ExchangeRight Closes Sixth Investment Offering in a Year, Totaling $42.46 Million

Pasadena-ExchangeRight has closed its sixth Essential Income DST offering in roughly a year, a $42.46 million portfolio of net-leased properties that sold out to investors.

The offering, called Essential Income 6 DST, comprises five retail and healthcare properties leased to CVS Pharmacy, Dollar General, Quest Diagnostics, and Verizon Wireless across Massachusetts, Oklahoma, Tennessee, and Ohio, according to a company press release issued May 19. The properties total 148,327 square feet. The offering is now closed to new investors.

ExchangeRight, headquartered at 1055 East Colorado Boulevard., launched the Essential Income DST series in 2025 as a way for real estate investors to transition into the company’s Essential Income REIT — a portfolio that holds 397 properties across 37 states, according to the company. Investors in the DST receive income during a two-year hold period, then can convert their holdings into REIT shares through a tax-deferred Section 721 exchange.

The series has grown steadily. The first offering, in May 2025, was valued at $25.21 million. The fifth, closed in February 2026, reached $38.1 million. At $42.46 million, Essential Income 6 DST continues that upward trajectory.

The portfolio provides investors with a 5.50% annualized cash flow rate, the company said, backed by a 20-year master lease guarantee from the Essential Income REIT and its Operating Partnership. The tenants are what ExchangeRight describes as “recession-resilient” corporations operating in necessity-based retail and healthcare.

“The full subscription of Essential Income 6 DST reflects the continued momentum behind our REIT fast-track DST series, which is designed to provide investors with an accelerated 721-exchange exit into our Essential Income REIT,” said Joshua Ungerecht, a managing partner at ExchangeRight.

ExchangeRight, founded in Pasadena in 2012, now manages more than $7.4 billion in assets across more than 1,400 properties and 28 million square feet in 47 states, as of April 30, according to the company. The firm was created by managing partners Warren Thomas, a certified public accountant, Joshua Ungerecht, and David Fisher, who built the company after the Great Recession to structure the kind of net-leased investment portfolios they could not find on the market for their own clients, according to company statements.

Ungerecht said investors and their advisors continue to see value in ExchangeRight’s DST platform, which he said has historically delivered stable income during the hold period and access to what the company describes as a $1.5 billion-plus REIT portfolio. Past performance does not guarantee future results, the company noted, and there is no guarantee that Essential Income 6 DST will achieve its exit strategy or investment objectives.

For more information, visit www.exchangeright.com.

The company’s bet — that investors would keep lining up for a fast track from individual properties into a managed REIT — has so far held, six offerings running.