Offering summary
Net-Leased Portfolio 75 DST is an $84,900,000 syndicated offering sponsored by ExchangeRight. The capital structure comprises $47,570,000 in equity and $37,330,000 in long-term fixed-rate debt, representing an offering LTV of 43.97%. The portfolio includes 6 single-tenant net-leased properties across 6 markets and 6 states, occupied by 5 tenants across 5 industries with a weighted-average lease term of 11.8 years. The financing is secured at a 5.12% fixed interest rate with a DSCR of 2.32. Year 1 projected cash distribution is 5%, with an average projected income of 5.3% over the full term. Total upfront offering fees and expenses amount to $3,387,760, with $2,318,521 established in aggregate reserves.
Capital raise
0.0% of the offering is closed
$47,570,000 still available
$47,570,000
$0
0.0% of offering$0
Pending subscription$47,570,000
Open for subscriptionThe sponsor is raising $47,570,000 in equity alongside $37,330,000 in debt financing to reach the total offering capitalization of $84,900,000. Target distributions start at 5% in Year 1 and project an average of 5.3% across the holding term. Total upfront loads include $3,387,760 in total fees and offering expenses.
Offering terms
Sector
Multifamily
Investment Category
DST
Projected First Year Cashflow
5%
Avg. 5.3% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$84,900,000
$589,583 per unit
Offering Debt
$37,330,000
5.12% · 11.8 Years Weighted-Average Lease Term
LTV
0.5%
On acquisition price
Units / Tenants
144
East Hanover, NJ
Property Age
The age of the properties is referenced only in general terms, noting that capital expenditures are not expected to be needed beyond minor, non-structural work when taking into account the age and condition of the properties, but no specific construction year or explicit age is provided.
The offering features a total capitalization of $84,900,000 supported by $47,570,000 of offering equity and $37,330,000 of fixed-rate debt at a 5.12% interest rate. Operations demonstrate strong debt service coverage with an underwritten DSCR of 2.32 and an offering LTV of 43.97%. Initial Year 1 cash flow is projected at 5%, expanding to an average of 5.3% over the term.
Strengths & considerations
Key strengths
Robust Debt Coverage
2.32 DSCRFixed-rate debt at 5.12% provides strong cash flow protection with an underwritten DSCR of 2.32.
Long-Term Lease Duration
11.8 YearsThe portfolio features a weighted-average lease term of 11.8 years across 6 single-tenant net-leased properties.
Low Offering Leverage
43.97% LTVDebt financing of $37,330,000 represents a conservative 43.97% LTV against the $84,900,000 offering price.
Key considerations
Upfront Load and Expenses
$3,387,760Front-end fees and offering expenses total $3,387,760, reflecting a 5% load on the offering price.
Tenant Concentration
5 TenantsThe portfolio is distributed across 6 properties with 5 corporate tenants across 5 industries.
Undisclosed Property Ages
Not DisclosedSpecific construction years and historical ages for the underlying assets are not provided in the extracted documentation.
The portfolio benefits from a long weighted-average lease term of 11.8 years across 6 net-leased properties. Debt terms are favorable with fixed-rate financing at 5.12% and a strong DSCR of 2.32. Additionally, the sponsor ExchangeRight manages $7,200,000,000 in assets under management with extensive DST platform track record.
Sources, uses & fee assessment
Capital Sources
- $47.57M
Offering Equity
56.0% of offering
- $37.33M
Offering Debt
0.5% LTV on acq.
Where the Capital Goes
- $78.13M
Acquisition Cost
92.0% of offering
- $3.39M
Offering Expenses
4.0% of offering
- $4.31M
Reserves
5.1% of offering
Total Offering
$84.90M
Equity $47.57M + debt $37.33M
Acquisition Cost
$78.13M
92.0% of offering to the property
Total Fees & Expenses
$3.39M
5.00% of offering
Reserves
$4.31M
5.1% of offering
Total offering proceeds of $84,900,000 consist of $47,570,000 in equity and $37,330,000 in debt, funding the $78,128,251 base acquisition cost, $2,318,521 in reserves, and $3,387,760 in front-end fees and offering expenses.
Risk read
Tone reflects relative strength, not a rating
Leverage & Debt Structure
Low LTV of 43.97% with fixed-rate debtThe loan of $37,330,000 is fixed at 5.12% with a strong DSCR of 2.32, minimizing refinancing and debt-service stress during the term.
Lease Term & Cash Flow
11.8-year weighted-average lease termNet leases provide predictable revenue supporting a Year 1 cash flow of 5% and a full-term projected average of 5.3%.
Asset Diversification
6 properties across 6 states with 5 tenantsWhile geographically dispersed across 6 states, tenant count is limited to 5 single-tenant operators.
Fee Structure & Reserves
5% load with $2,318,521 in reservesUpfront fees and expenses equal $3,387,760, balanced by $2,318,521 in upfront capital reserves including $1,205,054 for improvements.
Key considerations include the portfolio's concentration in 6 properties with 5 tenants, creating reliance on specific corporate occupants. Upfront costs include $3,387,760 in total fees and expenses alongside financing costs of $1,498,178. Individual property ages and construction years are not explicitly disclosed in the offering materials.
Calculated underwriting metrics
Syndicated Cap Rate
—
NOI ÷ offering price
Upfront Load on Offering
5.00%
Total fees ÷ offering price
Load on Equity
7.12%
Total fees ÷ offering equity
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
100.0%
Offering price ÷ acquisition price
Price per Unit
$589,583
Offering price ÷ 144 units
The equity requirement stands at $47,570,000 against a total acquisition cost of $78,128,251 and an offering price of $84,900,000. Upfront reserves total $2,318,521, which includes $1,205,054 for improvements, $705,053.5 for master tenant reserves, and $86,170 for lender requirements. Total offering front-end fees and expenses equal $3,387,760, representing a 5% load on the offering price.
Sponsor
Sponsor
ExchangeRight
ExchangeRight is a specialized net-lease DST and REIT sponsor with $7,200,000,000 in assets under management. The firm oversees more than 1,400 single-tenant properties across 47 states, emphasizing necessity-based retail and healthcare assets with long-term leases and investment-grade tenants.
• ExchangeRight Net-Leased Portfolio 75 is described as a diversified portfolio of net-leased properties focused on necessity-based retail and healthcare, including 6 properties across 6 markets, with 5 tenants in 5 industries and 6 states. • ExchangeRight’s broader platform aggregates a necessity-based retail and healthcare portfolio diversified by single-tenant properties, strong locations, primarily investment-grade tenants, long-term net leases, and laddered, fixed-rate debt terms, currently stewarding more than 1,400 properties across 47 states.
Properties owned or managed
$7,200,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
Hobby Lobby is estimated to employ about 50,000 individuals and has a 2025 estimated number of employees of 50,000, while FedEx Corporation has approximately 440,000 employees as of 2025.
Disclosed headcount
Multifamily
Stated strategy
ExchangeRight serves as the sponsor, managing $7,200,000,000 in total and DST assets under management across more than 1,400 properties in 47 states. The sponsor maintains extensive experience aggregating necessity-based retail and healthcare single-tenant net-leased properties with primarily investment-grade tenants. Ongoing compensation includes an annual asset management fee of 0.40% of gross rental income and a 2.0% disposition fee.