ExchangeRight Net-Leased All-Cash 20 is a debt-free portfolio of six single-tenant, necessity-based net-leased retail properties (9.9-year WALT) leased to investment-grade-anchored tenants including Dollar General, Dollar Tree, O'Reilly, NAPA, and Tractor Supply across Texas, South Carolina, and Alabama. Income is diversified under an affiliated NNN master lease such that the largest tenant represents only ~28% of NOI, and the all-equity structure removes refinancing and maturity risk. The exit follows ExchangeRight's REIT-aggregation strategy via an optional Section 721 exchange into the Essential Income REIT within ~10 years.
9-year WALT) acquired in early 2026 and held free and clear, sponsored by ExchangeRight Real Estate, LLC. ; S&P BBB), located across Texas (Burleson, El Paso, Belton, Converse), South Carolina (Sumter), and Alabama (Pelham). The properties are leased to an affiliated Master Lessee under a triple-net (NNN) master lease (Annual Base Rent $970,217-$1,186,055), with income diversified so the largest tenant is only ~28% of NOI. 40% average) on contractual rent.
The all-equity structure removes refinancing and maturity risk. The exit is ExchangeRight's REIT aggregation strategy: the Essential Income REIT is targeted to acquire the DST interests within ~10 years via an optional Section 721 exchange, with cash-out and combination elections available. The $17,800,000 offering is 100 Class 1 interests at $178,000 ($100,000 minimum equity).
The properties are held free and clear with no mortgage, eliminating refinancing, maturity, rate-cap, and lender-foreclosure risk and removing the equal-or-greater-debt replacement requirement for 1031 investors. The structural trade-off is the absence of positive leverage.
The portfolio is held free and clear with no mortgage and is leased entirely to investment-grade-rated operators (Dollar General BBB, Dollar Tree BBB, O'Reilly BBB-, Tractor Supply BBB, Napa/Genuine Parts investment grade) in necessity-based discount-retail and auto-parts categories. The combination supports income durability through cycles and removes refinancing, maturity, and foreclosure risk and the equal-or-greater-debt 1031 requirement.
Income is diversified across six assets and five tenant brands with no dominant tenant: the largest single tenant is only ~28% of NOI (~28/26/20/14/12% split). This is a materially more diversified cash-flow base than a single-anchor net-lease deal and a notable contrast to the sponsor's smaller All-Cash 19 portfolio, where one tenant carried ~58% of NOI.
The affiliated Master Lessee bears all operating expenses, taxes, insurance, and non-structural capital improvements under a triple-net (NNN) master lease (Annual Base Rent $970,217-$1,186,055), insulating distributable cash from operating inflation, with a ~1.48% reserve funded for capital items. This is a cleaner structure than a double-net lease that would leave the trust with structural responsibility.
A 9.9-year weighted-average lease term with staggered expirations (e.g., O'Reilly 2033, Dollar Tree 2036) underpins durable contractual income across the targeted hold. Income growth is modest and contractual, lifting cash-on-cash from 5.20% to 5.70% over ten years rather than through operational upside.
Total upfront load is low at ~8.83% of equity (7.51% selling/offering plus a 1.07% acquisition fee and a 0.25% reallowance) - among the lowest on the ledger - and the offering feeds ExchangeRight's Essential Income REIT, which targets acquiring the DST interests within ~10 years via an optional Section 721 exchange, cash-out, or combination.
A debt-free, six-property single-tenant net-lease portfolio of necessity-based discount-retail and auto-parts tenants (Dollar General, Dollar Tree, O'Reilly, Napa, Tractor Supply) - all investment-grade-rated - with a 9.9-year WALT and a 5.20% going-in cash flow escalating to 5.70% (~5.40% average), sponsored by ExchangeRight, a scaled net-lease DST/REIT platform. Income is well diversified across six assets and five brands with no tenant above ~28% of NOI, the master lease is triple-net, and the unlevered structure removes all refinancing, maturity, and foreclosure risk and the equal-or-greater-debt 1031 requirement. The total load is low at ~8.83%, 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 plus cash-out and combination elections.
