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Executive Summary

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Essential Income 12 DST

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Offering summary

Essential Income 12 DST is a single-tenant industrial offering sponsored by ExchangeRight Real Estate, LLC, backed by one property located in Republic, MO. The asset is leased to Amazon, which had 1,576,000 employees in 2025, operating under an Amazon Distribution sector focus. The offering price and total offering equity are both $123,530,000, structured with an Offering LTV of 100% and a reported DSCR of 3.02x. Projected investor returns indicate an Income % (Yr. 1) of 5.2% and an Avg. Income (Full Term) of 5.25%, alongside a Syndicated Cap Rate of 6.15%. Total acquisition cost is reported at $112,088,036, or $116,151,730 including reserves, with total offering expenses and total front-end fees of $7,378,270. ExchangeRight brings extensive track record to the platform, managing $7,400,000,000 in total AUM and $5,600,000,000 in DST net-leased assets under management.

Capital raise

0.0% of the offering is closed

$123,530,000 still available

Closed$0 Reservations$0 Available$123,530,000
$0 of $123,530,000 placed
Total offering equity

$123,530,000

Closed equity

$0

0.0% of offering
Current reservations

$0

Pending subscription
Available equity

$123,530,000

Open for subscription

The total capital raise target is $123,530,000 in offering equity. The transaction is structured with an Offering LTV of 100% and 100 units. Syndication costs include $7,378,270 in total front-end fees and offering expenses.

Offering terms

Sector

Amazon Distribution - Republic

Investment Category

DST

Projected First Year Cashflow

5.2%

Avg. 5.25% over term

Min. Cash Investment

—

Min. 1031 Investment

—

Total Offering Price

$123,530,000

$1,235,300 per unit

Offering Debt

—

All-equity offering

LTV

—

On acquisition price

Units / Tenants

100

Republic, MO

Property Age

—

The offering features a single industrial property leased to Amazon in Republic, MO, representing an offering equity and purchase capitalization of $123,530,000. Underwriting metrics reflect a Year 1 income rate of 5.2%, full-term average income of 5.25%, and a syndicated cap rate of 6.15%. The capital structure notes an offering LTV of 100% with a 3.02x DSCR.

Strengths & considerations

Key strengths

  • Tenant Credit & Coverage

    3.02x DSCR

    The asset is 100% occupied by Amazon, supporting a robust debt service coverage ratio of 3.02x.

  • Sponsor Track Record

    $5,600,000,000

    ExchangeRight manages over $5.6B in DST assets across 86 tenants in 45 states, maintaining a 100% occupancy record.

  • Targeted Distribution Profile

    5.2% / 5.25%

    Offers a Year 1 projected income rate of 5.2% and a full-term average projected income rate of 5.25%.

Key considerations

  • Single-Asset Concentration

    1 Property

    The trust is concentrated entirely in a single distribution facility located in Republic, MO.

  • Undisclosed Asset Vintage

    Not Disclosed

    The construction year and physical age of the property are not disclosed in the provided offering documents.

  • Front-End Load & Syndication Fees

    $7,378,270

    Front-end offering expenses and fees total $7,378,270, including a $2,436,404 acquisition fee.

Credit quality is anchored by tenant Amazon, supporting strong operational coverage evidenced by a 3.02x DSCR. ExchangeRight Real Estate, LLC provides seasoned management oversight, with $5,600,000,000 in DST AUM that maintains a 100% leased track record across its net-leased portfolios. Initial distributions offer predictable yield starting at 5.2% in Year 1 and averaging 5.25% across the full term.

Sources, uses & fee assessment

Capital Sources

$123.53MTotal offering

  • Offering Equity

    100.0% of offering

    $123.53M

Where the Capital Goes

$123.53MDeployed

  • Acquisition Cost

    90.7% of offering

    $112.09M

  • Offering Expenses

    6.0% of offering

    $7.38M

  • Unallocated / other uses

    3.3% of offering

    $4.06M

Total Offering

$123.53M

All equity — no mortgage debt

Acquisition Cost

$112.09M

90.7% of offering to the property

Total Fees & Expenses

$7.38M

5.97% of offering

Reserves

—

— of offering

Sources comprise $123,530,000 in offering equity. Uses include total acquisition cost of $112,088,036 ($116,151,730 including reserves), total front-end fees and offering expenses of $7,378,270 (comprising a $2,436,404 acquisition fee and $6,485,325 BD due diligence allowance), financing expenses of $2,656,000, third-party DD of $15,000, and DST admin & accounting fees of $432,355.

Risk read

Tone reflects relative strength, not a rating

Asset Concentration

Single-Tenant Risk

Essential Income 12 DST holds a single property, concentrating operational risk in one facility in Republic, MO.

Tenant Strength

High Credit Quality

Amazon occupies the distribution asset, backed by global scale and 1,576,000 employees.

Sponsor Execution

Extensive Track Record

ExchangeRight manages $5,600,000,000 in DST net-leased portfolios with a 100% leased track record.

Physical Due Diligence

Information Gap

Property vintage and construction date are not disclosed in the offering materials.

The offering presents single-tenant concentration risk, as the DST is entirely dependent on one Amazon distribution asset in Republic, MO. Property age and construction year are not disclosed in the offering materials, limiting physical asset vintage assessment. Additionally, front-end syndication fees and offering expenses total $7,378,270 of the $123,530,000 raise.

Calculated underwriting metrics

Syndicated Cap Rate

6.15%

NOI ÷ offering price

Upfront Load

5.97%

Total fees ÷ offering price (all-equity offering)

Premium / Discount

—

Offering price vs. appraised value

Offering vs. Acquisition

—

Offering price ÷ acquisition price

Price per Unit

$1,235,300

Offering price ÷ 100 units

The spread between the total acquisition cost of $112,088,036 ($116,151,730 with reserves) and the $123,530,000 offering price reflects total front-end fees and offering expenses of $7,378,270. Financing expenses stand at $2,656,000, alongside an acquisition fee of $2,436,404 and broker-dealer due diligence allowance of $6,485,325. Reserves account for a Less Reserves % of 1.07% within the total capital structure.

Sponsor

Sponsor

ExchangeRight Real Estate, LLC

ExchangeRight Real Estate, LLC is an experienced net-lease syndicator with $7,400,000,000 in total AUM and $5,600,000,000 in DST net-leased portfolios. Their managed portfolios comprise 86 tenants across 45 states and 17 industries, all operating at 100% occupancy.

Net-Lease Specialist$7.4B Total AUM100% Leased Track RecordAmazon Tenant
Portfolio

• The Essential Income REIT is currently invested in a diversified portfolio of 397 properties in 37 states. • ExchangeRight's DST net-leased portfolios under management total 86 tenants across 45 states and 17 industries and are 100% leased. • The Essential Income 12 DST itself is a single-tenant offering backed by one property in Republic, Missouri.

Properties owned or managed

AUM

$7,400,000,000

Across all programs

DST programs

—

Prior DST offerings

AUM in DSTs

—

DST-held assets

Team

Amazon, the tenant for the Essential Income 12 DST property, had 1,576,000 employees in 2025.

Disclosed headcount

Sector focus

Amazon Distribution - Republic

Stated strategy

View Sponsor Dossier

ExchangeRight Real Estate, LLC manages $7,400,000,000 in total assets under management, including $5,600,000,000 in DST net-leased portfolios. The sponsor's broader platform encompasses 86 tenants across 45 states and 17 industries, operating at 100% occupancy. Furthermore, the sponsor's Essential Income REIT holds a diversified portfolio of 397 properties across 37 states.