ExchangeRight Net-Leased Portfolio 75 is a leveraged, diversified portfolio of six single-tenant net-leased properties (11.8-year WALT) across six states, anchored by a FedEx distribution facility (~46% of NOI) with five of six tenants investment-grade-rated. Total capitalization is $84.9M ($47.57M equity + $37.33M non-recourse Wells Fargo debt at 5.120% fixed, interest-only, 43.97% LTV), with a Year-1 DSCR of 2.32x. The exit follows ExchangeRight's REIT-aggregation strategy via an optional Section 721 exchange into the Essential Income REIT around the 5-year loan maturity.
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. 97% LTV).
120% fixed, interest-only for a 5-year term (closed April 2026), non-recourse, prepayable without penalty in the final six months. 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.
| Lender | Wells Fargo Bank, National Association |
| Interest Rate | 5.12% (Fixed) |
| Loan Term | 5 years |
| Interest-Only Period | 5 years |
| Total Debt | $37.3M ($37,330,000) |
| In-Place LTV | 43.97% |
| Year 1 DSCR | 2.32x |
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.
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.
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.
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 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.
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 | 5.30% | 5.21% | Meets Average |
| Income Growth | 12.40% | 9.91% | Above Average |
| Peak Income | 5.62% | 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.