight financial estimates
Financial estimateRevenue estimate
Valuation estimate
ExchangeRight leadership team
Management profileNumber of profiles
Profiles7 records
ExchangeRight subsidiaries and ownership
Company hierarchySubsidiaries4 records
ExchangeRight funding detail
Funding detailFunding overview
Funding rounds3 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ExchangeRight M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ExchangeRight
What does ExchangeRight do?
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.
Is ExchangeRight a public or private company?
ExchangeRight is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was ExchangeRight founded?
ExchangeRight was founded in 2012. It employs 101 to 250 people.
Where is ExchangeRight based?
ExchangeRight is headquartered in Pasadena, United States, in the North America region.
How does ExchangeRight make money?
Three revenue lines are on record. DST Investor Capital Deployment is the primary driver. The others are essential Income REIT Share Sales and management and Performance Fees.
Who are ExchangeRight's main competitors?
Direct peers on record are Black Creek Group, Inland Real Estate Group, Passco Companies, Capital Square, ARA Trust (American Realty Advisors), Carter Exchange and Real Capital Solutions. Broad incumbents are W. P. Carey, Essential Properties Realty Trust and Four Corners Property Trust.
Does ExchangeRight have an API?
No public API is recorded for ExchangeRight.
What industry is ExchangeRight in?
ExchangeRight's product category is Real Estate Investment Services. Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of FSAAAKAA, Core Real Estate (Stabilized/Core-Plus). Its NAICS code is 525 and its SIC code is 6798.