Going-in cash flow is modest at 5.20% with only ~0.50% of cumulative escalation over ten years (largely flat, contractual income with no value-add or operational upside), and the absence of leverage caps total return. The leases sit with operating subsidiaries/store-level entities rather than rated parents, and the auto-parts and dollar-store formats are smaller, more fungible boxes whose re-leasing economics depend on local trade-area demand at the 2033/2036 expirations. Geographic concentration is heavy in Texas (four of six assets), exposing the portfolio to a single state's retail and economic conditions. The targeted REIT-aggregation/721 exit is not guaranteed and depends on the ExchangeRight Essential Income REIT's capital availability and willingness to acquire the interests; any 721 consideration would be units in a non-traded, sponsor-controlled REIT operating partnership with sponsor-set NAV and limited liquidity. The portfolio is small ($17.8M), the master tenant and manager are sponsor affiliates, and the Sponsor's affiliated equity-financing/bridge arrangement is repaid from offering proceeds.
The analysis below is Baker 1031's educational opinion — not investment, tax, or legal advice, a recommendation, or a guarantee, and it does not replace the offering's Private Placement Memorandum (PPM), which governs in all respects. Read the PPM and consult your own CPA and attorney before investing.
ExchangeRight Net-Leased All-Cash 20 is a debt-free, income-oriented core net-lease vehicle whose return is almost entirely contractual: a 5.20%-to-5.70% cash-on-cash schedule (~5.40% average) from six single-tenant necessity-retail leases with a 9.9-year WALT, no leverage, and no value-add. Relative to the sponsor's smaller All-Cash 19, this portfolio is more diversified (six assets/five brands, largest tenant ~28% of NOI versus a 58% anchor) and carries a uniformly investment-grade tenant roster on a true triple-net master lease - a cleaner credit and structural profile - at a slightly higher 5.20% going-in yield and a lower ~8.83% load. The defining structural feature remains ExchangeRight's REIT aggregation model: the likely terminal path is a Section 721 roll-up into the non-traded Essential Income REIT rather than a third-party sale, attractive for tax-deferral continuity and stable income but ceding control, liquidity, and valuation transparency to a sponsor-managed NAV REIT and contingent on that REIT's capital. The debt-free design is defensive in a higher-for-longer environment, but the modest, largely flat yield and the absence of leverage cap total return, leaving terminal value, Texas concentration, and tenant retention at the 2033/2036 expirations as the dominant sensitivities. No tax-equivalent yield is disclosed.
The analysis below is Baker 1031's educational opinion — not investment, tax, or legal advice, a recommendation, or a guarantee, and it does not replace the offering's Private Placement Memorandum (PPM), which governs in all respects. Read the PPM and consult your own CPA and attorney before investing.
| Metric | This Offering | Market Avg. | Assessment |
|---|---|---|---|
| Avg. Income | 5.40% | 5.21% | Meets Average |
| Income Growth | 9.62% | 9.91% | Meets Average |
| Peak Income | 5.70% | 5.47% | Meets Average |
ExchangeRight
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.
Learn More About ExchangeRight →Documents for this offering. Available to signed-in investors.
Securities offered through Aurora Securities, Inc. (CRD #46147 / SEC #8-51322), member FINRA / SIPC; Baker 1031 Investments, LLC is independent of Aurora Securities, Inc. and is not a registered broker-dealer or investment adviser. This is not an offer to sell or a solicitation of an offer to buy any security; any offer is made solely by the confidential private placement memorandum (PPM), which qualifies all information herein in its entirety. Delaware Statutory Trust interests are speculative, illiquid securities offered under Rule 506(c) of Regulation D and sold only to investors whose accredited-investor status has been verified; offering documents and subscription materials are provided only after that verification. They involve substantial risk, including possible loss of the entire investment.
Distributions, yields, the cap-rate equivalent, DSCR, occupancy, and benchmark figures are sponsor estimates or projections, are not guaranteed, and may differ materially from actual results. Any tax-adjusted yield assumes a 40% effective rate for non-1031 cash investors and is not tax advice. No tax, legal, or investment advice is provided — consult your own CPA and attorney. Past performance does not guarantee future results.