ExchangeRight, a provider of diversified real estate DST and REIT investments, has brought its 33rd offering full cycle. After a five-year wait period, ExchangeRight’s Essential Income REIT purchased Net-Leased Portfolio 22 DST, a portfolio of 15 properties net-leased to “historically recession-resilient” tenants.
Pasadena-based ExchangeRight said total net annual returns ranged from 6.37% to 8.29%.
The total return on sale including cash flow to investors ranged from 133.18% to 142.47% of initial capital investment. ExchangeRight’s full-cycle net lease offerings have produced an average annual return on investment of 7.42% to 8.87% for 1031 and cash investors and 8.50% to 10.01% for 721 exchange investors.
The offering consisted of 15 properties across 231,654 square feet, 10 states, and nine tenants, including BioLife, CVS Pharmacy, Dollar General, Family Dollar, Old National Bank, Fresenius Medical Care, Pick ‘n Save, Tractor Supply and Walgreens.
“This is ExchangeRight’s thirty-third full-cycle offering and the twenty-first net-leased portfolio that we have brought full cycle as part of our aggregation strategy, extending our track record of meeting or exceeding return projections for all completed ExchangeRight offerings since inception,” said Joshua Ungerecht, a managing partner of ExchangeRight.
As part of the closing, ExchangeRight gave Net-Leased Portfolio 22 DST investors the option of completing a tax-deferred 721 exchange into the REIT, performing another 1031 exchange, receiving cash or a combination of these alternatives.
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